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HomeMy WebLinkAbout0780 Ut~~Fat~ CoveN~Hrs. Born,wet a~d l_ende~ coven•rnt and •rgrre as toilows: h,~meat ot lrlac~l aod Intenst. lia~rower shall pmmp~ly pey Nhcn Juc thc principal ot and interest un the indeMedneu evidenced by the Note, prrpayment and late charge~ a. provided ~n the Note, and the principal ot and intercsl on say Future Advances socured by thi: Mortgage. 2. Fb~ tor Tv[a aa~ Iawrtsce. Subject ta applicable law or to a w~ritten waiver by l.ender. Barrower shall pay to I.ender on Ihe day monthly installments of principel and intc~e.t a~e payahle under the Natc, until the No~e ic paid in (ull. a sum (hercin "Fu~ds") equa) to one-twelfth of ~he yearly taxes and a~sessmcnts which may attain priority over this Mortgage, and ground rentt on the Property. if any, plus one-tv?~If~h of yearly premium ins~allmcnts for hazard insurance, ' plus one-twel(th of yearty prcmium installments (or mortgage insurancc, i( any, all as reasonably estimated initially anJ from time to time by ~ender on the basis of assasmcnts and hills anJ reasonable estimates thereof. The Funds shall be held in an instiwtio~ the deposit~ or accounts which arc insureci or gua~anteed by a Federal or state agency (including Lender if Lender is such an institution). I.ender shall apply the Funds to pay said taxes, assessments, insur~noe premiums and ground rcnts. t_ender may not cbarge tor so holding ancl applying the Fundc, analyzing said account. or verifying and compiling said assessments and bills, unless l.ender pays Barrower interest an the Funds and applicahle law permits Lender to make such a ci~arge. Borrower and l.end.s may agree in writing at the time of execution of this Mortgage that interest on lhe Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, l~nder shall not be required to pay Borrowcr any in~crest or earnings on the Funds. l.endcr shaU give to Borrower, without charge, an annual accaunting of the Funds shawing credits anJ dehits to the Funds and the purpoae for which each debit to the Funds was made. The Funds are pleJged as additional security for ~he sums secured by this Mortgage. If the amount of the Funds held by Lender, toge~her with ~he (uture monthly installments of FunJs payablc prior to the due dates of taxes, assessments, insura~ce premiums anJ ground rents, shall excced the amount requircd to pay said taxes, assessments, insurance premiums and ground rents as they (all due, such exrec~~ shall be, at E3orrower's option, either . pranptly rcpaid to Botrower or credited to Borrower on monthly inslallmcnts of Funds. 1( the amount of thc Funds held by I.ender shall not be sutficieat to pay taxes, assessments, insurance premiums anJ ground rents as thcy fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da~~s trom the date notice is mailed by Lender to Borrower requesting payment thereo[. Upon payment in full of all sums secured by this Mortgage, I.ender shall promptly refond to Borrower any Funds held by l.ender. If under paragraph 18 hereo[ the Property i~ sold or the Propcrty is Mhenvise acquired by Lender, I.ender shall apply, no later than immediately prior to the sale of the Property or i~s acquisition by I.ender, any Funds held by Lender at the time of application as a crcdit against the sums secured by this Mongage. 3. Appiicatioa of Paymeats. Unless applicable law provides otherwise, all payments rectived by l_ender under the Note and paragraphs 1 and 2 hereof shall be applied by I_cnder first in payment af amaunts payable to 1_ender by Borrower under paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charses; Ueos. Borrower shall pay all taxes, asxssments and othcr charges, fines and impositions attributable to the Property which may attain a priority over ~his Mortgage, and leasehold payments or ground tents. if any. in the manner providal under paragraph 2 hereo[ or, if not paid in such manner, by Borrower making payment. when due, directly to the payee theroof. Borrower shall promptly furnish to Lenckr all notices of amounts due under this paragraph. aod in the event Bort+ower shall make payment directly, Borrower shall promptly furnish ta l.ender receipts evidencing such payments. Borrower shall promptly discharge any lieo which has priority over this Mortgage: provided, that Borcower shall not be requirod to discharge any such lien so loog as Borrower shall agree in writing to the payment of the obligatiun secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prcvent the enforcemen~ of the lien or fodeiture of the Property or any part thereof. S. Huard lnsurance. Borrowet shall keep the improvements now existing or hereafter erected on the Property insurod agai~t loss by fire, hazards included withiri the term "eztended coverage", and such other hazards as Lender may require and in such amounts and for such periods az Lender may require; provided, that Lender shall not require that the amount of such coverage exceed ihat amount of coverage required to pay the sums secured by this Mongage. 7Le insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval shall not be unreasonably withheld. All premiums oo insurance policies shall be paid in the manner provided under p~ragraph 2 hereof or, if not paid in such manner, by Borrawer making payment, when due, directly to ihe 'I insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage i clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof. { and Borrower shall promptly furnish to l.ender all renewal notices and all receipls of paid premiums. In the e~ent of loss, ~ , Borrower shall give prompt notice to the insurance carrier and Lender. LenJer may make proof of loss if not made promptly by Borrower. i Unlest Lender and Borrower otherwix agree in writing, insurance prnceeds shall be applied to restoratian or repair of the Property damaged, provicied such restoration or repair is economically feasible and the socurity of this Mortgage is not Ihereby itnpaired. If su.:h restoration or repair is not economically feasible or i[ ihe security of this Morigage would be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the excess, if any. paic~ ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to l.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier oHers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at 1_ender's option either to restoration or repair of the Property or to the sutns securod by this Mortgage. . Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs t and 2 hercof or change the amount of s~uh installments. If under paragraph 18 heroof the Property is acyuireci by Lender, all right, tiUe and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior to such sale or ~ acquiaition. ~ 6. Preaervatbn and Maintenaace of Property; I.easeholds; Condominiurt~s; Planoed Unit Devebpments. Borrower shall koep the Property ia good repair and shall not com~pit waste ar permit impairment or deterioration of the Property and s6a11 comply with the provisions of any lease it thrs Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration or covenaots creating or governing the condominium or planned unit development, the by-laws and ~egulations of the ~ condominium or planned unit development, and constituent documenis. If a condominium or planned unit development ` rider is extcuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider i ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mohgage as if the rider were a part hereof. ; 7. Prottctbo ot Leeder's Security. If Borrower fails to perform the covenanls and agreements contained in ihis Mortgage. or if any action or proceeding is commenceJ which materially afTects 1_enJer's interest in the Property, ~ including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then l.ender at Lender's option, upon notice ro Borrower, may make such appearances, disburse such sums and take tuch actioa as is necessary to protect Lender's interest, including, but not limited to, disbursement of ~ reasonabk attomey's fea and e~try upon the Property to makc repairs. If t_cnder reyuired mortgage insurance as a ~ condition of m~lcing• tbe loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effoct until such time as the requirement for such insurance terminates in accordance with Borrower s and ~ ~ . ~ ~ eo~271 P~ 7g'~0 - ~ ~ - _ _ _ _ ~f~=: