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HomeMy WebLinkAbout0532 1' , ~ . , UN1FO~l~t UOVHNANTS. Borrower a~d Leader covenant and agra as foUows: l. ~est oE l~bdNl a~i 1Neeat. Borrower ~all p~omptlY paY when due the priactpal of and interat on the indebtedna: evideaced by the Noto. Prepayina~t and late charaes as provided in the Note, and ttse principal of and interat oa any Future Advaoces ~cured by this Mart~a~. 2. FWds tor TuM aai Lwtarce. Subject to applicabk law or to a written waiver by I.end~r, Botrower shall pay to I.ender on the day mouthly inataUmtats ot principal u~d inte~st ue psyabk w~der the Note. until the Nata is paid in fuq. a:wn (berrin "Fuads'~ equal to ono-tw~ifth of the yearty taxes and assasments which may attaia priority ovec this Mort~age. and ground natt oa the Pt~oparty. if wy. plus oa~-twelhh of yearly prcmium InstalLnenb for haurd insurance. plus ono-twelfth of yeuty premiuan instaUmeau fo~ mo~t~age insurana. if any. atl as rcaw~ablr estimated initiaily aad from tlme to tlme by I.ender oo the basa of assessmeats ~nd billa and reasanabk astimata thereof. 'Ibe Funds shall be 6eW ia an institution the deposib or sooounts of which ue inwt+ed or gwraateed by a Federal or ~ state agency (includina I.ender if Lender is such an iastitution). l.ender shall appiy the Funds to pay uid tues. asseamenta. iasunnoe pt~emiuma and `round rents. Lender may not chuge for w holding and aPplYing the Fuads. analyziag said account, or verifyin~ aad compiling said assessmeab and bilb, ualas Lender pays Borrower i~terost oa 1he Ftinds and applicable law permita Lender to make such a charge. Bonowe~ aad Leader may agrce in writing at the time of euecution , of this Mortgage that iaterest on the Funds shill be paid to Borrower. and ualess :uch agroement is made or applicabk law requic~es such interest to be paid, I.ender shall ~t be required to pay Borrower any interest or earaings on tbe Funds. Leader s1~a11 pve W Borrower. without charge. an aanual accounti~g of the Funds showing credits and debits to the Funds aad t6e purpoae for which eacb debit to the Funds was made. Tbe Funds are pledged as additioaal aecurity for the sums sxured by th;s Mortgage. If the amount of the Funds held by Leader, together with the future monthly instattmeats of Funds puyable prior to tt~e due datd of taxes, aueacments, iraurAnoe premiums and grou~d rents. shall eacceed the amount required to pay said taxes, aise~meats. iruunnce premiums snd ground rents as they fall due. such excess shall be, at Borrower's option. either prompdy repaid to Borrowar or credited to Borrower on monthly installments of Funds. If the amount of the Fund: hdd by Lender shaU not be su~at to pay taxes, asses.unents. insurance premiums and ground rents as they fall due, Borrower shalt pay to L,eoder aay amount na~essary to make up the deficiency within 30 days fmm the date notitx ia mailod by Leuder W Bonower requestin8 paYment tbereof. - Upoa paymeat in full of all s~uns sxured by this Mortgage, Lender ahall promptly refund to Borrower any Funds held by Leader. If upder paragrap6 18 hereof the Property is sold or the Pmperty is othenvise acquired by Lender. Lender shaU appty, no later thin itnmediately prior to ihe sale of the Pmperty or its aoqaisition by Lender. any Funds held by Lender at the time of application u a credit against ihe sums socured by this Mortgsge. 3. Appiicatioa of Pp~. Unless applicable law provides otherwise, all payments roceived by Lender under the Note and paragraphs 1 and 2 6ereof shall be appliod by Lender first in payment of amounts payabk to I.ender by Borrower under paragtaph 2 hereof. then to interest payabk on the Note, the~ to the principal of the Note, aad then to interest aad principat oa any Future Advanoes. 4. C6ar~e~ Lie~. Borrower sl~all pay all taxes, assessmenta and other charges. tirks aad impositions attributabk to tbe Property which may attain a priority over this Mortgage. and leasehold payments or gmund rents. if any, in the manner pmvided uader parsgaph 2 heroof or, if not p~id in snch manne~, by Borrower making payment. wlx~ due, directly to the P~Ya tLereof. Borrower s6a11 promptly furnish to Leader all ~wtices of amounts due unikr this pusgraph, and in the eveat Borrower sball make payment directly. Ho~rower shall promptly furnish to Lenckr teaipta evidencing such payments. _ Bomower shall prompUy diacharge any lien which has priority over this Mortgage: providod, that Borrower shall not be _ requited to disch~rge any such lien so bng as Borrower_ shall agree in writing to tbe paymeat of the obligation secured by such lien in a manner acaptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such liw in, legal proceedings which operate to pnvent the enforcement of the lien or forfeiture of the Property or any put thereof. S. Hnard Iowra~e~. Borrower shall keep the improveaxnts now existiag or heresfter erected on the Property iasured against loss by Sre. dazards iacluded within the term "eatended coverage", and such other hazards as L.ender may require - and in such amounts and for auch perads as Lender may require; provided. that Lender shall not require that tbe amouat of such ooverage exceod that amount of coverage roquired to pay the sums securcd by tfiis Mortgage. _ The inwranoe carcier providing tbe insuraace shall be chosen by Borrower subjeet W approval by Lender, provided, that such approval shaU not be une+easonably withheld. All premiums on insurancx policia shall be psid in the manner 'I provided under paragtaph 2 hereof or, if not ~aid in such maaner, by Borrower making paymeat, wha~ due, dit+ectly to t6e insurance curier. ~ All inwrance policies and renewals theroof shall be in form acoeptabk to Lender and shall include a standard mortgage ~ clause in favor of and ia form acoeptable to Lender. L~ender shall have the rig6t to hold t6e policies and reaewals thereof. and Borr~wer shall pranptly furnish to Lender al! renewal notices and all roce~pts of paid premiums. In the event of loss. Borrower shall give prompt noticx to the insurance carrier aad Lender. Lender may make proof of loss if not made promptly by Borrowu. ~ Unless Lender and Borrower otherwix agree in writing, insuruxx proceods s6a11 be applied to restoration or repair of the Property damaged, pmvided auch testoration or repair is ceonomically fa~sible and ihe security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasibk or if the sxurity of this Mortgage would be impaircd, tLe insuranve proceeds s1w11 be applied to th~ sums securod by this Mortgage, with the exce~, if any, paid to Borr~wer. If the Property a abaadooed by Borrower. or if Borrower faih to respond to Leader within 30 days from tbe date notice is mailed by I.ender to Borrower that tbe insuranoe carrier offers to settle a claim for insurance benefits. La~der is autlwrized to colkct and appty t6e insurance procee~s at I.ender's o~ion either to ratoradon or repair of the Property or to the wms secured by tbis Mort~e. iJnless Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shall aot extend or patpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 heroof or change the amouat of suc6 instaUments. If under puagraph 18 6ereof the Property is acquirod by L~ender, all right, titk and interest of Borrower in and to aay insuranue policia and in aad to t6e proceeda thereof raulting from damage W the Property prior W the sak or aoquisition sha11 pass W I.wder W the extent of the sums socured by Wis Mortgage immediately prior to such sak or aaq~idtion. ~ traervatfo~ ~d Mainteoaoce of Propedy; Le~Old~ Condom~niumfi Pfaeued Uoit De~dopmeub. Borrower ~ shall ketp the Property in good repair aad ~all not cammit waste or permit impaira~ent or deterioration of t6e Property and ahall comply with the provisions of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a coadominium or a planned unit development, Borrower shall pedorm all of Borrower': obligations under the docluation ~ or covenants creating or gov~erning the condominiwn or planned unit developaunt, the by-laws and regulations of the ' condominium or planned ~nit development. and conuituent documents. If a condominium or plannod unit developmenr rider is eacecutod by Borrower and rocorded together with this Mortgage. the coveoanta and agroemenis of such rider e :haU be incorporatod into and s6a11 ameod and supplemeot the covenants and agreements of this Mortgage as if the rider were a part heroof. 7. Mt~ctloa d Le~der's SecnrNp. If Borrower fails to perform the covenants smd agraments contained in this Mortgage~ or if aay action or praxeding is commenced which materiaUy aHects Lender's interest in the Property. including, but aot limited to, eminent domain, insolvency, code enforoement, or arrangements or pmceedings involving a banlcrupt or daxdent, then I.ender at La~der's option, upon notioe to Borrower, may make such aPpearanoes, diaburse such sums and take such action as is neoessary to protect Lender's interest, including, but not limited w, disbu~sement of reasonabk attorney's fea and entryitpon ths 1'jopeerty to make repairs. If Lemkr required mortgage insurance as a conditioa of making the loan secured by thit Mortgage, Borrower shall pay the pnmiwns roquired to maintain such iawrance in dfcet uotil wch tuae zs the raquirement for such insurance terminates in aoco~+danoe with Borrawefs aad • • d00K~~ PACE 532 a. - - - - - - -