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HomeMy WebLinkAbout0150 UNtFOxt~t CoveHAHrs. Borrower and 1.enJer cavenant and agree as tollows: 1. laya~eqt ot l~rine~pd aod taterest. 8orrower shap promptly pay whcn duc the principal of and ~nterest on the itidebtaln~ss evider~ced by the Notc. prepayment anJ late charges ~c proviJcd in the Note, and the princ~pal ot and intrrcst on any Future Advances socund by this Mortgage. 2. F'oade tor Taxes sad los~rasce, $ubject to applicablc law or to a written waiver by I.endcr, Sorrowrr shall pay to Lender on the day monthly installments of principal and intcrest are payable unde~ ~he Note, until tlx Nwe ~s paid in (ull, • tum (herein "Funds") equal to one-twelfth ot the yearly taxcs and assessmcnts which may attain priority over th~s Mortgage~ and ground rc~ts an ihe Property, if any, plus one-twelt~h of yearly prcmium installme~ts for hazard ~nwrance, plus oao-twelfth of yearly premium installme~ts far mortgage insurancc, if any, all as reasonably estimated ir.itiall~ arx! from time to time by l.ender oa the basis of assessmenls rnd bills and reasanable estimates thereof. 71~e Fundt shall be held in an institution Ihe depa~its or accounts af which are insured or guaranteeal by a Federal o~ state agency (including Lender if Lende~ is such an institutionl. I.ender shall apply the ~unds to pa~• said taxa, uscssmcnts, inturat~cx premiums and grou~d rents. I.ender may noi charge for so hold'rng and applying ~he ~urxlc. analyl~ng caid accoun~ or verifying aAd compiling said assessments and bills, unless Lender pays Banower interest on the Furds and applicaMe law permits Lender to make such a charge. Borrower and [.ender may agrce in w•riting at the ~ime of exacutian of thu Mortgage that interest o~ the Funds shall Ue paid to Borrower, and unless such agrcement is made or appticabk law requires such interest to ba paid. Lender shall ~ot be required to pay Borrower any intcrest or earnings on the Furds_ Ixn~r shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eaeh debit to the Funds was made. The Funds are pleciged as additional socurita• for the sums securrc! by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds pa~•able prior to the due dates of taxes, assessments, insurance premiums a~ui ground rents, shall eiceed the •rmount re.~uired to pa~- said ta.ces, assesstnents, insura~ce premiums and ground rents as they fall due, such excess shall be, at Borrowcr s option, euher pro[npdy rcpaid to Borrower or credited to Borrower on mon~hly installments of Funds. if the amount of the Funds held by L.ender shall not be suffcient to pay taxes, assessments, insurance premiums and ground rents u tt~e~ fall due, Borrower shatl pay to Lender any amount necessary to make up the deficiency within 30 da~s from the date noticr is mailed by Lender to Borrower reyuestiog payment thereo[. 1 Upod payment in ful! of a!! sums secured by this Mortgage. Lender shall promptly refund to Burrower an}~ Funds held by Leniler. lf under paragraph 18 hereof the Properiy is sold or thc Property is otherwise acqu~red by l.ender, I_ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Isnder, any Funds held by Lender at the time of application az a credit against the sums secured by this Mortgag~:_ 3. Applic~ion ot paymeata. Unlets applicable law provides otherwise. ~II payments received by Lender unJer the Note and paragraphs 1 and 2 hereof shall be applied by l.endcr first in payment of amounts pa~•abk to ~ernier by Borrower under paragraph 2 hereof, then to interest payablc on the Note, then to thc principal of the Nae, and then to interest and principal on any Future Advances. 4. Ch=rges; Liens, Borrower shall pay a!I taxes, as.~cssments and othcr charges. fines and ~mp~ositions attnbuubk to the Property which may attain a priority over this Mortgage, and leasehold payments or ground ronts, if any, io the manner provided under paragraph 2 hereof or, i[ not paid in such manner, by Borrower making payment, when due, directly to the payoe thereof. Borrower shall promptly furnish to Lender atl notices of amounts due under this pangra~b~ and ia t6e eveat Borrewer shal! make payment directly, Borrower shall promptly fumish to l.ender receipts evidencina wch payments. Borrower shall promptly discharge any lien which has prioriry over this Mortgage; provicied, that Borrowa st~all nat be required to discharge any such lien so long as Borrower shall agree in writing ta the payment of the obtigatioo stcuctd by such tien in a manner acceptable to Lender, or shall in good iaith cantest such lien by, or defrnd enforcement of such lisa in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any put thercof_ 5. Hazard Insurw~ce, Borrower shall kee the im rovements now cxis i ; p p t ng ur hereafter ererted on the Property ~nwred ; against loss by 6re, hazards in~luded within the term "extended coverage", and such other haurds as [xnckr may reyuire and in sueh amounts and for such periods ac Lender may requir~e; provided, that Lender shal! not require that the unount of sueh coverage exceed that amount of caverage required to pay the sums secured by this Mortgage. T6e insurance carrier providing the insurance shall be chosen by Bor*ower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shait be paid ~n the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making paymeat, whd~ d~x, dirECtt~ to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lencier and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hoid tt~e poiicies and renew•a!s therevf. and Borrower shait prompdy fomish to Lender all renewal notices and a!) receipts of paid premiums_ In the event of bss, Borrower shall give prompt notice to the insurance catrier and Lender. Lender ma}~ make proof of bss if not made promptl} by Borrower. Unless t,ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoratiori or repair of the Property damaged, ~rovided such restoratia~ or repair is economically feasible and the sa,urity of this Martgage is not thereby impaired. If such restoration or repair is not economically feasihle or if the xcurity of this Mortgage would be impaired, the insurance proceeds shall be applied to the scuns secured by this Mortgage, with the ucess, if any, paid to Borrower. If the Property is abandoned by Borrower, or il Borrower faits to respond to L.eoder withia 30 days from the ~ date notice is mailed by i.ender to Borrower that the insurance carrier oRers to settle a claim for iruurance benefits, l.ender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or rep~air of the Property or to the sums secured by this Mortgage. Unless L.ender and Borrower otherwise agree in writing, any such application of proceod.s to pr~ncipal shall not ettend or postpone the due date of ihe monthly inslallmcnts rcferred to in paragraphs 1 and 2 hereaf or change the amount of suc6 installments. If under paragraph 18 hereof the Property is acyuired by l.ender, all right. Utk and interest of Borrovrer in and to any insurance policies and in and to the proceeds thereof resutting from damage to ibe Propert} priar to che sale or acquisition shati pass to I,ender to the extent of the sums securecl by this Morigag+e immodiately ptior to such sale or acquisition. 6. Preaervation and Mainteoance of Properly; Ixaseholds; Condomiaiums; Planned li~iR DerdoNeQLS. Borrower shall kcep the Property in gc~od repair and shall not comro~t waste or permit impairn~ent or deteriontion of the Property and shall comply with the provisions of any lease i( this Mortgage is on a Icasehold. If this Mortgage is on a unit in a condominium or a Planned unit development, Borrower shali perform all of Borrower s obligations under tlx declaration or covenants creating or governing the condominium or planned unit developme~t, the by-laws and regulations of the condominium or planned unit development, and constitucnt documents. If a condominium or planned unit de~-etopment rider is executed by Borrower and recorded together with this Mortgage, ihe covenanis and agroements of wch rider a6a11 be incorporated inio and shall amend and supplement the covenants and agreetnents of this Mortgage as if the ri~ier were a part hereof. PrMection of Lender's Security. If Borrower fails to perform the covenants and agteements contained in this Mortgage, or if any action or proceeding is commenced which materialt}• afiects txnder's interat N[11C P(Opfffiy, including, but not limited to, eminent domain, insn)vency, code enfarcemem, or arrangements or proceedings involving a banlcrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma~• make such appearances, d"ssbarse such sums and take such action as is nece.uary to protact Lender's interest, incl?~ding. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to makc repairs. If [.ender requircd martgage insur~nce u a condition of maJcing the loan secared by this Mortgage, Borrowcr shall pay the premiums requirat to maintain such insurance in effect until such pme as the reyuirement for such insurance terminates m accordar?ce w-ith Bormwer s and s~K~2~U r,..: i50 ~ - , ~ ~ _ _ ; _ , . _ :