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HomeMy WebLinkAbout0766 ~ r UNlF(MM COVENANI'S. Borrower and LenJet covenant and agree as foilows: ' 1. laymeat ot Pdaclpd aai tate~ed. Borrower shall promptly pay whe~ due the principal of and inlerest on the ( indebtedness evidenceJ by the Note. prepayment and late charga u provided in tho Note. and the principal of and intercst on aay Future Adva~ces secured by this Monga~e. ~ 2. ~Mads tor Ta~[a snd Iaae~uca Stibject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly instailments of principal and inte~est aro payable under the Note. until the Note is paid in full, a aum (herein "Fun~'~ equal to onatwelfth of the yearly taxes and assessments which may attain priority over this Mongagc, and ground rents on the Property. if any~ plus ono-twelfth of yearly pnmium installments for hazard insurance. plus one-twelfth of yearly premium iastallme~ts for moctgage insurance, if any. all as rcasonably estimated initially and trom time to time by Lender on the basis ot assessments and bills and rcasonable estimatCS thereof. 'il~e Funds shall be held in an i~stitution the deposits or accounts of which are insund or guaranteed by a Federal or state agency (including Lende~ if Lender is such an institution). l_ender shall apply the Funds to pay said taxa, assessments, insurance premiums and ground rents. l.ender may not charge for so holding and applying the Funds, analyziag said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in writing at the time of execution of this Mortgage that interest oo the Funds shall be paid to Borrower, and uniess such agreement is made or applicable law requires such interat to be paid, Lender shall not be required to pay Borrowe~ any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the FunJs showing credits and debits to the Funds and the purpose for which each debit to the Funds wat made. The Funds arc pledged as additional socurity for the sums secured by this Mortgage. If the amount of the Funds held by Le~dcr, together with the future monthly installments of Funds payable prior to the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Borrow•er or credited to Borrower on monthly installments of Funds. If the amount of tfie Funds held by Lender shall not be sutiicient to pay taxes, assessme~ts, insurartce -premiums and ground rents as they fall due. Borrower shal! pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailod by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by Lender. If unde~ paragraph 18 hereof the Propeny is sold or thc Property is otherwise acquired by I.ender, Lender shall apply. no later than immediately prior to the sale ot the Property er its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. ' ~ ~ 3. Applicatbn of Payments. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be aQplied by 1_ender first in payment of amounts payable to Lender by Borcower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. CharEes; Lkas. Borrower shall pay all taxes,.assessmenu and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. dirocUy to ihe payce thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall makt payment directly. Borrower shall promptly furnish to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien w•hich has priority over this Mortgage; provided. that Borroarer shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation s~cured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien ia. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard [nsurance. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended cover9ge", and such other hazards as Lender may require and in such amounts and for such periods u Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of covsrage required to pay the sums secured by this Mortgage. The insurance carrier providing the ~iasurance shall be chosen by Borrower subject to appraval by Lender. provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided uader paragraph 2 hereof or; if not paid in such manner, by Borrower making payment, when due, dicectly to the ~ insurance carrier. ~ AII insurance policies aad renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to l.ender. I.ender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and 1_ender. Lender may make proof of loss if not made promptly ~ by Borrower. t Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoradon or repair of ~ the Property damaged, provided such restoration or repair is economicaUy feasible and the security of this Mortgage is ~ not thereby impaired. If suc6 restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid 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 ofiers to settle a claim for insurance benefits, Lender is authorited to collect and apply the insurance proc~ds at Lender's option ei4her to restoration or repair of t6e Properiy or to the sums secured by this Mortgage. Unless Lender and Borrower othervvise 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 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by I.ender, all right, title 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 acquisi6on shall pass to Lender to the extent of the surtu secured by this Mortgage immed'eately prior to such sak or ~ acquisition. - 6. Prcsen•ation and blaintenance of Property; Leaseholds; Condominiums; Planaed Unit Devebpments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property r and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominiam or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planoed unit development, and constituent documents. If a condominium or planned unit development 4 ricier is executed by Bonower and recorded together with this Mortgage, the coveoants and agrcements of such rider ~ shall be incorporated ieto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. f Protection of Lender's Security. If Borrow~er fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lendtr's interest in the PropeRy, ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings imolving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ~ condition of mal:ing the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such ~ insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and ~s4 fl~ ~~~K283 ~~~E ?65 ~ ' ` "3 <3.