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HomeMy WebLinkAbout0815 ~ , UNIFO1tM COVeN~Nrs. Borrower and t.eoJe~ cavcnant anJ agree as foUuws: 1. ~~scN ot lri~cipl s~i laltrest. f3~rmwer shall prompUy pay when duc thc principal of and interest oo thc indebtednat evidenced by the Noto. prepayment and late chargrc as p~~wided in Ihe Note, and the principal ot and interes~ 0o aay Future Advances secured by this Mongage. Z. Ih~ds tor Tua awd Iasuraeee. Subject to applicable law or to a vvritten waiver by I_ender. Borrower shall pay to L.et~der on the day mo~Ihly installmenls of principal and intcrcct are payabk unJe~ the Note, until the Note is paid in full, a sum (hercia "Funds") equal to one-iv?•eltth af the ycarly taxrc and assessmcnts which may attain priarily over this Mo~tgage, and ground rc~ts on the Property, if any, plus onc-twelfth of yearly premium installmcnts for hazard insurance, plus oae-twelFth of yearly prcmium installmen~s (or mortgage insurancr, if any, a~ll ac reasonably c~stimated initially and from lime to time by ~ender on the basis of asses~mcnts and hills and rea,anable estimates thercof. 'll~e Fu~ds shall be held in an ins~itution the depcuits or arc~~unts i~f which are insured or guaranteed hy a Federal or state agency (iacluding Lende~ if LenJe~ is such an institution): I.ender shall apply the Funds to pay said taxes, assesaments. ir~.curance premiums and graund rents. !_ender may not ch2~rge for u~ holding and ap{+lying Ihe F~m~1s, anal~~ing said account, or verifying and compiling said assessmtnts and bills, unless I_ender pay~ Barrower interest un ~he Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agrce in writing at tM: time of execution ot this Mortgage that intercst on the Funcis shall be paia to Borrower, anJ unless such agreement is made or applicable law requires such interest to be paid. l.ender shall ~ot he required to pay Borrower any intcrest or carnings ~~n the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds slwwing creclits and dehits to the Funds and the purpose for which each debit to the Funds was maife. 1~he Funds are ~+ledgecl as additional security for the sum~ secured by this Mortgage. If the amount of the Funds held by Lenckr, together with thc future monthly installmcnts uf Funds pay:+blc prior to the due dates of taxes, assessments. insurance premiums and ground rent~, shall esceed the amount reyuirrd to pay said taaes. asses~nents. insurance premiums and grou~d rents as they (all due, such excess shall be, at Borrower's option, either promptly rcpaid to Bornower or credited to Borrower on monthly installm~nts of Funds. If the amount of thc Funds hdd by Lender shall not be sufficieat to pay tares. assessments, insurance premnims and gmund rents as thcp fall due, Borrower shall pay to Lender any amount nece.ssary to make up Ihe deficiency within 30 days from the date notice. is mailed by l.ender to Bc~rrower requesting payment thereot. Upon paytnent in [ull of all sums se~:urcd by this Mortgage, l.cndcr shall promptly re(und to Borrowcr any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwicc acquired by l.ender, I.ender sha11 apply, no tater than immediately prior to the sale of the Property or its acquisition hy Lendcr, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage_ 3. Applicatioa of Paymeots. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment o( amounts payable to l.ender by Borrow•er under paragraph 2 hec+eof, then to interest payable on the Note, then to the principal of the Note, and thcn to intcrest and _ 5 principal on any Future Advances. 4. C6ar~es; Liens. Borrower shall pay all taxes, assessmcnts and othcr charges, fincs 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 pt+ovided under paragraph 2 hereof or, if not paid in such manner, bp Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lencier all notices of amounts due under this paragraph, aa8 in the event Borrower shall mate payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall p[nmptly discharge any lien which has priority over this Mongage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment ot 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 prevent the enforcement ot the lien or forfeiwre of the Property or any part thereof. . S. Hazard Insurance. Borrower shall keep the improvements now existing or hercafter erected on the Property insured ' against loss by fire, hazards included within the term "extended coverage", and such other hazards as l.ender may require and in such amounts and for such periods as Lender may requirc; prvvided, that Lcnder shall not reyuirc that the amount of ' such coverage exceed that amount of• coverage required to pay the sums secured by this Mortgage. ; "It~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. I t6at such approval shall not be i~nreasonably withheld. All premiums on insurance policies shall be paid in the manner f provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage claux in favor of arsd in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thercof, and Borrower shall prompdy~ furnish to Lender all renewal notices and all receipts of paid premie~ms. In the event of loss, Botrower shall give prompt notice to the insurance carrier and Lender. Lender may make proi~f of ioss if not made pmmptly by Borrower_ ~ Unless Lender and Borrower otherw•ise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, proviJed such restoration or repair is economically (easible and the security of this Mortgage is ~ not thereby impaired. If such 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 secureJ by this Mortgage, with the excess, if any, paid ~ to Borrower_ If the Propert~• is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is aut6orized to collect and apply the insurance proceeds at I_ender's option either to cestoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of prcx;eeds to priucipal shall not extend ' or postpone the due date of the monthly installments refcrred to in paragraphs 1 and 2 hercof or change the amount of such installments. If under paragraph 18 hereof the Property is acyuired by Lender, 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 thc sale ; - or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6. Pn~sen•ation aud Naiateaaace of Property; l.easeholds; Condominiuros; Planned Uait Developments. Borrowcr > ; shali keep the Property in good repair and shall not com~pit waste or permit impairment or deterioration of the Property and shall comply with the provisioas of any lease if this Mor~gage is on a Icaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all o( 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 planned unit development, and constituent documents. If a condominium or planned unit development ~ rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amead and supplement the covenants and agreemenis of this Mortgage as if the rider were a part heroof. , ~ 7, Protectbn of Lender's Sec~rity. If Borrower faik to perform the covenants and agreements contained in this ~ Mortgage. or if any acUOn or proceeding is commenced which materially afTects Lender's interest in the Property. ~ including, but not limited to. eminent domain, insolvency, code en(orcement, or arrangements or proceedings involving a ~ ttankrupt or decedent. then Lender at l.ender s option, upon notice to Borrower, may make such appearances, disburse such ~ swns and take such xtion az is necessar)+ to protcxt Lender's interest, including, but not limited" to, disbursement of i ~ reafonabk attomey's fees and entry upon the Property to makc rcpairs. lf I.ender required mortgage insurance as a ` ~ condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain sucfi `s in~urance in eBect until such time as the requirement for such insurance terminates in accordance with Bormwer s and : ~ ~ ~ ~ ~Q~ ~ ~ n~"'!~.:h! PAi.f 8~i~ ~ ~ ~ _ .