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HomeMy WebLinkAbout0388 ' UNIFORif CovEx~xrs. Borrower and Lcnder corenant and agree as [olbws: i. Payment of Priucipal and Inteteu. Bortower sha11 promptly pay when due the principal oE and interest on the indebtedness eviden4cd br the Note, prepaymeot a~d latc charges u provided in the I`ote. and the principal ot and inter- est on an7 Future Advanca securcd by ch~ Mottgage. 2~Ladt tor Ta:a and Inwnace. Subject to appliuble law or to a written waiver by Lender. Borrower sha11 pay to Lender on the dar monthly installments of principat and inttrest are payable under the I~(ote, until the Note is pxid in iuU, a sum (hercin "Fnnds'~ equal to on~twelith ot the yearly taxa and assessments which may attain priority o~•er this 1ic?rtgage, and ground re~ts on the Property. iE any. plus onatwcl[th ot yearly premium installments for haurd i~sura~ce, plus onatwelEth of ytarly premium installme~u [or mortgage insunnce, it any, all as reasonabty estimaced initiatly and from - time to time by I.cnder on the buis oi assessments and bills and reaso~~able tstimates thereoL Tht Funds shall be hdd in an• institution the depcnits or accounts oi which arr insured or guarantced by a Federat or state agenty (iaduding Lender i[ L.ender is such an institution). I.ender shall apply th~ funds to pay said uxes, assesunents, iusurance premiuais and ground n~ts. Lendet tuay not chuge tor so holdi~g and appi~ing the Funds, analy:ing saed at- count, or veritying and totnpiling said assessmer~ts arxt biUs. unless Lcnder pays Borrower interest on the Funds and a~ plicable law permiu Lender to make such a charqe. Borrower and Lender may agrec in writing at the time o[ execution oE this biortgage that intcrat on [he Funds shall be paid to Borrower, and u~less such agreement is made or appliwble law requires such interest to be paid, L~nder shall not be required~ to pay Borrowet any ioterest or e2rnii~[~s on the Funds Lender shatl givt to Bormwet. withont charge, an annual aaounting of the Funds showinR crediu xnd debits to the Funds and che purpose [or which each debit to the Funds wu mide. The Funds are pledged as additional security for the sums secured by this Mortgage. ' " If the aawunt oE the Funds held by Lender, cogether wich the (uturc monthly installments of Funds payablG prior to the due dates oE taxes, asxssments, insurante premiwns and ground rents, shall exceed the amount required to pay said caxes, assessments. insunnce premiums and ground nnu as they [all due, snch excess shall be, at Borrower's option. either promptly rcpaid co Borrower or credited to Borrower on monchty ins[allmenu ot Funds 1( che amounc o[ the Funds held by Lender•shill not be suificient to pay caxes, ass~ssments, insurance premiums and graund ients as theY fall due. Borrower shal) pay to I.ender any amount necessary co make up the deticiency within 30 days from the date notice is mailed by Lender co Borrower requesting payment thereoE. . Upon payment in tull oi all sums secured by this Mortgagt, Lender shall prompdy re[und to Borrower any Funds ' held by I.ender. Tf under pangraph 18 hereo[ the Property is sold or the Property is othervrise acquired by Lender, Lender shall ~pply, no later than immediacely prior to che sale ot the Property or its acquisition by I.ender, any Funds held by 5 Lender at the time oE application as a credit against the sums secured by this Mortgage. ~ 3. Applintion of Papments. Unless applinble law provides otherwise. all papments received b~ Lender under the ~ Note and paragraphs i and 2 hcreof shal! be applied by I.ender (irst in payme~t o[ amounts payable to Lender by Borrower f undet paragraph 2 hcreof, then to interat payable on the Note, then to the principal o[ the Note. and then to interest and principal on any Future Advanca. . . . ; 4. Charge~ I.xns. Borrower shall pay all wxes, assessmenu and other chargrs, fines and impcnitions attributable to the Property which may attain a priority over this 1ltortgage, and leasehold paymenu or ground rents, if any, in the man- ner provided under paragnph 2 hereof or, if not paid in wth manner, by Botrower makiRg pay~nent, when due, diretdy to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrowet shal! make payment direcdy, Borrower shill promptly iurnish to Lender raeipu e~idencing such paymenu. Borrower shall Prompdy discharge any lien which hu ptiority o~•er this ~tortgage: provided, that Borrower shaH not be re- quired to discharge any wch lien so long as Borroaer shall agree in wtiting to the paywent of the obligation secured by such lien in a manner acceptable to Lender. or shal! in good faith contes[ such lien by, or defend en[orcement of such lien in. le- gal proceedings whith operate to prevent the enforcement oE the lien or forfeiture of the Property or any part thettof. R_ H~ard Insuranae. Bonower shall keep the improvements now existing or hereafter erected on the Property in- sured against loss by f'ue, haurds induded within tht term "extended covtrage°, and such other nazards as i.rncirr ~aar re- ` quire and in such amouncs and for such periods as Lendtr may require: provided, that Lender shall not require that the ~ amount of wch coverage exceed. that amount oE covenge requited to pay the sums secured by this Aiar[gage. ! The insurance canier providing the insurance shall be chosen by Borroreer subject to appro~al by Lender: provided. ' that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under pangraph 2 hereof or. iE not paid in sa~h manner, by Borrower making payment, when due, diretdy to the inwnnce cartier. - Ali insurance policies and renewals thereof shall be in form acceptable. to Lender and sha11 include a standard mort- gage clause_ in fa~or of and in_form acceptable to I.ender. Lender shall have the tight to hold the polecies and rentwals thereof, and Borrower shal! promptly futnish to Lender all renewal notices and all receipts o[ paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carritt and Lender. Lender may wake proof of loss if not made prompdy by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repiir of the Property damaged. provided such ratoration or repair is emnomically (easible and the security of this :~fortgage is not thereby impaired. If such restoration or repair is not ernnomically feasible or if the security o( this ~tortgage would be im- } paired, the inwrance proceeds shall be applied to the sums secured by ~his riortgage, with ehe excess, ii anY, paid to Bor- roNer. I[ the PropertY u abandoned by Borrower, or if Borrow•er fails to respond to Lender within 30 days (rom the date ~ notit~ if mailed by Lender to Borrower that che insurance carrier of[ers to seetle a daim for insurance benefits, Lender is authoriied to collect and apply the insunnce praeeds at I.ender's option either to restoration or repair ot the Property or ~ to the sums secured by this Mongage. ~ Unless Lender and Borrower athenvise agrce in writing. any wch application of proceeds to principal shall not extend # or postpon~ the due date oi the monthly installments reEerted to in paragraphs 1 and 2 hereof or thange the amounc oE such ~ installments. If under paragraph 18 hereof the Property is acquired by Lender, all riqht, tide and interest o[ Borrower in and to any insurance policies and in and to the proceeds thereof resuleing from damage to the Properey preor to the sale or ~ acyuisition shall pass to Lender to tht extent of the suma secured by this hiortgage immediately prior to such sale or ~ acquisition. Preiervation and Maintenance of Propert~; I.easeholds; Condominium~ Planned Unit Deveiopments Borrowet ` sliall keep the Property in goad repair and~shall not tommit waste or permit impairment or deterioration of the Property ~ and shall complr with the provisions ot any leue if this Riortgage is on a leaxhold. I( this lfortgage is on a unit in a condominium or a planned unit development, Borrower sha11 perform all ot Borrower s obligations under the declaration or covenanu aeating or governing the condominium or planned unit development, the by-laws and regulations of the condo- minium or planned unit development, and tonstituent docvmerits. IE a condominium or planned unit de~•elopment rider is txecuted by Bonower and recorded togethet with this Mortgage, the covenants and agreemenu of such rider shall be in- ~ corporated into and shall unend and supplement the covenanu and agreemen[s of this ~tortgage as if the rider were a part ; hereof. ~ 7. Protection oE Lende~'s Securiq. If Borrower iails to pettorm the covenants and agreements contained in this Mortgage, or iE anr action or proceeding is commenced which materially af[ats Lender's interest in the Property, induding, but not limited to, eminent domain, insolvency, code entorcement, or arrangements or proceedings in~olving a bankrupt or decedent, then I.endtr at I.ender s option, upon notioe to $orrower, may make such appeannces. disburse such sums ; and take such action as is necessary to protect Lender's interesr, including, but not limited to, disbursement o[ nasonable attorney's fees and entry upon the Propeny to make repain, i( Lender required mortgage insurance u a condition oE maicing the Ioan secured by this bfortgage. Bomawer shall pay the premiums required to naintain such insur~nce in ef- . t tec[ unti! wch time as the requiremerrt for such i~wrance terminues in accordance with Borrower's and Lendet's ~+ritten bGp~ kAGf J~U ~ . : . _ , - - . _ .