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HomeMy WebLinkAbout0736 ` UNIPOIIM COVBNANTS. Borrower and l.e~dcr coveoant and agrec as toUows: 1• laya~eat ot Principal aad lotensl. Borrower shall promp~ly pay whcn due the principal of and interest an the indebtodness evide~eed by thc Note. prepayment and late charges as provided in tbc Noto, ancl the principal of and interrs~ on any Futuro Advances secured by this Mortgaga Z. iti~ds tor Ta:es aad Iranuce. Subject to applicablc law o~ to a written waiver by I.ender. Botrower shall pay to Lende~ on the day monthly instaliments ot principal and intcrest are payabk undcr Ihc Note, until thc Notc is paid in full, i tUlli (hCtti;tO "hUlldt") C(~U$t to ono-tweiiti~ Of ItIC yrariy ia.u-a a~~3 :n~c~iiii~:iii~ :'+'ii~:i i::3~ 5::~:.^. i^.^Oil~v ~ive{ lhie ' Morig~ge. and ground reats on the Ptnperty.. if any, plus oae-twelith of yearly premium iostallments for hazard insurance. plus orx-tweffth of yearly premium iastallments Eor mortgage insurance, if any, all as reasonably estimated inilially and from time to lime by I.ender oa the basis of assessments and Mlls and reasanable estimates thcreof. Tt~e Funds shall be held in an institutian the deposits or aca~unts ot which are insured or guaranteeci by a Federal or atate a~ency (including I,ender if Lcnder is such an institution). I.ender shall apply thc Funds to pay said taxes, asscssments, insuranoe premiums and grout~d tents. Lende~ may not charge tor so hoiciing and appfying the Fwti~., a~iaiyiiog ia~cI acC~u«., or verifying aad rnmpiting said assessments and bilts, unless 1_ender pays Borrower interest on thc FunJs and applicable law permits L;nder to make such a charge. Borrower and l.ender may agree in writing at the time ot executio~ ot this Mortgage that i~terest on the Funds shall be paid to Borrower, and unless such• ag~eement is maJe or applicable law requires such interest to be paid. Lender shalf noF be required to pay Borrower any interest or carnings on the Funds. l.ender shatl gi~e to Borrower, writ6out charge, an annual accounting of the Funds showing c~edits and debits ta the Funds and the purpoae for which cach d~bit to the Funds was made. The Funds are pledged as addi~ional securitp for the sums secureci by this Mongage. If the amount of the Funds hetd by Lender, together with the fuiurc monthly installments of Funds payablc prior to the due dates of Iaxes..assessments, insurance premiunu and g~ound rents, shall exceed the amount reyuired to pay said taxes, asseuments. iruurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either proanptly repaid to Borrower or credited to Borrower on monthly ins~altments of Funds. If the amount of the Funds held by I.eoder shalt not be suf6cient to pay taxes. assessments, insurance premiums and ground renls as they fall due, Borrower shall pay to l.ender any amau~t nocessary to make up Ihe deficiency within 30 days from the date notice is mailed by Lende~ to Borrower rcquesting payment thereoL Up011 j1S}IfAtpl in full of sU sums secured by this Mortgage, I.ender shall promptly refund to Borrowcr any Funcis t~c2d by I.ender. If under gsragragh 1 S htreot t)x Prc~+~hy i. cnld or ~he Propenv is otherwise acquired by Lender. Lendcr shal) apply, no later than immediately prior to the sale of the Property or its acquisition by I_ender. any Funds held by ~ Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatjon of Payments. Unless applicabte law p~ovides otherwise, aN payments received. by Ler~der under the Note and paragraphs 1 and ~ hereof shall be applied by l.ender first in payment of amounts payable to Lender by Borrov?•er under paragraph 2 hereof. then to interest payable on the Note, then to thc principal of the Note, and thcn to interest and priocipal on any Futurc Advances. - 4. Chu'~es; Lieas. _Borrower shall pay all taxes, assessments and oth.;r charges, fines and impQSitions attributable to the Property which may attairt a Rriority over this Mortgage. and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. direcdy to 1tie psyee thereof. Bomower s6all promptly fumish to Lender all notices of amounts due under this paragrap6, and in the event Borrower shalt make payment directly, Borrower shaN promptly fumish to L.ender receiQts evidencing such payments. Borrowu shali promptly discharge any lien which has priority over this Mortgage; provicled, that Borrower shall not be requirtd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by - suc6 lien in a manner acceptable to L.ender, or shall in good faith contest such lien by~ or defend enforcement of such lien in. legat proccedings which operate to pr~event the enforcement of the lien or fodeiwre of .ihe Property or any pan thereof. S. Hazard I~uraace. Borrower sha!! ketp the improvements now existing or hercafter erected on the Property insured against loss by 6re. hazards included within the term "extencled coverage", and such other hazards as L.ender may require and in such amoun4t and for such periods az Lender may require; provided, that Lender shall not require that the amount of suc6 coverage escced that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe iosuraaoe cartitr providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, • thu such approval sha11 not be unreasonably withheld. All p~emiums on insurance policies shall be paid in the manner provided under paragraph 2 6ereof ar. if not paid in such manner, by Borrower making payment, when due, directty to the insurance carrier. All insurance policies and renewals thereof shali be in form acceptable to Lender and shall include a standard mortgage ciause in favor of and in form acceptable to l.ender. l.ender shall have the right to hold the policies and renewals thereof, and Bortower shall prompdy furnish to Lender all renewal notices and atl receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the iresurance carrier and l.ender. Lender may make proof of loss if not made promptly by Bonower. Unless [.ender and Borcower-otherwise agree in writing, insurance proceeds shall be applied to restoration or. repair of the Property damaged, provided such restoration or repair is economicalfy feasible and tt~e security of this Mortgage is not thereby impaired. If such restoratian 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 Propeny is abaRdoneci by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is maifed by I.ender to Borrower that the i~uurance carrier offers to settle~a claim for iiicurance benefits, I.ender is aut6orized to collect and apply tbe insurance procceds at l.ender's option either to restoration or repair of the Property ~ or to the stims secured by this Mortgage. Unless L.ender and Borrower otherwise agree in writing, any such application af proceeds to principal shaU not extend or poatpone the due date of the monthly installments relerred to in paragraphs ! and 2 hereof or change the amount of suc6 installments. If under puagraph 18 hereof t6e Property is acquired by I~ender, all right, tide 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 it~e sale or aoquisition shall pass to L.ender t~ t6e extent of tbe su~ secured by this Mortgage immediately prior to such sale or acquisitioa. . 6. Paserratios srd Masietena~ce of Properly; Lease6olds; Condominiems, Plsnoed Uoit Devdopmenfs. Borrower shall koep the Property in good repair and shall aot com~pit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any kase if this Mortgage is on a leaschold. If ~this Mortgage is on a unit in a condominium or a planned unit devetopment. Borrower shall perform a!I of Borrower's obligations under the declaration or cavwants creating or gover~ing tbe co~dominium or planned unit devebpment, the by-laws and regulations of the condotninium or plannod unit deveiopment. and constituent docwnents. If a condominium or planned unit development rider is exocutod by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider shall be incorporatal iato and s6a1! ameod and supplemertt the covenants and agreements of this Mortgage as if tt~e rider were a pact heroof. 7. P~~lectloo of Leader's Secrrit~. If Borrower fails to perform the covenants and agreements contained in this Mortgs~e. or if aay action or procoeding is commence~l which materially affects Lender s interest in the Propeny. including, but not limitod to, eminent domain, insolvency, code enforoement, or arrangements or proccedings involviog a bankrupt or decodent, tben Lender ai Itndat's option, upon notice ta $orrower, may make such appearances, disburse such wo4s and take such action as is nooes,wry to protoct Lender s interest, including, but not limited to, disbursement of reasonsble attotney's fea and a~try upon the Property to make rcpairs. If Lender required mortgage insurance as a coodition of malciag the loan secur~ed by this Mortgage. Borrower shall pay the premiums required to maintaen such io~urancx in eBect unti! such time u the ra~uirement for such inwrance te~minates in accordance with Borrower's and ~ BUCK ~0'J PACE ( )e ~ ri"~f'~ Y sc'zkt" v'b.,"~'~" s~Y'~~t ~a:~im.tS~ _ _ v ~~sY'