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HomeMy WebLinkAbout0324 ; UNIFORM COVENANTS. Borrowe~ a~d l.e~Jcr cuvenant and ag~rc as fcsllows: 1. Pa~nnent ot ~Ciscip~l and latetest. Horrowct shali prumptly pay when due thc princip~t o( and i~terest on the ~txkbledneas evideoced by the Note, prepayrnent anJ late chargec as pn~vi~kd in the Note, and the principal of and intercst o~ any Future Advances secured by this Martgage. . + 2. I~ads for Taxes aod Ieson~ce. Subjcet to applicabk lav? ~.r to a written waive~ by Lender, Borrower shall pay . ~ to l.ender on Ihe day mor~thly installments of principal anJ in~cre~~ are payablc under thr Note, until the Note is paid in tull. ~ a sum (hercin ''FunJs") equa) to orte-twelfth af thc yearly ta~~~ anJ asc~ssments which may attain prioriry over Ihis ~ Mortgage. and grour~d re~t: on the Ptnperty, if any, plus onc-twelfth af ycarly premium installmcnts for hazard insurance,~ • plus oao-twelfth of yearly premium installments for mortgage insurancc, if any, all as reascmably estimated inilially and trom ; _ - - time!o time by l.endcr on the basis of ~~sessme~ts and hills anci-re.~xu?ab{e estimales-lherec?t~ i The Funds shall be held in an institutian tlx depos~a or arcounts of which are insured or guaranteat by ~a Federal or state agency (including Lender if I.cnder is such a~ institutionl. I.ender shall apply thc Funds to pay said taxes, ascessments. ~ iaspranct premiums artd ground rents. 1_ender may not charge lor so halding and ap(+lying the Fundc. analyzing said account. 's or verifying and compiling said assessments and Aills, unless I.ender pays Borrower interest_on the Funds and applicable !aw ; permits l.ender ta make such a chargc. Borrower and I.cnJcr may agree in writing at thc time ot cxecution o( this 't Mort~age that interest on the Funds shall he paid to Borrower, and unless such agreement is made ar applicable law requires such interest to bc paid, Lender shall not hr require~i to pay Borrower any interest ar earnings on the Funds. I.enJer ; shall give to Borrower~ without charge, an annual accaunting of 1he Funds shawi~g credits anci debits to the Funds and the i purpose for which each debit to the Funds was made. The Funds are pledged as additional security tor the sums secureJ ~ by this Mortgage. - ~ lf the amount of the Funds held by. l.e~der. together ~vith the futurc monthly installments of Funds pay~blc prior to the due dates of taues. assessments, insurance premiums"and ground rents, shall exceed the amount required to pay said taues. assesaments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Bormwer or credited to Borrower on momhly installments of Funds. If the amount of the Funds ~ held by Lender shall not be sul6cieat to pay taxes, assessments, insurance premiutns and grour~d rents as tfiey fall due, Borrower shall pay to I.ender any amount necessary to make up the deficiency within 30 da~~s from the date notice is m3iled i by Lender to Borrower requesting paymcnt thereof. _ Upon. payment in full of all sums secured by this Mor~gage. I.ender shall promptly rehmd to Borrow•er any Funds held by l.ender. If under paragraph 18 hereof ~he Property i~ sold or the Property is otherwisc acquired by Lender, I.enJer shall apply. no later than immediately prior to the sale of the Property or its acquisition by [_ender, any Funds held by _ Lender at the time of application as a credit against the sums secured by this Mongage. ~ 3. Applie~joa of Paymeots. Unless applicable law provicies otherwise, all payments received by Cender under the Note and paragraphs 1 and 2 hereof shall be applicd by 1_cnder first in payment of amounts pa}able to Lcnder by Borrower 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. C6arges; Lkas. Borrower shall pay all taxes, assessments and ot6cr charges, fines and impositions attributable to ~ the Property which may attain a priority over this Mortgage. and leasehold payments or gc~ound rents, if any, in the manner ; provided under paragraph 2 here~f or, if not paed in such manner, by Bnrrower making payment, when due, directly to the ' ' payee thereof. Barrower shall promplly furnish to Lenckr all notices of amounts due under this paragraph, and in~the event Bornower shall make.pavment directly, Borrower shaU promptly furnish to l.ender rec~ipts evidencing such payments. . Borrower shall promptly discharge any lien which has priority over this Mortgage; provicied. that Borrower shaq not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6 liea in a mann~r aceeptable to Lender, or shall in good faith contrst such lien by, or ckfend enforcement ot such lien in, legal proceedings which operate to provent the enfo~cement of thc lien or fodeiture of the Pro~erty or any part thereof. S. Aazud [nsurance. Borrower shall keep the improvements now existing or hereafter erected on the Pmperty insured ? against loss by fir~e, hazards included within the term "extended coverage", and such other hazards as Lender may reyuire : and in such amounts and for such periods as Lender may requine; provided, that Lender shall not require that the amount of ' such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage_ . ! 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to_ approeal 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, directty to the . + ~ . insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in furm acceptable to l.ender. Lender shall have 1he right to hold the policies and reneveals thereof, ~ and Borrower shall promptly furnish to Lender all renewal no~ices and all receipts of paid premiums. In the event of loss. i { Borrower shall give prompt notice to ~he insurance carrier and Lencier. Lender may make proof of loss if not made promptl~~ by Borrower. ~ Unless Lender and Borrower othen+~ise agree i~ writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provideci such restoration or repair is economically feasible and tbe security of this Mortgage is I 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 shail be applied ta the sums secured by this Mortgage, with the excess, if anp, paid to Borrowcr. I[ the Propertp is abandoned hy Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, 1_er.Je: is authorized to collect and apply the insurance proeeeds at Lender's option either to restoration o~ repair of the Propen~• or to t6e sums secured by this Mortgage. - " ' ~ ~ Unless Lender and Betrower otherwise agree in writing, any such application ~~f prcx;eeds to principal shall nut cxtend ! or poatpone the dve date of the monthly installments referred to iq paragraph~ I and 2 hercof or change the amount of i such installments. If undet paragraph 18 hereof the Property is acquireci by L.ender, all right, tide and interest of Borrower ~ in and to any insuraoce policies and in and to the proceeds thereof resulting from damage to the Property prior to th~ salc or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. . ~ 6. Yreaervatioo and Maintenance of Property; Leasehulds; Condominiums; Plsnned Unit Devdopmenfs. Borrower shall keep the Property in good repair and shall not comrpi~ waste or permit impairment or deterioration of ihe Property ; 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 ~ coodominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declarativn or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the condominium or pla~ned unit ~development, and constituent documentt_ If a condominium or planned unit development ridet is executed by Borrower ~nd recorded together with this Mortgage, ~he covenants and agreements of sacb ridcr ~ ~ shall be incorporated into and shall amend and supplement the covenants•and agreements of this Mortgage as if the riJer ~ were a part hereof. x 7. Protection of Leoder's-Security. If Borrower fails to perform the covenants and agreements contained in this ; ~ Mortgage, or if any action or proceeding is commenced which materially afiecfs Len~ier's interest in the Property. ' ~ including, but not limited to, eminent domain, insolvency, code enforcement, ur arrangements or proceeclings involcing a ~ ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and lake such action as is necessary to protect Lenders inlerest, incluJing, but not limited to, disbursement of . nasonable attomey's fees. and entry upon the Property to make repairs. It I.cnder requircd mortgage insurance as a ~ condition of making the loan _ sCcureel by this Mortgage. Borrowcr shall pay thc premiams required to maintain such ; , insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and ~ ~ j ~ . ' g~~x 289 ~~E 32~ ~ _ ~ k . ' _ ~.r- - : ti--d% . - : _ ~ ~ . ~s a. " _ ~ ~ p* -.v.~"~ "i'-i~~-, rt` y- .2. ~ y ~ . ' •~,T ~ Y.. L. xe-.,.~ ~ - * ~°;'r"5. .#ar'~.-°< _ ~ . . . . . ~-ve . . ~ . . .