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HomeMy WebLinkAbout0459 UNIFORM COVEH~N7'3. BoROwer and LenJer a?venan~ and agrre a~, ~ollaws: 1. l~,yw~cot of Priwcipl a~d ialerest. Ba~rowe~ shatl prc~mptl~ pay whcn duc thc principai of and interest on thc ~ndebtedne:s evidenced by the Noto, prepaymeM a~d late char~r. a. provided ~n ~he Note, and the principal of and intorost on aay Futurc Advances secured by this Mortgage. 2. Fd~dt for Taxes aad lawrseee, Subject to applic;?bic lav? ~~r to a writ~en warve~ by [.ender. Borrower shall pay to Le~de~ oo the day mot~thly installmen~s o! principat anJ ~nt~•r~.~ .,rr payahlc unJer thc Natc, antil the Note is paid in full, a sum (herein "Funds") equa) to one•tweltth ot the yearly ~a~~. and a~csessmcntc v?hich may attain prioriry over ~his Moritagc, and ground rents on the Pcoperty, if any. plus c?oe-twrl(~h ut yearly premium inslallments for hazard insurance, plus one-twelfth of yearly premiurn installments tor mortgage insu~ancc. ~f any, all as rcasonably estimated initially and trom timc to time by I.ender on the basis of asses~mcnts anJ hillx anJ reru?nablc estimates ~hereof. T}~e Funds shal) be held in an instiwtion ~he depocit~ or •rccounts of which are insurecl or guaranteed by a Fede~al or state agency (includin~ Lender if Lender is auch a~ institutionl. I.ender ahall apply the Funds ta pay said taxes, assessments, inturance premiums and graU~d rents. l.ende~ may no1 cbarge for ao holding and applying the FunJc. analyzing said accounl. or verifying and compiling said assessments and bill~, e~nless l.ender pa~s Barrower interest an the Funds and applicable' law permits I.ender to make such a char~t. Bc~rrawe~ and l.ender may agree in wnting at the time o( execu~ion of this Mortgage tbat iotercst on the Funds shall bc paid to Borrower, and unless such agreement is made or applicable !aw requires such interest to be paid~ Lendet shaN not be requirec! to pay Bo~rower any interat or earnings on ihe Funds. 1_ender shsl) give to Borrower, without charge, an annual_accounting of the Funds showing credits and debits to the Funds and ihe purpose for which each debit to the Funds wa~ madc. The Funds are pleciged as additional security far the sums secured by this Mortgage. If tbe amount of the Funds held by Lender, toguher with the futurc momhly installments uf Fundc payable prior to the due dates of taxes. assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes, assesaments. insurance premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either promptly npaid to Borrower or crodited to Borrower on monthiy instalfinents of Funds. !f the amounl of thc Funds l~eld by Lender shall not be sutTci~at to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender a~y amount ~ocessary to make up the deficiency within 30 daps from the datt notice is mailed by I.~nder to Borrower rcquesting payme~t thereof. Upon payment in fu8 of dl aums tecured by this Mortgage, !_ender shall promptly refund to Borrower any Funds heW by I.ender. If under paragraph 18 hereof the Property i~ sold or the Property is othenvise acquired by Lender, Lender shdl apply, no Iater than immediately prior to the sale of the Property or 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. Appiicatioq of Paymests. Unless appticable law provides otherwise, all paymenls 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 [_ender by Borrower uader paragraph 2 hereof. then to interest payable on the Note, then to the principal of Ihe Note, and then to interest and principal on any Future Advances. C6arges; Liees, Borrower shali pay all taies, assessments and other charges, 6nes and impositions attributable to tbe Ptoperty which may attain a priority over this Mortgage. and leasehold payments or ground rtnts, if any, in the manoer provide~ under paragrap6 2 hereof or, if not paid in such manner, by Borrower making payment, wheo due, directty to the payee theroof. $omower shall promptly fumish to LenJer all notices of amounts duc under this parauaph, and ia the event Bornower shalt maice payment dircctty, Borrower shall promptly fumish to I.ender receipts evidencing such payments. Borrower sha11 prompdy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be rcquired to dixharge any such lien so long as Borrower shall agree in wrihng to the payment of the obligation secured by such liea in a manner acceptaWe to Lender, or shall in good faith contrst such lien by, or defend ertforcement of soch lien in, kgal procetdings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part the~of. s• Hasard lewrswce. Borrower sball keep the improvements now existing or hereaftcr erected on th~ Property insured againat loss by 6re, hazards included within the term "extended coverage", and such other hazards as Lender may reyuire and ~n such amounts and for such periods as Lender may requirc: provided, that Lender shall not require that the amount of sueh coverage exceed that amount of coverage required to pay the sums secured by this Mortaaga 'I'he iraurance catrier providing the insurance shall be chosen by Borrower subject to approval by Len4er, provided. t6at wch approval shall not be unreasonably withheld. All premiums on insurance policies shsll be paid in the manner providod 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 l.ender and shall include a standard mortgage clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policiea and renewals thereof. and Borrower shall promptly furnish to Lender alf renewat notices and all receipts of paid premiumx_ In the event of loss, Borrower shal! give prompi notice to !he insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender aad Borrower otherwise agree in writing, insurance proceects shall be applied to restoration ar repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thenby impaired. If such restoration or repair is not rconomically feasible or if the security of this Mortgage would be impaured, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower, If the Propeny is abandoned by Borrower, or if Borrower fails to respond to L.ender within 3Q days from ihe date notice is maifed by I.ender ro Borrower that the insurance carrier ofTers to setlle a claim for insurance benefiu, Lender ~ is authorized to collect and apply the insurance proceeda at Lender's option either to restoration or repair of the Propert~• , or to the sums secured by this Mortgage. Unkss Lxnder and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of ihe monthly installmcnts referred ~o in paragraphc t and 2 hereof o~ change the amount of such installmeats. lf under paragraph I8 hereof the Property is acquired 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 th~ sale or acquisition shall pass to Lender to tht extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservstion and Maintenance of Property; Ltaseholds; Condominiums; Planned Uait Devebpments. Borrowcr shall kcep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property and shal) comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit irt a condominium or a ptann~d un+t development, Borrower shall pcrform all of Borrower s obligations under the declaration or covenants creating or governing the condominium or planned unit develapment, the by-law~ and regulations of the condominium or planned unit ckvelopment, and constituent documents. !f a condominium or planned unit development rider is executod by Borrower and recorded rogether with this Mortgage. the covenants and agreements of such rider shail be incorporated into and shal! amend and supplement the covenants and agreements of this Mortgage as it the rider wen a part hereof. . i Protectioo of Leoder's Secur~tr. If Borrower fails to perform the covenants and agreements contained in this Morigage, or if any action or proceeding is commenceJ which materiaUy affects i_ender's interest in the Property, ' including, but not limited to. eminent domain, insolvency, code enforrement, or arrangements or proceedings invoh•ing a banlcrupt or decedent. ~hen Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ aams and take :uch aciion as is necessary to protect Ixnder's imerest, including. but not IimiteJ to. disbursement of rea:onabk attorney's kes and entry upon the Property to make repairs. If Lender reyuircd mortgage insurance as a conditioa of making the loan xcu~ed by this Mortgage, Borrowcr shall pay the premiums requireJ to maintain such iawraace in effect until such tune as the requirement for such uisurance terminates in accordance with Borrower s anJ ~ eoo~ 291 ~a~~ 4~9 _ _ - - _ ; _ " ~ ~a ~ ak~~ ~ - ; ~l"^ a~~~ ~ x~~` ~ '''m ~v'- " "._~i '