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HomeMy WebLinkAbout0639 . , ~ ~ ~ UNIFORM COVEN~NTS. BOf~OWCf :lI1~ L.COdCf CUVenant and a~rce as follows: 1. Paymeat ot Pr1~clpsl aad lnteral. Burrowe~ shall promptly pay when due the priocipal uf and interest on the indebtedneu evidenced by the Note. p~epaymcnt and late charde~ a~ provided i~ the Note, and :he principal of and interest on aay Futurc Ad~~ancec secured by this Mor~gage. 2. I~ads to~ Ta~[a Aad lasuraace. Subject to applicable law or to a written waiver by ~ender, Borrower shall pay to l.ender on thc day monlhly installments of principal and intcresl are payable under the Note, unlil the Note is paid in [ull, a sum (herein "Funds") equal to one-twelfth of the yearly ta~es and assessments which may attain prio~ity over this Mongage. and ground rents on the Property. if any, plus one-twclfth of yearly prcmium installments for hazard insurance, plus one-twelfth of yearly premium installmcnts for mortgage insurance, if a~y. all as rcasonably estimated initially anJ fmm time to time by l.ender on thc basis ot a~sessments and hills and reasc~nable cstimates the~eof. 'i~e Funds shal) be held in an institWion the deposits or accounts ot which are insured or guara~teecl b)• a Federal or state agency (including Lender if Lender is such an instiluti~~~l. I.ender stiall apply the Funds to pay said Iares, assessments. insurance premiums and ground rents. I_e~der may nat charge for so holJing and applying the FunJs, analyzing saiJ account, or verifying and compiling said essessments and bills, unless Lender pa~s Borrower interest on the FunJs and apPlicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at ~he time of exrcutian of this Mortgage that interest on the FunJs shall be paid to Borruwer. and unless such agreement is made ar applirable law requircs such interest to be paid. 1_ender shall not be reyuircd to pay Borrower ;~ny interest or earnings on the Funds. I.ender shall give to Borrower, w•ithout charge, an annual a~caunting o[ the Funds showing credits and debits to the Funds and lhe purpose for which each debit to the Funds was made. The Funds are pledged as addi~ional security for the sums secur~i by this Mortgage. If the amount of the Funds held by LenJer, together with the futurc monthly installments of Funds payablc prior to the due dates of Iaxes. assessments, insurance premiums and grounJ rents, shall exceed the amount reyuired to pay said taxes. assessments, insurance premiums and ground rents as they f:~ll due, such excess shall be, at Borruwer s option, either promptly repaid to Borrower or credited to Borrower on mcinthly installments of Funds. If the amount af the Funds held by Lender shall not be sufTicient to pay taxes, assessments, insurance preraiumc and ground rents as they lall due. Borrower shall pay to Lender any amount necessar~~ to makN up the deficiency within 30 days from the date natice is mailed by Lender to Borrower rcyucsting paymcnt thereof. Upon payment in full of all sums sccured by this Mortgage, l.ender shall promptly mtund to Borrouer an~~ Funds held by 1.enJer. If under paragraph 1R hereof the Property is u~ld or thc Propert~• is othenvisc acqu~red by Lender, Lender shall apply, no latcr than immediatcly prior to the sale of thc Property or its acquisition hy l_endcr, any Funds held by Lender at the time of application as a crcdit against the sums secured by this Mongage. 3. Application of Paymeats. Unless applicable law provides other~+rise. all payments recei~ed b~• l.ender under the - Note and paragraphs 1 and 2 hcreuf shall be applied by Lcnder fir~t in payment of amounts payable to Lcnder by Borrower under paragraph 2 hereof. then to intcrest payablc on the Nutc, thcn to thc principal of the Notc, and thcn to intcrest and principal w~ any Futurc Advanccs. CharRes; Liens. B~~rrowcr ~hall pay all t.+xcs, atises~ments and other charg~s. fincs anJ im~~sitions auributahle to the PropeAy which map attain a priority o~er ihis Mortgagc, and leasehold paymcnts or ground rents, if any. in the manner provided under paragraph 2 hereof or, d noi paid in such manner, by Borrower making payment, when due, direcUy to the payee ther~of. Borcower shall promPtly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrov?er shall make payment dire~tly, Borro~•er shall promptly furnish to I.ender receipts evidcncing such payments. Borrower shali promplly discharg~ any lien w~hich has priority over this Mortgage: provided. that Borrower shall not be required to discharge any such li~n so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in ~ood frith contest such lien by, or defend enforcement of such lien in, legal procccding~ w~hich operate to prevent thc cnforccmcnt of thc lien or turfciturc of the Property or any par~ thereof. 5. Hazard Insurance. BorroN•er shall keep the improvements now existing or hereafter erected on the Pmperty insured against loss h}• firc, hazards included wilhin the term "~~tendeJ coverage", and such other hazards ac Lcnder may reywre and in such amounts and tor such periods as Lender may reyuirc: pmvideJ. that Lender shall not rcyuirc that the amount of such co~~cragr exreed that amount uf co~•erage required to pa)~ the sumc tiecun:d h~• this~Alortgace. The insurance carrier providing the insurance shall be chosen by Borrow•er subject to appro~•al hp Lender: provided. that such approval chall nut be unreasonahly withheld. All prrmiumc on insurance policies shall br paid in ~he manner pruvided undcr paragraph 2 hereof or, if not paid in such manner, by BorroN•er making payment, when due, direcUy to the insurance carrier. j All insurance policies and renewals thereof shall be in form accept~ble to LenJer and shal! includc a stan~ard mortgage ; clause in favcu of and in form acceptable tu Lender. I_cnder shall ha~e the right to hold the policies and r~new~als thereof, ~ and Borruwer sh:~ll prompth~ furnish to I.ender all renewal notices anJ all receipts of paid premiums. ln the e~ent of loss, ~ ~ Borruwer shall give prompt noticc tu ~he insur~nce carrier and Lender. Lend~r may make proof ot loss if not maJe prompUy ~ b}~ Borrowcr. Unless Lendcr and Borr~wer otherw-i;e agree in H~riting, insurance proceeds shall be applied to restoration or repair of the Properl}• damaged, provlded such restoration or repair is economically feasible and the security of this Mortgage is not there6y impaired_ If such restoratwn or repair is not economically feasible or i[ the security of this Mortgage would be impaired, the insuran~e proceed~ chall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrowe:. lf the Propert~~ is abandoned hy Borrower, or if Borrower fails to respond to Lendcr within 30 days from the date notice is mailed by Lender to Borrower that ~he ins~rance carrier ofiers to seule a claim for insurance benefits, Lender is authoriaed to collect and apply ~he insuranre proceeds at Lender's option either to restoration or repair of the Property ur to the sum~ u:cured by this Mortgage. Unless [_ender and Borruwer other~~ise agree in writing. any such application of proceeds to principal shal! not extend or postpone the due date of the monthly installments refcrred to in paragraphs 1 and 2 hereof or change thc amount of such installments. If under paragraph 18 hereof the Properh• is acyuired b~~ L.ender, all right, title and interest of Borrower in and to any insurance pol~cies anJ in and to the pro~:eeds thereot resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Alortgage immediately prior to such sale or ' acquisition. ~ 6. Preser~~~tion and "~taintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrow•er shall keep the Property in good repair and shall not commit w~aste or permit impairment or deterioration of the Property and shall comply with the provisiuns of any lease if this Mortgage is un a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrow~er shrll perform all of Borrower's obligations under the declaration or coveoants creating er governing the condominium or planned unit development, the by~-laws and regulations of ihe con~ominium or planneJ unit cievelopment, and constituent documents. It a condominium or planned umt development ~ rider i; executed by Borrower and recorded tugether w~th this Mortgage, the covenants and agreements o( such rider ~ shall be ~ncorporated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the rider ~ wcre a part hereof. ~ Prolection of Lende~s Security. If Borrower fails to perform the covenants anJ agreements contained in this Murtgage, or if any act~on or prc~ceeding i~ commenced which materially afTects Lender's interest in the Property. ~ ~ncluding, but ncx limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then l,ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such actiun as is necessary to protect Lender s interest. inclading, but not limited to, disbursement of reasonable attome}•'s (ees and entry upon the Property to make repairs. If lxnder required mortgage insurance as a condition of mak~ng the loan secured by this Mortgage. Borrowcr shall pay the premiums required to maintain such insurance in efiect until such time as ~he reyuirement for such ~nsurance terminates in accordance with Borrow~ers and ~ . , 1 { eaoK PatE s38 ~ ~ z; f .'tx",e , - ' -r' . _ " . . ~'.,,~5'~ 'f'`a~ 3.'y. t~ ~ ~ _ ' -c, ~~y ~ r.. s - ~ G*s~~z~,~_ -5 ,c .zY,,, ; - ~s ~~,.y.3 ~Y'. ~ "s ~ c~ ._r~r'Y;:.: .