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HomeMy WebLinkAbout0937 UNIFOAM COVENANTS. Borrower and Lender covenant and agra as follows: 1. P~yment ot Prtacipd ond ipterest. Borrower shall promptly pay when due the principal ot and interest on the inckbtedness evidenced by the Note, pnpayment and late chargcs as provided in the Note, and the principal of and intercst . o~ any Futuro Advances secured by this Mortgage. 2. Ftionds [or Tua aad Imuraece. Subject to spplicable Iaw or ~o a written waiver by l.ender, Borrower shall pay to Lender o~ the day monthly installments of principal and interest are payable under the Note. until the Note is paid in [ull, a aum (herein "Funds") equal to one-twelfth of the yearly taxes and assessmcnts which may attain priority over this Mortgsge, and ground rents on the Pmperty. if any. plus or~o-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance. if any. all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and rcuonable estimates thereof. '[l~e Funds shall be held in an institution the depoaits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments, insurance pnmiums and ground ~ents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a~:harge. Borrower and i.ender may agrce in writing at the time of execution ot this Mortgage that interat on the Funds shall be paid to Borrower. and unless such agrcement is made or applicable law requires such interest to be paid. l.tnder shall not be required to pay Borrower any interest or earaings on the Funds. Lender shall give to Borrower, without charbe, an a~nual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the 1'unds was made. 'Il~e Funds are plodged as additional socurity for the sums securec~ by this Mortgage. - If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessmeats, insurance premiums and ground rents, shall exceed the amount required to pay said taue;, assessments. insurance premiums and ground re~ts as they fall due, such excess shall be, at Borrowe~ s option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Fuads. If the amount of the Funds _ held by Lender shall not be sufiicient to pay taues, assessments, insurance pamiums and grnund rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in fup of ap sums secured by this Mortgage, l.ender shall promptly rcfund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is othenvisc acquired by l.ender. Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leoder at the time of application as a credit against the sums secured by this Mortgage. 3. Applkatioo of Paymeots. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, tt~en to interest payable on the Note, then to the principal of the Note, and thcn to interest and principal on any Futute Advances. 4. C6arges; Lkns. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gruund rents. if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due. dirxdy to the payee thereof. Borrower shall promptly furnish to I.ender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly dixharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable.to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien er forfeiture of the Property or any part thereof. S. Hazud I~nrayce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require . and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage e~ceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at such approval shall not be unreawnably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if Rot paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. . . All insurance policies and renewals thereof shall be in forni acceptable to Lender and shall include a standard mongage i clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof, ! and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums_ In the event of loss. ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompU~ by Borrower. ~ ~ j Unless Lender and Borrower otherwise agree in writing, insurance proceeds shal! be applied to restoration or repair of ~ the Property damaged, provicied such restoration or repair is economically feasible and the security of this Mortgage is € 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 shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Properry is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from ihe ~ date notice is mailed by I.ender to Borrower that the insurance car:ier otiers to settle a claim for insurance benefits, Lender is aut6orized to colkct and apply the insurance prooeeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. Unless Ixnder and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph l8 heroof the Property is acquired by Lender, all right, tiUe 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 the sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ff acquisition. 6. PreservAtioa and Maintenu~ce of Properly; Lease6olds; Condomiaiums; Planned Unit Devebpmeats. Borrower shall keep the Property in good reQair and shall not commit waste or permit impairment or.deterioration of the Property ~ and shall comply wiih the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or ptanned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the coveaants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. f 7. Protectioo of Lender's Security. tf Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any acUOn or proceeding is commenced which materially affects Lender's interest in the Property, ~ including, but not limited to, eminent domain, inwlvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then I.ender at LendePs option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as ia necessary to protect Lender s interest, including, but not limited to. disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ~ condition of making the loan ucured by this Mortgage, BoROwer shall pay the premiums required to maintain such ~ insurance in ef~ect until such time as the requirement for such insurance terminates in accordance with Borrower s and `r e ~ : . r Z y29 r :.i~•K ~'Al I ~ ~ : - - - - ~ _ ~-.X ~ , a ' y ~