Loading...
HomeMy WebLinkAbout0122 ~ UN~FORt~ CoveH~HTS. Rorrower a~d l_endcr covenan~ :~nJ JRf~'C J1 follows: 1. h~est of Priacipal aod laterest. Borrawcr .h:~ll pn~m~~l~ pay whrn dur thc principal ut and interest un 1he i:~debttdness evideticed by the Note, prepaym~nt and late ch:~r~;r~ a~ pruvi~fed m the Note, and the principal uf and m~eres~ on aay Future Advances securtd by th+s Mortgage. 2. Fnnds tor Tues sad I~uraace. Subject to applir:,hlc law ~~r ~o a written waive~ by I.ende~, Borrawer shall pay to I.ender o~ ~he day mon~hly ir?stallments of pnncipal anJ nurrr.i arc ~~yahlc undcr thc Note, untit the Note ~s paid in full. . a sum (hercin "Funds") cqual to ane•twclfth of thc ycarl~ ia~r. anJ :1tK'SSftll`(11C uhich may altain pr~oriry over ~hi. Mortgage, and g~ound rents on the Proper~y, if any. plus onc-twclfth ol ~carly premium installments for hazard insurartce. plus one•twclfth of yearly prcmi~m ~nstallmems for m~•ngagc ~iisurancr. any, all a~ reas~~nahly c~lima~ed initially and from time ro time by l.endCr on the basis of a~scs~mcnts and h~ll~ ~nd ree~u~whl~ eslimales thercuf. 'Il~e Funds shall be held in an ins~itution thc de~x~.it. ~~r a~ruunts ot which are insured or guarantc~i by a Federal or state agency (including L~nder i! Lender is ~uch an ins~ituti~~n 1. I.~nder ~hall apply ~he Fundc t~ pay ~riJ ~axes, assessme~its, insurance premiums and ground rents 1 ender m~~• no1 cha~ge Ic~r ~c. holding ~~~iying the F~~nd<. analyiing said acc.~unt. or verifying and compiling said auessments and hilb, unks~ Lender pay~ Borrower interest c~n the Funds and •rpplicable law permits Lender to make such a charge. Horrower and I.rnJer may aRree in N•riting at the time c.( executi~•n ot this Mortgage that interest on the Funds shall he ~id to Borrower, and unless such agreem~nt i~ made or applicable law requires such interest to be paid, Lender shall nc?t t~e reyuirecl ta pa~• Borrower any interest or ca~nings on the Funds. 1_ender shall give to Borrower, without chargo, an •rnnual acrnunting of the Funds ~howing credits anJ debils to the Funds and the putpose for which each debit to tht Funds wa~ madc. The Funds a~e plcdged a~ additiona) secunly f~r thc sum~ SecureJ by this Mortgage. If the amount of tht Funds held hy Lender, together with thc futurc monthly installmcnts of F~mds payablc prior to the due data of taxes, assessments, insurance premeums and ground rents, shaU excceci the amount reyuired to E+:?~ said taxes, assesstnents, insurance premiums and ground rents a.c they (all due, cuch e~ce~s ~hrll be, at Borrower's opt~on, either promptly «paid to Borrower or credited to Borrower on monthly ~nstallmcnts of Funds. If the amount of thc Funds • held by L~ader, shall not be sulGcitat to pay taxes, assessmet?ts, insuranre premiums and ground rents as thcy [all due, Borrower shall pay to I.ender any amount nectssary to make up the deficiency within ~0 da~~s from the date notice is mailed by L.ender to Borrower requesting paymcnt ~hereof. Upon payment in full of all sums secured by this Mortgage, l_ender shall promptty refund to Borrower any Fuods heW by [,ender. If under pazagraph IR hereof the Propcrty i~ sold or the Propetty is otherwisc acquired by l.ender, t.ender shall apply, no later than imtnediately priur to the sale of the Praperty or its acquisition h} I.ender, any Funds he1J by ' Lender at the time of application as a creJit aga~nst the~sums secured by th~s Mortgagr. 3. Applic~ion of Payments. Unless app6cable law prrnides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hercof shail be appheJ by Lcnder first in payment of amounls payable to l.ender b}• Borrowcr unde~ pazagraph 2 hereof, then to interest payable on the Note. then to thc principal of the Note, and then to intcrest and principal on any Future Advances_ 4. Charges; Liens. Borrower shall pay all taxet, atsessmc~ts and othcr charges, 6nes anJ impositions attributahle to the Property which may attai~ a priority over this Mortgage, and leasehold payments or gr~nund rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thet+eof. Borrower shall promptly furnish to Lender all notices of amounts duc under this paragtsph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipis evidencing such paymenis. Borrower shall promptly discharge any lien which has pnority over this Martgage: provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the paymenl 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 enFarcement of the lien or forfeiture of the Property or any part thereof_ S. Hazard Insuraace. Borrower shall i~eep the ~mpro~~ement. now existeng or hereafter erected on the Property insured against loss by fire, hazards included within the term "extendeJ coverage", and such other hazards as Lender may reyuire and in such amounts and for such periods as Lender may reyuire; provided, that Lender shall not require that the amount of such coverage e~ceed that amount of coverage required to pay the sumc secured ~by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreuonably withheld. All prcmiumc on insurance policies shall be paid in the manner provided onder paragraph 2 hereot or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance poticies and renew•als thereof shall be in form acceptable to Lender ~nd shall include a standard mortgage clause in favor of and in form acceptable to Lender_ Lender shall have the right to hold the policies and renewals thereof. and $orrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrowtr shall give prompt notice to the insurance carrier and l.e~der. Lender may make pronf of loss if not made promptly~ by Borrower. _ Unless Lender and Borrower othervv~se agree in w~rit~ng, intiurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restorahon or repair is economically feasibte •rnd the securiry of th~s Mortgage ic not thereby impaired. I[ such restoration or repa~r is nat rcunomic:~ll~~ feasib)c or if the security of this Mortgage would be impaired, the insurance proceeds shall be ap~lied to the sums secureJ by this Mortgage, a-ith the excess, if any, paid to Borrower. If the Propern• is abandoned by Borrowcr, or it Borrower (ails to respand to Lender within 30 days from the date notice is mailed by Lender to Borrower that ~he insurance carrier ofTers to settte a claim for insurance benefits, Lender is authoriud to cotlect and apply the insurance ~~oceeds at I.ender's optiun either to restoration or ~epalr of the Propett~• or to the sums secured by this Mortgage. Unless Lender and Borrower otherv?ise agree in writing, an}• such application ~~f prckeeds to principal shall not extend or postpone the due date of the monthly~ installments referred ta in paragraph~ t and 2 hereof or change the amount of such instailmeots. IE under paragraph 18 hereof the Property ~s acyuired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proc:eecls thereof resulting from Jamage to the Property prior to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Prrsenation aad Maintenance of Property; l.easeholds; Condominiums; Planned Unit Ik~~elopments. Borrowcr shall keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any leate if th?s Mortgage iti vn a leasehuld. If this Mortgage is on a unit in a condominium or a planned unit development, Borrov?~er shatl perform ali of Borrower's obligations under the declarativn or covenants creating or governing the cond~minium or planned unit devclopment, the by-laws and regulations of Ihe condominium or planned unit development. and constituent documents. 1f a condominium or planned unit development rider is executed by Borrower and recorded together with Ihis Mortgage, the covenants and agreements of such rider shall be incorporated into and shali amend and supptement the covenants and agreements of this Mortgage as if the ridcr were a part hereof. 7. Protectiou of [.eader's Secur~ty. If Borrower failc t~ pert~rm the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced ah~ch materially afiects I.enJer's interest in the Propertp. including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings invol~•ing a bankrupt or decedent, then I.ender at Lender's oPtion, upon notice to Borrower, may~ make such appearances, disburse such sums and lake such action as is necessary to Protect Lender's imerest. including, but not limhed to, dicbursement o[ reasonable attomey's tees and entry upon the Property to makc repairs. lf l.cndcr rey~iired mortgage insurance as a condition of making the loan secured by this Mongage, B~xruwer shall pay the premiums required to mainta~n such insuranee in ePiect untit sach time as the rcyuirement for .uch ~nsurance termiilate~ in accordance with Borrower s anJ ~~M29~~E ~2? ' Q ~ . _ ~ e~ } . - ' . - ~ ~ ' `s.~-r-~ a~ ~j,~~y t ~ r ~ ~ L~~~ .C ~ ~ ~ ~s ~ ~-5-~~•~x ' _ n p..~-^ --x~- . ~ _ - ~ - .