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HomeMy WebLinkAbout0679 UNIFORM CoVFN,?NTS. 8onower and Lender ci~v~nanl and agrce a~ (all~~ws; 1, hymeat ot Priaclpal snd Inferat. Bo~rower ~hall promptl~ pay Nhcn duc the principai of aod interest on the ~1deblednus evidenced by the Note, prepayment and late ch:uge~ ~ruvided in the Note, and the principal of and interest on wy Futurc Advances secured by this Mortgage. 2. I+hads tor Tua sad Iawrsace. Subject to appli~ahlc law ~~r ~o a writ~en waiver by I.ende~, Borrower shall pay to Lcnder on the day monthly inslallmems of principal anJ int~•~~~~ .~rc ~ayahlc unJrr thc Nute, unlil the Note is paid in full. s sum (hereio "Funds") equal to one-tw~lfth M the yca~l~ ~a~.. :~nJ asu:stimcnls which may attain pr~ority aver this Mortgsge, and ground reot: on the Property, if a~y, plus onc-~wclfth ol ~•carly premium installmenls for hazard insurance, ptus o~e-twelfth of yearly premium installments for mo~tgage insuranrc. if any, all as rcasonably cstimated initially and trom time to timc by l.ondcr on the basis ot a~ses+mcnts •rnJ hills and rea~unable es~imates Ihercof. 'It~e Funds shall be htld in an institulion ~h~ de~u~ or acr~~u~~ts at which arc insured or guarantecd by a Federa! or state agtncy (including Lender if Lender is ~uch an instrtution 1. t ende~ ~hal1 •rpply the Funds to p:?y said taxes, assessments, insunnce premiums aod gronnd rents 1 endtr ma~~ not charge tor holding and applying the P~md~. analy~ing said ~ecount. or verifying and compling said assessments and hills, unleu Lender pays Borrower interest on the Funds and applicabte law permits Lender ta make such a charge. Bor~ow~e~ and ixnder may agree in writing 3t the time o( execulion of Ihis Mortgage that interest on the Funds shatl t~e paid to Barri~wer, and unless such agreem~:nt is made or applicahle law requira such iMerest ro be paid. Lendtr shaN not be requireei to pa~ Borrower any interest or carnings on the Funds. I_ender shall giv~ to Borrowet, without charge, •rn annual aca~u~ting of the Funds showing credits and dehits to the Funds and the purpose tor which each debit to the Funds was made. The Funds arc plecigrd as addiiional security for ~he sums secured by this Mortgage. If the amount of the Funds held by Lendei, together with the future monthly installments of Funds payablc prior to the due dates of taxes, assessments, insurance premiums and ground rent~, shalt exceed the amaunt reyuircd to pa}• ~aid taxes, assessments, insuranee premiums and ground rents as they /all due, such excess shall be, at Horrower's option, either promptly rcpaid to Borrower or credited to Borrower on monthly installments of Funds. !f the amount ot the i-unds hetd by l.eode~ shall not be sufficieat to pay taxes, assessments, insur~ncc premiums anJ ground rents as ~hcy fatl due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da}•s from 1he date notice is mailed by l.ender to Borrower ~tquating payment thereof. Upon payment in full of all sums secured by this Mortgage, I_ender shall promptly refund to Borrower aoy Funcis held by [.ender. If under paragraph 18 hereof the Property i. sc~ld or the Property is othervvise acquired by l.ender, I.en~ler s6a11 apply. no later than immediatety prior to the sale of the Property or its acquisiti~n by 1_ender, any Funds held by L,ender at the time of applicateon as a credit aga,nst the sums secured by th~s Mortgage_ 3. Appliestjon oE Paymeats. Unless applicable law provides othervvise, all payments received by l.ender unJer the Note aod paragraphs 1 and.2 hereof shall be applicci by I.cndcr first in payment of amounts payablc ro Lcndcr by Borrower under paragraph 2 hereof, then to interest payable o~ the Note, then to the princepa) of the Note, and then to interest and principal an any Future Advances. 4. C6srses; Litas. Borrower shall pay all ta!~ec, assessments and other charges, fines and impositions attributahle to t6e Property which may attain a priorily over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot, whea due, directly to the payot thereof. Borrower shaU promPtly furnish to Lender all notices of amounts due under this paraarsph, and in t6e event Borrower shal) make payment directly. Borrower shall promptly furnish to l.ender receiptg evidencing such payments. Borrower shall promptly discharge any lien which has prionty over this Mortgage: provided, that Borrower sha11 not be required to discharge any such Iien so long as Borrower shall agree irt writing to the payment of the obligatiun secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ e~forcement of such lien in, legal proceedings which operate to prevent the enforcement of the I~en o~ forfeiture of the Property or any pan thereof. S. Hazard lasurance. Botrower shall keep the improvcments now existing or hercafter erected on the Property irtsured against loss by fire, hazards included within the term "eztendeJ coverage", and such other hazards as Lender may require and in such amounts ar~d for such periods as Lender may reyuirc; pmvideJ, that Lender shall not rcquirc that the amount of such coverage exceed that amount of coverage reyuired to pay the sums secured by this Mortgage. "Ibe insurance carrier providing the insurance shall be chosen by Borrower subject ta approval by Lender: provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall 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 Lender and shall include a standard mortgage clauu in favor of and in form acceptable to i.ender. l.ender sha!! have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal nouces 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 promptly by Borrower. Unless Lender a~d Borrower otherw~se agree in w•riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration ur repair is economically feasible and the security af this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the securiry of ihis 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. lf the Properly es abandoned b~ Borrower, ar if Borrower [ails to respond to Lender within 30 days from the date notice is mailed by L.endtr to Borrower that the insurance carrier ofTers to setUe a claim for insurance benefits, l.ender is authorized to collect and apply the insurance proeeeJs at Lender's optian either to restoration or repair of ihe Propert~' or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date oE the monthly installmcnts referred to in paragrapht 1 anJ 2 hereot or change the amount of such installmeots. lf under paragraph 18 hereof the Property is acyuired by l.ender, alt right, titte 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 oi acqu+sition shal! pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Pc+esenation snd Mainteaance of Properly; I.easehulds; Condominiums; Planaed Unit Devebpments. Borrow•cr shall kcep the Property io good repair and shall not comroit waste or permit impairment or deterioration of the 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 condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenults creating or governing the condominium or planned unit development, the by-iaws and regulations of the condominium or planned unit devetopment, ~nd constituer~t eiocuments. If a condominium or planned unit development ride~ is ezecuted by Borrower and recorded together w~th ihis Mortgage, the covenants 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. 7. Profectioo of I.eoder's Securffy. If Borrower fail~ to perform the covenanis and agteements contained in this Mortgage. or if any action or proeeeding is commenced w•hich materially aHects Lender's interest in the Propeny. including, but not limited to, eminent doma~n, insolvency, code entorcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect t.ender's interest, incli+ding, bet not limited to, disbursement of reasonable attomey's ~ees and entry upon the Property to make repairs. If I_cndcr requircd mortgage insurance as a condition of making the loan stcureJ by this Mortgage, Borrow•cr sh:~ll pay !hc premiums required to maintaio such iasurance in tfiect until such time as the reyuirement for such msurance terminates fn accordance with Borrower c and ~ ~~P~292 PA~E 679 . ~ - - - - - ~ ~ ~ ~ . ~ ~ ~ • " . - ~'~~~}"2~x-'~' . - = ~~~~~a~~~ - ~ ~~~'~i`.~: