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HomeMy WebLinkAbout0691 UNIFORM COVBNANiS. BOfrOWt~ aOd ~.COdCt COVCnani and ~gr~~c as foUuws: 1. P~111t01 OF P~QCIpiI ~OI~ I111ltlSl. Borruwc~ shall prumplly pay ~hcn duc thr principal ot and intcrest on the indebtedness evidcnced by the Notc, prepayment and latr chargr. pr~?vidcd ~n ~he Ni~~c, and thc principal of and intcres~ on aay Future Advances securod by th~s Mortgage. 2. Frads tor Tue.s and Inturasee. Subject to applicsblc lavr ar to a written waiver by I.ender. &~rcower shall pay to Lende~ an thc day monthly installments of principal anJ inic~c.t are payable undcr tM: Note, until ~hc Note is paid in full, a sum (herein "Funcis") equal to one-twelfth M thc ycarly ta~e. anJ a~a:ssmrnts which mey attain pri~~riry over th~s Mortgage. and ground rents on the Properly, if any, plus onc-twclfth of ycarly premium installmcnts for haTard insurance, plus one-twelfth of yearly premium installments tor martgage insurancc, if any, all ac reas~inably ectimated initially and trom time to time by l.ender on thc basis of assessments anJ hills ~nJ rc:~sc+nabJr estima~es thcrcof. 'il~e Funds shall be held in an institution the deposits or accouo~s of which arc insureJ or guarante~.Yf by a Federal or state agency (including Lender if L.ender is such a~ institution?. I.ender ahall apply the Funds to pay said ~axes, asses~cments, intura~ee prtmiums and gmund rents. 1_ender may n~t charge lor s~ holding and applying ~he Funds, ~nalyiing said account, or verifying and compiling said assessments and bills, unless t.endcr ~ys Borrower interest un the FunJs and applicable law permits Lender ta make such a charge. Borrower and I.cnder may agree in writing at thc time of cxecuti~~n ot this Mortgage that interest on the Funds shall hc paid to Borrower, anJ unlcss surh ~g~ecmcM is madc ~~r appiicahle law rcquires such interest to be paid. Lender shall not t~ reyuircd to pay B~~rrowcr :~ny intc~est or carning+ c~n the i~unds. Lcnder shaU give to Borrowtr, without charge, an aonual accuunting of the Funds showing cred+ts anJ debits to Ihe Funds and thr purpose for which each debit to the Funds was m~Je. The f~und~ ar~ pledged as adJitiunal security for the sums tiecured by this Mortgage. If the amount of the Funds held hy l.ender, together with the future monthly installmcnts of Fundc (1:1y:~~1IC prior to the due dates of taxes, assessments, insuranre premiums and ground rcnt~. sh:~ll e~cccd the .~mount reyuired to pa)~ said tazes, assesstnents, insurance premiums a~d ground rents as they (all duc, such exress shall be, a~ Horrower's u~tion, either promptty repaid to Borrower or credited to Barrower on monthly installments of Funds. If the amoum of th~ Funds held by Lender shall not be sufTicient to pay taxes, assetsments, imurancr premiums anJ gmund rent~ as they f.~ll due, Borrower shall pay to Lender any amount necessary to make up Ihe deficiency within 30 Jats from the date noticr i+ mailed ' by l.eader to Borrower requesting payment thercof. Upon payment in full of all sums sc~:ured by this Mortgage, Lendcr shall promptly rehmd to Borr.~wer an)• FunJs held by I.en~ler. If under paragraph I8 hereof the Property i. u~ld or ~hc Propcrty is othcrwice acquircd by Lender, I.cn~cr shall apply. no later than immediately prior to the sale of thc Propcrty or its acquisrtian hy I.ender, any (=undc held by I.ender at the time ot application as a crcdit against~the sum~ sec;ured by this Alortgage. 3. Application o[ Payments. Unlecs applicable law provides otherw•ise, all payments received by t.ender under the Note and paragraphs 1 and 2 hcre~f shalt be applied by Lendcr fint in pa~~ment of ama~mts payablc to Lcndcr h}~ Burrower • under paragraph 2 hereof, then to interc~t payablc on thc I`utr, then to the principal of thc Note, and then tu ir.terest and principal on any Future Advances. 4. C6arges; L.ieas. Borrower shall pay all taxe~, atiu:scments and othrr chargcs, finec and im~wsitions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gro~nd rents, if any, io the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payce thereof. Borrower shall promplly furnish to Lender all notices of amounts duc under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to 1_encler receipts evidencing such payments. Borrower shall ptomptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to dixharge any such lien so long as Borrow•er shall agree in writing to the papment oi the obligation secured by such lien in a manner acceptable to Lender, or shall in gocxi faith contcu such lien by. or Jefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the I~en ~~r forfeiture of the Property or any part thereof. S. Hazard Insurance. Borrower shall kcep the improvements now existing ~r hereaher crected on the Property insared against loss hy fire, hazards irtcluded w~ithin the term "extendeJ coverage", and such other hazards ati t_ender may reyuire and in such amounts and for such pericicls as I_ender may reyuirr; provided, that LenJer shall not require that the amount of sueh coverage exceed that amount of rnverage required to pay the sums cecured hy this Mortgage. Tl~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er making payment, when due, directly to the ~ insurance carrier. ~ All insurance policies and renewals thereot shall be in fomi accept~ble to LenJer and shall include a stanJard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renew•als thereof. ! aad Borrower shall prompdy furnish to Lender all renewal notices and all rcceipts of paid premiums. In the e~~ent of loss. ' Borrower shall give pmmpt notice to the insurance carrier and I.ender. Lender may make prcx~f of loss if not made promptly ~ by Borrower. ~ Unless t_endcr and Borrower othcn+iu; a6rcc in writing, insurance proceeds shall bc applied to restoration or repair of ~ the Property damaged, provided such re~toration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is m~t ecunomically feasiMe or if the security of this Mortgage would ; be impaired, the insurance proca:ds shall be applied to the sums securcd by this Mortgage with the ezcess, if any, paid to Borrower. lt the Propert~• i~ :+bandoned hy Borrower, t~r if Borrowcr fails t~ res~nd to LenJer within 3U days from the ~ date notice is mailed by Lender to Borrow~er that the insurance carrier ofiets ta setUe a claim for insurance benefits, I~nder ~ is authoriud to collect and appl}• the insurance proceeJs at Lcnder's optiun cither to restoration or repair of thc Property ~ or to the sums secured by this Morigage. Unless I~nder and Burrower otherwi,e agree in vrriting, any such application of prcxeeds to principal shall not extend or postpone the due date of the monthly installments referrcd to in paragraph, 1 anJ ? hereof or change the amount ot ~ such installments. If under paragraph i 8 hereof !hc Property is acyuired hy Lender, all right, title and interest of Born,wer ~ in aod to any insurance policies and in and to the prcx:eeds thereof resul~ing from Jamage to the Property prior to ~he sale ~ or acquisition shail pass to Lender to the e~tent of the sums secured by this A9ortgage immediately prior to such sale or ~ acquisition. ~ 6. Presen~ation and Ataiatenance ot Property; [,easeholds; Condominiums; Planned Unit Developments. Borrow~cr ~ shall keep the Property in good repair and shall not comroit waste or pcrmit impairment or deterioration of the Property ' ~ and shall complp with the provisions of any lease if this Mortg:~ge it on a Icaschuld. lf thi~ Mortgage is on a unit in a ? ~ condominium or a planned unit developmcnt, Borrower shall per(orm all of Borrower s obligations under the declaration - or covenants creating or governing the condominium or planned unit development, the by-laws and regidationc of the ~ condominium or planned unit Jevelopment, and constituent documenic. If a condominium or planned ~mit Jevelopment - rider is executed by Borrower and rerorded tugether with ~hi~ Mortgage, thc covenanis and agreements o(~ such rider " shall be incorporated into and shall atnend and supplement ihe co~•enants and agreements of this Mortgage as if the rider . were a part hereof. 7. Protection ot Lenders Security. If Borrower failc ro per(orm the covenants and agreements contained in this ~ Mortgage, or if any action or proceeciing ~s commenced which ma~erially •rfiects I_ender's interest in the Pmper~y. 3 including, but not limited to, eminent domain, insolvency, ccxle enforcement, or arrangements or proceedings invol~•ing a i ~ bankrupt or decedent, then Ixnder at Lender's option, upc~n notice to Borrower, may ma~ce such appearances, dishurse such ~ stuns and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of rtasonable attome 's fees and ent u n the Pro rt to makc rc airx. I( Lcnder re uircd mort a e insurance ac a Y ~Y Po Pe Y P 9 B 8 ~ condition of making the loan secured by this Mortgage. Borrower shall pay ihe premiums requireJ to maintain such iasurance in eHect until such ume as the reyuirement for such insurance terminates in accordance w•ith Borro~~ers and ~ ~ • ~ ~2 PAGf ` ~ EQOK _ . ; . - - - - - - - - x ,,v ~ ~~~,.,.`~-4.~~ ~°~z 1` ~ ~ ~ `"`~'~~~~N s _ ~ ' . s ~ - 1. -~~'~°~~'.;:w„`~'~..x.--<:` ~„~.~''~.~"cf,.~~~ _ :~~~~s.. . .