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HomeMy WebLinkAbout0027 ~ r. UNtFORM CovErv~nrs. Borrowcr and I.en~icr r~~vcnant ;,nd a~rrc a~ foll~~ws: 1. Payment ot Principal and lnterest. Bormw~e~ .h:,U pr~~m~tl~ .pay ~hrn dur thc principal of and ~interest on thc ~adebtedness evideneed by the Note, prepayment aii~l late ch:u~r. a. ~ruvided ~n the N~~e. and the principal of and interes~ on any Future Advances securcd by th~s Manga~e. 2• Fbeds tor Tues aad I~un~nce. Subject to appti~ahtc law ur to a K-ri~ten waiver by l.ender, Borrower shall pay to I.ender on the day monthly installmen~s of principal ;u~J uurrr.~ ,,rc ~ayahlc undrr Ih~ Note, until the Note is paid in (ull. a sum (herein "Funds") equal to o~e-tHelhh of ~hc yrarl~ ~a~~. anJ acui~mentti which may attain priurity over ~hn Mortgage, and ground rents on the Property, if any. plu~ c.nr-~Nrlfth ot ~•carly prcm~um instaltments for hazard insur~nce. p[us one-twel(th of yearty premium instaHments for mortgage imur~ncc, rt any, al! a~ rcas~~nahly cuima~ed initially and from time to time by 1_ender on the basis of a.sc.~mcm. and hili~ and rra,~~n~hlc estimatec thercot. 71k Funds shall he held io an instituti~•n thr de~,,,t, c•r ,~ccuunts M whi~h are insured or guarantee+i by a Federal or state agency (including Lender ~f t_cnder ~s auch an incti~u~ion 1. 1 cndcr ~hall appl}• rhe Funds to p:+)~ aaid taaes, assessments. nuuldtKC Nicu:iuu.5 n.-~u ~ii.ui.u ii.-~iS . i...... . . ..p. . - • .c - . , ~ ~ I.nl~l:nn an~1 anr~lvino IFfn FUI1lIC. :1f11i\'ZIpQ Satd BCCOU(1~. or verifying and compiling said assessments anJ hilb, unlcsc I ender ~y. Bo~rower interest on the Funds and applicable law permits Lender ta make such a charge. B~rrower and Lender Ill:l)' J(~fC~ in H•riting at the time at c~rrution of this Mortgage that interat on the Funds shaH t~e p;~id to 8orruwer, and unless ~uch ~green~ent n made or applicable Isw requira such interest to be paid. I.ender shall n~t tx reyuired t~~ pay Borrower am• interest ar carning+ on thc Funds. Lendcr shaU give to Borrower, without charge, an annual aca~unUng of the Fund~ show~ng credits and deMts to thc Fund~ and thc purpose for which each debit to the F~nds wa, m.~dc. The (=und~ arc ptcdged as additiunal see~untti• far the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with thc futurc monthly imtallmcnts of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rent~, shall cxcced ~hc amount reyuircd t~ pa~• said taxes, assessm~nts, insurance premiums and ground rents as they fall dt~e. such eticess ~hall be. a1 8orrox~ei s optic~n, ei~her protnptly repaid !o Borrower or credited to Borrower on momhly installments of Fundt. If the amoum of ~hc Hunds held by Lender shall not be sufficient to pay ta.res, assessments, insurance prcmioms and ground rents as thcy fall due, Borrower shall pay to Lender any amount necessart• ~o make up ihe deficiency within 30 da}s [rom the date notice is mailed by Lender to Borrower requesting paymcnt thereo(. Upon payment in full of all sums secured by this Mongage, I_ender shall promptly retund to Barrower any Funcis held by Lender. If under paragraph 18 hereof the Property i. ~old or the Propcrty is otherwise acqwred by Lcnder, I.cnder s6a11 apply. no late~ than immediately prior to the sate of the Pruperty or its acquis~tion by~ Lender, any Funds held by Lender at the time of application as a crcJit againsl the somi secured by this Mortgage. 3. Application of Payntenls. Unless applicable law pro.ides otherwise, all payments received by l.ender under the Note and paragraphs 1 and 2 hereof shall be appl~eJ by I_cnder first in paymcnt of amounls payable to LenJer by Borrower under paragraph 2 hereof, then to interest payable on the Nate, then ~o the principai of the Note, and then to interest and principal on any Future Advances. 4. Chsiges; Lkac. Borrower shall pay all taxc~c. as~essments and other charges, finez and imEwsitions aUributable to the Property which may attain a priority over this Mortgagc, and leaschold payments or ground rents, if any, in the manner provided unJer paragraph 2 hereof or, if not paid in such manner, b~~ Borrower making payment, when due, directly to ihe payce the~+eof. Borrower shall promptly furnish to Lender al! notices of amounts due under this paragraph, and in ihe event Borrower shall make payment directly, Borrower shall promptly turnish ta l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien w°hich has priority over this Mortgage; provided; that Borrower shall not be required to discharge any such lien so long as Borrower sh:~ti agree in a•rihng tc. the paymeni of the obligation secured by such lieR in a manner acceptable to Lender, or shaU in good faith contest such lien hy, or defend enforcement of such lien in, legal proceedings which operate to prevent the enfc?rcement of the i~e~ or forfeiture of the Property or any part thereof_ ; S. Huud insurance. Borrower shall keep the improvements no~ cxisting or hercafter erected on the Property insured against loss by fire, hazards included within the term ' extendeJ coverage", and sunc ~+ther hazards as ~ender may reyuire and in such amounts and !or such periods as Lender may reyuirc; provided, that Lender shall not require that ~he amount of - such coverage exceed that amount of coverage required to pay the sums secured ~by this Mor[gage. 'Ihe it~surance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such app~oval shall not be u~reazonahty withhetd. Alt premiumc on insurance policies shall be paid in the manner ' provided under paragraph 2 hereof or, ~f not paid in such manner, b~• Borrow~er making payment, when due, directly to the ! iasurance carrier. ! All insurance policies and renewals thereot shall be in forni acceptable to Lender and shail include s standard mortgage ~ clause in favor of and ip form accept~bfe to !_ender. l.ender shall have the right to hold the policies and renewals thereof, and Borrawer sball prompdy furnish to Lender all renewal notices and all receipts of paid premiumc_ In the event of loss. ~ Borrower shall give prompt notice ro 1he insurance carner and l.ender. Lender may make pn~Lof loss if not made prompUy by Borrower. Un(ess i_ender and Borrower othen+ise agrec in write~g, insurance proceedc shall be applied to restoration or repair of the Ptoperty damaged, provided such restoration or repair is economically feasible and ~he security of this Mortgage ; not theteby impaired. If such restoration or repair is nc.t er~inomically feasible or if the security of this Mongage w~~utd ` be impaired. the insurance proceeds shall be applied t~ the sums secured by this Mortgage, with the excess, if an}•, ~aed 1 to Borrower. If the Propert~~ is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the ? date notice is maileci by Lender to Borrower that ~he insurance carrier ofTen to settle a claim for insurance benefits, Lender is authorized to coUect and apply the inwrance pioceeds at Lender's option either to restoration or repa~r of ihe Propett~- or to the sum~ secured by this Mortgage. ~ • ; Unless Lender and Borruwer otheruise agree in Hnting, an~ such ~pplication of prckeeds to principal shall not extend or postpone the due date of the monthl~• installmcnts rcferred to in par~graph~ I anJ 2 hereof or changc the amount of such installments. If under paragraph 18 hereof the P:operty is acywrcd by~ Lender, all right, tit(e and interest of Bormwer in and to any insurance policies and in and to the procer~cis thereot rc.-sulung from dantage to the Property prior to thr saie or acquisition shall pass to l.ender to the eatent of the ~ums ~ecured b} lhis htortgage immediately prior to such sale or acquisition. . 6. Presenation and ~taiatenance of Propert}: I.eueh~?Ids; Condominiums; Planned Unit De~•elopmen[s. Borrow•cr shall keep the Property in good repair and shatl not comrpit waste or permit impairment or deterioration of the Property and sha11 comply wrth the provisions of any lease if th~s Mortgage „ ~,n a Ieaseh~~ld. If this Mortgage is on a unit in a condominium or a planned unit de~•clopment. Borrow•er shall perform all of Borrower's obligations under the declaratiun or covenants creating or governing the condommium or planncd unit development, the by-laws and regu(ations of the condominium or planned unit devetopment, and constiwent documeniti. a con~tominium or planoed einit developn~ent rider is executed by Borrower and recordcd togethcr wnh ~hi~ Mortgagc, the covenants and agreemcnts of such ridcr shall be incorporated ~nto and shall amend and supplement thc covenan~s and agrcemenis of tha Morigage as if the ri.lcr were a part heteof. 7. Proteetion of I.ende~s Securify. if Borro~er faik perfc~rm the covenants and agreements contained in this Mortgage, or if any aciion or proceeding i~ commenreJ wh~~h materially .afiects 1_ender's interest in the Propert}•. , including, but not limited to, eminent domain, insoh~ency, code enforcement, or arrangements or proceedings invoh•ing a bankrupt or decedem, then I~nder at Lender's option, upon notice to Borrower, ma} make such appearances, disburse such sums and take such action as is necessar~~ to protect Lender ~ interest. inclucting, but not iimrted to, disbursement of reasonable attomey's fees and entry upon the Propcrty tc~ makc rcp~irti. If Lender reyuired mortgage insurance as a condition of making the loan secureJ by this Mongage, B~~rrawrr shall pay the prtmiums reyuireJ to maintain such insuranee in effect until sueh time as the rcyulren~ent far ~urh insurancc terminstes in :~ccordance with Borrower s and { ~ ~ ~ , : r ~AG - - . - - E , ..P~~;~-~-;._.~~=~ v . - . ~ ~ .