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HomeMy WebLinkAbout0291 + . ` y~ UNtFORM CoveN:~:vrs. Borrower ar~d Lender covenant and ag~ee u follows: ~ 1. P~ymeat of Princlpal and laterat. Bomower shall pcomptly pay K~he~ due the principal of and ioterest on the indebtedneu evidenced by the Note, prepayment and late charges as provided in the NoSe, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Fbads [or Tua aed I~unace. Subject to applicable law or to a written waiver by Lender. Borrower shall pay ~ to Lender on the day monthly installments of principai and interest are payable under the Note, until the Note is paid in [ull, a tum (herei~ "Fu~da") equal to ono-twelfth of the yearly taxes a~d assessments w~hich may attain priority over this Mongage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insura~ce, plus one-twelfth of yearly premium installments tor mongage insurance, if any, all as reasonably estimat~d initially and from time to time by Lender on the basis of assessments a~d bills and reasonable estimates theeeof. 71ie Funds shall be held in an institution the depasits or accounts of which are i~sured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). l_ender shall apply the Funds to pay said taxes, asussme~ts, insurance premiums and ground rentc. l_endGr may nc~t chargt (er so h~lding snd applying the Funds. analyz':ng 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 charge. Borrower and I.ender. may agree in wnting at the time of execution of this iiortgage that interest on the Funds shall t?e paid to Borrower, and unless such agreement is made or applicable~ law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting ot the FunJs showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additionat security for the sums secured by this Mortgage. . lf the amount ot the Funds held by Lender, toge~her with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. asxssments, insurance premiums and ground rents as they fall due, such excess shall bt, at Borrower s option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by L.ender shall not be suf6cient to pay taxes, assessments, insurancc premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficieocy within 30 days from the date notice is mailed by Lender to Borrower rcquesting payment thereof. ' UFon payment in full of all sums secured by this Mor~gage, t_ender shall prompily refund to Borrower any Funds held by [.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired'by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or iis acquisition by Lender, aAy Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. ~ 3. AppUcation of Paymeats. Unless applicable law provides othcrw~ise. all payments receivcd by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by !_ender firtt in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Lieas. Borrow•er shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this I~lortgage, and leasehold payments or gmund rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrow~er shall make payment directly, Borrower shaU promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has nriority over this ~+iortgage; provided, that Borrower shall not be s 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 Lender, 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 or forfeiture of the Property ar any part theroof. ~ 5. Hazard incd~.~~, ~,~~,wer sha!! !:ePF ehe isnprevemer:ts nou• ~xisling ar h~reafter er~c;ed on the Pragerty ins~:ed - against loss by fire, hazards included within the t~rm "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 exceed that amount of'coverage required to pay the sums seciired by this Mortgage. ~ "I~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, ~ thaC such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner i provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the i insurance carrier. ~ ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right t~ 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 promptly ; by Borrower. ~ Unless Lender and Borrower otherv?•ise agree in w~riting, insurance proceeds shall be applied to restoration or repair of g the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. It 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. lf the Propert~~ is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefiu, Lender ; is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. Unless Lender and Borrower othemise 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 18 hereof the Property is acquired by l.ender, all right, tide and interest of Borrower ~ in and to an}~ insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale _ or acquisition shalt pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or ~ acquisition. ~ ~ 6. Presenatloo and ~laintenance of Property; Lezseholds; Condominiums; Planned Uait De~elopments. Borrower ; shall keep the Property in good repair and shall not commit 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 covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together w•ith this 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. Protection of Lende~'s Security. If Borrower fails ~o perform the covenants anJ agreements contained in this ~ - Mortgage, or if any action or proceeding is cummenced which materially afiects Lender's interest in the Property, _ including, but not limited to, eminent domain, insolvency, code enForcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma}• make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limired to, disbursement of ~ - reasonable attorney's [ees and entry upon the Property to make repairs. If Lender reauired mortgage insurance as a ~ condition of making the loan secured by this Mortgage. Borrower sf:all pay the premiums requ~red to maintain such ~ insurance in effect until such time as the requirement for such insur..nce terminates in accordance with Borrowecs and ~ : - aoclc2~ ~~ct ~ ~ r - - - - - - ~ ~ ~ ti y ~ ~ ~Y--~~ . . ~ y ~ ~ . - ~.`.~~~:aw~~r~x'