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HomeMy WebLinkAbout0394 . ~ , ~ UNIFO1tt~ CoveN~NTS. $orrowe~ and LenJer covenam and agree aa follows: 1. h~aed ot P~i~tipl aod lotenst. Bormwc~ chali promptly pay v?hrn duc the p~incipel af and interest on the indebttd~t evidenced by the Note, prepayment and late chargec a~ p~ovided in ~he Nate. a~d the principal of and intercst on aay Futurc Advances secu~od by this Mortgage. 2. Fdwds tor Tua ~ad lawraeee. Subject to applicahle law ~~r to a wriUen waiver by I.e~der, Borrower shall pay to i.enck~ on the day mo~thly inctallments of principal and mtrr«~ .~re payable under the Nate, until the Note is paid in [ull. a sum (henin "Funda") eqwl to one-twel(th M the yea~l~ ta~r. enJ ascessmcnts v?•hich may~ attain priariry ove~ this : Mortgage. and ground rents an the Prupe~~y, if any. plus o~c-~weltth of yearly premium installments for hazard insurance. ~ plus one-twellth of yearly prcmium installments for mortgage insu~ancc. i( any, all ac reasonably estimated initially and from pme to time by Lender on tbe basis o( asses~mcnts and hills and rea~onable estimates thercof. i The Funds shall be held in an instilwian th~ depoch~ or acc~~unls ot which are insured or guaranteed by a Fedenl or r state agency (including Le~de~ if Lender is such an insti~ution). 1_ender ~hall •rpply the Funds to pay said taxa, assessments. inturance ptemiums and g~aund rents. I.ender may not charge tor s~ halding and applying the F~~ndc. analyzing said accou~t. or verifying ar~d rnmpiling said assessments and hill~, unless l.ender pays Borrowe~ interest on the Funds and applicable law permits L.ender to make such a charge. Borrower and LenJer may ag~ee in v?~riting at the time o( execution of this Mortgage that intercst on the Funds shatl t~e paid to Borrawer, and unless such agreement is made or applicable law rcquira such interest to be paid. Ler~der shall not he required to ~+ay Horrower any interat or earnings on the Funds. l.ender shaA give to Borrower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eaeh debit to the Funds was made. The Funds are pleciged aa additional security !or the sums secured ; by this Mortgage. ' If the amount of the Fuads held by Lencler, together with the future monthly installments of Fundx payablc prior to tbe due data ot ta~ces. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assaunents, insuranoe •premiums and graund rents as they lall due, such excess shall be, at l3orrower s option, either promptly repaid to Borrower or crodited to Borrower on monthly installmems of Funds. .I[ the amount of thc Funds hetd tiy Lender shal! not be suf6cieat to pay taxes. assessments, insurancc premiums and ground rents as they fall due, Borrower sball pay to Lendtr any amount necessary to make up the deficiency within 30 days irom the date notice is mailed by I.eader to Borrower requesting payment thereof. ' Upon payment in fuU of_ all sums secured by this Mor~gage, I_ender shall promptly retund to Borrower ~ny Funds heW Dy Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lrnckr ~ shall apply, no later than imtnediately prior to the ~ale of thr Property or its acquisition by Lender, any Funds held by ? Leoder at the time of applicadon as a credit against the sums secured by this Mongage. 3. Applicatba of Pa,ymeets. Unless applicable law provides otherwise, all payments received by •[_ender under the Note aad paragraphs 1 and 2 hereof shall be applied by I.ender first i~ payment ot amounts payable to Lendcr by Borrower under paragraph 2 hereof. then to interest payable o~ the Note, then to thc principal of the Note, and then to interest and principal on any Future Advances. 4. CharZa; Lkns. Borrower shall pay aU taxes, asscssments and other charges, fines and impositions attributable to the Property which taay attain a priority over this Mortgage, and leasehold paymenis or gc+ound rents, if any, in the manaer - s provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payrnent, when due. diroctly to the ~ payee thereof. Borrower shall promptly furnish to Lenckr all notices of ainounts due under this pa[agraph, and in tt~e eveat Borrower shall malce payment directly. Borrower shall promptly furnish to l.ender receipts evidcocing such payments. ~ Borrower shall pmmptly discharge any lien which has priority over this Mortgage; provided, that Borrowu shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6lien in a manner acceptabte to Lendtr, or shall in good faith contest such lien by, or defend enforcemert of such lien in, legal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part thercof. S. Huar8labvraace. Borrower shall keep the improvements now existing or hereafter erected on the PropertY insured ; agaiast loss by firc, hazards included within the term "extendeJ coverage", and such other hazards as Lender may require wd in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mon6age. 'Ibe 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 premiums on insurance policies shall be paid in the manner ~ E provided under patagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the ~ insurance carria. ~ All insurance policies and renewals thereof shall be in form acceptable to L.ender and shall include a standard mortgage ~ clause in favor of and in form acceptable to l.ender. Lender shall have the right. to hold the policies and renewals thereof, ~ and Botrower 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 prompUy ~ by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoraUon or repair is economically_feasible and the security of this Mortgage is not thereby impaired. lf such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurancx proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid ~ to Borrower. ff the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is maited by Lendtr to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance procceds at Lender's oQtion either to restoration or repalr oE the Propert~ or to the sums secured by this Mortgage. Unless i.ender and Borrower otherv?•ise agree in writing, any such application af proceeds to principal shall not extend or poatpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or ~hange the amount of suc6 installmeuts. If under paragraph 18 hereof the Propeny is acquired by Lender, all right, title and interest of Borrower - in and to any insurance policies and in and to the proceecis thereof resulting from damage to the Propeny prior to thc sale ' or acquisition shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ ~ 6. Presenation and Maintenance of Property; Leasehulds; Condominiums; Planoed Unit Devebpments. Borrower o shall keep the Property in good repair and shaU not comrqit waste or permit impairment or deterioration of ihe Property wd shall comply with the provisions of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under ihe declaration ~ or covenants crcating or governing the condominium or planned unit development, the by-iaws and regulations of the ~ condominium or planoed unit development, and constituent Jocuments. If a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and s6a11 amend and supplement the covenants and agreements of this Mortgage as if the rider were a part heroof. ~ 7. Protectioa of Leode~'s Secnrfty. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any actioo or proceeding is commenceJ which materially affecls Lender's interest in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings ~nvoh•ing a bankrupt or decedent, then Lender at Lender's option, upon noiice to Borrower, may make such appearances, disburse such ~ suma and take such action u u necessary to protect Lender s interest, including, but not limited to, disbursement of F ` reasonabk attomey's fas and enlry upon the Propeny to make repairs. lf [.ender requircd mortgage insurance as a ` conditioa of making the loan socuted by this Mongage, Borrower shall pay the premiums requirai to maintain such - ipsurance in eHect until such time as the rcquir~ment for such insurance terminates in accordance with Borrower s and ~ ~ ~ ~ E R 29~ 393 ~ry~. . _ - - - - . - = A,:-, _