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HomeMy WebLinkAbout0555 UNIFORM COVHNANT3. Borrower and l.ender covenant and ag~a as follo.wa: 1. lyraneat of P~iacipN ari lete~at. Borrower shall promptly pay when due the principal of and interest on the indebtednest evidenced by Ihe Note. prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances securod by this Mottga~e. 3. Fa~ tor Ta=es aad Irdr~ace. Subjxt to applicable !aw or to s written waiver by L.ender, Botrower shall pay to Lender on the dey monthty instsllments of principal and interest are payable under the Note, until the Note is paid in full, . s ~um (hcrcin "Fundt'~ equal to onatwelfth of the yearly taxes and assassments which may attain priority over this Moctgage. and gmund renu on the Property. if sny. pius oao-tweltth of yeuly Premium inatallments for hazard insurance. plus oaatweifth of yeuly prtmium installments for rtiortgage insurance. if any. ~11 as reuonably estimated initially and from ~ time to time by Lender on the basis of assessments and bills and reasonable estimates theraof. 71~e Funds sball be held in an i~stitution the depoaits or accounts of which are insured or guaranteed hy a Foderal or state agency (including Leader if I.ender is such an institution). Lender sdall apply the Funds tD pay said taxes, assessments. ' iasucanca pc~emiums aad grouad reats. Lender may not charge for so holding and applying the Funds. analyziog said account, . or verifying and comqling said asxssments and bills, unless Leader pays Borrowe~ interest on the Funds sud applicabtt law : permits I.ender to make such a charge. Borrower and I.ender may agree i~ writing at the time of execution of lhis Mortgage that intorest o~ the Fuads shali be paid to Borrower~ aad unkss such agrcement is made or applicabk !aw requir+es such interat to 6e paid. Lender shaU not be nquired to pay 8orrower any interat or earniags on the Funds. L.ender shall give to Borrower, without charge, an annual aecounting of the Funds showing credits and debits to the Funds aad the purpose for which each debit to the Funds was made. The Funds are pledged as additional s~curity fot the sums secured by this Mortgage. ~ If ihe amaunt of the Funds held by L.ender. together with the future monthty installments of Funds payabk prior to the due dates of taxes, assessmeats, insurance premiums and ground rents, shall eaceed the amount requind to pay said taxes. asseuments, insurana premiums and gr~ound rents az they fall due, such excess shall be. at Borrower's option. either promptly repaid to Borrower or ctodited to Borrower on monthly installments of Funds. If the amount of the Funds held 4Y Lender shaU not be sufficient to pay taues, assassments, insurance premiums. and ground rents as they fall due, Borrower shall pay to l.ender any amount nocessary to make up the deficiency within 30 days trom the date notice is mailed • by I.ender to Borrower requesting payment thereof. ' Upan paymeat ia full of-all sums aecured by this Mortgage, t_ender shall prompdy refund to Borrower any Funds held by l.ender. If under paragtapli 18 hereof the Property is sold or the Propeny is othenvise acquired by Lende~. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Appticattoa of P~yments. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first 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. C6arges; Liens. BoTrower'shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mongage, and leasehold payments or ground rents, if any, in the mancer pmvided under paragtaph 2 hereof or,'if not paid in such ma~ner. by Borrower making payroent, when due, direcdy to the payee thereof. Bonower shall promptly fwnish to Lender all noGces of amounts due under this paragraph, and in the event Borrower shall make payment directly. Bonower sha!! promptly fumish to l.ender receipts evidencing such payments. _ Borrower shall pmmptly discharge any lien which has priority over this Mortgage: p~nvided, that Borrower shall not be . required to discharge any such lien so long as Borrower shall ag~ee 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 or any part thereof. 5. HazaM l~wraace. Borrower shall keep the improvements now e~isting or hereafter erected on the Properly insured ~ against loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods.as Lendet may require; provided, that Lender shal! not require that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. 'ILe insurance carrier providing the iasurance shall be chosen by Borrower subject to approva! by Lender provided. t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided uuder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. • AI! 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 L.ender. Lender shall have the right to hold ihe policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewai notices and all receipts of paid premiums: In the event of loss. Borrower shall give prompt potice to ihe insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ' Unlest Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is - not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impairal, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess; if any, paid to Borrower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ` date notice is maited by Lender to Borrower that the insurance carrier offers to set~le a claim for insuraoce benefits, Lender is aathorixed io colkct and apply the insurance prooeeds at Lender's option either to restoration or repair of the Property ~ or to the sums securod by this Mortgage. Unless l.endtr and Borcower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone Ihe due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of = such installmtnu. If under paragraph 18 hertof t6e Property is acquired by Lender, all right, tide and interest of Borrower ~ in and to any insuraoce policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to I.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. . ; 6. Pr+exrvatioa aod Maiatenance of Pmperty; Leascholds; Condominiums; Planned Unit Devebpmeats. 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 aay lease if this Mortgage is on a leasehald. If this Mortgage is on a onit in a ; condomini~m or a planned unit deveiopment, Borrower shal! perform al) of Borrowet's obligations under the declaration ~ or covenanis creating or governing the condominium or planned unit development, the by-laws and regulations of the _ condominium or pla~ned unit development, and constituent.documents. If a condominium or_ planned unit development ~ rider is ezecuted by Borrower and recorded together with 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 t were a part hereof. ~ 7. Protectloo of I.eoder's Secnrity. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materialty af[ects Lender's interest in the Properiy, # iacluding. but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's aption, upon notice to Aorrower, may.make such appearances, disburse such sums and take auch action as is nacessary to protect I.ender's interest, including, but not limited to. disbursement of reasonable attomey's fees and entry upon tt~e Property to maice repairs. If Lender rcquired mortgage insurance as a condition of making the loan secured by this Mortgage. $orrower shall pay the premiums required to maintain such insurancx in effat until such time as the requirement for such insurance terminates in accordance with Borrower s and - ~~°~~'g5 a~.,~. 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