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HomeMy WebLinkAbout0485 UNIPORM COVENANTl. Borrower and l.eoiier covenan~ and a~ree as follows: ` i~rwaf o~ hi~c~i a~i INereq. Bo~rower shall promp~l~• pay when due the principal ot and intercst oo the indeMednat evidenoed by the Note. Prepayment and ~ate ~ha~gcc ac provided in the Note, and the principsl o[ aod interesl on aoy Future Advat~ces setured by this Mor~gage. 1. i+r~ds !or Tuss aoi lawrasee. Subject to applicahlc law ~x to a writ~en waiver by L.ende~. BorTOwer shall pay to Lende~ on Ihe day monlhly installmeols ot principal anJ int~rcat rrc paysbk under tF+e Note. uotil the Note is paid in tull, • tum (heroin "Fundt") eqwl to one-twelt~h af ~he yearl~ u~c. yoJ assessme~ts which may attai~ priority over this Mo~a~e. and ~round rents on the Prope~ty, if any. plus one-twelUh of yearly prcmium inslallments for huard insurance, plus one-twelfth of yearly premium installmen~s tar mortgage ~nsurance, it any, all as rcasanably atimated initially and trom time to tirtn by Lender on the buis ot asscscmcnts •rnd hills and reax~nable estimates thereof. The Funds shall be held in an institwion the depoc~t. or ~ccounls ol which are insured or tuaranteed by a Fedenl ot state atency (including Lender if l.ender is such an inst~tution). I.ende~ ahall apply the Funds to pay said taxa. assestments. inturance prcmiums and arouod rcnts ! ender may no~ charge tor so holding and spplyiig Ihe Rundc. analyzin~ uid actount. . or verityins and complint said asscssments •rnd b~ll~, unless l.ender pays Borrower interat on the Funds and applicable law permits Lender to make such a charge. Borrower and lxndtr may ogret in writing at Ihe time o( execution ot this Mo?tgaae that interesl on ~he Funds shall he pa~d to Bormwer, and unleu such agreemem is made or applicable law rcquircs such interest to be paid. Lender shatl not be requira! ta pay Borrower any interat or earnings on the Fuods. I_ender shall ~ive to Bo~rower, without charge, an anm~al accounting ot ~he Funds showing credits and debils to Ihe Funds and the purpcue [or which each debit to the Fu~s w•rs made. The Funds are pledged u addi~ional securi~y [or ~he sums sccured by this Mortpae. If the unount of the Funds held by Lender, ~oge~her with the future monthly installments of Funds payable prior to tde due data of taxa, assessments, insuruece premiums and ground ronts, shall eacced ~he amount requircd to pay said taxes. sssa~ments. insursnce premiums and ground rents as ~hey (all due, such excess shall be. at Borrower's option, either promptly npaid to Borrower or crodited to Borrowe~ on mon~hly ins~allments ot Funds. It the amount of ~he Funds heW by Lender shall not be sut~icient to pay taxes, assesuments, insurance prcmiums and ground rents as Ihey tall due, Borrower shall pay to Lender any amount necessa~y to make up ~he deficiency within 30 days from the date notice is mailed by l.ender to Borrower requating payment thereof. Upoa payrpent in full of all :ums secured by th~s Mortgage, l.ender shall promptly rc(und to Borrower any Funds held by Lender. It under puagraph IA hercaf the Propcrty ii sold or the Property is dherwiu acqu~rcd by Lender, Lende~ shall apply. no later than immediately pnor ta the sale of the Property or i~a acquisition by Lender, any Func' htld bv Leoder at the time ot application u a credit aga~nst the sums xcured by this Mongage. 3. Appik~tim ot P~yments. Unlect apphcable law provides o~herwiu, all payments received by I.eoder under the Note and paragraphs 1 and 2 hereof shall.be appl~ed by I.rnder fir~t in paymcnt ot amounts payable to Lender by Borrower under paragraph 2 hercot, then to interest payable on the Nute, then to the principal o( the Nole, and then to interest and principal on any Future Advances. C6a~es; Lieas. Borrowet shal) pay all taxr~, a~s~s~mcnls and othcr charges. 6nec and imposi~ions auributable to tbe Property which may attain a pnority over thi~ Morigage, and leasehold payments or ground rcnts, if any, in the manner providai under pangraph 2 hereof or. ~E n~H pa~d ~n cucF~ n:anner, by Borrowe~ making payment, when due, diroeUy to the psyee theteof. Borrower shall prompllv turni~h to I.enJer all nat~ces o( amounts due under this paragraph, aod in the event Borrower shall make payment duecUy, Horrower tihall prumptly fumish to l.ender receipts evidenc~ng such payments. Borrower shall promptly discharge any lien wh~ch has pnon~y uvcr ~h~s Mongage; provided, that Borrower shall not be required to discharge any such licn so long rs BorroHCr ~hall agrcr in wrhing to the payment ot the obligatiun ucured by such Gen in a manner acceptable ~n Lender, or shall m gixxl Caith conle~~ uich lien by, or defenJ enforcemrnt o( such litn in, Iegal proceedings which operale to prevent the enfurcemcnt of the hen or for[eiture of ~he Property or any part thereof. S. Hazud Ixsurance. Borrower shall keep the ~mpruvemcnt. now existing or herea(ter erected on the Property insored against loss by fire, hazards included withm thc term "cxlenJed ci~vcrage", anJ such other hazards as 1_ender may rcyuire anJ in such amuunts and for such periods ac l.ender may rcyuirc; prc~vided, that LenJer shall not rcquire that the amount of such coverage exceed that amount of coverage reyuued u~ pay the ~um~ cecored ~by this Mor~gage_ The insurance carrier providing the insurance sh:+ll be choten by Borrower subject to approval by Lender, providod, t6at such approval shall not be unreasonably withheld. All premwmt on insurance policies shal{ be paid in the manner ~ provided under paragraph 2 hereof or, it not pai•i in ~uch manner, by Borrower mak~ng payment, when due, dirc~cUy to the f insurance curier. ~ All insuranre polic~es and renev?als therrot ~hall tx~ in form acceptable to Lender and shall include a standard mortgage ! cl~use in favor o( and in form acceptable ~o Lender. t.rndcr tihall have the right to hold the poficia and renewals thereof, j and Borrower shall promptly furmsh to Lender all renew•al notices and all receipts of paid prcmiumc. In the event of 1oss, ~ Borrower shall grve prompt no!ice to ~he ~nwrance carner ~nd Lender. I_ertder may make proot of loss if not made promptly i by Borrower. i Unless LenJer and Borrower otherw„~ agrcc in wnnnd. imurance procecdc shall bc applied to restoration or repair of ~ the Property dameged, proviJed such resturatiun ur repa~r ~s eccmomically (easible and ~he security of ihis Mortgage is not thereby impaired. If such restorat~un ur repair is n~~t rcan~~mically (easible or ~f the secunty of this Mortgage would be impaired, the msurance proceeJs shall be applieJ U~ the rums secureJ by this Mortgage, with the excess, if any, paid to Borrower. I( the Property is aband~ned hy Borr~~wcr. ~~r ~t Bormwer faih to respcmd to 1_ender within 30 days from the ~ date noUCe is mailed by lxnder to Borrower that the iniurance carner otier~ ~o set~~e a claim for insurance benefits, Lender is authoriud ta collect and apply the imurance proceeds at Lendcr's option e~ther to restoration or repa~r of ihe Propenv or ro thc sums sccured by this Mortgagc. Unless Lender and Borrower othen.iu ~gree ~n wnting, am such application of prcx:eeds to pnncipal shall not extend or postpone the due date o( the m~mthlc m~tallmcnt~ rcferred t~~ ~n paragraphti I and 2 hereof or change the amount ot such installmeuts. It under paragraph 18 he~~~~ a~~c PruE,erty ~i acyuircd by Lendcr, ali nght, title and interest of Borrower in and to any tnsurance po6cies and in and to thr pnx;crdt thcreof resulting from damage to the Property prior to th~ ~ale or acquisition shall pass to l.ender tu the etitcnt uf thc wms lecured by ~hro Mortgagc immediately prior ta such sale or ~ acquisition. ~ 6. Preservation and ~tainten~nce of Propert~: Leyseholds; ('ondominiums; Planned Unit Developments. Borrow•cr shall Iceep the Property in good repair and ~hall n~~~ comrvit y?aste ur permit ~mpairment or deterioration of the Property aad shall comply~ with the proviswns of any Icasc ~I th~. ~1~~ngage ~ti ~~n a Icaschold. !f this Mortgage is on a unit in a ~ condominium or a planned unit devcl~~pment, Burn~wer ~hal! ~rfurm all uf Borrower's obl~ga~ions under the decla~aUun ~ or covenan~s creadng or governing thr cc~ndi~nunium ~~r pt~nnrd umt Jevel~~~mcnt, the by-laws and rcgulation~ of the ~ conJominium or planned unrt devefopment. .~nd ~~m~tnuent Ji.cumenl~ I( a conJominium or planned unit Jevelopment ~ nder ~s executed by E3orrower ~nJ re~orded ~~~gciher ..ith th~. Me~rtgage, the covenantt and agreements of such rider ~ shall be ~ncorporeted ~nto and shall erncnJ en~l ~u~~plcmcnt thc cu~rn~nt~ ~nd agreements of th~s Morlgage as if the rider were a part hereof. ~ 7. Profection ot Lenders Secorily. If Hnrn~~cr t.,~l- tn ~rf~~rm the covenantti anJ ~greements contained in this ~ Mortgage, or i( any •rc~ion ~~r prckceJinx <<~rnmz•~~re~1 u.hi.h m;~tenally e1Tec~ti I.en~ler'~ imere~t in the Propeny, ~ ~ncluding. bW n~~t bmitcd to. cm~ncnt dum:un. ~n.~~l~rn,t. ~,~dc rn~ur.crncnt. ~x :~rrangcmcnlc ~~r pr~xccdings invol~~mg a ~ bankrupl or dccrJent. thcn Lcndcr at 1 cnJrr', npu~~u. ~i~x~n n~~ncr t~? B~~rn~wcr_ ma~ makc such :tppcarance~, dishursc such ~ sumt and takc such act~un a~ is ncceti.ar} t~.~ prutrct (_cndrr'. mtcrctit. ~nclu~hng. but not limi~cd to, di~burscment o( ~ rc~sonable aU~~meY's feet and et?iry up~~n tt~c Pruprri~ r~~ makc rcpair,. 11 I.cndcr rryi~ircd m~~rlgage in~urance a~ a ~ cundrtiun i~t makmg thc loan stcurc~f h~ th~~ ~f~~r~t~,~cr. B~~n„ucr sh:~ll ~ay ~hc prcmiums rcynireJ to maintain wch ~ iruurance in cl(cct unUl tiuch fimc a~ ~hc rcyu~?cincn~ ~;~r •.u:li ~ntutancc Icrmin:Ur. in :~ccordancc wi~h Born~wcr'~ and ~ ~ ~ ~ eo~~~ 4 ~ . ~ ~ ~ ~ i_ . _ _ - - - .?"'n . y N~ 5 ~ _ n. ~ s~.~~~?~Z~_ ~ _ , .