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HomeMy WebLinkAbout0921 . M 1{ y ~ . ~ : + • UNIFUAM COVBNANTS. BOr[OWCf ~ LCOdCf COVCOiI1l Blld B~ftC ii IOIIOWi: 1. P~ment ot P~iactp~l asi Wete~t. Borrowu ahall promptiy pay when due the principal of and interest on the indebtedness evidenced by the Note, prepaymcnt sad late chuges u p~ovided in the Note, and the principal of and interest on any F~turo Advances aecured by this Mort~sse. Ftimd~ for TuM aei law~a~ Stibjcct to applicable law or to a writtea waiver by i.ender. Borrower ahall pay to Lender on the day monthiy irataliments of principal and intenst are payabk under the Note. u~til the Note is paid in full. a sum (herein "Fuad~") equal to oaatwdith of tha yeady qxes and assasmenb which may etain prioriry over thia Mort~age. aed ground reau on the Ptoperty, if wy. plus oae-twelfth of yeuly premium inaWlments for hszard inaurance, plus onatwelfth ofyearly premium instalt~nenu tor mortgage insunnce, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assatsments and bills and roasonabk estimates thercot. ~ The ~nds shall be held in an institution the deposits or accounta of which aro insured or gwranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. asscasmeats. insuranca premiums and ground renis. Lender may not chtrge for w holding and applying the Funds. analyzing said accoun~ or verifying and compiling said assessmrnts and bills. unless Lender pays Borrower interest on the Funds and applicable law permits [.ender to make such a charge. Borrower aad l.eader may agree in writing at the time of exccution of this Mortgage that intercst o~ the Funds shall be paid to Borrower. and unless such agroement is made or applicable law requites such interat to be paid. I.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits artd debits to the Funds and the ~ purpose for which each debit to the Funds was made. The Funds are plodged as additional socurity for the sums secured by this Mortgage. ~ lf the amount of the Funds held by Lender, together w~ith the future monthly installments of Funds payabk priot to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount roquired to pay said taxes. assessments, iasurance premiums and ground rents as they fall due. such excess shall be, at Borrower s option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amouM of the Funds - held by Lender shall not be suf6cient to pay taxes, assessmenta, insurance premiums and ~ ground rcnts as they fall due, Borrower shaU pay to I.e~der any amount c~ecessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Bonower requesting payment thereof. Upon pay~ment in full of all tums aecurcd by this Mortgage, I_ender shall promptly refund to Borrower any Funds held by I.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 PropeRy or ils acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mongage. 3. Applicatioa of Payments. Unless applicable law provid~s otherwise, all payments received by Lender unJer the Note and paragraphs 1 and 2 hereof shall be applied by I.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 thea to interest and principal on any Future Advances.. 4. C6arga; Lkas. Borrower shall pay all taxes, assessments and -other charges, flnes and impositions attributabk to t6e Property which may attain a priority over this Mortgage, and leasehold payments or ground ronts, if any. in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the ps~yee thereof. Borrower shall promptly furnish to Lender all notices of amounts due und~r this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish to I.ender receipts evidencing such payments. - Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower 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 such lien in a manner acixptable to Lender. or shall in good faith contest such lien by, or defend enfo~cement of such liea in. legal proceedings which operate to prevent the enforcement o[ the lien or forfeiture of the Property or any part thereof. S. Hazsrd Iaaurance. Borrower shall keep the improvements now• existing or hereafter erected on the Propeny 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 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 secured by this Mortgage. , The insuranoe carrier providing the insurance shall be chosen by Borrower subject to approval by I:ender, provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner j provided under paragraph 2 hereof or, if not paid in such manner, by Borrower maicing payment, when due, directly to the ~ insurance carritr. ~ 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 Len~r. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall prompdy futniah to Lender all renewal notices and all receipts of paid premiums. 1n 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 Bonower. c s Unless 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. lf such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired> the insurance prceeeds shall be applied to the sums secured by this 1Vlortgage, with the excess. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ; ~ date notice is mailed by Leoder to Borrower that the insurance carrier offers to setQe a claim for insurance beaefits. I.ender ; is authorizod to collect and apply t6e.insurance proaeds at Lender's option either ;o restoration or repair of the Property or to the sums securcd by this Mortgsge. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend t or postpone tht due date of the monthly instaliments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph IS heroof the Property is acquired by Lender, all right. tide and interest of Bonower ; in and to any insurance policies and in and to the procoeds thereof resulting from damage to the Property prior to the sale ; or acquisition shall pass to Lender to the extent of the surtu secured by this Mortgage immediately prior to such sak or i ~ acquisition. ~ 6. Presenadon and 1lfaioteuance of Propedy; I.eaSe6olds; Condomiaiums; Plsnned Unit Developments. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairtnent or deterioration of the Property x and shall comply with the provisions of any kase 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 devdopme~t, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. If a condominium or planned unit de~elopment ; ~ rider is executed by Borrower and recorded together with this Mortgage. the coveaants 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 heroof. " 7. Protection of Lende~'s Secnrity. If Borrower fai{s to pertorm the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenceJ which materially af~ects Lender's interest in the Property. ; including, but not limita3 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, may make such appearances, disburse such swns and take such action as is necessary to protect Lender s interest, including, but not limited to. disbursement of ~ ~ reasonable attorney s fees and en~ry upon the Propeny to make repairs. If L.ender required mortgage insurance as a ~ ~ condition of making the loan secured by this Mortgage, Borrower shall pay the premiums rcquircd to maintain such icuurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ 3~ - •;4~~ • n ~ ~ lO~K 2~U ~FAGE a7~9 ~ ~ ti _ . . . . ~ . j ~ ~4 ~ - - - ~a"'"~ _ . _ . _ . _ v"'.. a_