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HomeMy WebLinkAbout0300 UN!lOIIM COVflNANii. Borrower and Lende~ covenant aod s~roe u tollows: T~weN ot hi~c~1 ~ iNensl. Borrower shall prompUy piy when due the principai of and interat on the ~ndebtednat evidenced by tha Note. prepaymeot and late charQec a~ provided ~n the Note, and the p~incipal ot and intercst on wy Futuro Advances secured by this 1Nortsa~e. 2. R~i 1er'hs~s wi l~wn~ca Subjal to applicabk law ~.r to a writtee waive~ by Lender. Bo~ro~ve~ sha11 P~Y to Lee~dw on IAe day monthly imtsllments of principsl aod intcrca~ ~rc payaMe under the Note. uotil the Note is paid in (ull. a tum (hercin "Fund~'~ eqwl to one•tweltth ot the yea~l~~ tasc. anJ assessmenti which may atuio p~o~ity over ~his Mortsa~e. and ~round r~nu on the Properly. if any. F?lus one-tweltth of yearty promium instaliments for hazard insunnce. plus oae-twelfth of yearly prcmium installments tor moh~ate insu~ance, if any, all u teasonably estimated initi~lly and from time to time by Lender on the buis of assessments and hills and reasonabk atimata thereo[. The Funds shall be held in an institwion ~he deposia ur :,ccounts of which arc insurcd o~ ~uaranteed by a Fedenl ot •tate a~ency (includin~ Lende~ ii Lender is such an institution). 1_ender shall spply Ihe Funds to pay uid taxa. assaimonts. imuraace premiums and ~round rents. I.ende~ may na~ charge for s~ holdin: and applyin= ~he F~mds. analyzin~ said account. or ve~ifyin~ snd compilint said asseuments and bills, unless Lender pays Botrower interat on the Funds and. appficable law permits Lender to make such a charge. Bar~ower and L.ender may a~ree in writinj at the time of exxutio~ ot this Mort~a~e that interat on the Funds shall be paid to Borrower, and unlas sucfi a~eement is made or applicsble law rcquira such i~tercst to be paid. L.ender shall not be required eo pay Borrower any interat or earnings on the Fuods. l.ender sha11 ~ive to Bonowtr, without char~e, an annual accounting of the Funds showina credits and debits to ihe Fuods and the purpose [or which each debit to the Funds wu made. The Funds aro pledged u additional security tor tM sums secured by this Mortpse. If tl~e amount ot the Funds held by Lender, together with the future monthly installments of Funds payable prior to the d~oe dates of Iues, assessments. insurance prcmiums and ground rcnts, shall eaceed the amount required to pay said taxa. aupsrnents. insurance prcmiums and ground rcnts u they fall due, such excess shall be. at Borrower s option, either proaaptly rcpaid to Bormwer or credited to Bormwer on monthly installments af Funds. lt the amount ot the Funds beld by Lender shdl not be :ut6cieat to pay taxa, assessments, insurance premiums and ground rcnts as they fall due, Borro~ver shall pay to Lender any amount necessary to make up the deficieocy within 30 days from the date notice is mailed by l.ender w Borrower requesting payment ahercof. Upon paymeat ia full of all :ums tecured by this Mortgage, l.ender shall promptly retund to Bflrrower any Funds heW by l.eockr. If under para=raph 18 hercot the Property is 3old or the Propeny is otherwise uquircd by Lender, Lender •6al1 apply, no later than immediately prior to the sale of the Propetty or ils acquisition by Lender. any Fund . held bv Lender at the time of applicatior~ as a credit against the :ums secured by this Mortgage. 3. A'plicatio~ ot Paya~ests. Unless applicable law provida otherwise, all payments rcceived by Lender under the Note and paragnphs 1 and 2 hereof shall be applied by Lender first in payment of amounu payable to Lende~ by Borrower under pangraph 2 hereof, thea to interest payable on the Note, then to ihe principal of the Note. and then to interest and principal on any Futurc Advanca. ~I. Charses; Lkas. Borrower shall pay all taxes, assessments and other charges, flnes and impositions attributable to tbe Property which may attain a priority over this Mortgagc, a~d leuehold payments or ground rents, if any, in the manner provided under paragraph 2 hereo! or. if not pa~d in such manner, by Borrower making payment. whqi due, direcdy to the payee ihereof. Borrower shall promptly furn~sh to Lender all notices of amounu due_under this parasraph. ancf in the event Borrower shall make payment directly. Borrower shall promptly [urnish to Lender receipts evidencing such payments. Borrower shall promp~ly discharge any lien which hu prierity over this Mongage; provided, that Borrower shall not be rcquired to dis~:harge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acaptabk to Lender, or shall in good faith contest such lien by, or defend enfor~cement of such lien ia. legal proceedings which operate to prcvent the enforcement of the lien or forfeiture of tho Property or any part thereof. S. Haurd I~ce. Borrower shall kcep the ~mprovements now existing or herealter erocted on the Propeny insurod against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may rcquire and in such amounu and for such periods as Lender may require; provided, that Lender shall not requirc that the amount of such coverage exceed that amount of coverage required to pay the sums securcd by this Mortaa6e. 'Il~e insurance carrier providing the i~surance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unrcaconably withheld. All prcmiums on insurance policia sha11 be paid in the manner proyided uader paragraph 2 hereo[ or, if not pai~ in such manner, by Borrower making payment. when due, dircctly to the insurance curier. 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 to hold the policia and renewal~ tlxreof, and Borrower shall promptly furnish to Lender all renewai notices and all receipt: of paid premiums. In the event of loss. Borrower shall grve prompt notice to the insurance carner and Lender. Lertder may make proof of loss if not made promptly ~ by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to rcstoration or repair of the Property damaged, provided such restorauon or repair is economically feasible and the security of this Mortgage is not thereby impaired. I( such restorat~on or repair is not economically feasible or if the security of this Mongage would be impaired. the insurance proceeJs shall be applied to the sums xcured by this Mortgage, with the excess, if any, paid to Borrower. If the Ptoperty is abandoned by Borrower, or it Borrower fails to rupond to Lender within 30 days irom the date notice ~s ma~led by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at Lcnder's option either to restoration or reps~r of the Properi~ or to t6e sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree m wnting, any such application of procteds to principal shall not extend or postpone the due date of the monthly installments referred to in paragrapfis 1 and 2 hereof or change the amount of . such installments. If under paragraph 18 hereof the Property is acqwred by Lender, all right. title and interat of Borrower in and to any lnsurance policies and in and to the proceeds thereof resul~mg ftom damage to the Propeny prior to thc sale or acquisition shall pass to Lender to the extent of the suma secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservatioo and Maintenance of Propert~; [,casehulds: Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not comrvit y~•aste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease th~s Mortgage ~s 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 coveoants creati~g or govermng the condommium or planned unit develupment, the by-laws and regulations of the condominium or planoed unit development, and constituent documents. If a condo~ninium or planned unit development rider is executed by Borrower and recorded together wrth this Mortgage, the covenants and agreements of such rider shall be incorporated ~nto and shall amend and supplement the covenants anJ agreements of th~s Mortgage as if the rider were a part hereof. ~ . 7. Protection of Ltnde~'s Security. If Horrower tailc t~ perfarm the covenants and agreements contained in this Mortgage, or i( any act~on or proceeding cummence~t wh~ch materiatly affects Lender's interest in the Proper~y. including, but n~,t I?m~ted to, eminent domain. im~hency, code enforcement. or arrangements or pnxeedings invoh•ing a bankrupt or decedent. then l.ender at t_ender'~ oplion, upon natice to Borrower, ma} make such appearances, disburse such sums aod ~ake such action as ~s nececsar~~ w protect Lender's ~nterest, incluJ~ng. but not lim~ted to, disburument of rcasonable attorney's fces and entry upon thc Propen}• to make repairs. lf I.endcr requircd mortgage insurance as a cond~tion of making the loan secure~l b} thu ~tortgage, Bnrrowcr shall pay the premiums requireJ to maintain such insurance in efTect until such Ume as the reyuirement for ,u~h insurance term~nates in aecordanee with Borrower's and ~ ~o~ : ~c~ - ~ ~s ~ . ~u ~ : . ~ _ . :