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HomeMy WebLinkAbout0318 UNt~atH CovaN~~s. Bormwer and Leoder covenanl and asree ai Iollowt: ti, ~t W hi~elNl a~i t~. Borrower shall prompU~ pay when due tbe principal ot and iMeroq oe the ~ndebtednas evidenced by the Note. prepaymeet and late char~ ac provided in the Nae. and the principal ol and inte~es~ on any Future Advances secured b~? this Mortisse. 2. lhi~i tor 7'a:M a~i I~we~ee. Subject to applicahk law .~r lo a written waive~ by l.ende~. Bocro~wer ~h~11 P~y to Lender ~ Ihe day moethly insullmenls ot principal and intc~cct an paysl+k under the Note, until tAe NMa is psM in tull. a sum (herein •.Fund~'•) equal to ooe-twelfth ot the yearl~~ ~aa~~ and assessmen~s which may attain priority ovu this Morisase. and ~round rents or~ tbe P~+openy, if any, plus one-twel(th of yearly premium ia:tallmeot~ for hazard inwrance. plus oae-twel[th of yea~ly promium installments [or mortgaje insurancc, it any, all u rcasonably estimated initi~lly ~nd trom time to time by Lender on the buis of asxscmcnts and hills and rcasonabk atimata thereof. The Funds shall be held in an inslitutioo tht depoa~a or ~ccounu of which arc insured or gwrantoed by a Fodenl ot state a~ency (includina Lende~ it Lende~ is such an institutionl. I_ende~ shall apply the Funds to pay said tua. atsessments. insuranoe p~emiums aod tround rcnts. l.ender may not charge fo~ so holdint and applyios the Funds. analyzin~ said accoun4 or verityin` at?d compilint uid assessments and bills, unkss Lender pays Borrowet intercst on the Funds and applicable law permits L.ender to make :uch a charge. Borrower and l.ender may agree io writing at ~he time of execution ot this Mortp=e tbat interest on the Funds shall be paid to $orrowsr, and unless such agrcement is made or applicable law requires such interest to be paid. Lender shall not be rcquircd to pay Borrowe~ any intercst or earnings on the Fu~ds. Lender slWl ~ive to Bortower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose tor which each debit to the Funds was made. The Funds are plodged u additional security tor tht sums secured by this Mortgase. If tbe amount o[ tbe Fuads held by Lender, to6ether with the (uture monthly installments of Funds payable prior to t6e due data of taxa. ssseasments. i~ura~ce premiums and ground rcnts, shall exceed the amount required to pay said taxa. asswments. insurancx premiums and ground rcnu u they fall due, such eacess shall be, at Borrower s op~ion, either pranptly rcpaid to Borrower or creditod to Borrower on monthly installments of Funds. If the amount of the Funds held by Leoder shall not be wfficieat to pay tua. assessments, insurance prcmiums and gmund reots as they fall due, Borro~?er shall pay to Lender any amount naessary to make up the de6ciency within 30 days from the date notice is mailed , by Lender to Borrower requating payment thereof. Upon paymeat ia fuU of dl sums secured by this Mortgage, Le~der shall promptly retund to Borrower any Fund= held by l.ender. It under pusgraph l8 hercot the Property i~ sold or the Propeny ~s othervvise acquired by Lender, Lender s6a11 apply. no later than immediately prior to the sale of the Propetty or its acquisition by I.ender, any Fundt held. bv Lender at the time of application as a credit against the sums secured by this Mortgage. 3. A~plkatio~ oE Pay~eab. Unl~ss applicable law provida otherwix, all payments received by Lender under the Note and paragraphs I and 2 hercof shall be applicd by I_ender first in payment ot amounts payable to Lender by Borrower under puagraph 2 hertof, then to inter~st payable on the Note, then to the principal of the Note, and then to intcrest and principal on any Future Advances. , 1. C6ar~es; Lkns. Borrower shall pay all tazes, asscssments and other charg~s. 6nes and impositions attributable to the Propetty which may attain a priority over this Mortgage, and leasehold payments or ground rents, it any, in the manaer provided under paragraph 2 hercof or, if na paid in such manner, by Borrower making payment, when due, diroctly to the payee theroo[. Borrower shall prompUy furnish to Lender all notices of amounts due under this pangraph. and in tbe event Borrower shall make payment directly, Borrower sha!! promp~ly fumish to Lender receipts evidencing such payments. Borrower shall pmmptly discharge any lien which hu Prionty over this Mortgage: provided, that Borrowor shall not be ~ roquired to discharge any such lien so long u Borrower shall agrce in writing to the payment of the obligation securcd by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to Qrevent the enforcement of the lien or forfeiture of the Property or any part thercof. S. Huud lnwrawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod againat loss by firc, huuds included within the term "extended coverage", and such other hazards as Lender may requirc and in such amounts and for such periods as Lender may requirc; provided, that Lender shall not roquirc that the amount of 4 such coverage exceed that amount of coverage required to pay the sums sccured by this Mortaa~e. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, ~ thst such approval shall not be unrcasonably withheld. All premiums on insurance policies sha11 be paid in the manner provided under paragrap6 2 hereof ot, if not pai~ in such manner, by Borrower making payment. when due. directly to the insurance curier. s{ All insurance policia and renewals thereof shall be in form accep~able to Lender and shall include a standard mortgage E clause in favor of and in form acceptable to Leoder. Lender shall have the right to hold the policia and rcnewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, E Borrower shall grve promp~ notice ~o the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. Ualess Lender and Borrower otherw~se agree in writing, insurance procceds shall be applied to restoration or repair of the Property damaged, provickd such restoration or repair is economically feasible and the security of this Mortgage is not thereby impa~red. If such restorat~on or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the eaceu. if any. paid ' to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to rapond to Lender within 30 days trom the date notice ~s maded by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender ~ is autboriud to collect and apply the inwrance proceeds at Lender's option either to restoration or repaer of the Propetty ~ or to the sums xcurod by this Mortgage. ~ Unleu Lender and Borrower othervrise agree ~n writing, any such application of proceeds to principal shall not extend or postpone ~he due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of suc6 installments. lf under paragraph 18 hereof the ProFerty is acquired by l.ender, afl right, title and interest of Borrower C in and to any lnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent of the sums secuted by this Mortgage immediately prior to sueh sale or acquisition. 6. Preservalion aud ~taintenance of Property; Ltasedulds; Condominiums; Planned Unit Devebpments. Borrower ~ shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property ~ and shall compl~• with the provisions of any Icase ~f this Mortgage ~s on a leaschotd. If this Mortgage is on a unit in a condominium or a planned unit development. Borrower shall pertorm atl of Borrower's obl~gations under the declaration - or covenants creadng or governing the condominium or planned unit develupment, the by-laws and regulations of the = condominwm or planned unit development, and constituent documents. !f a conJominium or planned unit development r~der ~s executed by Borrower and recorded together with th~~ Mortgage, the covenants and agrtements of such rider shall be ~ncorporated into and shall amend and supplement the cu~enants and agreements of th~s Mortgage as if the riJer - were a part hereot. F 'f. Protection of I.ender's Securfty. If B~~rroaer (ails t~~ per(orm the covenantc and agreements contained in this :z Mortgage, or if any acUOn ur proceedmg is commenceJ wh~ch materially afiects I.ender's interest in the Property. - indud~ng, but n~~~ bmi~ed to. emine~t domain. in~olvenc~, cucle enfurcement. or arrangements or proceedings invoh•ing a bankrupt or decedent. then Lender at Lender'~ option, upon nouce ~o Borrower, ma~ make wch appearances, J~shurse such - sums and take such act~un ati a necec,ar~ tu pr~~tect Lender's mterest. includ~ng. but not lim~ted to, d~sbursement of reasonable attorne}~'s (ecc and emry uExm the Properiy to makc rcpaus. !f I.cnder rcyuired mortgage insurance as a ~ condi~~on o( making the loan ~ecureJ by~ this M~~ngage. B~~rruwrr shall pay thc premiuros requireJ to mainta~n such F ~n~urance in etlect unul tiuch ume :15 ~he reyuirement for w~h msurance terminate~ in ac~ordance w~th Borrower's and ~ ~g ~ ~ ~ ao~K 297 FACE 318 ~ . - ? *c...~~v~' a~-' s~'r -r - : .~'~'--P . . - 3". ~r, .