Loading...
HomeMy WebLinkAbout0623 UNIFORM COVBNANT3. Borrower and Lender covenant and a~ree as [ollows: 1. Paymsnt ot Pdac~al asd lafe~at. Born~wer shall promptly pay when due the priacipal of and i~terest o~ the indebtedness evidenced by the Note. prepayment and late chargcs as provided in the Note, and the principal of a~d intercst on any Futurc Advanca secured by this Mongage. 2. l+tindi tor Tua and ln~urasce. Subjcct to applicable law or to a written waiver by i.ender, Borrower shall pay to L,ender on thc day monthly instalime~ts of principal and interest are payable under the Note, until the Note is paid in full, a:um (herein "Funds") equal to ono-twelfth ot the yea~ly taxes and assessments which may attain priority over this Mortgagc. and gmund renta on the Pc+operty. if any. plus oae-twelfth of yearly prcmium installments for hazard insurance. plus one-twelfth of yearly premium instaliments for mortgage insurance, if any, all as r~euonably estimated initially and (rom = time to time by Ltnder on the basis of assessments and bilis and reasonable estimates theteof. "Ihe Funds shal) be held in an institution the deposiu or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). ~ender shall apply the Funds to pay said taxes. assessments. insuranca premiums aad ground rents. Lender may not charge for so holding and.applying the Funds. analyzing said account. or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Bormwer and Le~der may agr4e in writing at the time of execution of this Mortgage that interest on the Funds shalt be paid to Borrower, and untess such agreement u made or appiicaoie iaw requira such interest to be paid. Lender shalt not be required to pay Borrower any interest or earaings on the Fuads. L.ender shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each ciebit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. ~ If the amount af the Fundi held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, insurance premiums and ground rents, shall ~xceed the amount required to pay said taJCes. assessments. iasurance promiums and ground rents as they fall due, such excess shall be, at Borrower s option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by L.eader shal! not be su6cieat to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed oy Lender ~o iforrower requcsiing payment tnereoi. - Upon payraent in full of all sums secured by this Mortgage, 1_ender shall promptly refund to Borrower any Funda held by l,ender. If under puagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender s6all apply, no later than immediately prior to the ~ale of the Property or i1s acquisition by L.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mongage. 3. Applicstioa ot Payments. Unless applicable Iaw provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by l.ender first in payment of amounts payable to Lender by Borrower under patagraph 2 hereof, t6en 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; Lkos. Borrower shall pay all taxes, assessments and other charges, fines and impositions attrib~table to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hetoof or. if not paid in such manner. by Borrower making payment, when due. direcdy to the payee thereof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly [umish to I.ender receipts evidencing such payments. j Borrower shall pmmptly 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 paymenl of the obligation secured by such lien in a manner acceptable to I.ender, 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. S. Huard Insunace. Borrower shall keep the improvements now existing or hereafter erected on the Property 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 eaceed that amount of coverage required to pay the sums secured by this Mortgage. - 'iLe insurance carriet pmviding the insurance shall be chosen by Borrower subject to approv,al by Lender. provided. t6at sueh appmval shall not be unceasonably withheld_ All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ! insurance carrier. i ' All insurance policies and re~ewals thereof shall be in form acceptable to Lender and shall include a standard mortgage f clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals ihereof, i and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In 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 Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of : the Property damaged. provisied 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 Morigage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the eacess, 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 Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option eit6er to restoration or repair of the Property or to the sums secured by this Mortgage_ - Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by I,ender, all right, titk and interest of Borrower ~ in and to any insurance 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. Preservatioa aod Maintetwoce of Properiy; Les~se6olds; Condomiaiums; Planned Unit Devebpments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shal) comply with the provisions of any lease 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 development. the by-laws and regulations of ihe " condominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ rider is executed 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 ~ were a part hereof. ~ 7. Protectioo of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, ~ ~ including, but not timited 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 ~ sums and take such action as is necessary to protect Lender's interest. including, but not limited to, disbursement of ~ reasonable ~attoroey's fees and entry upon the Property to make repairs. If L.ender required mortgage insurance as a condition of making the loan secured by ihis Mortgage, Borrower shall pay the premiums required to maintain such ~ insurancx in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and ~ ~ ~ • . Qp~~ i'A~~ ~ ~ .:K~ _ _ w ~ ~.K.. ~ _ , _