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HomeMy WebLinkAbout0935 UNQORI! COVENAIV'~J. B~rrower and LeaJer cove~ant and a~roe u tollows: ' 1• ~ 01 h1~c1M1 sri 1MerW. Borrow~r shall promptly pay when due tt~e principal ot snd intereat on the ' iadebtedneas evidenoed by the Note. ptepayment and late char~a aa providod in tAe Note. and the principsl of and interest . ' oa my Futuro Advances secured by thi: Mortsa~e. ; Z. l~Y~i~ tor '11n~M a~ I~wra~ee. Subject to applicabk law or to ~ written waivar by i.ende~. Borrower sha!! pay : tO ~Y ~~hly installments of principal and inlerest are payable under the Note. until the No~e is paid in full, ~ a wm (berein "FuacM'q equat to on~-twelfth o[ the yearly axes and asseasmeots which may attain priori~y over this ' MOMi~• ~ ~~d rcau aa the P[operty, if aay. plus one-twelfth ot yeufy prcmium iastallments [or ha.zard insurance, ~ P~~ ~-~~~th of yearly premium iastallments for mortga~e insuranc~e, if apy, all aa r~easortably ptimated initially snd trom ~ time to time b~r 1.~nder on tbe basis of assexsmenta and billa and reasonabk estimata thereot. ~ Tha Funds shall be held in an institution tho depaita or xccounb of which are insurod or guarantoed by a Federal or ' state a~ency (includins Leade~ i! Lender is such an irutitution). Lender shall apply the Funds to pay said taxea. as~stments. ~ ~~w+nnos p~emiur~u aad Found rcab. Lenckr may not char~e for so holding and applyina the Funds. analyziaQ wid account, ~ or verify~n` and complina uid assessments and bilb. unlesa Lender pays Borrower intereat o~ the Funds and applicable law ~ peimits L,ende~ to make such a charge. Borrower and l.ender may agree in writina at the time of esecution of thu i Mortpse t6at iatetat on the Funds sbatl be paid to Bonower, and unle.u :uch ag~eement ia made or applicabk law reyuira such iaterrst to be paid. Lender sha!! not be required to pay Borrowe~ any interat or earuings on the Fuads. L.ender ! sball aire to Borrower, witbout charge, an annual accounting of the Funds showing credits and debits to the Fur~ds and the ~ purpose for rvhich tach debit to tbe Funds waa made. The Funds are pledged as additional security for the sums socur~d bY this Mortp~e. 1f ~be amount of the Fudd~ held by I.ender, together with the future monthly installments of Funda payable prior 10 the due dates ot taxea. assessmeab. iasurance premiums and ground rcnts. shall exceed the amount required to pay ssid taxa. a=se~ents, iasunnce premiuma snd ground rents as they fall due. such excess shall be, at Borrwver's option. either ~ prornptly rcpaid to Bortnwer or crc~ited to Borrower on monthly installments ot Funds. If the amount o[ the Funds held b~? Lende~ shall not be w~cient to pay taxes, as~essments. insurance prtmiums and ground rtnts as they fall due. ~ Borm~ver s6a11 pay to l.ender any amount neceasary to make up t~?e deficiency within 30 days from the date notice is mailod ; by I.wdet W Borrower requestia~ WYment thereof. t Upon paymeot in full of a!! sums secured by this Mortgage, l.ender ahall promptly refund to Borrower a~y Funds held by I.ender. If under para~raph 18 hereot the Proporty is sold or the Property is othcrwise acquircd by Lender, Lender shall apply. no t#ce~ than immediatcly prior to the sale of the Property or its acquiaition by Lender. any Funds held by i.ender at the time of applicatiou as a ccedit agai~st the aums socured by this Mortgage. 3• APl~~ ~~t1'meeb. Unless applicable law provides otherwiu, all paymenta received by Lender under the Note at~d puagnphs 1 and 2 heoeof shall bo applied by Lender 6ni in paymcnt of amount: payable to Lender by Bonower • under puagraph 2 hereof, then to iaterest payable on the Notc, then to the principal of the Note, and then to interest and principal on any Futun Advances. 1• C~ Le~r. 8orrower shall pay al! taxes, assessments and other charges, fines and impositions attributable to ~ f the Propert~,r which may attaia a priority over this Mortgage. and leasehold payments ar ground rents. if any, in the manner ~ prrn?ided uader puasraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. diroctly to t6e ~ piYee tliereof• Borrower shatt promptly furnish to Lender all notioes of amouata due under ihis paragraph. and in the event 8orrower sha11 make payment directly. Borrower shall promptly furnish to l.ender ~eceipts evidencing such payments. ~ Borro~wu shall promptly discharge any lie~ which has priority over this Mortgage; provided. that Borrower shall not be roquired to discharge apy such lien w long aa Borrower shall agree i~ writing to the payment of the obligation secured by wc6lieo ia a manatr acaptabk to Lender. or shall in good faith contest such lien by. or defend enforcement of :uch lien in, kgal prnceedings which operate to prevent the entorcement of the lien or [orfeiture of the Property or any part thercof. s• Hm~d Inwraeee. •Borrower shall kcep the improvements now existing or hereafter erected on the Property insurcd agaiast loss by Bre. hazards included within the term "eztended coverage", and such other hazards as Lender may requiro and in wch amounts and for such p~riods as Lender may requirie; provideJ, that Lender shall not reyuire that tho amount of such coverage exce~d that amount of coverage requircd to pay the sums secured by this Mortgage. Tbe imurance carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender; p~ovided, thu wch approval ahal~ not be unrtuonably withheld. Ap premiums on insurance policiea shall be paid in the manner provided under patagraph 2 heroof or, if not paid in surh manner, by Borrowu making payment, when due, directly to the inwrauce curier. . Ali inwranoe policies and renewals thereof shall be in form acceptable to l.ender and shall include a standard mortgage . clause in tavor of and in form acceptablt to Lender. Lender shatl have the right to hold the policies and renewals thereof. aad Borrower shall promptly furniah to Lender al! renewal notices and all r~ceipts of paid prcmiums. In the event of loss, Borrowu shall give pmmpt aotice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy by Bonower. Unku Leader and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or npair af the PropatY dan~aged. provided such ratoration or repair is economically feasible and the secutity of this Mortgage is not thenby impaired. If such rcstoration or repair is not economically feasible or if the security of this Mortgage would be impairod, the insurancc proceods shalt be applied to tho suma secured by this Mortgage, with the excest, if any. paid to Borrower. If the Property is abandaned by Borrower, or it Borrower fails io respond to Lender within 30 daya from ttu date no~ioe is mailod by I.tnder to Borrower that the insurance carrier offers to settle a claim for insurance bene6ts. Lender is aut6oriud to colket and apply tlie insurance procoecls at Lender's option eit6er to reatoration or repair of the Property or w tl~e tums xcured by thi: Mortgage. ~ Unku I.ertder and Borrower otherwise agret in writing, any such application of proceeds to principal shall not extend w postpone tbe due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of wch insiallments. If under pauagraph { 8 beroof tbe Property is acyuired by l.ender. all right, tide and interest of Borrower in and to any insuram,e policia and in and to the proceeds thereof resulting from damage to the Property prior W the sale or acquisition shal! pass to l.ender to tlie extcnt of the sums securod by this Mongage immediately prior to such sak or " acquisition. 6- Tre~erv~tioe a~nd Maintenaace of Property; Lea~elalds; CondomlNums; Planned Udt Derebp~aeab. Borrower shall IcoeQ the Property in good repair and shall aot commit waste or permit impairment or deterioration of the Property and shal) co~nply with the provisions of any leaae if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condaninieun or a planaed unit development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creatiag or governing the condominium or planned unit development, the by-IAws anA regulations of the condominium or ptanned unit development. and constituent ciocuments. If a condominium or planned uni! development rider is exocutrd by Borrower and recorded together with this Mortgage, the coveaants and agrcements of sueh rider . sball be incorponted iato and shall amend and supplement the covenants and agretmenta of this Mortgage as if the rider were a pari heroof. 7• hotectio~ of Leoder's Secoritr. if Borrower faiis to perform the covenants and agreements contained in this Martgage, or if any action or proceeding is commenced which materially aHects Lender's interest in th~ Propetiy. including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a bankrupt or deccdent. then L.ender at ~Lender's option, upon notice to Botrower, may make such appearances, disburse such wms and take :uch actiou as is naxssary~ to protect I.ender's interest, including, but not limited to, disbunement of reasonsbk attomey's fees and entry upon the Property to make repairs. If Le~der required mortgage insurance as a cond~tion of making the loan secured by thia Mortgage, Borrower shall pay ~he premiums required to maintain such insucance in eHoct until such tinne u the requirement [or such insurance terminates in aceordance with Bormwer's and ~ ~ s~`K ~8 ~ " 9~5 ~ ; - - = i r~.~~.s~'>~`"' ~ .