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HomeMy WebLinkAbout0944 i UNiPORM COVBNANTS. Borrowe~ and 1.enJer coveoant and ag~ee as tollows: ~ 1. l~noe~t ol hi~clMl aod Ide~eN. Borrower ihali promptly psy whe~ due the principsl of and interest on the ~ ind~btedneu evidenced by the Note. prepaytnent aad late charges as providod in the Note. and the principal ot and interes~ ~ on aay Future Adv~ni,~es secund by this Mort~s~o. 2. Fra~i tor TatM a~i I~auaca ~bject to applicabk !aw or to a writteo waiver by Lender. Botrowe~ shaii pay ~ to Lender on the day monthly installmenb of principal and interest are payabk under the Not0. until the Note is paid in [ull. ~ a suan (herein "Fundt'7 oqual to one-twelfth of the yearly taxes and sssessments which may attain priority over this ~ Mortsate. and tround renn on the Pruperty. it aay. plus one-tweltth of yearly premium instaUmenu for hazard insurance. ~ plus one•tweltth of yeuly premium instatlmenb for mort~ages insu~ance. it any. all n reasonably eatimatod initially and from ~ time io time by Leader on tbe buis of usesaments and billa and reasonabk atimata thercof. 'Ibe Funds ~hall be held in an institution the deposits or accounts of which are insured or gwrantoed by a Federal or •tate a~ency (includin~ Leade~ i[ Lender is auch an inatitution). .Lender shall apply the Fundi to pa~y ~id tua. aa:essments. imu~aaoe premiums and ground rcats. Lender may not charg~ tor so holding and applying the Funds. analyziag said accoun~ or verifyi~~ and compilinj said asiessments and bills. u~las Lender pan Borrower intereat on the Funds and applicable law permits I.ender to make :uch a clurgc. Borrower and Lender may agrcc in writing at Ihe time of exaution of tlw Mon~a~e that interat on the Funds sball be Qaid to 8orrower, and ualeas auch agreement ia made or applicabk law rcquira such intercst to_ be paid, Lender shall not be required to pay Borrower any inlerat or earaings on the Funds. L.ender shal! give to Borrower, without charge. an annual accounting of the Funcis showing crodits and debits to the Fun~s and the purpose [or which each debit to tbe Funds was made. Tt~e Funds are pledgod as additional aecurity for the sums securcd by this Mortsa~e. I[ th~ amount of the Fundi held by I.eader. together with the .future wonthly installments of Funds payable prior to the due data of tua. suesameats. iruurance premiums and ground rents, ahall exoood the amount roquiKd to pay aaid taxa. a~sesunents, insurat~ce premiums snd ground rents as they tall due, such excess shall be. at Borrower's option, either pranpdy.repaid to Borrower or crcditod to Borrower on monthly installrmnts of Fuads. If the amount ot the Fun~ held by Lender sfiall not be wf6cient to pay taxes. asaGCSments, insurance premiums and ground rcnts as they fall due. Borrowrer shall Qay to Lender any amount nocGSSary to make up the deficiency within 30 days from the date notioe is mailod by Lender W Borrower requeatia~ payment thereof. Upon payment in fu11 of all suau ~ecurod by this Mortgage, Lender shall promptly retund to Borrower any Fund~ held by Lender. If under pangraph 18 hereof the Property is sold or the Property is otherwise acquircd by I.ender, l.ender shall apply. no later than immediately prior to the sale of thc Property or its acquisition by I.ender. any Funds held by Lender at ~he time of application a~ a credit agairut the aums securcd by this Mortgage, ~ 3. Appucatio. ot Pq~mests. Unless applicable law provides otherwise, all payments received by l.ender under the ~ Note and puagraphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payable to l.ender by Borrower under paragraph 2 hereof. then to ':r.terest g~yable on ihs Nose, !hen !o the prinsip3! ot tht Note; and then to intersst and 3 principal on any Futurc Advances. ~ 4. C6aRa; Lkos. Borrower shall pay all taxes, assessments and other charges. Snes and impositions attributable to the Property which tnay attain a priority over this Mortgagc, and leaxhold paymenta or ground rents. if any, in the manaer ~ provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when d~. diroctly to the ~ payee theroof. Borcower a~hall promptly furnish to Lender all notices of amounts due under this paragraph, and in ihe event : Borrower shall make payment directly. Borrower shal) promptly furnish to Lender receipts evidencing such payments. ~ Borrower sha11 promptly discharge any lien which haa priority over this Mortgage: providod, that Borrower shall not be F roquired to discharge any such lien so long as Borrower shall agree in writing to the payment of ihe obligation secured by 1 suc6lien in a manner acoeptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, fegai proceooings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hsiard Ie~wnace. Borrower shall keep the improvements now existing or hereafter erccted on the Property insured against loss by Sre, hazards included within the term "extended coverage", and such othet hazards as !_ender may require ! and in such amounts and for auch periods as Lender may require; provided, that [.ender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe inwrance carrier providing the insurance shall be chosen by Bonower subject to approval by Lenckr, provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under ouaaraph 2 hereof or, if ~t paid in such manner, by Borrowtr making paymea~ when due. directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a stanJard morigage i ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to-hold the policia and renewals thereof. ~ E and Borrower shall promptly furnish to L.ender all renewal notices and all receipt: of paid pnmiums. In the event of loss, ~ ; Borrower thall give prompt nouce to the insurance carrier and Lender. Lender may make proof of loaa if not made promptly ~ by Borrower. P Unles~ Lenckr and Borrower otherwise agree in writing. insurance procecds shall be applied to restorauon or repair of ~ the Propeny damaged. provided such restoration or repair is economically feasiblc and the security of this Mortgage is € not thereby impaircd. lf such restoration or repair is not economically feasible or if the security of this Mortgage would ; be idtpaired. the insurancx proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid ' to Borrower. If the Ptoperty is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the ~ € date notice is mailad by Lender to Borrower that the insurance carrier oHen to setdc a claim for insurance benefits. I.ender ~ % is authorized to cotlect and appfy the insurance praxeds at Lender's option either to reatoration or repair of the Property ~ ~ or to the sums sccurod by tha Mortgage. ~ Unless Lender and Bonower otherwise agret in writing, any such application of procuds to principa) shall not extend ~ z or patpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amour+t of ~ such installments. If under paragrap6 18 Ixreof the Property is acquired by Lender, all right, title and intereat of Borrower ~ ~ in aad to any insurance policies and in and to the proceeds t6ereof resulting from damage to the Property prior to the sale ~ or aequisition shall pass to Leoder to the extent of the sums securod by this Mortgage immediately prior to such sak or ~ acquisition. ~ 6~. Preaervatbn and Msinteuance ot Properly; Lea~elal~; Condomlalums; PI~DIIld UOI~ DtrtlOpQllDff. Borrower ~ ~ shall keep the Property ia good repair and shall not commit waste or permit impairment or deterioration of ihe Property ~ ~ and shall comply with the provi~iow of any lease i( this Mortgage is on a leasehold. If this Mortgage ia on a unit in a 1 £ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under Ihe dcelaration j ' or covenants creating or govtrning the condominium or planned unit development, the by-laws and regulations of ihe j ; condominium or planned unit development. and constituent ciocuments. It a condominium or planned unit development ~ rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider ` shall be incorporated into and ahall amend and supplement the covenants and agroements of this Mortgage as if the rider were a part hereof. ~ ; 7. Protectloa of Leoder's Secudty. If Borrower fails to perform the covenants and agreemen~s contained in this Mortgage,. or if any action or proceeding is commencec! which materially atfects Lender's ~ interest in the Property. ~ y including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a i ~ bankrupt or decedent, then I.ender at Lender's option, upon notice to Borrower, may make such appearances, disbune such ~ ~ sums and take such action u is nocessary to protect Lender s intereat, including, but not limited to, disbunement of ~ ~ reasonable attorney's feea and entry upon the Property to make repairs. if Lender required mortgage insurance u a K condition of making the loan secured by this MoRgage, Borrower :hall pay the premiums required to ~ maintain such ~ insurance in eftect until such time as the eequirement for such insurance terminates in accordance with Borrower s and ~ ~ ~ r~ y 1 ~ . . g~:,~2~8 P.~'~44 ~ ~ ~ _ ~ _ _ - ~ ~ ; _ _ ~ -,£:~.5r"..+~. , . z . . .