Loading...
HomeMy WebLinkAbout0180 , , ~ ~ ` ~ i , r ~ UNrrat~t CoveNexrs. Borrowe~ and l.ende~ covenant and agree as tollow:: • . i 1. Ta~nae~t o~ Macipal ai idsrat. Borrower shall promp~ly pay when due the principal of and intercst on the ~ iadebtedneu evidenced by the Note, prcpayment and late char~es as provicied in the Note. and the principal ot and interest ~ on aay Futuro Advances secured by this McNt~a~e. ~ 2. Fnsd~ tor Tua s~wi lnur~ce. Slibjat to spplicabk law or to s written waive~ by Lender, Borrower ihall pay to Le~der on the day monthly inslallments of principal ~d intcrest are payabk under the Note, until the Note is paid in (ull. a sum (heroin "Funds'~ equal to one-twolfth of the yea~ly taxes' and asseuments which msy attain priority over this ~ Mort~aQe. and ~round rcn~ on the Property. it any. plus ane-tweltth of yeuly premium inatallme~u for hazard insurance. plus onc-twelfth oI yearly premium installment: tor mortQa~ in:ura~cc, if eny. all as reawnably estimated initially and tr~om { time to time by I.ender on the basis of assasments and bills and reasonable atimata theroof. ~ 'Ibe Funds ~all be l~eld~in an institution the deposits or accou~ts of which are insurod or ~uaranteod by a Federal or ' atate a~ency tincludin~ Leader if Lender is such an iiutitution). Lender shall apply the Funds to pay uid taxes. asseumenta. imuranca pnmiums and ~ouad rents. Lender may not char~e for so holding and applying the.Funds. analyzing said accou~t, ~ or verityin~ and compiling said ssxssme~ts and biUs, unleas Lender pays Borrower intercst on the Funds and applicable law permits Lender to make such a char~a. $onower and Lender may agrce in writin~ at ~he time ot execution of thia Mortgage t6at interat on the Fundt shall be paid ta Borrowe~. and .unlas such agnxme~t ~ made or applicabk law requira such intercst to be p~id, Lender shall not be required to psy Borrower any intere.st or earnings on the Funda. Lender shaU ~ive to Borrower, wittwut charge, an annual accounting of Ihe Funds showing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by thia Mott~e. If.the amount of the Fuads held by Lender, together with the future monthly installments of Fu~ds payabk prior to the due data of tazd. asseumenta. insurance premiums and grou~d rents. shall exceed the amount requircd to pay said taxes. assesannents. insurance premiums and gmnnd rents as they fall due, such excass shall be. at Borrower's option. either promptly iepaid to Borrower or credited to Borrower on mortthly installme~ts uf Funds. If the amount of thc Funds held by Lender shaU not be su~at to pay taxes. assessment:, insurance premiums and gc~nund~ rents as they fall duc. Borro~?er shall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailod ~ by Lender to Bormwer requesting payment thcreof. Upon payment in full of all suras secured by this Mortgage, t.ender shall promptly r~tund to Borrower any Fun~ held by Lender. If under paragraph 18 hereof the Property is sold or the Property is Wherwise uquircd by Lerider. Lender shall apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held by L.eader at the time of applicadon as a credit against the sunis securcd by this Mortgage. 3. A~pUcMba ot P~e~e~b. Unless applicable law provida otherwise. all payments raeived by Lender unJer the ~ Note and paragraphs 1 and 2 hereof shall be applied by Lender 6rst in payme~t of amounts payable to Lender by Borrower ~ under paragraph 2 hercof. then to interest payable on the No~e, then to the principal of the Nwe. and then to interest and : principal on any Future Advanoea. ' 4. C6sr~a; Lieas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to . ~ the Property which may attain a priority over this Mongage. and leasehold payments or ground rents, if any. in the manaer $ providai unckr paragraph 2 heroof or. if not paid in such manner. by Borrower making payment, wi~en due. directly to the . payee theceof. Borrower a6a11 promptly furaish to Lender all notices of amouats due under this paragraph, and ia ihe event ~ ~ Bormwer sball make payment directly. Borrower shall promptly furnish to I.ender receipts evidencing s~h payments. 1 Borrower shall promptly dixharge any lien which has priority over this Mortgage; provickd. that Borrower shall not be rcquired to diacharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securtd by such lien in a manner uxeptabk to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in. legal proceedings which operate to prevent 1he enforcoment o[ the lien or forfeiWre of the F'roperty or any part thereof. S. H~zard Insnraece. Borrower shall kcep the improvements now existing or hereafter erected on the Property insured j against loss by Sre, hazards included within the term "extended coverage", and such olher hazards u[.ender. may require and in such amounta and for such periods as Lender may require: provided, that Lenekr shall not r+equire that the amount of ~ such coverage exceed that amount of coverage required to pay the s~ims secured by this Mortgage. ; 1be iasurance carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender. provided. ~ that such approval shall not be unnasonably withheld. All premiums on inaurance policia shall be paid in the manner ~ ! provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making p~?ymeat, when due, directly to ihe ~ inwran~x curiu. ! i All in:ur~nce policies and re~ewals thereof shall be in form acceptable to LenJer and shall include a standard mortgage i ~ clause in favor of and in form acceptable to l.ender. Lender shall have th~ right to hold the policies and renewals thereof. ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of 1oss. ; E Borrower shall give prompt aotice to the insurance carrier aod Lender. 4ender may make proof of loss if not made promPtly ; ~ by Bonower. ; IJala~ Lender and Borrower otherwise agree in writing, insurance proceeds ahall be applied to restoration or npair of { the Property damaged, provided such restontion 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 Mortgage would ~ ~ be impairod, the insuraace proceeds shall be applied to the sums secured by this Mortgage, with the eaces:, if any, paid . ; to Borrower. If ihe Propeny a abandoned by Borrower. or it Borrower tails to respond to Lender within 30 days irom t6e ~ date notice is mailod by I.ender to Borrower that the insurance carrier ofters to settle a claim for insurance benefits~ Lender ~ is autborizod to collect and apply the insurance procoeds at Lender's.option either to resloration or reQair of the Properly ~ i or to the sums securod by this Mortgage. ; Unless I.ender and Borrower otherwise agrce in writing. any such application of proceeds to principal shall not extend ~ or postpone the due date o[ the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instaliments. If under puagraph 18 hereof the Property is acyuired by i.ender, all right. title and interesf of Borrower ~ in and to any insurance policies and in and to ihe proceeds thereof raul~ing from damage to the Property .prior to ihe sale - oi acquisidon ahall pasa to Lender to the extent of the sums secured by Ihis Mortgage immediately prior to such sak or + acquisition. ~ ~ 6. lre~erv,tba aod Maiatcaaoce of PropeNy; Leascholds; Condominiums; Planaed Uuit Devebpmeats. Borrower shall keep the Property in good repair and shall not commit wute or permit impairment or deterioration of the Property and shal) comply with the provuioas of any lesst it 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 Ihe declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and rcgulations of the ~ -condominiura or planoed unit development, and constituent documents. It a condominium or planned unit development rickr is executed by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider ~ shall be incorporated into and sball amend and supplement the covenants and agreements of this Mortgage as it the rider • ~ were a part heroof. 7. protectbu of Leoder's Sece~ity. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceediag is commenced which materially aBects Lender's _interest in the Property. ~ including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ banlcrupt 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 nocessar}i to protect i.ender's interest, including, but not limited to, disbursement of ~ reuonable attomey's fees and entry upon tt~e Property to make repairs. I( Lender requircd mortgage insurance u a ~ condition of making the loan secured by thia Mortgage. Borrower ahall pay the premiums required to maintain such ~ insurance in eftect until such time as the requirement for such insurance terminates in accordance with Borrower's aod ~ ~ - ~ 299 PAG[ 1w ~ ~ g~,~K _ ~ ~~"~+'~~~x~'~:i-s a..~~ . ~ ~ '~:t r ~ - - ` ~ ~ ~t.- ~ . ~ - . , _ .