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HomeMy WebLinkAbout0916 _ . . •Y s~, • ~ t t : ' . ~ . . UNIFORM COVENAP1Ta. HO~fOWO[ i~ I~6f GOYC[1lAt t11d ajTCO ii IOIIONfi: 1. ~q.~.t oe r~iMl LM~.~t. Bor~ ~han promptlr wr w~ ~e ~ P~PV oc .na iocerea op ehe indsbttd~ evidenoed by tM Nota, p'~PaYmeat iwd lata ~qes ~as pwvided ia ths Noa, sad tba princip~l of aad iatere~t oa ~or Pt~ure Advaooes ~ecund bp tlu~ Mo~tpip. !~`i tor 11~ a~i i~wera. 9ubject to applicabb law or ~o a~ waive~ b~r Le~dec. Borm~+ve~ s6aU W7 to I,e~der on tbe day monthlp iratdla~ab at priaclpal and interoat are {uyaWa uader the Nou. until the Note ~ paid ia tull. a waa (berein "Fundr'7 e9wl to oae-cweitth oi the yeariy taxes and assasmena which tnsy attain priority over this Mortsase, aad =oow,d reua on tbe Propercy. if any. plus one-twel8h of yeuly prsmium inuallmenb tor haz~rd i~nn~. piw onat~velhh of yeariy prsmiwq in~tdlaaenb fo~ moct=~S~in:urance, it any. aii ss res~onably astimated initialiy aad from time to time bry? Leader oa tbe bask of wasmenu and bilb and re~oaabk estirtuta tl~ereof. , 'Ibe Pqnds ~ball be 6eM ia an institutioa.tbe dapoaits or aocounb of wbicb aro iaaured oc ~uaranteed bY.a Federal vr :tate s~encY (iacludin~ Lendar if_I~ender is iuch an inttitution). Lendar sl~all apply tLe F1mdt ~o pay said taxea. ss~ur~enb~ . i~sutanoa pnmiums aad 6round reatt. i.eader msy not chu~e for so holding and applyina the F~nds. analyzin~ said acoount, or vorifyins and complia~:aid auasments and bilb. uakas l.eoder pays Borm~var interat on the Fun~ aad appiicabk law parmits Leade~ to make such a cba~e. Borrower and Lender may agree in writina at the time of execution ot this Mo~tgase that iaterat on the Ptimds a6a11 be p~id to Borrowet, and unlas such a~eement is msde or applicabte law requirea wch iaterat to be paid, I.ende~ shall not be required to pay Borrower'~ny interat or earnings oa tbe Fuads. I.ender sbalt pve t~ ~r~v~~, tz:*,~.-~,_ ~!~ge, an anaual aooounting of the Funds showing credib and debits to the Fun~ and the purpose for which exch debit to the Fuads waa made. The Funds are plaiged u additioaai security for the sums sceured by thia Mortg~a~e. ~ tf the unount of the Fuadt held by I.ender. together with the future moathly inatallments of Funda payabk prior to tl~e due data of taxes. auasments. imunnce premiums and ground renu. shall exoeed the amount required to pay said ta~ca~ asse~meats. iusurana prwniums and ground renb as they fall due. such excess shall be. at Borrower's option, eitl~cr prompdy repaid to Borrower or credited to Borr+ower on monthly installmenu of Fuads. If the amount of the Fun~ held by Lender s6a11 not be su~cient to pay taxes. aa~ssments. insurance pn~niums and ground rents as they fall due, Borro~ver shall pay to I.eader any amount neoessary to make up the deficiency withia 30 days from the date notioe is mailcd by Leader to Borrower requestiag payment thereof. . Upo~a payment in full of all sua~s wcurod by. this ~Iong~e4 ~enclyt shall prompdy refund to Borrower any Funds held by Lender. If uaekr paragraph 18 hereof the Property is sold or ttie Property is otherwise acquit+ed by Lender. Lender s6a11 apply, no later than immediately prior to the aak of the Propeny or its acquisition by Lender, aay Funds held by Lender at the time of applicatioa as i et+edit agaiaa the sums secured-by;t~a: Mortgage. 3. A~pliado~ of P~me~ts. EJnle~ applicabk law pcovida otherwisF, a11- Qayments receivod by Lender under tho Note aad paragnphs 1 and 2 heceof ,~hali be applied by LCAder first in payment of amounts payable to I.ender by Borrower under paraacaph 2 hereof, thea to inferest payabie on the Note;'theh to the princtpal of the Note. and then to interat and principa! o~ any Future Advanoes. 4. Crar~a; Lkos. Bocrower shall pay all taxes. assessments and other charges, 8nes and impositio~s attributabk to the Property which tnay attain a priority over this Mortgage. and kasehold paymeats or grouad rents. if any, in the manner provided under paragraph 2 Nenof or. if not paid in such manner, by Borrower makeng paymeat. whea due. diroctly to the . payee thereof. Bomower shall promptly furaish to Lender all nodces of amoun~ due uader this paragraph. and in the evwt Borrower s6a11 make payment diroctly. Borrower shall prompdy -fumish to Lender reoeipts. evideacing such payments. Borrowet shall pmmptly discharge any lien which has priority over this Mongage: pmvided. that Borrower shall not be roquirod to discharge any such lien so long az Borrower shall agree in writing to t6e payment of the obligation secured by such lien in a manner acceptabk to Lender. or shap in good faith contest such lien by, or defend enfqrcement of auch lien in, kgal pmceedings wWch operate to pc~event the enforcement of the lien or forfeiture of the Property or aay put thereof. S. Hazud lowraace. Horrower shall kcep the improvements~now existing or hereafter erected oa the Property insured against losa by Sre. hazards included within the term "extended coverage", and such other hazards as Lender may require _ and in wch amounb and fot auch periods as Lender may rcquire; provided. that Lender ahall not raquir~e that tt~e amount of such coverage exceod Wat amoont of coverage required to pay the sums socurod by this Mongage. ~ 'Ibe imuran~x carrier providing tbe insurance shall be chosen by Borrower :ubjxt to approval by Lender. provided, that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided uader paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeat, when due. dinctly to the I . inwnnce curier. All insurmce policies and recewals thereof shall be in form acceptabie co icnder and shall include a standard mortgage clause in favor of aud in form acceptable to Lender. Lender shall have the right to hold the policies and reaewals thereof. and Borrower shall promptly furai:h to Lender all renewal ootices and all receipta of paid premiums. In the event of bu. Borrower shall give prompt ootice to the insurance carrier and Lender. Lender may make proof of loas if not made prompily by Bormwer. - Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the property damaged, provided such restoration or repair is economically feasible and the secwity of this Mortgage is not thereby impaired. If suc6 restoration or repair is not economically feasibk or if the socurity of this Mortgage would be impaired, the iasurana proceeds shall be apPliod to the sumi secured by this Mortgage. with the exoess. if any. Paid w Borrower. If the Property is abandoned by Borrower~ or if Borrower feits to respond to Lender within 30 days from the date notice is mailed by L~ender to Borrower that the insurance carrier offers to settle a claim for insurance bene6ts, Lender is authoriud to collect and apply the insuranix praxeds at Lender's option either to nstoration or repair of the Property or w tbe sums securad by this Mottgage. , - Unleu Len~r and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone tt~e due date of the monthly installments referred to in paragraPhs 1 and 2 hereof or change the amount of aucb installmeots. If under paragrap6 18 6ereof the Property is acquired by Lender, al! right, titk and interest of Borrower in and to sny i~urance policia and in and to the proceods theroof reaulting from damage to the Property prior to the sale or acquisition shall pus to Lender to tLe eatent of tbe sums secured by this Mortgage immodiately priur to such sak ot acqttisition. . 6. Praenatlo~ a~d 1Naiateoance of Propcrty; I.ease6old~ Condomiaiua~ Plaooed Uait De~dopmeats. Borrower sha11 keep the Property in good repair~ aral shall not commit waste or permit impaira~ent or deterioration of the Property and sha11 comply with the ptovisions of any lease if this Mortgage is on a leasehold. If thit Mortgage is on a unit in a condominium or a planned unit development. Borrower shall perform all of Bormwer s obligations under the declaration or covenants creating or goveroing t6e condominium or planned unit development, the by-laws and regulatioas of t6e condominiwn or planned unit development, and constituent documents. If a condominium or planned unit development ridu is executed by Borrower and recorded together with thia Mortgage. the covenants and agrcemenis of such rider shall be incorporated 'wto and s6all amend and supplement tl~e covenants and agreements of this Mortgage as if the rider were a part 6ereof. 7. ~ Protectioo of Leade~s Security. If Borrower fails to perfoicn the covenanta and agreements containod in this Mortgage. or if aay action or proceeding is .commenced which materially aHects Lender'a interest in the Property. including, but noi limited 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 auch appearances. disbarae auch sums and take such action u is necessary to pmtect Lender's interest, including, but not limited to, disbuesement of rea:onable attomey's fees and entry upon the Pmperty to make repairs. If Lender required mortgage iosurance as a condition oi making the loan sccured by this Mortgage. Borrower shall pay the prcmiums required to maintain wch inwtance in eHect unW such titne as the requiremeat for such insurance terminates in accordance wit6 Borrower's and } ~~0 916 ~ _ . - - _ . ~ ~ x_~ s _ Y _ ~.Y~~ _ a~.: .