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HomeMy WebLinkAbout0836 ~ r UNITOR~ COVHNANii. Borrower and L,e~~e~ coveoant and a~~ee u tollowt: ~~eN et ~eidN1 ~i Wered. 8orrowe~ shall promptl) psY wAen due the principal ot snd intetat on the indebtednas evide~oed bp tbe NMe. Pt~epaymeot and late char~eC ac provided in the Note. and tha princip~i ot and iotetat ~ oa any Futuro Advances saurod by this Mortta~e. l?ri tor Tat~s a~i lrrra~ce. Subject to applicabk law or ~o a written waive~ by 1-ende~. Bo~ro~e~ sh~~~ P~y to Leeder on the dsy monthly installments ot principal aod intcrcc~ are ~yat+k under the Note. uMil the Note is paid ~o tu~~• . a wm (herein "Fuads'~ eqwl to one-tweltth ot the yesrl~ us~~ anc! assessments which may attain priority over this Mort~e. and ~round rents on the Property. if iny. Flus one-twel(th of yearly premium installments [or hazard inwrance. plus oae-twelfth of yea~ly prcmium inuallmen~s tor mongage insunncc. it any, all u ressonably atimated initially ~nd trom time to time ~y Leader oo tl~e basis of asses~men~s and hills and reasonabk tstirtuta theteot• nnteed by a Federal ot 'l~e Funds shall be beld in a~ institution the depaia or accounts of ~rhich arc i~nured or gw •tate aser~cy (includin~ Leoder if I.ender is such an institutionl. I.ender shall apply ~he Funds to pay sa~d taxa. auessmen~. inturanoe premiums and ~ound rents. t.ender may not charge tor sc~ hoWing aod applyin~ the F~~nd~. analyzin~ said accouM. or veriEyins and oomplin~ uid assessments and bills. unku Leoder pays Borrowe~ iMerest on the Funds and applicabk law ; permits Le~der to make such a char~e. Bc~rrower and Leoder may agrce io writina at Ihe time of execution ot this. i Mort~a`e tbat i~terat on the Fw~ds shall be paid to Borrower. and u~las such aaroement is made or appticabk law • requit+es such intercst to be paid. Lender shall not be rcquircd to pay Borrowe~ any interest or earnings on the Funds. Lender sball pve to Borrower. without charge, an annual accountina of the Funds showing credits and debits to the Funds and the purpose for which qch debit to the Fu~ds was made. The Funds arc plodgod u additional socurity tor ~he sums secured by th~ Mort~ase. ~ If the amount ot tbe Fw~ds hdd by I.ender, together with the futurc monthly installments of Funds payabk prior to the due.data of tua. asseuments. insura~ce premiums and ground rcnts, shall exceed the amount required to pay uid tua. s:seaments. insuraaoa premiums snd Sround rcnu u they (al! due, such excess shall be. at Borrower s option. either prompdy repaid to Borrower or credited to Borrowe.~ on monthly ifistallments of Funds. ff the amount of ~he Funds held b~r L.eoder shal! not be sut6ciwt to ~y taxes. assessmenu, insurance premiums and gc~ound rents as they fall due. Horro~?er sball Qay to l.ender any amount necessary ~o make up the deficiency within 30 days trom the date notice is mailed by Laader to Bonower ~equatin8 WYment thereof. Upon p~yment io fuU of dl =ums ncuted by this Mongage, !_ender shall promptly retund to Borrower _ any Funds held by Lender. If unda pus~raph 18 hercot the Property ia sold or the Property ~s otherwise acquircd by Lender, Lender shdl spply. no later than immediately prior to the ssk of the Property or its acquisition by Lender. any Funds held br I.ender at the time of application as a credit against 1he sums securcd by this Mortgage. 3. ~p~Cat{~ at p~qroeNs. Unless applicabk law provida otherwise, all payments received by Lender under the Note aad pangnphs 1 aad 2 hercof shall be applied by I_ender first in payment ot amounta payable to Lende~ by Borrower under puagraph 2 hereof. tben to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 1, C1~rtes; Lieas. Bonower shall pay all taxes, assessments and other charges, fines and impositions attributabk to tbe PropeRy which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manoer Provided under paragraph 2 hereo[ or. if not pa~d in such manner, by Borrower making payment, when due, diroctly to the payee theroo[. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. aad in the eve~t Borrower shall make payment directly, Borrower shall promptly furnish to Lender ra:eipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over ~his Mortgage; -provided. that Borrowei shall not be required to discharge any such lien so long as Borrower shall agrce in vvriting te the payment of the obligation securod by such lien in a manner acceptable to Lender, or shall in good (aith contest such lien by, or Jefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part theroof. S. Hazard lnsnrapce. Borrower shall keep the improvements now• existing or hereafter erected on the Property insurod against loss by firc, hazatds included withm the term "extended coverage", and such other hatards as Lender may require and in such amounts and for such Feriods as Lender may require: provided, that Lencier shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortaage_ 'i~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by I.~nder. provided, t6at wch approval shall not be unrcasonably withheld. All premiums on insurance policia shafl be paid in the manner provided. under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due. dirtctly to the ! insurance carrier. ~ Alt insurance policies and renewals therrof shall be in form acceptable to Lender and shall include a standard mortgage etause in favor of and in form acceptable to Lender. Lend~r shall have the right to hold the policies and renewals thereof, . s and Borcower shall promptly furnish to L~nder all renewal nouces and all receipts of paid prcmiums. ln the event of 1oss. ~ Borrower shal! give prompt notice to the insurance carrier and l.ender_ Lendersnay make proof of loss if not made promptly . = by Borrower. . ~ Unless Lender and Borrower otherwise agree in wnting, insurance proceeds shafl be applied to restotation or rcpair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is t not thereby impaired. If such restorat~on or repair is not economically feasibie or if the security of this Mortgage would ~ be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the - date notice is ma~led by L.ender to Borrower that the inwrance carrier ofiers ~o settle a claim for insurance benefits, l.ender * is authoriud to collect and apply the insurance p~oceeds at Lender's option either to restoration or repaer of the Propert~ ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower othen+~ise agree m w•nting, any such application of Pra:eeds to principal shall not extend ~ or postpone ~he due date of the monthly instaliments referred to in paragraphti 1 and 2 hereof or change the amount ot ~ suc6 installmeots. If under paragraph 18 hereof the Property is acqwred •by l.ender, ali nght, title and interest of Borrower ~ in and to any h?surance policies and in and to the proceeds thereof resul~ing from Jamage to the Property prior to th~ sale ~ or acquisipon shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. ; 6, Presenation sod ~laintenanct of Property; Leasehulds; Condominiums; Planned Uuit Derebpments. Borrower ~ sh~ll keep the Property in good tepair and shall not comroi~ Kaste or perm~t impairment or deterioration of the Property ~ and shall compl} with the provisions of any lease if thu Mor~gage ~s on a leaschold. lf this Mortgage is on a.onit in a ; ; condominium or a planned unit devclapment, Borrower sball perform all of Borrower s obligations under the declaration ~ or covenants crealing or governing the condommium or planned unit development, the by-laws and regulations of•the • _ condominium or planned unit development. ~nd cons~ituent documents. If a con~iominium or planned unit Jevelopment nder is executed by Botrower and recorded ~ogether w~th this Mortgage, the covenants and agreements of such rider _ shall be incorporated into and shall amend and supptement the covenants and agreements of this Mortgage as if the rider ; were a part hereof_ ~ 7. Protection ot Leader's Security. If B~rrawer faik t~~ perf~rm the covenants and agreements contained in this ~ ~ Mortgage. or if any action or proceedmg i~ rommrnced Nhich materially afircts 1_enJer's interest in the Property. includ~ng. but not lim~ted to, eminent domain. in«•Ivenr~. code rnf~~rcemcm. or rrrangements or proceedings invol~•ing a :3 bankrupt or deceden~. then Lender at Lender'~ ophon, uEx~n nohce to Borrowe~, ma} make such appearances, Jisburse such Y sums and take such ac~ion as ~s neceti~ary ta protect l.ender's inlerest, mclu~l~ng. but not lim~ted to, disbursement of ~ reasonable auorney't fce~ and en~ry ~Ex~n thc Propcri~ tc. make repair~. If Lcndcr reyuired mortgage insurance as a ~ ~ cond:Uon of mak~ng ihc loan .ecurcJ by th~ti ~1~~rtEagr. B~~rruwcr sh:ill pay thc prcmiums requ~reJ to maintam such insurance in ctTccl unUl such timc as Ihc' rcyuucmcnt f~r .uch ~nsurancc tcrm~natr~ in accordancc whh Borrowcr s and ~ a ~ ~ o k 301 836 ~ ~ BCOr ' ~ ; • . . r - - - ~ - vr r ~ . : . - - "~...f~-,y. -~.~z aE~;~ - ~'x,N~-,.~^ ' ~,~d ^.S. f h- : ~ 7.~~,...a~~~"~~~~~~ : _ . . .