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HomeMy WebLinkAbout0848 UNi~aw CoveN~Nn. 8ormwer and L.e~de~ rnvenam aod a~tee u tollows: 1. T~p~weM ot hMrciM1 a~i tMereM. 8orrowe~ shall promp~l) paY wAen due tha principal ot and inten~t a+ the indebtednea cvidenocd.by the Note. prepaymeat and late charQec ~c p~ovided in the Note. and the principal o~ and intetat on aoy Fwure Advances secured ~r thi: Mortsase. . 2. l~ri ~or Ta~us ~i liwe~ee. Subject to applic~bk law ~x to a writtee waiver by Lender. Borro~re~ sha~~ Wy to Lender on the day ma~thly installments ot principal anJ in~crecl arc payaMe undet the Note. until the Note is paid in tuil, a sum (heroie "Fuads'7 eqwl to one-twelfth of ~he yea~ly tasc. ~nd assessmeou which may attain priority over this ~Mortjs,~e. and ~oound cenb a~ the Propeny. it any. E+lus ooe•tweltth of yea~ly premium installme~ts [or hazard insurance. plus ot~e-twel[th ot yearly premium installmeots fo~ mort`ase insurancc, it any, ail u rcuonably estimated initially and t~+an tVna to time by Lender on the buis ot asse:smcots and hills and rcasonabk atimata thereof. ~ The Funds sl~all be held ie an inslitu~ion ihe deposita or sccounts of w~hich aro insured o~ ~uan~teed by a Foderal ot :tate asency (includina Lender it Lcnder is such an ins~itutionl. I.e~et ahall apply the Funds to pay said taxes. assestmentt,- inwranoe ptemiums and arouod rcnts. l.ender may not charge fo~ sc+ holding snd applyins the F~mdc. aoalytin~ said account, or verifyin`:od compilina said asscssments and bills, unkss Lender pays Bonower interest o~ the Funds and applicsble law permits Lender to make such a charge. Borrowet and Lender may agree in writi~g at the time ot ezecutioo ot this Mortpse tbat interest on the Fuads shall be paid to Borrowe~. and unlas sucA agrcemen~ is made or applicable law rcquirea such intecat to be paid. l.ende~ shall nol be rcquirod to pay Borrower any intercst or earnings on ihe Fu~ds. Lender shall pve to Borrower. without char~e, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for wAich each debit to the Funds wu made. The Funds arc plodged u additional security tor Ihe sums secured by ihis MortZaae. If tbe anwunt of the Fuad~ held by Lende~. together with the future monthly instaUments o[ Funds payabk p~ior to tl~e due data of tua. assessmeats. insurance premiums and ground rents, shalt exceed the amount rcquired to pay said taxa. aueaments, iasuranoe premiums and ground renu as they fatl due, s~ch exces.s shall be. at Borrower's op~ion. sither promptly repaid to Horrowe~ or creditod to Borrower on monthly insallments of Funds. li the amount ot the Funds held by Leoder shall n~ be wKicient to pay taxa, suessments, insurance premiums and ground rents as they fall due, Bormwer sha11 pay to Leader any amount necessary to make up the deficiency within 30 days [rom the date notice is mailed by Lender to Borrower requesting payme~t thereof. v~ wy~p~ in full of dl swns secured by this Martgage, t_ender shall promptly refund to Borrower any Fu~ held by Leoder. lf under pua~raph 18 hereof the Property ia sold or the Property ~s whervvise uquircd by Lende~. Lender s6a11 apply, na later than immodiately prior to the sak of the PropeAy or its acquisition by Lender. any Funds held bv Leader at the time of applicatan as a credit against the :ums sccurod by this Mortgage. 3. Arpiicatio~ ot Pq.esta. Unlcss applicable law provida otherwise, all payments rcceivod by I.ender under the Note aod paragraphs 1 and 2 hereof shall be applied by I.ende~ first in payment of amounts payable to Lende~ by Borrowe~ under puagraph 2 heroof. tben to interest payabk on the Note, the~ to the principal of the Note. and tixn to interest and principal on any Future Advances. C6~r~es; Lieas. Borrower shall pay all taxec, assessments and other charges, fines and impositions attribulable to t6e Property which may attain a Pnority over this Mortgage, and leasehold payments or ground rents, if any, in the manae3 provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to ihe payee thec~eof. Borrower shall promp~ly furnish to Lencier all noticcs of amounts due under this paragnph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidenci~g such payments. Borrower shall promptly discharge any lien which hu prionty over this Mongage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun secured by ' such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enfoncement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hwrd I~rawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by 6rc, ha~rds included within the term "extended coverage", and such other hazards u Le~der may rcquirc and ~n such amounts and for such periods as Lender may require; provided, that LenJer shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortaa6e. '[lK insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided, ; tbat such approval shall not be unreasonably withheld. All premiums on insurance policies shatl be paid in the manner provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower making payment, when due, directly to the i insurance carrier. ; All insurance policies and renew•als thereof shall be in form acceptable to~L~nder and shall include a standard mortgage clauu ~n favor of and in form acceptable to Lender. Lender shall have the right to hold the policiu and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. Borrower shall give prompt notice to the insurance carner 3nd LenJer. Lender may make proof of loss if not made promptly f by Borrewer. ' ( Unless Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restorahon or repair ~s economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not ec~inomically feasible or it the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Propert~~ is abandoned by Borrower, or it Borrower fails to respond to l.ender within 30 days from the ~ date notice is maded by l.ender b Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits, Lender ~ is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repaer of ihe Propert~ ~ or to t6c sums sccured by this tiiortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the duc date of the momhly ina~atlmcnts rcferred to in paragraph~ 1 anJ 2 hereof or change the amount of ~ such installmenq. If under paragraph 18 hereof the Property is acyu~red b}• [.ender, all right, title and interest of Borrower ~ in and to any Ihsurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale ~ or acquisition shatl pass to Lender to the extent ot the iums secured by this Mortgage immediately prior to such sale or ~ acqwsition_ ~ - ~ 6. Preservation and ~taintenance of PropertY; Leaschulds; Condominiums; Planned Unit Developments. Borrow•cr ~ shall keep the Property in good repair and shall not comroit ri'aste or permit impairment or deterioration of the Property ~ and shall comply w~ith the provis~ons ot any lease if thu Mongage n on a leasehold. If this Mortgage is on a unit in a ~ condomimum or a planned unit devclopment, Borrower shall pcrform all of Borrower's obligations under the decla~ativn or covenants creatmg or govern~ng the condominium or planned unit develvpment, the by-laws and regulations of the condominium or planned unit development, and constiwent Jocumenis. I( a conJominium or planned unit development ~ rider ~s executed by Borrower and recorded together w~th thi~ Mortgage, the covenants and agreements of such riJer shalt be incorporated into and shall amend and supplement the co~enants and agreements of this Mortgage as if the rider ; were a part hereof. . . 7. Protection of I,ender's Security. 1f Borr~~wer fa~lti a, perform the covenamc anJ agreements contained in this ' Morlgage, or if any acUOn ur proceed~ng i~ cummrncr.l which materially afiects I_ender's interest in the Property, _ including. hut nt~t 6mrted to. rminent domain. ina~lvenc~•, a~c1e cnforcemcnt. ~~r arrangrments or proceedings invohing a ~ y bauknip~ or Jeceden~. thcn LenJer at I.ender's option, o~xrn nuUCe to Borruwer, ma~ make wch appearances, disburse such ~ sums and take such action eti is nece~sar~ tu pruiect Lender's mtcrest. inclu~ling. but not iimrted to, disbursement of reasonahle attomey'c Iccs and emry u~m ~hc Propcn~~ to makc rcpain. 1( Lcnder reyuireJ mortgage insurance as a conJiUon u( malc~r.g Ihc loan ucurcd by thi~ Murtgagc. B~~rr~~wrr sh.~ii ~dy thc ~prc~iwns required to maintain such ~ insurancr in ~tfec~ until tiuch t~me 7S II1C reyuirrmem for .uch insurancc terminates in :~ecordance with Borruwer's and ~ ' . ~ , U k. ~01, F~~E 848 ~ ~OCK ~ ~ e . ~ ~ ' _ . _ ~ ~ F - ,.e.. _ ~ m .