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HomeMy WebLinkAbout1455 . . ~ UNIFORM COYEt;ANTS. BOrrawCr and Lcndcr a,venant and ague as follows: 1. Payment of Principal aad Interest, Burrower shall pn+mptly pay when due the principal of and interest tin the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and tnterest on any Future Advanc~K secured by this Mortgage. 2. Funds for Taxes and insurance. Subject to applicable law ar to a written waiver by lender, Borrower shall pay to Lender on the day monthly installments of principal and inters arc payable under the Note. until the Nate is paid in [all, • a sum (herein "Funds") equal to one-twelfth of the yeast}• taxes and assessments which mry attain priority. over this '?tortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments far hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, it any, all as reasonably estimated initially and from tints to time by Lcndcr nn the basis of assessntcnts and hills and reasonable estimates thereof. The Funds shall he heW in an institution the deposits ar accounts of which are insured or guaranteed by a Federal or state agency (including lender if Lender is such an institution). Lender shall apply the Funds to pay paid tares, assessments, insurance-premiums and ground ants. Lender may not charge far so holding and applying the Funds, analysing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower imerest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest tin the Funds shall he pail to Borrower, and unless such agreement is made or applicahle law requires stash interest to he paid, Lender shall not he reyuirc~l to pay Burrower any interest or earnings-on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this Mortgage. . If the amount of the Funds held by l.endcr, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they' (all due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or cn~dited to Burrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, imurance prcr.tiums and ground rents as the}' fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days fmm the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lcndcr shall promptly relund to Borrower any Funds held by Lender. If under paragraph Ii; hereof the Property is sold or the Propeny is utberw•ise acquired by Lender, Lender shall appl}•, no later than immediately prior to the sale of the Property or its acquisition b}• Lcndcr, any Funds he1J by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicahle law provides otherwise. all pa}'menu receis•ed by Lender under the \utc and paragraphs I and 2 hereof shall be applied by Lcndcr first in payment of amounts payable to Lender h}• Borrower under paragraph 2 hereof, then to tnterest payable on the Note. then to the principal of the Note, and then to interest and principal tin any Future Advances. 4. CharRcs; Liens. Borrower .hall pay all taxes, assessments and other charges, fines an.l imp.,sihum attributable to the Propc;m• which may attain a priority over this Mortgage, and leasehold payments or ground ants. if an}•. in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making pa)'ment, ashen due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directh, Borrower shall promptly furnish to Lender receipts evidencing such payments. Burrower shall promptly discharge any lien sshich has priunty o~•rr this Mortgage; pms•ided, that Borrower shall not be required to diticha~ge any such liras x~ long as Borrower shall agree in writing to the payment of the abhgation secured by such lien in a manors acceptable to Lender, ar ,hall in g~xxl faith contest such lien h)•. or .Iefend enforcement of such lien in, legal proceedmK~ which operate to prevent the enforcement of the I,en ur forfeiture of the Properly ur any part thereof. 5. Hazard Insurance. Barrosser shall keep the ,mpmsemcnts nu« existing or herraftrr crested on the Pn+perty insured .,gainst los. he tire. hazard. included within the term "evtrndrd cov'erage'". and such other hazards as Le,?der may' rryu,rc and m such amounts and for such prri+xls as Lcndcr may reyuirr: pmvided. that I.rn.ler shall not rey?ure that the amount of ,uch coverage e~reed that amount of coverage rryuired to pay the wms .ceurrd M• this Mortgage. . The insurance .artier providing the insurance sh;dl be chum by BOrrOHCr subject to approval by Lcndcr, provided. that such approval .hall nut be unreasonably w•ithhcld. All premiums on insurance policies shall be paid in the manner p:ov~ded under paragraph 2 hereof ur. i( nut paid in such manner, by &xroHer making payritent, when due, directly to the ut.uranec earner. All insurance policie. and renewals thereof shall be in form acceptable to Lender and shall include a vt:utJ:+rd mortgage clause in favor of and in form acceptable to Lender. Lender ,hall hale the right to hold the policies and renewal. thereat, and Borrower sh:,ll pmmpth• furnish to Lender all renewal notices and all receipts of paid premium.- In the event of loss, Bui rower ,hail give prompt noose to the insur,u~ce carrier and Lender. Lendrr ma} make proof of loss if not made promptly h}• Bormwer. Unless (ender and Born•wer otherwise agree in writing. insurance prx-ccds shall be applied to restoration ar repair of the Property damaged, prodded such resturahon ar repair is ecunamically feasible and the se.urity of this Mortgage is nut !hereby impaireJ. If su.h restor.,Uun or repair is nut camomically feasible or if the security of this Mortgage would - i he ;mpairrd, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excea, if any, paid t,~ Burrower. If the Property is abandoned h. Barruw•er, ar if Borrower fails to respond to 1 coder within 3U days fmm the dart notice is maile.i b}° Lender u. Borrower that the insurance carrier atfen to settle a claim for insurance benefits, Lcndcr t ~s ,wtaorized to called and apply the insurance proceeds at I.rnder s option either to restoration ar repair of the Property 1 ,~r to the sums securcJ h)• this Mortgage. Unless Lcndcr and Burrower othcrwisr ogres m writing, any s:,ci, applicrtion of proceeds to principal shall not extend ~~r postpone the due date of the monthly installments referred to in paragraphs 1 and ? hereof or :hangs the amount of su.h installments. If under paragraph IS hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to am insurance policies and in and Io the pnxceds thereof resulting from damage to the Property prior to the sale or acyuisiucn shall puss to Lender to the extent rf the sums secure.f by this Mortgage immediately prior to such sale or - I - acquisition. j 6. Presenalion and ~laiatenance of Property: Leaseholds; ('ondominiums; Planned Lnil Des•eloptnents. Borrower g shall keep the Property in good repair and shall not commit waste rr 1?ermit impairment or deterioration of the Property and shall comply with the provisions of any lease if th,s Mortgage ,s tin a Icaxhrld. if this ~turtgage is on a unit in a j cundomimum ur a planned unit dcvelopmcnt. Borrower shall perform al! of Borrower's ubhgations under the declaration j ur covenants creating or governing the rondaminium or planned unit development, the by-law's and regulations of the candumimum or planned unit development, and constituent documents. If a condominium or planned amt development z rider is executed by Borrower and recorded together yv,th th,s Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as i( the rider were a pare hereof. - 7. Protection of Lender's ~erurity. If Harrower fails to perform the covenants and agreements contained in this Mortgage, ar if any action ur proceeding is amtmenced w•h,ch materially affects Lender's interest in the Property, mcfudutg. but nut limited tu. eminent domain, insuhency, citde enforcement, ar arrangements or proceedings involving a ' bankrupt or decedent, then Lender at Lender's option, upon notice ro Borrower, ma) make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest. including. but not limited to, disbursement of reasonable attorney's Iles and entry ulxai the Property to make repair. If Under required mortgage insurance as a ~ cundit,on of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such g insurance in effect unto such time as the reyuirrme:it for .uch insurance terminates in accordance with Borrower's and seer 3U1 ~k~~1450. >s _ s .x .i y. "~M .ti_