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HomeMy WebLinkAbout1618 UNIFORM WvBNANTa. BOrrpwtr and Lender covenant and agree ss follows: 1. iigllteltt et rciraelral aatl IRtkrwf. Borrower shall promptly pay when due the principal of and interest on the indebtedrtea evidenced by the Note. prepayment and late charges ac provided in the Note, and the principal of and interest oa say Future Advances secured by this Mortgage. lrttti ter Tazea atsd 1aatlnace. Subject to applicahk law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal anJ interest arc payable under the Note, until the Note is paid in fuQ, a sum (herein "Funds'? egwl to orte-twelfth of the yearl~~ tax~~ and assessments which may attain priority over this Mortgage, and ground t'ettts on the Property, if any, plus one•twelfth of yearly premium installments for hazard insurance. plus orte-twelRh of yearly premium installments for mortgage .insurance, if any, all ss reasonably estimated initially and tram dote to time by Lender on the basis of assessments and hills and reasonable estimates thereof. 71te Funds shall be held in an institution the deposiu or .recounts of which are insured or gwranteed by a Federal otr state agency (including Lender if Lender is such an irtstitutionl. Lender shall apply the Funds to pay said taxes, assessments. inwraace premiums and ground rents. Lender may not charge for sn holding and applying the Funds. analyzing said account. or verifying and compiling said assessments and bills, unless Lender pays Borrower interest 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 on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower 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 eseh debit to the Funds was made. The Funds are pledged as additional security for the sums secured by tha Mortgage. If the amount of the Funds held by Lender, 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. assestlnents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be suf6cieat to pay taxes, assessrpenu, insurance premiums and ground rents ss they fall due, Borrarer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower regttesting payment thereof. Upon payment in full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds heW by [.ender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender , shall apply. no later than immediately prior to the sale of the Properly or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. A~piicatiort of Payrieatr. Unless applicable law provides otherwise, all payments received by Lender under the _ Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. t. Charges; Liras. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when 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 directly, Borrower shall. promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any. lien which has priority over this Mortgage; 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 obligation secured by _ such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement 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. Hared Insurawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and fur such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. -Ilte insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shat) be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, ditectty to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the 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 loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. 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 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 impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid E to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to. settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ( or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or - e ~ acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Derebpments. Borrower 'x shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property e and shall comply with the provisions of any lease tf 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 the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the - condominium or planned unit development, and constituent dcxuments. If a condominium or planned unit development - rider is executed by Borrower and rernrded together with chit Mortgage, the covenants and agreements of such rider shall be incorporated into and shall emend and supplement the covenants and agreements of this Mortgage as ii the rider were a part hereof. 7. Protection of Lender's Security. If Borrower faih a? perf~?rm the covenants and agreements contained in this Mortgage, or if any action ur proceeding ?t commenced which materially atiects Lender's interest in the Property, y including. but not limited to. eminent domain. insolvency. cede enf~.reement. or arrangements or proceedings invoh~ing a bankrupt or decedent. then Lender at Lender's option, ulx?n nonce to Borrower, may 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 fees and emry upon the Property to make repair,. if Lender required mortgage insurance as a cond?tion of making the loan scented by this Mortgage. B?.rr??wrr shall pay the premiums required to maintain such insurance in effect until such time as the reyuirrmem for uuh insurance terminate. in accordance with Bormwer's and 5 ar~~. i•.;,- g ~ Vr 301 ~ 16i3 . r - - . ~ -