Loading...
HomeMy WebLinkAbout0030 UKtFO~t Covsr+nxn. Sorrorrer and Lender coven~nt and agTee u tolbws: . 1. Papmeat af hlndpal snd Iatera~. Borrower shall promptty pay when due the principal o[ and intere~t on the indebtedneu evidented Dr the Note, prepayment aud late chargea u pmvided i~ the Notc. and the principal oi and inter• est on any Future Advanca secured by tha Mortgage. . t P1~ada fot Tasa and Inwnnce. Subject to applicable larv oT to a~rtitten waiver by Lender. Borrower shall pay to Lender on the day monthly insullmen[s of principal and interat ue papable under the Note, until the Note is paid In [ull. a swp (herein "Funds'~ equal to onNtwelEth ot' the yearlY taxa and assess~aents which may attain pTiority .over this Mortgage. and ground anta on the Property. iE any. plus onatweltth oE yearly premium installments tor hazard inaunnce, plus onatweltth of ytuly premium insullwenu (or mortgage insusance. if any. all as reasonabiy atimntcd initiatly and from , time to cime by I.ender on thc buis o[ assesanents and bilk and reasonable ptimata thereof. The fl~n~ shall be held in an institucion the deposits or accouna of which are inaured o~ guannteed by a Federal or state agency (induding Lender it Lendtr is wch an irutitution~ Lendet shall apply the Funds to pay said taxes, asseutner?ts. inwnnce premiums and ground tent~. Lender may not charge ior ~o hoWing and applying the ~nds, analyzing said ao- rnunt, or vKiEring and mmpil'tng said asxsunents and bills, unleu Lendet pays Borrowet intemt on the Funds snd ap- plinble laM permits Lender to make wch a chirge. Borrowtr and Lender may agree in writing at the time oE execvtion oE thix Mortgage that interac on che Funda shall be paid to Borro~ver. and unlas wch agreement .is made or applinble la~v tequirrs wch interest to be paid. Lender shall not be required to par Borrower any intemt or earningi on the Funds. I.ender shall give to Borrower, wichouc charge. an annual acrounting oE the Funds showing ardiu and debits to the Funds and the - purpose Eor rvhich each debit to the Funds was made. The Funds are pledgcd as additional security (or che sums aecured br this Morcgage. ~ If the amount oE the Funds held by Lender. together arith the future monthly installments oE Funds payable ptior to the due data oE tues, assessments. insunnce premiums and ground rents. shall exceed the amount requirec! to par said taxes, assessments. insunnce pmniums and ground nnta u-ther EaU due. such excess shall be. at Borroweis option. either prompdy repaid to Borrower or aeditcd to Borrower on moaehly installments of Funda. IE the aawunt of eht Funds held by Lender shall not be wfticient to pay taxes. asses~ments, insunnce premiwns a~d ground renu as chey fall due, Boirower shali pay to Lender any amount necessary eo make up the deficiency within 30 days trom the date notice is mailed by Lender to Borrorrer requesting payment thereof. Upon payment in full of all suau secured by this Mortgage, Lender shall promptly rcfund to Borrower any Funds held by Lender. IE under paragraph 18 hereoE the Property is sold or the Property is otherwise acquired by I.ender, L.ender shall apply, no later.than immcdiately prior ta the sale oE the Property or ics acquisition by Lender. any Funds held by Lender at the time ot application as a credit against ehe aums secured by this 1?iortgage. 3. Applintion of Pa~meata Unless applicable law provides otherwise. all payments received by Lender under the Not~ and paragraphs 1 and Y hereoE shall be applied by I.ender fint in paymtnt o[ amounu payable to Lender by Borrower under pangraph 2 hereof, then to intemt payable on the Note, then to the principal oE ttie Note, and [hen to interest and principal on anr Future Advanca. 4. Charge~ Lieaa Botrorrer shal! pay all taxes, assessments and other charges, Eines and impositions attributable to the Property.whic6 may attain a priority over this :ltortgage, and leasehold payments or ground renu, it any, in the man- ner provided under paragraph Y hereof or, iE not paid in suth manner, by Borrower making payment, when dut, a~mar ~o the payee thereof. Botrower shall prompdy tarnish to Lender all notices of amounts due under this paragraph, and in the event Bortower shail make payment directly, Borrowet shall prompdy Eurnish to Lender receipts evidencing such payments. Borrower shall promptly dixhuge any litn which has priority o~er this ;~tonqage: pro~•ided, that Borrower shall not be re- quired to dixharge any such lien so long as Bonawer shall agtee in wtiting to the payment oE the obligation secured by such lien in a manner accepuble to Ltnder. or shall in gooei taith contat such lien by. or defend en[orcement of such lien in. la _ gal proceedings which operate to prrvent ehe enforcement oE the lien or [or[eiture of the Property or any part thereof. 5. Harard Insurana. Borrower shall keep the improvements no~v eaisting or hereafter erected on the Property in- sured against loss by fire, hazards induded within the term "extended mverage", and such other hazards as I.rnder mar re- quire and in such amounu and Eor such periods as Lender may require: provided, that I.ender shall not require that the amount o! such rnverage exceed that amount o[ mverage required to pay the sums secured by this ~fortgage. Th~ insurance urrier providing the insunnce shall be chosen by Borrower subject to approval by Lender: provided, that such appmval shall not be unreasonably withheld. All prem:ums on insurance policits shali be paid in the manner provided under pangraph 2 hereoE or. if not paid in such manner, by Borrower making payment, when due, directly to j the insunnce arrier. - ~ All insunnce poliaa and nntwals thereof shall be in farm acceptable to Lender and shall indude a standard mort- f gage dause ip Eavor of and in [orm acceptable to Lender. Lender shall have the right to hold the policies and renewals ~ thereo[, and Borrower shall promptly furnuh to l.ender all renewal notices and all receipu o[ paid premiums. tn the tvent ~ of loss, Borrower shall give prompt notice to the insunnce carrier and Lender. Lender may make proof o[ loss if not made ` prompdy by Borrower. Unlas Lender and Botrower othenvise aqree in ~rriting, insunnce proceeds shall be applied to restoration or npair of ~ the Property.damaged. provided such ratoration or repair is emnoraically Eeasible and the security of this ;tortgage is not ~ thereby impaired. IE such ratontion or npair is not eoonomicallq teuible or iE the security of this Mortqage would be im- ~ paired. the i~surance proceeds shall be applied to the sums secured by thas Aiortgage, with the excess, i[ anr. paid to Bor- ~ roMer. If the Propert' is abandone~'. by-Borrov+er, or if Borrouer fails to respond to Lender within 30 daf-s from the date notice is tnailed by Lender to Borrower that the insunnce tania of[ets to settle a claim for insunnce benefits, Lender is authorized to tollect and apply the insurance• praeeds at Lendtr's option either to restoration or repair oE the Property or co the sums secured br chis Monqage: Untess Lender and Borroaver otherwise aqree in w+riting, any wch application of proceeds to principat shall not eatend or postpone the due due oE the monthly installments referred to in paragraphs I and 2 hereo( or change ehe aznount of auch ~ installments. If under paragraph 18 hereot.the Propesty is acquired by Lender, aU riqht, title and interest oE Borrower in and to anr insurance policia and in and to the proceeds thereo[ resultinq from damage to the Property prior to the sale or ~ uquisition shall paas to Lender to the extent of the wms secured by this 1ltortgage immediately prior to such sate ot acqui:ition. ~ 6. Preservation and Maintenance oE Propert~: Leaseholds; Condominium~ Planacd Unit Developments. Borrowet sl~all kecp the Property in good tepair and shall not oommit waste or permit impairment or deteriontion of the Property ~ and ahall comply with the provuions ot any lease if this Mortqage is on a leasehold. If this 1?tortgage is on a unit in a ; mndominium or a planned unit de~•elopment, Borrower shall perform all of Borrower's obliqations under the dedaration ~ or covenants veating or governing the condominium or planned unit development, the by-laws and regulations oE the condo- ` minium or planned unit development, and constituent documents. If a rnndominium or planned unit development rider is ~ executed by Borrower and recotded together with this.ll~ongage, the covenants and agreements of such rider shall be in- ~ corponted into and shall amend and supplement the covenanu and agreements oE this ~tortgage as i[ the rider were a part hereof. ` Protectioa oE Lendet'~ Securiq. If Borrower faih to perform the oovenants and agreemenu contained in this Mortgage, or if any action or proceeding is mmmenced ~vhich materially affects I.enders interest in the Propetty, induding, but not limited to, eminent domain, insoh•ency, code enEorcement, or arrangemenu or proceedings invol~ing a banknipt ~ or decedent, then Lender at L.ender s option, upon notiae to Borrower, may make such appeannces, disburse such sums ~ and tzlce such action as is necessary to protect Lender s intetest, including, but not limited to, disbursement of nasonable attorney's tees and entr~ upon the Propenv to make.repairs. TE I.ender required mortgage insurance as a rnndition of ~ making the lwn secvted by this riongage, Borrower shall par the premiums required to maintain such insunna in ef- ` [ac until such time as the requirement (or such insunnce terminates in accordance with Borrowers and Lender's ~vtitten ~ ~ ~ 6UG!~~~ ~A~'f ~ ~ ~ ti a~ _ _ , - ~ ~ ~ - ~.j-- ; :~~:.~;;rr:~,, =y .