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HomeMy WebLinkAbout0843 . . UNIlaRM COVaNANTf. Dorcower and Lewde~ cuve~an~ and ssroe u tolbws: ti. h~west e~ hre}~l a~i 1~lerpl. 8orrowe~ shall promp~l) paY when due t~e ptiecipal ot a~d interat on the indebtednas evidenoed by tbe NW0. P~'aW~t and late char`ec ac ~xovided in lhe Note, and the prir~cipsl ot and intetest oa any Future Advances securod b~t this Mortjase. EMi hr'1yq~M Mi 1~werte. Subjat to applicabk law .x to a written waivet by Le~de~. BoRa~re~ s~l P~Y to L.ender on the day monthly installmeots of principal and intercc~ an: payal+k unde~ the Note. until the Note is paid i~ tull. •:uat Q~arein "Fund~'~ equal to onc-tweltth of the yea~l~• tax~~ ~~1 sssasnxnts which may attain priority over this Monp~e. and ~round rena on ehe Propeny. if any, plus one-twelt~h of yesrly premium iestallmeets tot hazard inwnnce. ~ plus oaatweltth ot yearly Qremiwn instsllmenta tor mortgsge insunnce. if any. all ss reuonably astimated initially and f~n ~ time to time by Lenckr on the bua. of asses.sments and hills and rcasa~abk estimata theceof. The Funds shall be heW in an institWion the de ~u or accou~ts of ~?hich are insured or ~uannteed by a Fedenl ot : state ajency (includina l.endet ii Lcnder is such an inst~itutionl. I.ender shall apply ~he Funds to pay uid tua. asxssmMts. ! inwrance premiums aod ~ound rents. I.ender may not charge for u? hoWing snd applyinj the Funds. analyzin~ said actount, or verityi~~ snd rnmpiling said assessmcnts and bills. unlas Lender pvys Borrw~?er imerest on the Funds and applicabk law permits Lender to malce such a clurge. Borrowe~ and Lender may atrce in writing at the time o[ exceution ot this Mo~sje tbat ieterat on the Fw~ds shall be paid to Borrowe~. and unkss such agreement is made o~ applicabk law ; requira such interest to be paud. Lender shall not be requircd to pay Borrower any inte~est or earnings on the Funds. Lender i shall pve W Borrower. without ebuge, an annual accounting of ~he Funds showing crediu a~d debits to the Funds and the purpose for which tach debit to the Funds was made. The Funds arc pledged as additional security for ~he sums secured by tlus Mottpee. y y abk r to If tbe anau~t of the Fund: held b Lender, together with the futun montfil installments of Funds pay prio the due data of tua. auasments. ~ewrance premiums and ground rcnts, shall exceed the amount ~equired to pay said taxa. as~meQU, ~u~~r~nce prcmiums and gcound rents u they tall due, such excess shall be. at Bonower s option, eithcr ; promptly nPaid to Borruwer or credit~d to Borrower on monthly installments of Funds. I[ the amount of the Funds ~ txw ~~oaef ~~i ~c to wy c~a. iraurance premiums and ground renu ss_ they fall due. Borm~ver s6all piy to I.tnder any amount nenssary to make up the deBcic~cy within 30 days from the date notice is maikd by I,eodar to Borrower requestina payment thereof. Upon payment io full of dt swas ~ocurod by this Mortgage, l.ender shall promptly eefund to Borrower any Fu~ds held by Leoder. If under puatraph 181~eroof the Propeny i~ sold or the Propeny ~s otherwise acquired by Lender. l.ender shail spply. no later thaa imrt~ediately prior to the uk of the Property or its acquisition by Lender. any Funds held bv I.ender at the time of applicatiw~ aa a credit against thc sums secured by this Mortgage. 3. A~plicatio~ at pq~eds. Unkss appliable law provides othervvix. all payments roceived by Lender unde~ the Note and paragraphs 1 and 2 hertof shall be applied by I.ender 6~st in payment of amounts payable to Lender by Borrower under paragraph 2 hereaf, t6en to iaterest payabk on the Note, thon to the principal of the Note. and then to interest and principal on any Future Advaooes. ~ C4artex Lieas. Borrower shall pay all taaes, assessmcnts and other charges, fines and impositions attributabk to i the property which may attain a ptiority over this Mortgage, and leasehold payments or ground rents, if any. in the manner ; providod under paragraph 2 hereof or, if r~ot paid in such manner, by Borrower making payment, whe~ due, directly to the payee theroof. Borrower shall promptly furnish to Lender alt notices of amounts due under this paragraph. and ia the event Borrower sha11 make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Boteower shall promptly discharge any lien which has prio~ity over this Mortgage: provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun secured by suc6lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the lieo or forfeiture of'the Property or any part thereof. S. Huard i~nrawce. Bocrower shall keep the improvements now existing or hereafter erected on the ProPertY ~~sured against loss by firc, hazards included within the term "extended coverage", and such other huards as Lender may require ; wd in such amounts and for such periods~u Lender may require; provided, that Lender shall not require that the amount of } t such coverage exceed that amount of coverag~ required to pay the sums secured by this Mortaa~e. - ~ The insurance carrier providing the insurancc shall be chosen by Borrower subject to approval by Lender. provided, that wch approval shall not be unreaconably withheld. All premiums on insurance policia shail be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, dircctly to the ~ insurance carrier. ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage E clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thercof. : ~ and Borrow•er 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 lxnder_ Lender may make proof of loss if not made promptly = ~ by Borrower. - ~ Ualess Lender and Borrower othen+ise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provicied such restorat~on or repair is economically feasible and the security of this Mortgage is not thereby impa~red. If such restoration or repair is not ecooomically feasible or if the. security of this Mortgage would ~ be impaired, the insurance proce~ds shall be applied to the sums secured by this MoRgage. with the eacess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to l.ender within 30 days irom the date notice is mailed by l.ender to Borrower that the insurance carrier ofters to settle a claim for insurance benefits, Lender is aut6orized to collect and apply tbe insurance proceeds at Lender's option either to restoration or repair af the Propertv _ or to the sums secured by this Mortgage_ Unless Lender and Borrower otherwise agree m writing, any such appliration of proceeds to principal shall not extend or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the_ amount of t such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interat of Borrowe~ ? in and to any lnsurance poticies and in and to the proceeds thereof re~ulung irom damage to tht Property prior to thc sale or acquisition shall pass to Lender to the extent of the sums xcured by this Mortgage immediately prior to such sale or ; acquisition. 6. Preservation aod :~laintenance of Property; Leacehulds; Condominiutns; Planned Uoii DevebQments. $orrower . shall Iccep the Property in good repair and shall not comroit Kaste or permit impairment or deterioration of the Property aod shall comply with the provisions of any lease it this Mortgage ~c on a leaschold_ If this Mortgage is on a onit in a , ~ ~ condominium or a planned unit development. Borrower shall pe~torm all of Borrower s obligations under the declaration , ~ °ti or covenants creadng or governing the condominium or planned unit development, the by-laws and regulations of the ; ~ condominium or planned unit development, and constituent documents. It a cundominium or planned unit cievelopment ; ~ rider is executed by Borrower and recorded together v?ith th~s Mongage, the covenants and agreements of such rider ; ~ shall be incorporated into and shall amend anJ supplement the co~enants and agreements of this Mortgage as if the rider = ~ were a Part hereof. ~ ~ 'I. Profection of Ltader's Securfty. I( Borrower fails t~ perf~rm the covenanls anJ ag~eements contained in ihis ' ~ Mortgage, or if any action or proceeding ~s cummenced which materiall}~ afTects Lender's interest in the Property, 's,~ ~ including, but not limrted to, eminent dom5fn: msc~lvenc~~, code enforcement, or arrangements or proceedings invoh•ing a : ~ bankrupt or decedent. then 1_ender at Lender's option, upcm nat~ce to Borrow~er, ma~ m•rke such ~ppearances, disburse such ? ~ sums and take such action as is necessary to protect Lender's ~nterest, incluJing. but not limrted to. disbursement of ~ reasonable attomey's fces and entry up~~n the Propcrty to make rcpairs. If I.cnder rcyuircd mongage insurance as a ~ cond~tion of mak~ng the loan secureJ by tbs Mortgage. B~~rmNCr shall pay the premiums requireJ to maintain such insurance in eftect until tiuch time as ~he reyuirement for wch insurance terminates in acco~dance with Borrower s and ;j t ~ ' Q ~,r :~~~c . ~ k 302 843 ' Cl'._ l~~L• _ ~ ~"m a-s'~.`~: 6~,' ' "'u~~~ ,r~~'" - ` ~ _ _~x~":. _ .