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HomeMy WebLinkAbout0569 UNIlORI~t COVlNAtt7's. Bomower and Leode~ covenant a~d ajroe u[ollow:: ~ h,~eN ot hi~e1N1 a~i I~1ereM. Borrowe? shall promptly psy when due the principal ot and inter~at on the i~btednw evidenoed by the Note. prepayment snd late chargec s.c ~xovided in the Note, and the principd ot aed intct+at oa any Futuro Advances securod by this Mott~sse. 2. 1~1~i tK 71~zM Mi Iawu~ee. Subject to applicaDk law ~x to • written waive~ by I.ende~. eoRO~ wr to l.ender on ~he day moetAly installments of priacipal ~nd. int~rcct ~rc payaMe under the Note. until the Note is paid io tull, ~ a suan (hercin "Fundt") eqwl to one-twelfth ot the yea~ly ta~?~y and assasments which may attain priority ove~ lhis ~ Mo~a~e. and smund nna or~ ibe ~peny. it any, plus one-twelUh of yea~ly~ premium installments for hazar+d insurance. plus o~e-twelfth o[ yearly premium installmen~s tor morttsae insurancc, if any. all u reasonably estimated initially a~d tran time to time by Le~der on the buis of assessmcnts and hills and rcasonabk atimates thereof. The Funds shall be held in an irutitution the deposia or accounts of which arc insured or ~uannteed by a Fcdenl ot state a~ency (includin~ Lender if Leoder is such an institution). i.~~~ ~u ~~y ~n~ F~~ ~o wr u~a ~ua. assessments. insurance p~emiums and gnwod rents. l.ender may ~ot charae for so holding and spplyina the Fnodc. analyzin~ said account, or verifyin~ and compilint said assessments aod bills, unlas Leader p~ys Bormwe~ interat on the Funds and aPplicabk law pecmi~ Lender to make :uch a charge. Borrower and l.ender may agroe in writina at the time ot exceutioo ot this Mortjaje that ioterest on the Fuads shall be paid to Borrower. and unlas such agreement is made or spplicabk law requira wch interest to be p~id. l.ender shall not be rcquired to pay Borrower any interat or earnings on the funds. Lender fhaQ pve to Borrower~ witbout charge, an annual accounting of the Funds showing credits aod debits to the Funds and ihe purpose for which each debit lo tbe Funds wu made. The Funds arc pledged u additional security tor the sums xcured by this Moctp;e. If the amou~t o[ the Fun~ held by [.ender, together with the future monthly installments of Funds payabk p~ar to tbe due data of taxes~ asse~tmeats. insurance premiums a~d ground rents, shall exceod the amount requircd to pay uid taxes. . asxuments, i~uranc~ premiums and gmund rents u they fall due, such excess shall be. at Borrower's option, either promptly rcpaid to Borrower or crodited to Bornower on monthly installments of Funds. lf the amount of the Funds hdd by Leuder shall not be :uRiciwt to psy tues. asxssments. insurance Qrcmiums and ground rents as they fall due, Borm~rer shall pay to I.ender any amount necessary to make up the de6cie~r within 30 days from the date notice is mailed by Le~er W Borrower requating payment theroof. ' Upon payment io full oE dl suma mcured: by this Mongage, l.ender shall promptly refund to Borrower any Funds held by I.ender. If under puagraph 18 hereof the Property ia sold or the Propeny is otherwise acquired by Lender. Lender :haU apply, no later than immodiately prior to the sak of the Property or its a~quisition by Lender. any Funds held bv Lender at the time of application as a crcdit against the sums secured by this Mortgage. . 3. A~plicatio~ ot Pa~me~s. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragnphs I and 2 txteof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under pusgraph 2 hereof. tben to interest payable on the Note, then to the principal of the NMe. and then to intercst and principal on any Future Advancts. 1. C6u=er, Lieas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leacehold payments or gmund rents, if any, i~ the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whq~ due. direcdy to the payoe thereof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragnph. and ia the event Borrower shall make payment directly, Borrower shall promptty furnish to Lender receipts evideacing such payments. Borrower shall promptly discharge any lien which hu priority 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 obligation securod by such lien in a manner acceptable to L.ender. or shall in good faith contest wch lien by, or defenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or torfeiture of the Propeny or any part thereof. S. Hazud Issnraece. Borrower shall kcep the improvements now existing or hereaftor erected on the Property insurod. against loas by firc, hazards included within the term "extended coverage", and such other hazards as Lender may rcquire wd in such amounts and for 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 Mort6aae. - 'I~e iasurance 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 policia shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directiy to the I insuraoce carricr. i All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, j and Borrow•er shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, f Borrower shall geve prompt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made promptly ~ by Borrower. • . g Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Propeny damaged. provided such restorat~on or repair is economically feasible and the secu~ity 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 ~ to Borrower. tf the Propeny is abandoned by Borrower, or if Borrower fails to respond to [.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofiers to seule a claim for inwrance benefits, I.ender is aut6oriud to colkct and apply the insurance proceeds at Lender's option either to ratoralion or repair of the Propert~ ~ or to the sums securai by this Mortgage. - Unless Lender and Borrower othen+~ise agree m writing, any such application of proceeds to principal shall not extend or pcntpone the due date of the monthlp installments referred to in paragrapht 1 and 2 hereof or change ~he 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 th.~ sale or acquisition shall pass to Lender to the extent of the aums secured by this Mortgage immediately prior to such sale or = acquisition. _ ~ 6. Preservatioa and ~tainlenance of Property; Leasehulds; Condominiums; Plsnned Uait Devebpments. Borrowcr shall keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease ~f th~s Mortgage ~s on a leauhold. 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 coveoants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documcnts_ If a condominium or planned unit development ~ rider ~s executed by Borrower and recorded toge~her with this Mortgage, the covenants and agreements ot such rider ~ shall be incorporated ~nto and shall amend and supplement the co~~enants and agreements of this Mortgage as if the riJer ~ were a part hereof. ~ 7. Protection of Leode~s Security. 1( B~rrower failc t~~ perform the covenants and agreements contained in this ~ Mortgage, or if any acUOn ur pro~eed~ng it rummcnce~l Nh~ch materially afiects LenJer's interest in the Property, ~ including, but m~t lim~ted to, em~nent domam. in~~~lvenc}~, c~~de enforcement, or arrangementc or proceedings involving a ~ bankrupt or decedem. then i.ender at t.ender'a option, upon notice to Borrower, ma~ make such appearances, dishurse such : sums and take such ac~ion as ~s necetsary tu pn?tect Lender's ~merest, incluJing. but not limned to. disbursement of ~ reasonable auomey's fces and emry u~n thc Propcrt~• to makc rcpairs. If Lcnder reyuircd mortgage insurance as a ~ cond~uon ot makmg thc loan ucured by this M~~rtgagc. Borrawcr shall pay thc prcmiums rcquireJ to maintam such insurancc in rKect unul s~rch umc as ~hc reyuircmcnt for ~uch msurancc tcrminalcs m accordance with Borrowcr s and ~ ~ ' ~ BOQK JVti PbGE 5~ ~ . . ~ ~ - - - ~ Y~ ..^~r , .