Loading...
HomeMy WebLinkAbout1034 ' ~ ~ UNIF(11tM COVCNANTS. Borrower and Lender covenant and agra u fallows: 1. layeneat ot principN aod interpt. Borroww shall promptly pay when due the principal of and ioterest on the indebtedneu evidenced by the Note. prepay~mnt aed late charges as providod in the Note, and the principal of and interest on my ~ture Advances secured by this Mortga~e. ' 2. F~d~ br Tu~s aai losdsa~ee. ~bject to applicabk law or to a written waiver by Lender. Bormwer shall pay to Lender on the day mo~thly installments of principal and interest arc payable under the Note, until the Note is paid in tull, a sum (herein "Funds") equal to onatwelfth o[ the yeatiy tax~s and assessments which may attain priority over this Mongage. and ground nnts on the Property. if auy. plus o~e-twelfth of yeuly prcmium installments for hazard insurance. plus one-twelith of yearly premium installments for mongsge i~surance, if any, all as reasonably estimated initially and lrom : time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. 1 'R~e Funds shall be held in an institutioe the depoaita or accounts of which are insured or guaranteed by a Federal or ; state agency (including Le~der if Leoder is such an institution). Lender shall apply t~ Funds to pay uid taxes. usessments, ~ insurance premiums and grouad rents. Lender may not charge for so holding and applying the Funds, analyzing uid account~ or verifying and compiling said assessme~ts and bitls, unless i.ender ~pays Borrowe~ interat on the Funds and applicable law permits Lender to make such a chsrge. Borrower aad L.ender may agree in writing at the time of execution of this Mortgage that interat on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requira such interest to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing crcciits and debits to the Funds a~d the purpoae for which each debit to -the Funds wu made. 71~e Funds are pledged as additional security for the sums secured by this Mortgage. ' ' lf the amount of the Funds held by l.ender, together with the futur~ monthly instaUments of Funds payabk prior to the due dates of taxes. assessments. iruurapce premiums and ground nnts, shall exceed the amount required to pay said taxes, assessments, insurance premiumc and gmund re~ts as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borc+ower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sut6cienc to pay taxes. assessments, insurance premiums and ground rents as they fall due. ~ Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed ? by Lender to Borrower requesting payment thereof. ~ Upon payment in full of all sums sccured by this Mortgage. l_ender shall promptly rofund to Borrower any Funds held by L.ender. If uader paragraph 18 hereof the Property is sold or the Property~ is otherwise acquired by Lender, Lender shall apply, no Iater than immediately priar to the sale of the Property or its acquisition by Lender, ~ any Funds held by Lend~r at the time of application as a credit against the sums secuted by this Mongage. 3. Applic~ion of Paymeats. Unless applicable law provi~ks othenvise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounu payable to Lender by Borrower under paragraph 2 hereof. tben Co interest payable on the Note, then to the principal of the Note, and the~ to interest and principa! on any Future Advances. 4. Charges; Lkns. Borrower shall pay all taxes, assessments and o~her 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 pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when d~. directly to the payee thereof. Borrower shall promPtly furnish to Lender all notices of amounts due under this paragraph, and ia the event Borrower shall make payment directly, Borrower shall promptly_ furnish to l.e~der receipts evidencing such payments. Borrower shall pr~omptly discharge any lien which has priority over this Mortgage; pmvided, that Borrower shall not be required to discharge any such lien so long as Borrow~er shall agree in writing to the payment of the obligation secured by such tien 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 aAy part thereof. S. Huud Iosurance. Borrower shall keep the improvemcnts now existing or- hereaftcr erected on the Property insured againat loss by fire, hazards included within the term "extended coverage", and such other hazards as L.ender may require and in such amounu 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 Mortgage. T6e insuraace carrier pmviding the insurance shall be chosen by Bornower subject to approval by Lender, provided. that such approval shall not be unreasonably withheW. Al) premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. if no1 paid in such manner, by Borrower making payment, when due, direcdy to the j insurance carrier. . j All insurance policies and renewals thereof shall be in form acceptable to L.ender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. i.ender shall have the right to hold the policies and renewals thereof, E and Borrower shall proroptly furnish to Lender all renewal notices and all rgceipts 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 G by Borrower. Ualess Lender and Boaower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is eco~omically 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 Mongage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond to l.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofters to setUe a claim for insurance benefits, l.ender is authorized to collcet and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums securod by this Mortgage. Unless I.ender and Borrower otherwise agree in writing, any such application of Qroceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph l8 hereof the Property is acquired by Lender, all right. tide and interest of Borrower in and to any insurance policies and in and to the prqceecls thereof resulting from~damage to the Property prior to the sale or acquisitioa shall pass to Lender to t6e extent of the sums secured by this Mortgage immediately prior to such sak or ~ acquiaition. ~ 6. Faservation and Maintenance of Property; Leasebolds; Condominiums; Planned Uoit Devdopments. Borrower shatl keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit. development, Borruwer 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 documents. If a condominium or planned unit development ~ rider is executed by Botrower and recorded together with this 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 if the rider ~ were a part hereof. ~ 7. Protectlon of Leader's Security. if Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invoiving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice 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, disbursemen't of ~ ~ reasonable attomey's fees and eotry upon the Propertr to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay ihe premiums required to msyntain such ~ insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ , . , 3~UKt)iJt~ i~_~clo~ . . _ - _ _ , ~ ,a-~ - ~ ~ _ . t~d~~~.~~~ ~ ,