Loading...
HomeMy WebLinkAbout0173 UN/PORM COVHN~NT3. Borrowa~ and Lender covenant and as~a u follows: tqweN o~ hi~clNi ~ INered. 8orrower shall p~omptly pay whe~ due tt~e principal of and interest on the indebtedneu evidenced by the Note. Prepayme~t and late cha~gec ac ~xovided in ~he Note. and the principal ot and i~terest on any Future Advances secured by this Mortgate. t Ftind~ ~or TaM a~i l~we~ce. Subject to applic~t+k law .~r to a writ~en waiver by l~endcr. Borrow~~ s1+~~~ Piy to Lende~ on the day moMhly i~stallme~ts of priocipal aod ~ntcrcct arc ~yabk under the Note, until the Note is paid in tull. a sum (herein "Funds") equal to one-twelfth of the yea~l) ~asc. anJ assessments which may attain priority ove~ this Mort~aje, and `round rcnts on the Pmperty, if sny, plus one-tweltth oi yearly prcmium installments for huard insurance. plus one-tweltth of yearly prcmium installments tor mo~tgage insurancc, it any, all as rcuonably estimated initially and tmm time to time by Lender on the buis of assessmcnts ancl hills and reawnable atimata thercof- The Funds shall be held in an i~stitu~ion ~he depac~a or accounts of which are insured or gwranteed by a Federal ot slate asency (includint Le~der if Lcnder is such an institWion). I.ender shall apply 1he Funds to pay said taxa. assessmeots. insuranoe prcmiums and ground rents. l.ende~ may not chuge for sc+ holding and applyin~ the F~~ndc. analyzing aaid account. or verityin~ aod complins said assessmeots a~~d bills, unless l.ender pays Borrowe~ interat on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in wr:::~g at ~he time of execution ot this Mort~age that interat on the Funds shall be paid to Borrower, and unlas such agreeme~t is made or applicable law requires such intercst to be paid. Lende~ sfiall not be rcquired to pay Borrovrer any interat or earni~gs on the Fu~ds. l.ender shaU pve to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and ihe purpose [or which each debit to the Funds wu made. The Funds are plodged u additional security for ~he sums secured by this Mortpge. If the amount ot the Fuads heW by Lender, toge~her with the future monthly installme~ts ot Funds payabk prior to the due data of taxes, ass~ssments. insurance prcmiums and ground rents, shall exceed the amount required to pay said taxa, asseaunents. inaurance prcmiums and ground rcnu as they fall due, such excess shall be, at Borrower s option, either promptly rcpaid to Bormwer or credited to Borrower on mon~hly installments of Funds. If the amount of the Funds 6eld by Lender shdl not be sut6cient to pay ~taxa. sssessments, insurance prcmiums 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 paymeot thercof. Upon paymeM in full of all sums secured by this Mortgage, t_ender shall promptly rcfund to Borrower any Funds held by Leader. If under puagraph 18 hereoi the Propeny is sold or the Propeny ~s otherwise acquired by Lender, Lcnder s6d1 apply. no later than immodiately prior to the sale o[ the Property or ~s acquisition by l.ender, any Funds held bv Lender at the time of application u a credit against the sums secured by this Mortgage. 3. Application of laroeots. Unless applicable law provides otherwix, all payments received by Lender under the Note and paragnphs 1 and 2 hercof shall be applied by I.ender first in payment o[ amounts payable to Lender by Borrower under paragraph 2 heroof. t6en to interest payable on the Note, Ihen to the principal of the Notq and Ihen to interest and principal on any Future Advances. 4. Ch~r~es; Liens. Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner pe+ovided unek~ paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee theeeof. Bortower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, u?d in the event Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidtncing such payments. Bonower shall promptly discharge any lien which hu pnonty over this Mongage; provided, that Borrower shall not be rtqwred to discharge any such lien so long as Borrower shall egree in writ~ng to the payment of the obligation ucured by such I~en ~n a manner acceptable to Lender, or shall in gocxi faith contest such lien by, or defenJ enforcement of such lien in. legal proceed~ngs which operate to prcvent the enforcement oi the hen or forfeiwre of the Property or any part thereof. S. Hszard Insurance. Borrower shall keep the improvemems now e~isting or hereafter erec~ed on the Property insured against loss by fire. hazards included with~n the term "rrtendeJ coverage", and such other hazards as Lender may require and m such amounts and (or such periods as Lender may reyuire; provideJ. that LenJer shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortaage. The ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. f that such approval shall not be unreuonably withheld. All premiums on insurance policies shall be paid io the manner ! provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to thc 6 insurance carrier. ! All insurance pol~c~es and renewals therrof shall be in form accep~able 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 Borrow•er shall promptly furn~sh to Lender all renewal notices and all receipts of paid premium~. In the event of loss. ~ ' Borrower shall grve prompt nouce ro the insurance carner •rnd Lender. Lender may make proof of loss if not made promptly ~ by Borrower_ Unless Lender and Borrower other~•~se agree in writing, insurance proceeds shall be applied to restoration or repair of ~ tix Property damaged, proviJed wch restoration or repau is economically feasibte and the security of this Mortgage ic ~ not thereby impaued. If such restoration or repair is nut ccunomicatly feasihle or if the security of this Mortgage would . ~ be ~mpaired. the mwrance proceeJs shall be applied to the sums secured by this Mortgage, with the excess, if any, paid . = to Borrower. If the Propern~ es abandoned i~y Borrower, or it Borrower fa~ls to respond to Lender within 30 days from the ~ date not~ce ~s mailed by~ Lender to,sorrower that the.insurance carner ofTers to seule a claim for insurance benefits, Lender ~ is authc~rized to cvllect and apply the insurance proceeds at l.ender's optiun either to restora~ion or repa~r of the Propenc ~ or to the sums ~ecured by this :Nortgage. ~ Unlest 1_ender and Borruwe~ otherv?ise agree m writ~ng, any such ~pplica~ion of prcx:eeds to pnncipa{ sh:~ll not extend ~ or postpone the due Jate of the monthl}• installment~ referred tu in paragraph~ 1 and 2 hereof or change the amount of such ~nstallments. If under paragraph t8 hereaf the Property i~ acywred h~ Lender. :~II nght, ti11e and interest of Borrower ~ in and to any tnsur~nce pol~cies and in and to thc proceeds thereof resuhing from damage to the Property prior to th~ sale ~ or acquisition shall pass to Lender tu thc e~tent of the wms ~ecured by this :~tortgage immediately pnor to such sale or acquisition. 6. Praena~ion and ~ttintenance of Propert~: Leasehulds: t'ondominiums; Planned Unit Developments. BorroHCr shall keep the Property in good repair and shall not comroit Kastc or permit impairment or deterioration of th~ Propeny and shall comply with thc proviswns of any lease ~t th~ti 4lortgage n un a Icasch~~ld. If this Mortgage is on a unit in a ` condominium or ~ planned ~nit de~elopment, Borrower shall perform all of Borrower's obl~gat~ons under the declarat~un or covenants creating or guvernmg the condominnim or planned umt develupmenL Ihe by-laws and regulation~ of the conJominium or planned unit development, and constituent Jixumemti. If a condominium or planned unit development nder ~s exec:uted by Borrower and recorded a~gether w~th ihi~ M.~rtgage, thr covenants and agreements of such rider shall be in~orporated into and shall dmend anJ supplcment thc co.enants and agreements o( this Mortgage as if the ri~ler ~ µere a part hereof. ~ °z '7. Prolection of I,ender's Security. If B~rmwer (.ul, a. ~xrf~~rm the covenants an~t agrcements contained in this Mongagr, or i( any acl~on ur proceeJ~ng i~ <<~mmrnce.l ~hich matenal{y alTrctti LenJer's interetit in the Propeny, I mcluding. hut rn~t I~rnned ro. cm~ncm dum.un. im~~l.enc~. ~~xi~ rntrr~emrnt. ~.r .,rr:~nK~m~ms ~~r pruccedings invoh~ng a bankrupt ~~r Je.~dent. then Lender at I enJer'~ ~pti~•n, u~~n n~~tice t~~ H~rmwer. ma~ m.~kr SUiF1 ap~arances. Jishurae such ' ~ti sumti and ta~,r such ac~ian a~ is nece~tiar~ h~ pr~nert l.~ndrr'~ inleresl. ~nclnd~ng. but n~?t Iim~teJ to. Ji~bursement of reawnahle au~~mey's treti and eniry up~~n thc Propcrty to m~ke rep~ir~. If Lrnder rryuireJ martgagc inwrance as a - conJiUun ~~f rnak~ng thc loan ~ccureJ by thi~ ~t~~rtg.~cc. N~~rru~rr sh:~ll pap thr premiumti rcyu~reJ to maintatn such ~ insurancr in rHect unt~l tiuch t~me as the reynirement far ,uih imuranre l~rm~nalr~ ~n .ir~ordanee w~ith Borrower', anJ ~ ~ ~ ,~~,y, ~04 ~~~f ~73 - ~ ~ ~ - - - _ , ::j: . R~~~~~~'~ ~v ~++s~ ..n n ~ _ ~ n ~~r~>~'~,:'}~+~i"~~."~*Y ~ _ " _ . ~ _ .