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HomeMy WebLinkAbout0309 UNIFORM COVENANTS. Bonower and LenJer covenant and ag~ee as follows: ~ 1. Piyllllql OI P~IIICI~fi i0~ IAftflfl. Borruwer shall promptly pay when due the principal of and interest on the i~debtedness evidenced by the Note, prepaytne~t and late cha~ges as p~ovided in the Note, and the pnncipal of and interest on aay Future Advances secured by this Mortgage. 2. Fhads for Tua ~nd Iaarsace. Stibject to applicable Iaw or to a written waiver by l.ende~, Borrower shall pay to Lender on the day monthly installments of principal aad interest are payable undcr the Note. until the Note is paid in tull, s sum (herein "Fu~~") equal to o~atwelfth of the yearly taxes and assessments which may attain priority over this Mongage, and ground re~ts on the Property. if any. plus one-twelfth of yearly premium installments for hazard insurance. plus onatwelfth of yearly premium iaslallments for mortgage insurancr. if any. all as'reasonably estimated initially and from timo to time by Lender on the basis of assessments and bills and reasonable estimates thereof. ~ 'Il~e Funds shall be held i~ an institutio~ the deposits or accounts of which are insurod or guaranteed by a Federal or state agency (iacluding Lender if Lender is such an institution). l_ender shall apply the Funds to pay said taxes, assessments, : insurance pnmiums and grour~d rents. Lender may not charge for so holding and applying the Funds. analyzing said account, ~ or verifying and compiling said asussments and bills. unless l.ender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lcnder may agree in writing at the time of execution of this . Mortgage that inter~t on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law . requires such interest to be paid. Lender shall not be required to pay Borrower any interest or eamings on the Funds. Lender + shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional ucurity for the sums secured by this Mottgage. If the amount of the Funds held by l.ender, together with the future monthly installments of Funds payable prior to the due dates of taues. assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessmenis, insurance premiums and ground rents as they tall due, such excess shall be. at Borrowor's option, either ; promptly repaid to Borrower or crodited to Borrower on monthty installments of Funds. lf the amount of the Funds held by Lender shall not be sul6cieat to pay taxes. asse.ssments. insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necasary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requestiag payment thereof. Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by I.end~r. If under paragraph 18 hereo[ the Property is ~ald or the Property is otherwise acquired by Lender. Lender shall apply. no later than imcnediately prior to the sale of the Property or its acquisition by l.ender. any Funds held by L.eoder at the time of application as a credit against the suins secured by this Mongage. ~ ~ 3. Apptlcatioa of PaYmeats. Unless applicable law provieles othetwise, all payments received by Lender under the ~ Note and paragraphs 1-and 2 hereof shall be applied by t_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. C6arges; Lk~. Borrower shall pay all taxes, assessments and other 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 manaer ~ pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to ihe payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and io the event € Borrower shall make payment directly, Borrower shall promptly furnish to I.ender receipts evidencing such payments.. Bonower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be ; required to discharge any such lien so long as Borrower shall agree in writing to the payment o( the obligation secured by ~ suc6 lien in a manner acceQtable to Lendei, or shall in good faith contes~ such lien by, or ckfend enforcement of such lien in, - legal proceedings which operate to prevent the enforcement of thc lien or forfeiture of the Property or any part thereof. ; S. Ha~rd Iasuraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage eaceed that amount of coverage required to pay the sums secured by this Mortgage. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, i that such approval shall not be unreasonably withheld. All premiums on insurance policies shalt be paid in the manner f provided 'under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. . E All insurance policies and renewals thereof shall be in form acceptable to Lender and shall incl~de a standard mortgage clauu in favor of and in form acceptable to Lender. Lender shall have the righi to hold the policies and renewals thereof, t and Borrower shall proroptly furnish to [.ender all renewal notices and al! receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender ntiay make proof of loss if not made promptly ~ by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ; the Propeny damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is t 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. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30~ days from the y date notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, L.ender ~ is authorized to ~collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such aPplication of proceeds to principal shall not extend ~ or pcutpone the due date of the monthly installments referred to in paragraphs 1 anJ 2 hereof or change the amount of = such installments. If under paragraph 18 hereof the Property is acyuired by Lender, alt right, _title and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resuhing from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to the extent of the sums secureJ by this Mortgage immediately prior to such sale or , ~ acquisition. - ~ 6. Praenation snd Maintenance of Property; Lea;eholds; Condominiums; Planned Unit Developments. Borrower ~ shall keep the Properiy in good repair and shalt not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. 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 covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~a condominium or planned unit development, and constituent documents. lf a condominium or planned unit Jevelopment rider is executed by Borrower 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. Protection of Leale~s Security. If Borrower fails to perform the covenants and agreements contained in this - Mortgage, or if any action or proceeding is commenced w~hich materially affects Lender's interest in the PropeNy, ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a - bankrupt or decedent, then l.ender 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, disbursement of ~ reasonable attomey's fees and entry upon the Property to make repairs. If L.ender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such Ume as the requirement for such insurance terminates in accordance with Borrowei s and ~ ~ F . . ~ , ~~U4 _ 3pg _ o-~ ~ ~ _ _ .