Loading...
HomeMy WebLinkAbout0318 ~ . i UNIFORM COYHNANTS. Bonower and 1.enJe~ covenunt and agree as foilows: 1. Paymeat of Priacipal aod laterest. Borrower shall promptly psy when due the principal of and interest on the i indebtedness evidenced by the Note. ptepayment and late charges as provided in the Nete. and the principal of and interest ~ on aay Future Advances secured by this Mortgage. ~ 2. Fbnd~ for Tua aad Iowraace. Subject to applicable law or to a written waiver by l.ender. Borrower shall pay ~ to Lender on the day monthly installme~ts of principal and interest are Payable under tho Note, until the Note is paid in full, ~ a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this ~ Mongage. and ground renta on the Property. if any, plus onatwel(th of ycarly premium installments for hazard in~urance. ~ plus onatwelfth of yea~ly premium installments tor mortgage insurance, if any. all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and rcasonablc estimates thereof. . The Funds shall be held in an institution the deposits or accounts of which are insurod or guaranteed by a Federal or state agency (including Lendtr if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. ~ insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account, or verifying and compiling said auessments and bills, unless Lender pays Borrower interest on the Funds and applicable law ( permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this f Mortgage that interest on the Fuads shall be paid to Borrower, and u~less such agreemeat is made or applicable law rcquires such interest to be paid~ Lender shall not be required to pay Borrower any interest or earnings 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 j purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. ~ ? If the amount of the Funds hcld by Lencier,, toge~her with the future raonthly installmonts of Funds payable prior to t the due dates of taxes. auessments. insutar.ce premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance promiums and ground rents as they fall due. such excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount of the Funds ~ held by Lender shall not be sutScient to pay taues, 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. ` t Upon payment in fuU of all sutns sec~red by this Mortgage, I.ender shall promptly refund to Borrower any Funds held by Lenckr. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mongage. 3. Applkatbn oE Payments. Untess applicable law provides otherwise, all payments received by Lender under the . Note and paragraphs 1 and 2 hereof shall be applied by 1_ender 6rst in payment of amounts payable to Lender by Borrower ~ unde~ paragraph 2 hereof, then to interest payablc on the Note, then to the principal of the Note, and then to interest and , principal on any Future Advances. . 4. Charges; Lk~. Borrower shall pay all taxec, assessments and othcr charges, fines and impositions attributable to r thc Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner , provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall prumptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to I.ender receipts evidencing such payments. ~ Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to dixharge any such lien so long as Borrower shall agree in a~riting to the payment of the obligation securcd by such lien 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 any part thereof. ° ~ S. Huard Insurance. 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 hatards as Lender may require ; and in such amounts and for such periods as Lender may require; provided, that LenJer shall not require that the amount o! ` such coverage exceed that amount of coverage required to pay the sums secu~~u ~~y ;;~~€~a~~. ' "I'6e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, tbat such approval shall not be unreasonably withheld. All prcmiums on insurance policies shall be paid in the manner provided uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ; clause in favor of and in form acceptable to L.ender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event o: loss. Borrower shall give prompt notice to the insurance carrier and Lender_ Lender may 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 Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is x not theteby 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 secureJ by this Mortgage, with the excess, if any, paid s to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by I.ender to Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits, Lender ~ is authorized to collect and apply the insurance proeeeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. ~ Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ; or pcutpone the due date of ihe monthly installments referred to in paragraphs I and 2 hereof or change the amount of ' ` suc6 installments. If under p~ragraph l8 hereof the Property is acyuired by Lender, all right, title and interest o[ Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisipon shali pass to l,ender to the extent of the sums secured by this Mortgage immediately prior to such sale or _ acquisition. 6. Prrse~ation and yfaintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower ~ 3 shall keep the Property in good rep~ir and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any tease 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 t 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. 1[ a condominium or planned unit Jevelopment ` rider is executed by Bonower and recorded together with this Mortgage, the covenanls and agreeme~s of such rider ~ ~ shall be incorporated into and shall amend and supplement the covenants and. agreements of this Mortgage as if the rider ~ w•ere a part hereof. ~ - 7. Protect~on of Leade~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 Propeny, including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse sach _ ~ sums and take sue6 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 Lender requi~ed mortgage insurarsce as a ~ ~ condition of making the loan secured by this Mortgage. Borrow•er shall pay the premiums required to maintain such ~ insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and ~ J `r~V4 1R i ' ' 0 I'.~ ~ ~ ~.i V • ~ - ~ - - - - _ . ~ ~ ~ u ~~s~~'_..~ ~.:dv~'+~.'~.~"4= . - , L "c