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HomeMy WebLinkAbout0339 ~ UNIFORM COVENANTS. Borrower a~d Lende~ covenant and agrce u follows: 1. Payment ol Princip~l and lnterest. Borrower shall promptfy pay when due the principal of and interest oo the indebtedneu evidenccd by the Note, prepayment and late chargcs as provided in the Notc, and the principsl of and intercst on any Futurc Advsnces secured by this Mort~age. 2. Fbads fo~ Tues aai las~raace. Subject to applicable Iaw or to a written waiver by Lende~. Borrowe~ shall pay to Lender on the day monthly instaltments of principal and interest are payable under 1he Note. until the Note is paid in fuil. a aum (hercin "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority uver this ~ Mortgage. a~d ground renb on the Property. if any. plus one-twelfth of yeatly premium installmcnts for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any. all as rcasonably eslimated initially and from time to time by Lender on thc basis of assessments and bills and reasonabk estimates thereof. 71~e Funds shall be held i~ an institution the depoaits or accounts of which are insured or guaranterd by a Federal or state agency (ir~cluding Lender if Lender is such an institution?. Lender~shall appty the Funds to pay said taxes, assessmenu, insuranco premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account, or verifying and rnmpiling said asussments and bills. unless Lender pays Borrower interest on the Funds and applicabl~ law permits Lender to make such a charge. Borrower and 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 ~ requires such interat to be paid. l.ender shall not be requircd to pay Borrower any interest or aarnings 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. 'il~e Funds are plodged as additional security for the sums ucured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installme~ts of Funds payable prior to i the due dates of taaces, assessments. insurance Premiums and ground rents. shall exceed the amount required to pay said talces. asszssments, insurance premiums and ground rents as they tall due. such escess shall be, at Borrower's option, either promptly repaid to Borrower or creditod to Borrower on monthly ir~stallments of Funds. If the amount o[ the Funds held by Lender shall not be sutficient to pay taues, assessments, insurance premiums and ground rents as they fall due, Borrowe~ shall Qay to Lend~r any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requestiag payment thereof. Upon paymeat in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by [.ender. 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 ti:e Property or its acquisition by I.ender. any Funds held by _ i.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Appiicatba ot Payments. U~less applicable law provides otherwise, all payments received by Lender under the Note aad paragraphs 1 and 2 t~ereof shall be applied by !_ender 6rst in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, 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. Chuges; Lkns. Bonower shall pay all taxes, assessments and other charges, fines anJ impositions attributable to ! the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner > provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due. directly to the payce thereof. Borrower shall promptly furnish to Lencier all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promptly disc6arge any lien which has priority over this Mortgage; provided. thaE Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured 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 o[ the lien or forfeiture of the Property or any part thereof. S. Huud I~urance. 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 reyuire; provided, that Lender shall not reqaire that the ameunt of f ' such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. ; ; 'il~e insurance carrier providing the insurance shall be chosen by Borrow~er subject to approval by Lender, provided. ~ that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ~ provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the ~ insurance carrier. ; All insurance policies and renewals thereof shall be in fo'rm 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 fumish to Lender all renewal notices and all receipts of paid premiums. tn 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 i by Borrower. E ; Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ ~ the Property damaged, provicied such restoration or rePair is economically 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 Mortgage would e ~ 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 ~ date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender ~ 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 w~iting, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly instal(ments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acquired by L.ender, 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 the sale ~ or acquisidon shall pass to i.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition ~ 6. Presenation and Maintenance of Pmperty; Leaseholds; Condominiums; Planned Unit Der•ebpments. Borrower ~ shall 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 lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a j ~ condominium or a planned unit de~•elopment, 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 condominium or planned unit development, and constituent documents. If a candominium or planned unit development - ricier is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and s6a11 amend and supplement the covenants and agreements of this Mortgage as if the rider ; were a part hereof. - 7. Protectlon of Lende~s Security. If Borrow~er fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially aHects Lender's interest in the Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a " bankrupt or decedent, then L.ender at L.ender's option, upon notice to Borrower, ruay make such appearances, disburse such _ ``.7 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 Lender 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 eHect until such time as the requirement for such insurance terminates in accordance with Borrower s and : ~ : . ~~~Fr~U4 339 _ - - - - ~ : ~ ~ F ~ = n. y.~ . . ~ ~ ~ ~