Loading...
HomeMy WebLinkAbout0618 ~ , . . UNI~dU~ COVENANTS. Borrower a~d Leader covenant and a`ra u follows: ~jweN o/ hYe~i ~ INereM. `Borrowe~ shal) prompd~• psy when due the ptincipal ot and interat on the indebtednas evidenced b~? the Note. prep~yment and late chargec as provided in the NWe. and the principd o[ and interesl on aay Futuro Advances secured by lhis Mortgate. t lhi~i tor Ta:a Mi lwea~ee. Subject to applicahk law o~ ~o a written waiver by l.ende~. Bo~ro~we~ shall pay to L.ender oo the day mo~thly installments of principal and ~nt~rec~ rr~ ~yahk under the Note. until the Note is paid in tull, a sum (herein "Fund:'~ eqwl to one-tweltth ot ~he yearl~ ~a~c. anJ assessmen~s which may attaio priority over this Mortjaje. and ~~ound rcnts oo tAe Propeny. it any, plus one-tweltth of yea~ly prcmium installments for huard insurance. plus c+ne-tweltth ot ywrly prcmium installments for mortqge insu~ance, if any, all u reasonably atimated initially a~d trom time to time by l.euder on tbe buis of assestmcn~s and hills and rcasonable atimales thereof. 'Ibe Funds shall be heW in an instituti~n the depos~ts or •rccounts of wrhich are insurod or guaranteod by a Federal oT state aseocy (including Lender if Lende~ is such an ins~itution). I.ender ahall apply the Funds to pay said tua. assessments. imuranoe premiums and ~ound rents. I.ender may oot charge to~ sc+ holding and spplying ~he Fnndc. analyzing said account. or verifying and complina said assessmenu and bills, unkss Lender pays Borrower interat on the Funds a~d applicable law permits Lender to make such a charge. Borrowe~ and Lender may agree in writing at the time of executio~ ot ihis Mo~tp~e t6at intenst on the ~ shall be paid to Borrower, and unlas such agreement is made or aPplicabk law roquires such intuest to be paid. Lender shall not be rcquircd to pay Borrower any intercst or earnirtgs on the Funds. ~ender shaU ~ive to Botrower. without charge, a~ annual accounting of the Funds showing crodits and debits to the Funds and the purpose for which eac6 debit to the Funds wu made. The Funds are plodged u additional security for the sums secured by this Mort~age. If the amou~t of the Fuads held by Lender, together with the future monthly installments of Funds payabk prior to the due data of tues. asustmenls. i~urance premiums and ground rents, shall exceed the amount rcquircd to pay said taxa. atsemnents. i~unnoe prcmiums and ground renu u they tall due, such excess shail be. at Bor~ower s option, either poomptly rcpaid to Borrovrer or crodited to Bortower on monthly installmeuts of Fu~ds. It the amount of the Funds held by L,eoder shall not be sut6cient to pay tua. avessmeo[s, insurance premiums and gc~ound rents u they fall due. Borm~?er shall pay to Lender any amount nocasary to make up the deficiency within 30 days trom the date notice is mailed by I.ender to Horrower requestin8 paYment thereof. . Upoa payment in full of all suma ucured by this Mongage, l_ender shall promptly refund to Borrower any Fun~ held by [.ender. If under pusarsph 18 heroof the Propeny ia sold or the Property ~s wherwise acquircd by Lender. Lender shall spply. no later than immediately prior to the sak of the Property or its acquisitian by Lender. any Funds held bv L~ender at the time of application at a credit against the sums secured by this Mortgage. 3. A~licatio~ d l~ewh. Unless applicable law provides otherwise, all payments received by Lender uncier the Note and puagaphs 1 and 2 hereof shall be applied by L-ender first in payment of amounts payable to Lender by Borrower under psragraph 2 heooof. t6en to interest payabk on the Note, then to the principal of tlx Note, and then to interest and principal on any Fut~ue Advances. 1. ChaRes; Lkas. Borrower shall pay all taxes. assessments and other charges. fines and impositions attributable to the propeny wfiich may attain a priority over this Mortgage, and leasehold paymehts 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, dircctly to the payee theroof. Borrower shall promptly furnish to Lender all notica of amounts due under this paragraph, aad in the event Borrower shal! make payment directly, Borrower shall promptly (urnish to Lender receipts tvidencing such Payments. Borrower shall promp~ly dixharge any lion which has priority over this Mortgage: provided, that Borrower shall not be aquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6 lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defend enforcement ot such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard lnswawce. Botrower shall keep the improvements now existing or hereafter erecled on the Property insured against loss by firc, hazards included withm the term "eatended coverage", and such other hazards as Lender may require and in wch amounts and for such periods as Lender may require; provided, that LenJer shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums ucured by this Mortaaae• The insurance carrier providing the insurance shall be chosen by Borrower subjcet to approval by Lender, providod, that such approval shall not be unrcasonably withheld. All premiums on insurance policies shatl be paid in the manner j provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment. when due, directly to the ~ insurance carrier. ~ All insurance policies and renev?<als therrof shall be in form acceptable 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 policia and renewals thereof. ~ and Borrow~er shall promptly furnuh to Lender all renewal notices and all receipts of paid prcmiums. in the event of loss. ; Borrower shall g~ve prompt notice to ~he ~nsurance carrier and Lender. Lertder may make proof of loss if not made promptly f by Borrower. U~IGSS Lender and Borrower otherw~se agree in writing, insurance proceeds shail be applied to restoration or repair of ~ the Property Jamaged, provided such restoration or repair is economically feasible and the security of this Mortgage is z not ~hereby impaired. If such restoration or repair is not economically feasible or if the securiry 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. lf the Property is abandoned by Borrower, or it Bormwer fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofters to settle a claim for insurance benefits, Lender ~ is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repa!r o[ the Propem~ ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to pnncipal shal) not ertend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Prof,erty is acyu~red by l,ender, all right, title and interest of Borrower X in and to any fnsurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale or acqwsidon shall pass to Lender to the extent of the sums secured by this l~tortgage immediately prior to such sale or ~ acquisition. ~ 6. Praervation aod titaintenance of Property; Lease6ulds; Condominiums; Planned Uait DevelopmentS. Borrower r,, shall keep thc Property in good repair and shall not comroi~ W~te or permit impairment or deterioration of the Property - and shall comply with the provisions uf any lease ~f this Mortg~ge iti on a leaschold. 1( this Mortgage is on a imit in a condominium or a planned unit clevelopment, Borrower shall perform all of Borrower's obligations under the declaradon ~ or covenants creatmg or governing the condammium or planned unit development, the by-laws and regulations of the ti condominium or planned unit development, and cons~ituent documen~~. I( a condominium or planned unit Jevelopment - riJer ~s executed by Borrower and recorded ~agether w~~h th~~ Mortgage, the covenants and agreements of such rider ' shall be incorporated ~nto and shall amend anJ supplement the co~enants and agreements of this ~lortgage as if the riJer ~ were a part hereof. ~ 7. PrMectioo of Lender's Seeurity. If Borre?wer fa~lc t~• pertc~rm the covenantc anJ agreements contained in this Mortgage, or i( any acUOn ur proceeJ~ng i~ cummrnre.l wh~ch materiall}• afiectc 1_ender's interest in the Propert~~, = includmg. but n~~t lim~ted to. eminent doma~n. ~n«~Ivenc~, cucle rnforcement. or arrangemrnts or proceedings invoking a bankrupt or Jecedent, then Lender at LenJer'~ opt~on, upon no~~ce to Rormwrr, ma~ make such appearances, disburse such ~ sums and take such actiun rc ~s nece~tiar}' tu pro~ect Lender's imerest. ~nclud~ng. but not limited to. Jisbursement of ~ reasonable anomey's fces and entry ~~x~n the Propcr~}' ~o make rcpairc. If l.rnJer reyuircd mortgage insurance as a ~ cond~t~on o( mak~ng the loan secureJ by ~his Mortg:ige. B~~rr~~wer sh:+ll pay the premiums requireJ to mainta~~ such ~ insurance in rtiect until tiuch umc as Ihe reyuiremenl for tiuch msurance term~nates in ac.ordance with Bormwer's and ~ ~ ~ . gocx ~U4 oacE s1$ ~ _ _ ~ ~ _ _ - - - _ . .