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HomeMy WebLinkAbout0036 UNIlORh1 COVENANTi. Bomowu and Leoder covenant and asree u tollows: 1. ~eN o1 T~tIMI ri I~A. 8orrowe~ shall promptly pay when due the p~incipal ot and interat on the indebtednas evidenoed by the Note. prepayment and late chargec a~ provided in the Note, aod the principal of and inteiest on aay Future Advances ~cur~ed b~r thi: Montate. 2. Ih~Ne tor Tata ni Iwe~ee. Subject to applicahk law ar to a writtee waive~ by Lsnder. Bortowe~ shall pay tn Lender o~ 1he day mon~hly installmeots of principal and intcrect arr payahle unde~ Ihe Note. until the Note is paid in tull, i • ~um (herein "Fw~ds'~ eqwl to one-twelf~h ot the yea~l~~ usc. anJ auasments which msy attain priority over this Mort~aje. and tround renb on tlie Prope~ty, if any, pius o~e-tweit~h of yea~ly premium installments [or ha~ard insunnce. plus oae-twelfth oE yesrly premium installme~ts for mongsge insurancc, if any, all u rcuonably estim~tcd initially and from dme to time by Lender on the buis ot asse:tmcnls and hills and reasonabk estimata therco[. ; 71~e Funds shall be held in an insti~ution ~he depos~t~ or accounls af which ate insurcd or Suannteed by a Federal ot ttate agency (includina Leoder if Lender is such an institution). 1_ender xhall apply the Funds to pay uid ~axes. assessments, i ir~suranoe premiums and ground rcnts. l.ender may no~ charge tor so holding aod applying the Fundc. analyzing said account, ~ or verifyin~ aod comqlinj uid assessments aod bills, unless t_ender pays Borrower intercst oe the Funds and applicable law , permits Lender to make such a charge. Borrower and L.ender may agree in writiog at the time ot ezceution ot this Mortjaaes that interat on Ihe Funds shall be paid to Bor~ower. and unless such agreement is m~de or applicable law requira such interat to be paid, l.ender shall no~ be requircd to pay Borrower any interest or earnings on the Funds. Lender s6a11 pve to Borrower. without charge, an annual accoun~ing of the Funds showing credits and debits to the Funds and the purpose for which taeh debit to the Funds was made. The Funds arc pledged u additiona! socurity for the sums secured by t6is Mortsage. If the amount of the Funds held by Lende~, together with ~he future mo~thly installments of Fands payabk p~ior to the due data o( ta~tes. assa;ments, iosurance prcmiurtu and ground rents, shall exceed the amount required to pay said taaes. stsatments. insunnce prcmiums and ground rcnts u they (all due, such excess shall be, at Borrower s op~ion, either pranptly rcpaid to Bprrower or credited to Borrower on mon~hly installments of Funds_ I( the amou~t of the Funds beld by Lender shall not be sufficieat to pay tues, assessments, insurance prcmiums and gcound rents ss they fall due, Borto~?er shall pay to l.ender any amount necessary to make up the de6cie~cy within 30 days from the date notice is mailed by Leader to Ilorrowec requesting payment ~hercof. Upon .paymeat in full of all sums secured by this Mortgage, l.ender shall promptly retund to Borrower any Funds held by [.enckr. If under paragraph 18 heteof the Property i~ sold or the Property is otherwise acquircd by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv L.ender at the time of applicatio~ as a credit against the sums secured by this Mortgage. 3. A~plicatio~ ot Payde4ts. Unless applicable law provides otherwise, all payments rettived by Lender under the Note and papgnphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower uader paragraph 2 hereof, tben to interest payable on the Note, then to the principal of the Note. and then to interat and principal on any Future Advances. 1. C6~r~a; Lkns. Borrower shall pay all ta~rc, assessments and othcr charges. fines and impositions attributable to tbe Propeny which may attain a pnority over this Afortgage, and lea,ehold payments or ground rents, if any, in thc manner pmvided under paragraph 2 hereof or, if not paid ~n such manner, by Borrower making payment, when due, dircctly to the payoe thereof. Borrower shall promptly furnish to Lender all notices of amounts dtie undet this para~raph. and in the event Bormwer shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has pr~onty over this Mortgage; provickd, that Borrower shall not be rcquired to d~scharge any such lier, so long as Borrower shall agree i~ v?•rihng ~o the payment of the obligation ucurcd by such 6en in a manner acceptable to Lender, or shall in go~xi (aith conte~t such lien 6y, or defenJ enforcement of such lien in, legal proctedings which operat~ to prevent the enforcemcnt of ~hc lien or [orfature of the Property or any part thereof. S. Huud Insnrance. Borrower shall kcep the impro.•cmcnts now• existing or hereafter ereded on the Property insured against loss by fire, hazards included wi~hm the term "extended coverage", and such other hazards as Lender may require _ wd in such amounts and !or such periods as Lender may requirc: provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the s~ims seu~red ~by this Mor~Eage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shatl not be unreasonably withheld. All prem~ums on insurance policies shall be paid in the manner provided uncier paragraph 2 hereof or,. if not paid in such manner, by Borrower making payment, when due, dircctly to the li insurauce carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender anJ shall include a standard mortgage ; clause in favor of and in form acceptable ~o Lender. Lender shall have the right to hold the policia and renew~als ihereof, and Borrower shall promptly furnish to Lender all renewal nouces and all receipts of paid prcmiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and l.ender. Lertder ma}~ make proo( of loss if not made prompNy by Borrower. ~ Unless Lender and Barrower otherwitie agree in µ~riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, prov~ded such re~toration or repair is economically feasible a~d the security of this Mortgage is ~ not thereby impaired. If such restoration or repa~r is noi ccunumic~lly feasihle or if the securiry of ~his Mortgage would ; be impa~red. the insurance procceds shall be applied to the sums secured by this Mortgage, with the ezcess, if an}, paid ~ to Borrower. It thc Propertv is abandoned by Borrawer, or it Bormwer fails to respond to Lender wrthin 30 days from the ~ date notice rs mailed by Lender to Borrower that the insurance carrier ufTers to settle a claim for insurance benefits, Lender ~ is authorized to collect and apply the ~nsurance proceedi at LenJer's optiun either to restoration or repa!r of ihe Propertv ~ or to the sums secureJ by this ltortgage. g Unless Lendcr and Borruwer otherwi~c ~grec ~n wnting, any surh application uf pr~x:eeds ~o principal shall not extend = or postpone the due date of the monthly installmemc referred t~~ in paragraph~ 1 and 2 hereof or change the amoont of ~ such installmentc. I( under paragraph 18 hereof the Property is acyuired hy l.ender, ali nght, title and interest of Borrower ~ in aod to any tnsurance policies and in and to the proceecis thereof resulting from damage to the Property prior to thc sale or acquisition shall pass to Lender tu the e~tent ot the wms ~ecured by this Atortgage ~mmediately prior to such sale or ~ acquisition. ~ 6. Preservatioo aod ~fainten~nce of Property; Lesseholds; Condominiums; Planned Unit Developments. Borrowcr s shafl keep the Property in good repair and shall not comroit y~aste c~r pcrmit impairment or deterioration of the Property and shall comply with the provisions of any lease ef th~, Mor~gage n un a Icasrhold. 1f this Mortgage is on a unit in a _ condomimum or a planned unrt devclopment, Borrower chall Exrform all of Borrower's obligat~ons under the declaraUun r or covenants creat~ng or guvernmg the condommium or planned umt development, the by-laws and regulations of the condomin~um or planned unit development, and constituent ~~umentt. If a condominium or planned unit development ° nder is executed by Borrower and rerorded tagether with ih~. Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend anJ supplrmem the co~enants anJ ~grerments of this Mortgage as if the ri.fer ' were a part hereof. ~ 7. Prolection ot Lenders Securfty. If H~~rr~~~er fa~h tr ~xr~~~rm the covenams anJ agreements rontained in this z Mor~gage, ur if any acUOn ur prcxeed~ng c~~mminceJ ~hrch ma~crialh aTrct~ Lender'~ ~nterest in the Proper~~•. ~ mclud~ng, bii~ n~~t I~m~ted to. cmincnt domam. im~~l~cnc~. c~~dr rn(~~rrcmrnt. ~~r ~rrangcmcnts c~r pmcccdings invol~~ing a f bankn~pt or decedent. ~hen I.enJer at I.ender'~ c.pUOn, u~~n n~~tice t~~ Horrow•cr, ma~ makc such appearances, disburse such ~ sums and take such actiun a, is necee,ar~ to pr~~~e. t I.ender'. interest. inrlu~Lng. but not hmited to, disbursement of ; reasonahle auomey's (~e~ and en~ry up~~n the Propcrt~• t~, m.ikc repa~r.. It I.rnJer reyuircJ mortgage inwrance aS a conJihon uf mak~ng lhe loan ~ecureJ b~~ th~, ht~~rl~aKr. B~~rruHrr sh;~ll pap thr premiums requireJ to maintain such insurancc in cftcct unnl wch umc as thc rcyuirc~ncnt (~,c ~urh mcuranrr trrminatc~ in :~ccordancc wnh Borrawcr's anJ , ~ _ ~ y ~ ~ 305 ~ ~ : 36 - , . . . ti - - .