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HomeMy WebLinkAbout0048 UNI!'ORA1 COVENANTl, Borrowe~ and Lender covenan~ and a~ree u follows: 4!~t o~ l~MclMl a~i 1NeeeM. 8wrower shall promp~l) paY when due the principal of and intercst on the iedeMtdnat evidenad by the Note, prepsyment and late charga ac providtd in Ihe Note, and the principal ot and inte~esl on any Futurc Advances secur~ed by this Mortgase. - 2. P'~~i tor Ta:p a~i i~wn~ce. Subject to applicabk law ur to a writtsn waive~ by l.ender, Borrower shail pay to L,ender on the day mo~thly iostailments ot principal and int~rcct ~rc ~yahk under the Note. until the Note is paid io tull. a swn (herein "Funds'~ equal to ooe-twelfth of the yeari~ usc. and assessments which may attain priority ove~ this Morttase. and ~round renu on the Prope~ty, if any, plus ane•~wel(th ot yearly premium ins~allmeots for hazard insunnce. plus one-twel[th of yeuly prcmium installmen~s tor mongage insurance, it any, all as rcuonably estimated initially and trom time to time by Lender on the buis ot assasmcnts and hills and reawnable estimata th=rcof. 'il~e Funds shall be held in an institution the depos~ta or •rccounls of which arc insurcd or guaranteed by a Fedenl ot state a~ency (includin6 Lender it Le~der is such an institutionl. I_ende~ shall apply the Funds to pay said taxes. asseuments. insursnce premiums and ground ronts. t.ender may nol charge tor so holding and applying the Fnndc. analyzing caid actount. or verifyin~ and compiling uid assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permiu Lender to make such a charge. Barrower and l.ender may agrce in writing at ~he time ot execution o[ this Mort~aae 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, Lender shall not be rcquired to pay Borrower any intercst or earnings on the Funds. Lender shall aive to Borrower~ witlaut charge, an annual accounting of ~he Funds showing credits and debits to the Fu~?ds and the purpose for which wch debit to the Funds was made. The Funds arc plodged u additional security for ~he sums secured by this Mortaage. If the amount of tbe Fuads held by Lender, together with the future monthly installments of Funds payabk prior to the due data of tues, asseumenu. insurance prcmiums and ground rcnts, shall exceed the amount rcquired to pay said taxa, asseatments, insurance prcmiums and ground rents as they fall due, such excess shall be, at Borrower s optian, either pranptly rcpaid to Bormwer or crodited to Borrower o~ rnonthly ins~allmen~s of Funds. If the amount of the Funds , held by Leoder shall not be suf6cieat to pay taxes, assessments, insurance prcmiums and ground rents u they fall due, Borrowe~ shall pay to Lender any amount necessary to make up ~he deficiency within 30 days trom the date notice is mailed by Lender to Borrower requestmg payment thereof. Upon paymtot in [ull of all sums securcd by this Mortgage, l_ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hercof the Property i~ sold or the Propeny ~s aherwise acquircd by Lender, Lender shall spply; no later than immediately prior to the sale of tAe Property or its acquisition by Lender. any Funds held bv L.eoder at th~ time of application aa a credit against the :ums securcd by this Mortgage. 3. ApPticatlw~ ot Payments. Unless applicable law provides othcrwise, all payments received by Lender under the Note aad pangraphs 1 and 2 hereof shall be applied by l_ender first in Payment ot amounts payable to Lender by Borrower under paragraph 2 horeof. tt~en to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. C6artes; Liens. Borrower shall pay all t~xes. assessments and othcr charges. fines and impositions attributable to tbe PropeRy 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 m such manner, bv Borrower making payment, when due, dirocUy to the payee theoeof. Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, aod in tt~e event Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly dixharge any lien which has pnonty over this Mortgage; provided, that Borrower shall not be required tu discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securcd by such lien in a manner acceptable to Lender, or shall in good faith cuntes~ such lien by, or defend enforcement of such lien i~, legal proceed~ngs which operate to prcvent the enforcement of the lien or forfeiwre of the Property or any part thereof_ S. Hwrd I~urance. Borrower shall keep the improvemcnts now existing or hereafter erected on lhe Property insured against loss by fire. hazards included with~n the term "extended coverage", and such other hazards as I_ender may reyuire and in such amounts and for such periods as Lender may reyuire: provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay ihe sums secured ~by this MortEage. i 'I~e ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approva) by Lender, provided, j that such approval shall not be unreazonably withheld. All premiumc on insurance policies shafl be paid in the manner ~ provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower making payment, when due, dircctly to yhe , insunnce carrier_ ; All insurance Fwlicies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ; clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower sh~ll promp~ly furn~sh to Lender all renewal nodces and all receipts of pald premiums_ ln the event of loss, I Borrower shall gn•e prompt notice ro the insurance carrier and LenJer. LenJcr may make proof of loss if not made promptly F by Borrower. s Unless Lender and Borrower otherw~se agree in wrrtmg, imurance p~oceeds shall be applied to restoration ~r repair of ~ the Property ~iamaged, proviJed such re~toration or repau is economically feasible and the security of th~s Mortgage is s not thereby impa~red. lf such restoration or repair is n~~t ~conomicaUy (casible or i( ~he 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. lf the Property is abandoned by Borr~wer, or if Borrower fails to respond to Lender within 30 days from the ~ Jate notice ~s mailed by Lender to Borrower that ~he insurance carrier ofTers to seule a claim for insurance benefits, Lender s is aut6orized to collect and apply the insurance proceeJs :~t Lendcr's opt~on either to resturation or repa~r of the Propert~• 4 or to the sums ~ecured b}• this Mortgage. ` Unless [.ender and Burrower otherwise agree in writing, any such applica~ion ~.f prckeeds to pnn~ipal shall not extend ~ or postpone the duc date ot the monthly installmentc refcrred a~ in paragraph, I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereot the Properry is acywred h} LenJer, ali nght, tide and interest of Borrower ' in and to any tnsurance policies and in and to thc proceeds thereot resulung from damage to the Property prior to th~ sale ~ or acquisition ~hall pass to Lender to the e~tent of the aums secured by th~s Mortgage immediately prior to such sale or ~ acquisition. ~Y 3 6. Pnsenation and 1laiotenance of Properly; [.easeholds; Condominiums; Planned Unit De~elopments. Borrower ~ shall keep the Property in good repair and shall not comrpit y~~aste or pe~mit impaument or deterioration of the Property - and shall comply~ aith thc provisions of any lease if thn Mortg:~ge ~ti ~,n a IeaschuW. If this` Mortgage is on a unit in a- condominium or a Planned unrt de~elopment, Borrower shall per(orm all of Borrower's obligat~ons under the declaradvn ~ or covenants creatmg or guvermng the condominium or planned unit development, the by-laws and regulations of the _ condomin~um or planned unit development. and constituent ~~xument`. If a condominium or planned unit development rider is executed by Borrower snJ recorded t~?ge~her w~~h thi~ Mortgage, the covenants and agreements of such riJer shall be incorporated into and shall nmend and supplrment the co~enan~s anJ agreements ot this Mortgage as i( the n~er µere a part hereof_ 7. Protection of Lende~'s Securfty. lf R~rr«~er fa~l. tn ~rf~~rm the covenant~ an~l agreemems contained in this < Mortgage, or if any action ur proceeding ~ti r~,mmrnce~f wh~ch malerialiy afTrcts LenJer's ~ntere~t in the ProE?ert~•, ; ~ncluding, but n~~t limi~ed to. rm~ncm dumam. in~~.lvcnr~. ~~xlc cn(~~ricmcnt. ~~r .uran~;rmcnK or procccdings ~nvol~~ng a ~ bankrupt or drecJen~, then 1_ender at I.enJer'~ option, u~~n ni~Uce t~~ Hormwer, ma? make such appearances, d~shurse such ~ sums and take such ~cnun sti is nece~tiary tu prutect Lendrr's ~merest, incluJ~n~. but nc.t Iim~teJ to. Jisbursement of ~ reasonahle anomey'~ feeti and en~ry uFx~n the Prc~pcr~y ~c. make repair~. (f Lrnder reyuirc.i murtgage in~urance as a ~ condiUon u( mak~ng ihc loan ~ecureJ by thi~ ;11~~rt~:~~c. H~~rr~~Hrr sh.~ll pa}~ thr premiunn requireJ to maintam such ~ ~nsurancc in rtiect unUl ~uch Umc as thc rcyuirrmcn~ f~~r wch ~muranic Icrm~~i~lr~ ~n ar~ordancc w~th Borr~~wcr'~ and ~05 . ; 48 X.