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HomeMy WebLinkAbout0060 Unt~aw Cover+~r+n. Borrowe~ and Lender covenant and as~ce u fallows: 4!~t o~ hi~e~l a~ 1NsnN. Borrower shall promptl~• pay wAen due the principal ot and interest on tAe ~ndeb~cdnas evideuoed by ehe Nae. Prepayment and late ch~rgcc ac ~xovided in ~he Nde, and the principal of and inte~es~ on any Fu1urc Advances secured by this Mon~age. 2. FMit for Ta~[es srwl iwruct. Subject to applicablc law ur to a writ~en waiver by l.encier. Borrowe~ shall pay to Lender o~ the day monthly installmems of principal a~J intcrcu arc payabk u~der the Note. unti) the Note is paid in tull. a:um (hercin "Fundt") eqwl to one-tweltth of the yea~l~ ~~sc. and assessme~ts which may attain priority over this Mo~aje. and around rents on the Property, it any. plus o~e-twrltth of yearly prcmium installments for huard insurance. plus one-tweltth of yearly promium inslallments (or mortgage insurancc, it any, fll as rcasonably estimated initially and trom time to time by Lender on the buis of asxssments and hills and reasonabk estimata thereot. The Funds shall be held in a~ institwion the depos~u or accounts ef which are irtsurcd or gwranteod by a Fedenl or state ajency (including Lender if Lcnder is such an institution 1. I.ender ahall apply the Funds to pay said taxa, asxssments. intursnce Qremiums and ground rents. I.ender may not charge for so holding and applying the F~mdc, analyzing uid accuunt, or verityin~ and comqling said asussments and bills, unless Lender pays Bonower 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 Mortgaae that interat on the Funds shall be paid to Borrower, and unlas such agreement is made or applicabk law crquira such interat to be paid. Lender shall nat be rcquired to pay Borrower any interat or earnings on the Funds. Lender shaU give to Borrower~ without charge, an annual accouoting of the Funds showing credits and debits to the Funds and the purpoae for which eaeh debit to the Funds wu made. The Funds are pledged u additional security [or the sums secured by this Mortpde. If tAe amount o[ the Fuads held by Lender, together with the future mon~hly installments of Funds payable prior to t6e due dates of taxes, assessmeats. insurance prcmiums and ground rents, shall exceed the amount required to pay said taxes. asseuments. insunnce premiums and ground rents as they (all due, such excess shall be, at Borrower's optian, either promptly repaid to Bormwer or credited to Borrower on monthly ins~allmeots of Funds. If the amount ot the Funds held by Lender shall not be sulficieat to psy tucs, assessments, insurance premiums and ground rents u they fall due, Bormwer shall p~y to l.ender any amount necessary to make up ~he deficiency within 30 days from the date notice is mailed by I.ender to Borrower requating payment thereof. Upon paymeot in full of dl aums secured by this Mortgage, t_endcr shall promptly rc[und to Borrower any Funds held by Lender. It under paragraph 18 hercof the Property is sold or ~he Property ~s othenvis~ acquircd by Lender, Lender shall apply. no later ihan immediately prior to the sale of the Propeny or its acquisition by l.ender, any Funds held bv I.ender at the time of applicatioa as a credit against the sums secured by th~s Mortgage. 3. Applicatiw of Paymeats. Unless applicable law provides otherwix, all payments received by Lender u~der the Note and pangraphs 1 and 2 hereof shall be appl~ed by I_enJer first 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 princiQal on any Future Adva~. ' 4. C6ar~a; Lkns. Borrower shall pay all taxes, assestments and othcr charges. fines and impositions at~ributable to the Ptopetty 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 ~n such manner, by Borrower making payment, when due, directly to ihe payx thereof. Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that 8orrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in wriang to ~he payment of the obligatiun securcd by such lien in a manner acceptable to Lender, or shall in gaxi faith contest such lien by, or defend enforcement of such lien in, legal proceed~ngs which operate to prevent the enforcement of the lien or forterture of the Property or any part thercof. S. Hanrd lnsurance. Borrower shall keep the ~mprovements naw exisling or hereafter erected on the Property insured against loss by fire, hazards included withm the term "extendeJ coverage", and such other hatards as Lender may reyuire ~ and in such amounts and for such periods as Lender may reyuirr, provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~by this Mor~gage. - ~ 71~e ~nsurance carrier providing the insurance shall be ch~sen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premium~ on insurancc policies sha11 be paid in the manner provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower making payment, when due, directly to the iasurance carrier. ' All insurance policies anJ renewals thereof shall be in form accept:~ble to LenJer and shall include a standard mortgage clause ~n favor of and in form accepta~+le ro Lender. 1_ender shall har•e 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 of loss, ' Borrower sh.all g~~~e prompt notice ro~he insurance carrier rnd l.ender. Lertder may~ make proof of loss if not made prompdy by Borrower. ? Unless Lender and Borrower othen+~ise agree in w~iting, insurance proceeds shall be applied to restoration or repair of ' the Properry damaged, provided such restorat~on or repair ~s economically feasible and the securiry of th~s Mortgage ic t not thereby impa~red. If surh restoration or repair is not rconomically feasible or it the securiey of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Mongage. with the excess, if an}•, paid to Borrower. If the Property is abandoned by Horrower, or i( Borrower fails to respond to Lender wit~in 30 days from the z date notice is ma~leci by Lender to Borruwer that the insurance carrier o(iers to ae~Ue a claim for insurance benefits, Lender ; is authorized tu collect and apply the insurancc proceeds at Lender's optiun either to restoration or repaer of the Prapenv ? or to ihe sums secured by this Mortgage. ~ Unless Lender and Borr~wer othen+?i~e agree m wnting, any such application of pr~xeeds to principal shall not extend ~ or postpone ihe doe datc of the monthly ins~allmentc referred t~~ in paragraph~ I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property i~ acywred by Lender, ali nght, Utle and interest of Borrower 3 in and to an~ ~nsuranre policies and in and to thr proc:eeds thereof resulting from damage to the Propeny prior to th~ sale . or acquisition shall pass ta Lender to the e~tent ot the ~ums securecl by this htortgage immediately prior to such sale or " acquisition. z 6. Presenation and ~taiotenancr of Property; Leaseholds; ('ondominiums; Planned Unit Developments. Borrowcr E shall Iceep the Property in good repair and sh~ll not comrpit y~aste or permit impairment or deterioration of the Property - and shall comply with the provisions of any lease il th~, Mongage un a Icaschold. If this Mortgage is on a unil in a condominium or a planned unit de~•elopment, Borrower shall ~xrform all ot Borrower's obligations under ~he decla~at~un or covenants creaUng or guverning the condom~nium or pl~nned unrt development, the by-laws a~d regulations of the condominium or planned unit development. .,nd constituent d~ument~. It a condominium or planned unit development - rider ~s executed by Borrower and recorded ~~~gether wi~h ~hi~ Mortgage. the covenants and agreements of such rid~r shall be incorporated into and shall amend ~nJ wppl~ment the co.enants anJ agreements of th~s Mortgage as if the ri~fer were a part hereof. ' 7. Prolection of [,ender's Securfly. If Bi~rr~~Ner (ail, t~~ ~xrf~am the covenantc and agreements contained in ~his _ Mortgage, ur i( any action or proceeJing cummrnce.l uhi~h ma~erialh .ifTerts Leniler's ~nterest in the Pmperty. includmg, but nu1 limited tu. eminent domain. in~~•henr~, c~~e1e en(~~riemrnt. ~~r .~rrangrmrntc or pr.xeedings invohing a ~ bankrup~ ur deceJent. thcn Lender at I.enJet'~ ~ph~•n, uExm ni~hce ti~ RormKCr. ma~ make su:h appcarances. Jishurse such ~ sums and take such actiun e~ ~s neceti.ary t~~ prutect Lendrr's m~crest, inclu~ling. but not limued to, disbursement of reasonable auorney'~ f~e~ and entry up~~n thr Pmpert~ ti. make re~ain. II I.rnder r~yuirc~i mortgage in~urance as a ~ condiUon c?f makmg thc Ic~an ucure.l b} th~s At~~rtgagr. B~~rr~~wrr sh:dl pay thr prcmiums rcyuireJ [o maintain such _ ~nsurance in rttect unlil ~uch Ume ~ti ~he reyiiiremcnt (c~r .uch ~nsurance ~erm~n:~tr~ ~ii accordance with Borrcwer's and 30~ ~0 g~,_r, :;,~;E ~ _ . _ _ _ .