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HomeMy WebLinkAbout0277 ! ' I~ : y 1 UNIFORM COVENANTS. Borrower aad l.eader covenant aad a~~a as foilowa: 1. raymeat ot Pdacipal aai INerat. Bo~rowec shall p~ompQy pay when due the principal of aad interest on the indebtednest evidenced by the Note. prepaymeat snd late charges as provided in the Note, artd tl~e principal o[ and interat on aay Future Advances securod by thia Mortgage. ; 2. Fonds tor Tua asi Iw~esece. Subject to applicabk law or to a written waiver by Lender. Boaower shaU pay j to Lender on the day monthly iastallments of principal and interest arc payable unde~ the Note. until the Note is paid in fuU. a ~um (herein '•Funds") equal to onatwelfth of the yeady tazes and asseasments which may attain prio~ity ove~ this Mortgage. aad ground re~ts on ihe PmpeNy, if aoy. plus onatweltth of yeuly pcemium installmeata for hazard ~nsurance. plus one-twelfth of yearly premium installments tor mortgage insurancc. if any, all as raasonably estimated initially and fram time to timc by Leader on the basis of assessments and bilb a~d reasonabk estimatea thereof. ~ 'Il~e Funds shall be held in an institution the depoaits or acrnunts of which are ituured or guarantecd by a Foderal or ` state ageqcy (includina Lender if Lender ia such an institution). [.ender shall apply tbe Funds to pay uid tua. asxssments. insurance premiums and grout~d rents. ~I.ender may not charge for so holding and applying the Funds. analyziag said accoun~ or verifying and compiling said sssessmenta and bills. unless Lender pays Borrower interest on tht Funds and applicable law ~ permits Lender to make such a charge. Bonower aad L.ender may agree in writing at the time of eacecution of this ` Mortgage that interest on the Fonds shall be paid to Bonowe~. and unlas such agreement is made or applicable law rcquires such interat to be paid. Lender shall not 6e required to pay Borrower any interest or earniags on the Funds. I.ender shaU give to Borrower, without c6arge, an annual accounting of the Funds showing crediu and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional socurity for the sums secured by this Mortgage. ~ If the amount of t6e Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes. suessments. insurance pnmiums and g~ound rents. shall exceed the amount requirod to pay uid taxes. assessments, insurance premiums and ground rents as they fall due, such excess shall be. at Borrower s option, either promptly repaid to Borrower or credited to Borrower oa monthly installments of Funds. If the amount of the Funds held by Lende~ shall not be sutGcient to pay taxes. assessments. insurance premiums and gmund rents ss they fall due, Bortower shall pay to L.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailod by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by Lender. If undet paragraph 18 hereof the Property is sold or the Property is othenvise acquired by Lender, L.ender shall apply; no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at tbe time of application as a credit against the sums secured by this Mongage. • 3. Applicstion of PaymenLs. Unless applicable law provides otherwise, all payments received by Lender under the Natc acst! ~aragraphs ! aad 2 tsereof sha!! be agp!'sed by I.ender firs! in pay.ment nf arncK~nts Qayable to Lender by Borrower under paragraph 2 hereof, thea to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advanoes. 4. Charges; Ideas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to t6e Property which may attain a priority over this Mortgage, and leasehold payments or ~ou~ rents, if aay, in the manuer provided under paragtaph 2 hereof or, if not paid in such manner, by Borrower making payment, wh~ due. diroctly to the payee t6ereof. Borrower s6a11 promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borcower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall prompQy discharge any lien which has priority over this Mortgage; providod. that Bore+wver shatl not be required to discharge any such lien so long as Borrower shal! agree in writing to the payment of the obligation socut+ed by such lien in a manner acceptable to Lender, or shall in good iai~h 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 Insurance. 8orrower shall keep the improvements nov?• existing or hereafter erected on the Property insured againat loss by fire, hazards included within the term "extended coverage", and such other hazards az L.ender may requiro and in such amounts and for such periods as Lender may require; 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 Mongage. The insurance carrier providing the insurance shall be chosen by Botrower subject to approval by Lender, provided, rh~r o~rh annrnval ~h'll not be ~~nreaconablv withheld. All uremiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeat, when due. direcUy to the insurance carria. : I All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ; clause in favor of and in form accgptable to Lender. Lender shall have the right to hold the policies and reMwals theroof, ; and Borrower shall promptly furnish to Lender all renewal notices and all rcceipts of paid premiums. In 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 , r ~ by Borcower. ~ Unless Lender and Borrower otherwise agree in ~~riting, insurance proceeds shall be applied to restoration or repair of j , the Property damaged, provided such restoration or repair is economicaUy feacible and the security of this Mortgage is ~ ~ not thereby impaire~d. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance prceeeds shall be applied to the swns secured by this Mortgage, with the excess. if any, paid ~ to Borrower. lf the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the E date notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefiu. I.ender ~ is authoriud to collect and-apply the insurance proceeds at Lender's option either to ratoration or repair of the Property or to the sums secured by this Mortgage. - Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or posipone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of r such installments. If under paragraph t8 heroof the Propert~• is acquired by Lender, all right, tide and interest of Borrower ~ in and to anq insurance policies and in and to the proceeds thereof resultiog from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to tbe extent of the sums secured by this Mortgage immodiately prior to such sak or a acquisition. 6. PreservaHon and Maintenance of Property; Leaseholds; Condomi~iums; Planned Udt Devebpments. 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. lf this Mortgage is on a unit in a condominium or a planned unit development. 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 condominium or planned unit devetopment ~ rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider o were a part heteof. 7. Protection of Lende~'s Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insolver±cy, code enforcement, or arrangements or proceedirgs involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances. disburse such K sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbuisement of - ; reasonable attomey's fees and entry upon the Property to make repairs. lf Lender required mortgage insurance as a € condition of making the loan secured b~• this Mortgage. Borrower ~hall pay the premiums required to maintain such y insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and i ~ ~~~r ~V~ ~ ~ . ~ - ` z _ _ ~ _ - ~ _ ~-~,~~::~z,~ .