Loading...
HomeMy WebLinkAbout0471 _ . Untro~~ Cover~sr+». Botr+owar aad Lender covenant and a~roe u idlows: 1,. tq~e~t of T~el~l a~i l~ie~ed. 8orrower shall ~uomptly paY wt?en due the principal of and interat on the indebtednw evidenad by the Nota. pt~apayme~t a~d Iste charges ac ~+rovided in the NMe. aed tAe principal of aad interat oa any Future Advances securod b~r this Mortisse. l~r¦i hr 7~ aM lrwa~ea Stibject to applicabk law ~x to a vnritten waiver by Leoder, eoRO*?N ~u wy to Leader on Ihe day monthlp installments.of priocipal aod intc~c~t arc payaMe under the Note. until the Note is paid in tull, s twn (herein '•Fundr'~ equal to oK-tweltth ot the yea~1~• tasc. anJ assasnxnts which may attain prioriry over this Mortiaje. and ~oound reaa on ~t,e Propeny. if any. F+lus o~c-twelf~h of yeuly~ prcmium installments for huard insunnce. plus oae-twel[th ot yeuly premium installmems for mortaaje insurancc. if any, all u reasonably estimated initially and troaf t~sne by l.eoder oa tbe buis of assessmcros and hills and reasonabk estimata thereof. 'ILe Fuads shall be held in an iestituticm ~he deposia or •rccounts of which a~e insured o~ gua~anteed by a Fedenl ot state a~ency (it~cludina I~ender if Lcnder is sucA an institutionl. 1_ender shall apply the Funds to pay uid taxa. assessments. iusuranoe premiums and Sround rents. t_ender may not charge ior sn holdinj and applyinj the Fnnds, analyzing uid account, or verifyin~.and oompling said assessmeots and bilts, unlas Lender pays Bormwer interat on the Funds and applicable law permits I~mder to make such a charge. Borrowe~ and Lender may asree in writina at the time of eaecution o[ this Mort~e that iaterat on the Fuads shall be paid to Borrower. and uakss suc6 agrament is made or applicabk law requira wch intercst to be paid. l.ender shall oot be rcquircd to pay Borrower any interest or eamings on the Funds. Lender ; t6aU pve W Borrowet. wit6out cbarge, an annual accoueting of the Funds showing creditt and debits to the Funds and the purpose for which eac6 debit to the Fur~ds was made. The Funds aro plodged u additional security for the sums secured by this Mort~a~e. IE the anwunt of tl~e Fun~ hdd by Lender, together with the future monthly installments of Funds payabk prior to ` tbe due dates ot taxa, assessmeats, inwranoe premiums and ground rents, shall exceed thc amount required to pay said taxes. : atspsenents, insunnce premiums and ground re~ts as they Fall due, 'such excess shall be. at Botrower s option, either ! pranpdy rcp~:d to Bormarer cx credited to Borrower oe monthly installments of Funds. If the amount of the Funds ~ bdd by Lender shaU aot be wfficieat to pay taxes. assessments, insurance premiums and ground rents ss they fall due, { Bon~o~?er shall pay to l,ender any amount necessary to make up the deficiency within 30-days from the date notice is mailod by Leader to Borrower requestia8 P~Yment thereof. 5 Upoa payment in full of all sums secured by this Mortgage, l.ende~ shall promptly refund to Borrower any Funds held by i,eader. If under pusgraph 18 hereof the Property ia sold or the Propeny ~s otherwise acquircd by Lender, Lender shall appty, no later thaa i~nAtediately prior to the sak of the Property or its acquisition by L.ender, any Funds held bv I.eader at the time of application u a credit against the sum,s se~yred by this Mortgage. 3. Atpticatio~ oE layaeqs. Unless applicable law provida otherwise, all payments receved by Lender under the Note and paragraphs 1 and 2 hec~eof shall be applied by Lender first in payment of amounts~p~yable to Lender by Borrower under parsgraph 2 hereof. then to iaterest payabk on the Note, then to the principal of the Note. ~a~ ~then to intercst and princapal on any Future Advances. _ , , , . ; , _ a. C~sr~es; Lieas. Borrower shall pay all taxes, assessrt15~ts ,and Q~~r crarges, fines and impositions auributable to ~ ~ the PropeAy which may attain a priority over this Mortgage. ~nd lease~old payments or ground rentl, if any,' in the manner ~ provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment. when due, direcUy to the 9 payee tbeteof. Bomower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event ; Borrower shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such paymenu. s Borrower shall promptly discharge any lirn which has priority over this Mortgage: provided, that Borrower shall not be rcquirod to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun securcd by such tien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the enfarcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Inwrawce. Borrower shall koep the improvements now existiog or hereafter erected on the Property insurod against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may rcquire : and in wch amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ~ such coverage eaceed that amount of coverage required to pay the sums secured by this Mort6age. - ' 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that wch appmval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner pro~ided under paragraph 2 hereof or. if not paid in such manner, by Borrower making paymont. when due, dircctly to the ~ iawrance carrier. ~ ~ 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 acceptable to Lender. l.ender shall have the right to hold the policia and renewals thereof. i , and Borrower shall promptly furnish to Lender all renewal notices and all receipis of paid premiums. in the event of lou, Borrower shall give ~rompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ 4 by Borrowor. I " Uoless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provickd such restoration or repair is economically feasible and the security of this Mortgage is € not ~hercby impaired. If such restoration or repair is not economically feasible or if the 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. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from ihe ~ date notice is mailed by Lender to Borrower that the insurance carrier offers to setUe a claim for insurance benefits, Lender ~ ~ is aut6orized to collect and apply t6e insurance procceds at Lendcr's option either to restoration or repalr of ?he Propertv ! or to t6e sums secured by this Mortgage. ~ Unlus Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due Jate of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ such installmepts. If under paragraph 18 hereof the Prof,erty is acquirecl by l.ender, all right, title and interest of Borrower in aod to any tt~surance pQlicia and in and to the proceeds thereof resultmg from damage to the Property prior to thc sale ` or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or . ~ acquisition. ; - 6. heservation and Maiatenaace of Property; Lezsehulds; Condominiums; Planned Uoit Developments. Borrower ' ; shall keep the Property in good repair and shall not comroit 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. If this Mortgage is on a unit in a fi condominium or a planned unit development, Borrower shall per(orm all of Borrower s obligations under the declaration ; ~ or coveoants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planoed unit development, and cons~ituent document~. If a conJominium or planned unit cievelopment rider is executed by Borrower and recorded together wvth this Mortgage, the covenants and agreements of such rider shall be incorporated fnto and shall amend and supplement the cu~enants and agreements of this Mortgage as if the riJer v?ere a part hereof. 7. Profectan of Lender's Security. If Borrower failc t~~ perform the covenants anJ agreements contained in this r Mortgage, or if any action or proceedmg is cummence~l wh~ch materially .~Hects Lender's interest in the Property, ~ including. but not lim~ted to, emment domain, iosc.lvenc~, cude enforcement. ~r arrangements or ptoceedings invoh•ing a ~ z bankrup~ or decedent. then 1_ender at Lender's op~ion, upan notice to Borrower, m~~ make such appearances, disburse such ~ ~ sums and take such ac~ion ac is necessary• tu protec~ Lender's interest. including. but not limited to, disbursement of ~ ; reasonablc auomey's fees and entry upon the Propeny lo make repairs. If I_endcr reyuireJ mortgage insurance as a ~ cond~tion of making thc loan secureJ b~~ Ihis Mi~rtRrgc. B~~rmucr shall pa~• thc premiums requireJ to maintain such ~ ~ . insurance in efiect until tuch time as the rcyuirement (or ~uch ~nsurance ~ermmates in :~ccordance w•ith Borrower's anJ % i ' f . ~~kK~~6 f„ : 47l _ 5 s ~rs . . . . . .5. .