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HomeMy WebLinkAbout0839 Ut+tron~t Covat+~tars. Bon+o~rer and Laider oovenant and a~ra u tollows: . j. ~t~e~t ~f hie4~1 a~i l~M~eN. Borrower aAall promp~ly pay when due tbe priacipal of and interat on the , ;ndebtodnat evideaoed by tha Note, p~~a~naent and late cFwr~cs a.c ~xovided in the Note. and the principsl ot snd interat oa my Future Advanca sxured by this Mortja~e. l1~i tK TazM a~i 1~wr~Y. Sbbject to applicabk law ~x to a writteo waiver by I.ender, eo~ wr to Lende~ oo the day moethly instaliments ot principal and intcrc~t are paysMe ut?de~ the Note. until the Note is paid in full, , a suen (herein "Funds'~ eqwl to one-twelfth ot the yearl~~ tax~~. aMl auasments which may attain priority over this Mo~tsase. and ~round ratb on tbe P~+openy. if any, plus one•tweltth of yearty premium installments for hszard insurance. ~ plus oaatweltth of yearly promium instaliments tor mo~t`s8e ~nsunnce. if a~y, all u reasonably atimated initially and from time to time by Leoder o~ tbe buis of asxs.unents and hills and rcasonabk atimata thereof. 'Ibe Fu~ds shall bt held in an institulic+n ~he depvsiu or •rccounts of ~vhich arc inwted o~ ~uaranteed by s Fedenl ot state a~ency (includi~g Lende~ if Lende~ is such a~ institutionl. 1_ender shall apply the Funds to pay said taxes. assessments. ' inturance premiums and Sround rents. l.ender may na cha~ge for s~+ holdina and applyiaa the F~ind.a analyzins said account, ; or verityin~and rnmqlins uid assessmeots and bills, unless Lende~ pays Bortower interat on the Funds and applicabk law permia l~der to make such a charge. Borrower aud Lender may agree in writing at the time o[ exautioo ot this ~ Mortp~e that interat on the Funds shall be paid to Borrower. and unkss iuch agroement is made or applicable law requira such inttrcst to be paid. Lender shall nat be rcquired to pay Borrowe~ any interest or earnings on the Funds. Lende~ i sha11 pve to Borrower, wiUwut char~e, an annual acoounting of the Funds showina crediu and deb~ts to the Fur~ds and the purpose fo~ which eaeh debit to t6e Funds was made. The Funds arc pledged u additional socurity for the sums xcurcd . by tha MortZa~e. If tbe amount ot tbe Fuadc held by Lender, together with the future monthly ir?stallments of Funds payabk prior to . the due data of taxa. assetsmeats. imurance premiums and g~ound rents, shall eacceed the amouot required to piy uid tua. asswments, insurance premiums and ground renu u they fall due, such excess shall be. at Borrower s option, either promptly repaid to Horrower or credited to Borrowe.~ on monthly installments of Funds. lf the amount of the Funds 1~eid by Lender shatl not be sut5cieot to pay taxes, assss.unents, imurance premiums and gmund rents as they fall due. Horro~rer shall pay to Lender any amou~t ~casary to make up the de6ciency within 30 days from the date notice is mailed bryr I.tnder to Borrower iequestin8 WYment thereof. Upon payment ia fuU oE dl swns secured by this Mongage, l.ender shall promptly rcfund to Bormwer any Funds held by I.eoder. If under puasnph 18 hereof the Propeny ia sold or the Propeny ~s otherwise acquircd by Lender. Lender s6aU apply. ra later than immed'utely prior to the sale of the Propeny or its acquisition by Lender. any Funds held bv I,eader at the time of application as a credit against the :ums secured by this Mortgage. 3. A~licatio~ oE ~reNs. Unless applicable law provides otherwix, all payments received by Lender under the Note and paragraphs 1 and 21~e~eof shall be applied by Lender first in payment of amounts payabk to Lender by Borrower under pusgraph 2 he~of. thea to interest payabk on the Note, theo to the principal of the Note. and then to interest and priacipal on any Future Advsoces. 4. C~a; ijeas. Borrower shall pay all laxes, assessments and other charges. fines and impositions attributable to t6e propeRy which may attain a priority over this Mortgage, and kasehold payments or ground rents, iE any, in the manoer pr~vided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, diroctly to the payee tl~eroof. Borrower shall promptly fumish to Lender all notices of amounts due under this pangraph. and io the eveat Borcower shall make payment diratly. Borrower shall promptly fumish to Lender ra:eipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the pay[nent of the obligatiun securcd by such lien in a manner acceptabk to Lender, or shall io good faith contes~ such lien by, or defend enforcement of such lien in, . legal proceedings which operate to prevent the enforcement o( the I~en or [ode~ture of the Property or any part thercof. S. Hazard fns~~awce. Borrower shall keep the improvemen~s now existing or hereafter erected on the Property insured against loss by firc, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not requirc that th~ amount of _ such coverage exceed that amount of coverage required to pay the sums securcd ~by this Mortaaae. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. that such approval shall not be unreasonably withheld_ All premiums on insurance policies sha11 be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due. directly to the ~ inwrance carrier. ; Al) 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. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall promptly furnish to Leader all renewal notrces and all receipts of paid premiums. In the event of loss. ~ Bortower shall give promPt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made promptly ~ by Borrower. ' ~ Unless Lender and Borrower otherwise agree in writing, insurance proceecis shall be applied to restoratan or repair of ~ tix Properry damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby 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. lf the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower ti?at the insurance carrier oHers to se~tle a claim for insurance benefits. Lender ~ is aut6orized to coll~ct and apQly the insurance proceeds at Lender's option either to restoration or repaer of the Propert~ or to t6e sums secured by this Mortgage. ~ Uoless Lender and Borrower otherwise agree in writing, any such apptication of proceeds to principal shall not extend or postpone the due date of the monthly installmcnts referred to in paragraph~ I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Prof.erty.is acyuired b~~ l.ender, ali nght, title and interest o[ Borrower in and to any tnsurance policies and in and to the proceeds thereof resultmg from damage to the Property prior to thc sale ~ or acquisition shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6, heservation wd INaintenance of Properiy; Leasehulds; Condominiums; Planned Unit Devebpmcnts. Borrovver ~ shall keep the Property in good repair and shall not com~pit y?•aste or permit impairment or deterioralion of the Property = and shall comply with the provisions of any kase if th~s Mortgage ~c ~n a teaschold. If 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 creat~og or governing Ihe condominium or planncd unit developmcnt, the by-laws and regulations of the ~ condominium or planoed unit development, and constiwent Jocumen?~. If a condominium or Planned unit Jevelopment ti rider is eaecuted by Borrower and recorded together wnh thi~ Mortgage, the covenants and agreements of such rider ~ ~ shall be incorporated into and shall amend and supplement the covenants anJ agreements of ~his Mortgage as if the riJer 5 were a Part hereof. ~ . ~ 7. Protection of Lende~'s Securfty. If Borrower fa~l. a~ perf~~rm the covenan~~ and agreements contained in this Mortgage, or- if any acUOn ur proceedmg i~ rumm~nceJ which matcriall~ afircts Lender's mterest in the Property, includmg. but not lim~ted to. eminent domain. inu,Ivenc~. code rnforcement. ~~r arrangemrnts or proceedings invol~ing a ~ bankrupt or decedent. ~hen I.enJer a~ Lender's option, uExin oot~ce to Borrow~er, ma~ make such appearances, dishurse such sums and take such action as ~s necessar~ tu protect Lender's mteresl. ~nduJing. but not limited to, J~sbursement of ~ reasonable auorney's (ces and en~ry upun ~he Propcr~y to make rcpa~r~. lt I.cnder reyuireJ mortgage insurance as a condit~on o( mak~ng Ihe loan ~ecureJ b~ th~a Murtgagr. B~~rr.~v?rr shall pay thr prem~umt requireJ ta maintam such insurance in et(ect until such dme as Ihe reyuirrment (or wch :nsurance Ierminal~. in :iccordance with Borrower's and ~ ~ . ~ ~U6 -:~~F 838 ~ ~ _ ~ , . ~ ~ ~a r_.~~s..c_ . . w.. a. . . . . _ ~ _ ~,~.7~ .