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HomeMy WebLinkAbout2576 UNtrORM Oovtu+ewis. •orrowsr attd I.srrder covenant and agtroe ss follows: L figrttasM at >rsiae~sl ttotl YMswf. ~orrowsr shall promptly pay when due the principal of and iaeetest on the ittdsbeedtrest evidenced by tbs Note. pmepaymeat and late clwrges as provided in the Noes, and tbs principal of and iaeetest as ..y Future Advaaat :stand by this Mortgage. Z. )ltitais fdsr'L~asa ttrtt: Ittt¦ra~ce. Stitbject to applicable law or to a written waiver by Lander. DoR~ shag pay to Lender otr tits day monthly itutallttrent of principal and interest are payable tinder the Note. until the Noce is paid in full. a sum (bsrdrr "Fttadt'~ equal to onatwelfth of the yearly tax~~c and a:sasrnart which may attain priority anrer this Mortgage. end gronttd nab on tits Property. if any. phis one-twelfth d yearlli' premium instalbnarb for hazard insurance, . plot ottatwdRh of yearly premittrn iagallment for mortgage inurrance, it any. all as twsortably estiarated initially and from lima to tins by lender oa the basis of sssessments and hills and reatonabk estintata thtaeot. ~ .7Ls Fttads shall ba held in an inslitutitm the deposits or account of which are imttt+ed or guaranteed by a Federal otr , stale agency (inchtding bender if larder is such an institution). Lender shall apply the Funds eo pay said taxes. a:sasrnntt. 2 iuwranoe prremiums and ground rant. lender may not charge for so holding and applying the Frirrds. analyzing said account. of vetitying,ard compiling said assessments and bills, unless Lender pays Borrower interest oo the Funds and applicable law permit Lander to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds :ball be paid to Borrower, and unless such agreeraart is made a applicable law rerryir+et such interest to be paid. Lander shall not be required to pay Borrower any interest oc earnings on the Funds. Lander shall give to Borrower. without charge, an annual accounting of the Funds showing credit and debit to the Funds std the ptupote for which each debit to the Funds was made. The Funds are pledged u additional security for the sums secured by the Mortgage. It the amount o[ the Funds held by larder, together with the future monthly installment of Funds payable prior to the dos dates of taxer. ~aueamert, irattrarrce premiums and ground rents. shall exceed the amount required to pay said taxes. sssarmeab. insurance premiuttns and ground rents as they fall due, such excess shall be, at Borrovrer's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Fords. It the smatrt of the Foods held by Leader shall not be suftiaeat to pay taxes, assGSSnrrertts, insurance premiums and ground rear as they faQ due. Horraerer shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by header to Borrower requesting payment thereof. Upon payment in full of aU sum: secured by this Mortgage, lender :stall pranptly refund to Borrower any Funds held by Lender. It under paragraph 18 hereof the Property is sold or the Propeny rs otherwise acquired by Leander, Leader :ball apply, rte later than immediately prior to the sale of the Property or it aoduisition by Larder. any Fords held by Lender at the time of application as a cr+odit against the sums secured by this Mortgage. 3. A~licatlq¦ eft lrt~reab. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amount payable to Lender by Borrower under paragraph 2 hereof. then to interest payable or the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. d. C~ Liietss. Borrower shall pay all taxes, assessments and other charges. tines and impositions attributable to . the Property which may attain a priority over this Mortgage. and kasehdd payments or ground rents. it any. it the manner pravidod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices d amounts due under this paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments. Borrower shall promptly discharge sny lien which has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforrwnent of such lien iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Insnraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage', and such other hazards as Lender may require sad in such amounts and for such periods as Lender may require; provided, that Lender shall not requitt: that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe iasurattoe 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 shall be paid in the meaner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the ittwraace 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. Lender shall have the right to hold the policies and renewals thereof, k and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums In the evert of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of bas if not made promptly by Borrower. I Unless Lender and Borrower otherwise agree in writing, insurance. proceeds shall be applied to restontion or repair of the Properiy 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 sxurity of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the extxss, if any. paid ~ to Borrower. If 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 that the insurance carrier offers to settle a claim for inwrance bere6ts, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to rcstontion 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 pro~YSds to principa) shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower ~ in and to any ftuurance policies and in and to the proceeds thereof rewlting from damage to the Property prior to tltc sale , or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Preservatbn sad Maintenaoct of Property; Leaseholds; Condominiums; Planned Uait lkvdopenes. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property sad shall comply with the provisions of any lease if this Mortgagc is on a leasehold. If this Mortgage a on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers 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 devebpment , $ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider I E shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider were a part hereof. a 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this f 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. insolvency. code enforcement, or arrangements or proceedings invoh'ing a ` bankrupt or decedent, then Lander at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement o[ ' reasonable attorney's fees and entry upon the Property to make repairs. If lender reyuircd mortgage insurance as a cond~Uon of making the loan secured by this Mortgagc. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for wch insurance terminates m accordance with Borrowers and e ( e s ~ ~ R ~~~1 VIJV ~ . ~