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HomeMy WebLinkAbout0136 ~ ~(-++~Y k, ' + , ` , , ' ~ i ,1 ~ w ~ • . . UNiFOeM CovEH~NTS. Borrower and l.cnde~ covenant and agroe as foilows: I. P~ment of Princip~ aad Interat. Borrower shall promptly pay when due the principat o[ and interest o~ the indebtedness evidenced by the Note, ptep~yment and late charges as provided in the Note, and the principal of and interes~ on any Future Advances secured by this Mortgage. . 2. Frads for Tua aal Iasoraece. Subject to applicabie Iaw or to a written waive~ by Lender, Borrower sh~ll pay to Lender on the day monthly installments of principal and interest arc payable under the Note. ~ntil the Note is paid in full, a aum (hercin "Funds") equal to one-twetfth of the yearly tax~s and assessments which may attain priority over this Mortgage. and ground rents o~ the Property, if any. plus one-twelfth o[ ycarly premium i~stallments for hazard insurance, plus one-twelfth of yearly premium installme~ts for mortgage insurancc, if any, all as reasonably estimated initially and (rom time to time by Lender on the basis of assessments and bills and reasonable es~imatts thereof. 'Ilie Funds shall be held in an institution the deposits or a-.counts of which are insured or guaranteed by a Federal or state agency (including I.onder if Lender is such an institution). 1_ender shall apply the Funds to pay said taxa, assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. L.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lcnder shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eaeh debit to the Funds was made. The Funds are pledged as addilional security for the sums secured by this Mortgage. ~ If the amount of the Funds held by Lender, together with the future monthly installmentx of Funds payable prior to ' the due dates of taxa, assessments, insurance ptemiums and ground rents, shall exceed the amount required to pay said 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 crodited to Borrower on monthly installments of Funds. If the amount of the Funds held by I.eader shalt not pe su}i'icieat to pay taxes. assessments. insurance premiums and ground rents as they iall due. Bonower shall pay to Lender any amount necessary to make up the deficiency within 30 day~s from the date notice is mailed 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 L.ender. If undet pazagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law• provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment of amaunts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and ~hen to interest and principal on any Future Advances. 4. C6arges; I,k~, Borrower shall pay all taxes, assessments and other charses, fines and impositions attributable to the Property 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 in such manner, by Borrower making payment, when due, directly to the payce thereof. Borrower s6a11 promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall prompdy furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shaU not be • required to discharge any such lien so long 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 enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof. S. Hazard Insurpnce. 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 - and in such amounts and for such periods as Lender may require; provided, that Lender shall not rcquire that the amount of ~ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ~ 'ILe 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 shall be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the insurance carrier. ~ All insurance policies and renewals thereof shal! be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall ha.•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 shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly • ~ by Borrower. - ~ Uniess Lender and Borrower.otherw~ise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, proviJed 'such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby imp~ired. 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 the ~ date notice is mailed by Lender to Borrower that the insurance carriet offers to settle a c13im for insurance benefits, I.ender ~ is autho~ized to copect and appiy the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. ' ~ Unless Lender and Borrower otherwise rgree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the mo~thly installments referred to in paragraphs I and 2 hereof or change the amount uf ~ such installments. If under paragraph 18 hereof the Property is acquired by I.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediatety prior to such sale or ~ acquisition. ~ 6. Presenadon and :~taintenance of PropeHy; I.easeholds; Condominiums; Planned Unit Devebpmeots. Borrower _ shall keep the Property in good repair and sha}l not commit waste or permit impairment or deterioration of the Ptopeny ` 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 ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ti 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 development r rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider _ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or prxeeding 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 involving a ~ bankrupt or decedent, then Lender 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, birt not limited to, disbursement of reasonable attorney's fees and entry upon the Properry to tnake repairs. If Lender required mortgage insurance as a ~ condition of making the loan secured b~ this Mongage. Borrower shall pay the premiums required to maintain such ~ ~ insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and F ~-~7 . ~ ~ ~ ~ z ~ _ = ~ ~ a