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HomeMy WebLinkAbout0170 ~ UNIFO~1~1 COVENAtiTS. Bortower and Lender covenant and a~ra u tollows: . ~ lry~t of rei~c~l a~i l~terest. Borrower shall promptly pay when due the principal ot and interest oo the ic~d~~tedness evideuad by the Note..Prepayment ~nd late chargec ac p~ovided in ~he Note. and the pri~cipal ot a~d ioterat , ca my Future Advsnces secured by this Mortaaje. ihNi tor Ta~s d I~wn~ee. Subject to appficabk law to a written waiver by .Lender. Borro~ve~ shaq WY to Lender on the dsy monthly installmen~s of principal and in~crcct arr payat~le under tht Note. until the Note is paid in full, a tuan (herein "Funds'y equal to w~e-tweltth of the yeart~~ ta~~y and assessmeots which may attain priority over this Mortsaje. and ~round rcnts on tbe Property. if any, plus one-twelfth of yeuly~ prcmium installments for haurd insurance. plus oae-twelfth ot yearly premium installments tor moMaaae insunncc, it a~y, all u rcuonably estimated initially and trom time to time by Leuder oa the buis ot asxssmcnts and hills and rcasonabk estimata thereof. 'iUe Funds shall be beld in an i~stitution thc deposits or accounls of which arc iraured o~ auarantted by a Federal ot sUte ageocy (including Lender if Lender is such an institutionl. 1_ender shall apply ~he Funds to pay said taxa, a:tesiments. insurance premiums and aro~end tents. l.ender may no~ charge for se~ holding snd applyina the Fu~di. analyzin~ said actount. or verityin~ and rnmpilint said asxssments and bills, unless Lender pays Borrowe~ interest on the Funds and applicable iaw permits Lender to make such a charge. Borrower and [.ender may agrce in writing at the time of exaution ot this Mon~aae that interat on the Funds shall be paid to Borrower. and unless such agreement is made or applicabk law re~uira such intarat to be paid. Lender shall not be required to pay Borrower any interat or earni~gs on the Funds. Lender shatl give to Borcor»er. without charge, an annual accounti~g of the Funds showing credits and debits to the Fut~ds and the purpoae [or which eacb debit to tl~e Funds wu made. The,Funds are pledged as additional socurity for ~he sums sccured by tbis Mortaaae. If tbe artwunt of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of tues. assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxa. ~a~unents. insurance ptemiums and ground rents u they fall due, such eacess shall be, at Borrower's option, either promptly repaid to Bormwer or crodited to Borrower on monthly installments of Funds. If the amount of the Funds he.ld by I.~oder shall not be sut6cieat to pay taxa. asxssments, insurance premiums and gcnund. rents u they fall due. Borro~ver shall pay to Lender any amount necasary to make up tAe deficiency within 30 days from the date notice is mailed , by L.ender to Borrower rcquating payment theroof. Upon payinent in full of dl sums secured by this Mortgage, l.ender shall promptly rcfund to Borrower a~y Funds heW by Lender. If under puagraph 18 hercof the Property i~ sold or the Propeny is otherwise acquired by Lender, Lender ahall spply. no later t6an immediately prior to the sale of the Propeny or its acquisition by l.ender, any Funds held bv Lender at the time of application as a crcdit against the sums secured by this Mortgage. 3. A'plkatlw~ of Payme~ts. Unlas applicable law provides otherwise, all payments received by Lender under the Note aad paragraphs 1 and 2 horeof shall be applied by I_enJer first in payment of amounts payable to Lender by Borrower uader patagraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on a~y Futun Advanoac. 4. C~sr~es; Liens. Borrower shall pay all taaes, assessments and ather charges, fines and impositions atlributable to the Prope~ty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manaer pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, wha~ due, diroctly to the psyee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph, and ia tt~ event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promp~ly discharge any lien which has priority over this Mongage; provided, that Borrower shall not be rcquified to discharge any such lien so long as Borrower shall agree in writing to the payment ot the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith conrest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Insurance. Borrower shall keep the ~mprovements now existing or hereafte~ erected on the Propcrty insurcd against loss by 6re, hazards included within the term "extended coverage", and such other hazards as l.ender may require ! and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of i such coverage exceed that amount of coverage required ro pay the sums secured by this Mortgage. i "ILe irisurance 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 shail be paid in the manner ~ provided uoder paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, dircctly to the insurance carrier. 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 acceptable to Lender_ Lender shall have the right to hold the policiu 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 ma"y make proot of loss if not made promptly s by Borrower. ' Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of t the Property damaged, provided such restora~ion or repair is economicaUy feasible and the security.of this Mortgage is not thereby impaired_ If such restoration or repair is rsot 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 n to Borrower. If the Proper~y is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits. Lender ; is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propertv h or to the sums securecl by this Mortgage. ~ Unless Lender and Borrower otherwise agree m writing, any such application of prcx:eeds to principal shall not extend ; or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount ot such installmeuu. If under paragraph 18 hereof the ProNerty is acyuired by LenJer, all right, title and interest of Borrower in and to any ihsurance policies and in and to the proceeds thereof resulting from ciamage to the Propeny prior to th~ sSle v or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ' 6. Preservatioa aod Maiatenance of Property: Leasehulds; Condominiums; Planned Unit Developments. Borrowcr shall keep the Property in good repair and shall not comtpit yvaste or permit impairment or deterioration of the Property = and shall comply with the provisions of any lease it th~s Mortgage a on a leaschold. If this Mortgage is on a unit in a d condominium or a planned unit development, Borrower tihall perform all of Borrower's obligations under the declaration or covenants creating or govern~ng the condommium or planncd unit development, the by-laws and regulations of the . condominium or planned unit development. and consutuent documen~s. I[ a condominium or planned unit development ~ rider ~s eaecuted by Borrower and recorded iogether wilh ~h~s Mortgage, the covenants and agreements of such rider sha11 be incorporated mto and shall amend anJ supplement the covenants anJ agreements of this Mongage as if the rider were a part hereof. 7. Protection ot I.ende~'s Securfty. If Borruuer fa~l~ t~. perform the covenants and agreements contained in this ' Mortgage. or if any act~on or proceeding ~s rummenccil which materially afTerts LenJer's interest in Ihe Property. ` ~ including, but n~~~ limited to, em~nent domain. inu?Ivencp, code enforcement, or arrangements or proceedings invoh•ing a x bankrupt or decedent, ihen Lender at I.enJer'~ option, aFxm notice t<~ Borrower, mac make surh appearances, disburse such y sums and take such action ac is necessary tu pnuect l.ender's inlerest. including, but not limrted to, disbursement of s~ reasonable auorney's (ccs and emry upi~n ~hc Propcn~• to makc repairs. If I.cnder rcyuircd mortgage insurance as a s cund~tion o( makmg thc loan SecureJ b}~ thi~ bi~xtFage. Bi,r~uNCr shall pap the premiums requ~reJ to maintain such ~ insurance in etFect until such time as the reyuiremem for tiuch insuranec terminate~ in accordanee with Sorrower's anJ t Eec~ 3U8 oac~ ~?0 ~ . ~ ~ ~ a ~f. ~ _ .