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HomeMy WebLinkAbout0183 UNllO~U( COVBNANTl. Borrower and L.ende~ covenant and asret u follows: . ~ lqwest ot hl~e1N1 a~i iMeresl. 8orrower shall promptly pay when due tlk principal of aod interat on the ~ndebtedness evidenoed by the Note. prepayment and late'chargec ac p~ovided in the Note, and the principd of ard interest on my Futuro Advances securod by this Morttate. 2. Fti~i tor'l~a a~i I~arrea Subject to applicabk'law ar to a writteo waiver by Lender. Botmaer shall pay to Lender on ~he day monthly installmenls o( priocipal aoJ int~rcq an payaMe undet the Note. unti) the Note is paid in tull, a sum (herci~ "Fuadt") equal to ooe-twelfth ot the yearl~- tas~. anJ asseuments which may attain priority over this Mortsa~e. and ~round rents on tlie Propeny, if any, plus one-twelfth of yea~ly prcmium instdlments for huard insurance. plus one-tweltth ot yearly prcmium i~stallmenls (or mortgage insurancc. if any. all u rcssonably estimated initially aod from time to time bYLender on the buis of assessmcnts and hills and rca~onable atimates thereof. 'Ibe Funds shall be held i~ an ~iostitution ~he depocia or ~ccounts of which are insured or gwranteod by a Fedenl ot state agency (including Lende~ if Lender is such an inslitutionl. 1_ender shall apply the Funds to pay said taxa, assessments. insu~ premiums and gound rcnts. I.ender may not charge for sc~ holding and applying the F~~nds. analyzini said account, or vrrifyin~ and compiling said asussments and bills, unless Lender pays Borrower interat on the Funds and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in 4vriting at the Iime of execution of ihis Mortga~e that interat on the Funds shall be paid to Borrower. and unlas such agreement is made or applicable law requires such interat to be psid, Lender shall not be required to pay Borrower any interest or earnings un the Funds. Lender . shaU Sive to Borrower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose forwhich each debit to the Fu~ds wu made. The Funds~are plodged u additional xcurity for the sums securcd by this Mortaaae. If the amount of the Funds heW by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes, assasments. i~urance premiums and ground rents, shatl exceed the amount rcquircd to pay said taxa. asse~ments. insurance premiums u?d gcound rents as they fall due, such exccss shal! be. at Borrower s option, either pranpdy rcpaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount ot the Funds held by Lendef shall not be su}6cieat to pay taxes, assessments, insurance prcmiums and goound rents as they fall due, Borro~ver shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed • by Lender to Borrower r+eq~esting payment thercof. - up«, wy~oc io full of dl sums securcd by this Mongage, .l.ender shall promptly retund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Property i~ sold or the Property othenvise acquircd by Lender. t_ender a6a11 apply. no later than immediately prior to the sale of the Propeny or its acquisition by I.ender, any Fundc held bv Lender at the time of application as a credit against the sums secured by ihis Mortgage. 3. Appticatloe of Payoeats.. Unkss applicable law provides otherwise. all payments received by Lender under the Note aad paragraphs 1 and 2 hereof shall be applied by I_ender 6rst in payment of amounts payable to Lender by Borrower under paragraph 2 hueof. then to in~erest payable on the Note, then to the principal of the Note, and then to interest and priacipal on any Futun Advances. 1. C6srEa; Litas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Propecty which may attain a priority over this Mortgage, and lessehold payments or ground rtnts, if any, in the ma~ner pmvidtd under paragraph 2 htreof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee th~~oof_ Borrower shall promptly furnish to Lender all notices of amounts due under ihis paragraph, atid in the event Borrower shall make payment directly. Borrower shall promptly furnish to l,ender receipts evidencing such payments. Borrower shall promptly discharge any_ lien which hu priority over this Morigage; provided, that Borrower shall not be rtquired to discharge any such lien so long as Borrower shall agree in wri~ing to the payment of the obligalion ucured 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 ot the lien or forfeiture of the Property or any part thereof. S. Hazard Insnrawce. Borrower shall kcep the improvements now existing or hereafter erec~ed on the Property insured agunst loss by fire, hazards included within the term "extended coverage", and such other hazatds as Lender may r~quire ~ wd in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortga6e. ~ The insurance carner providing the insurance shall be chosen by Bonower subject to approval by Len~r, provided, f that such approval shall not be unreasonably withheld_ All premiums on insurance policies sfiall be paid in the manner i provided under paragraph 2 hereof or, if not paid in su~h manner. by Borrower making payment, when due, direcdy to the ~ € insurauce carrier. F All insurance policies and renew~als thereof shall be in form aceep~able 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 Lender all renewal notices and all receipts of paid premiums. In the event of loss, ! Borcower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy by Borrower. a Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be aPplied to restoration or repair of ~ the Property damaged, provicied such restorat~on or repair is economically feasible and the security of this Mortgage is ~ not ~hereby impaired. If such restoration or repair is not economically fcasible or if the securily of this Mortgage would ~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Properry is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days irom the ~ date notice is ma~led by L.ender to Borrower that the insurance carrier ofTers to senle a claim for insurance benefits, Lender ~ is authoriz~d to co{lect and apply the insurance proceeds at I_ender's optiun either to restoration or repa~r of the Propert~ E or to the sums secureci by this Mortgage. ? Unless Lender and Horrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installmems referred to in paragraphti I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Prof,erty is acqu~red by Lender, ali nght, tiNe and interest of Borrower ~ in and to any lnsurance policies and in and to the proceeds thereof resulting trom damage to the Property prior to thc sale r or acquisition shall pass to Lende~ to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Preserr•atan and ;~taintenance of Property; Leaseholds: Condominiums; Planned Unit Developments. Borrower ~ shall keep the Propetty in good repair and shall nut comroit yvaste or permit impairment or deteriotation of the Property - aad shall comply~ with the provisions of any lease ~f this Mortgage is on a Icaschold. If this Mortgage is on a unit in a condominium or a planned unit devclopment, Borrower shall pertorm all of Borrower's obligalions under the declaration 3 or covenants creating or govermng the condom~nium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent ciocumentt. Jf a condominium or planned unit clevelopment rider is ezecuted by Borrower and rernrded toge~her w~Ih ~his Mortgage, the covenants and agreements of such rider ' shall be incorporated into and shall amend and supplement the co~enants and agreements of this Mortgage as if the riJer ` were a part hereoL 7. Protection of Lender's Securfty. If BorroNCr (ails t~• perfarm the covenants and agreements contained in this Mortgage, or if any action or proceeding iti rommence~l which ma~erially atTects 1_ender's interest in the Properry, ~ including, but ru~1 6mited to, em~nent domain. in~c~lvenrc, cocle enforcement. or arrangements ar proceedings involcing a bankruPt or decedent. then I.ender at I.ender's op~ion, upon notice to Borrowe~. ma~ make ~uch appearances, dishurse such sums and take such ~ction as is necec1ar}~ tu protect Lender's ~merest, incluJ~ng. but not limited to, disbursement of ~ reasonable at~omey's (ces and entry u~m thc Propcrtp to maheLrc~airs. If l.endcr rcyuircd mortgase incurance as a condiuon o( makmg~thc loan SecureJ by thii A1i~rtgagc. B~~rn~Wrr sh.~ll pa~~ thc premiums requireJ to maintain such ~ ~ insurance in rliect untif ~uch time as thc reyuircment for u~ch insuranee terminates in aecordanee with Bor~ower's and " , np . ~ ~ (I r ~O~ ,a~.; ~ ~ ~ ; _ _ . ~ .