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HomeMy WebLinkAbout0821 - . . . . ' t,•t J ~ . i ' t s UNIFORM COVFNANTS. Borrowcr anJ LcnJer coven~nt anJ agree as follows: ~ 1. Paymeaf of Priacipal w~d lnterest. Borruv?•er shall promp~ly pay w~hen due the principal of and interest on the ~ iadebtedness evidenced by th~ Note. prepayment and late charges as pruviJed in the Note, and the pri~cipal of and intercst - ~ on aay Future Advances secured by this Mortgage. 2. Fbads~for Tiuca :nd Inaunnce. Subject to applicable law or to a written waiver by Lender, Borrower shaQ pay to Lender on ~he day monthly installments of p~incipal and interest are payable under the Note. until the Note is paid in lull, ~ a sum (hercin "Funds") equal to one-twelfth of the yearly taxes and assessmcnts which mAy attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twclftfi of ycarly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insu~ancc. if any. all as rcasonably estimateJ initially and from time to time by Lc~der on thc basis of assessments and bills and reasonable estimates thereof. 'Il~e Funds shall be held in an institution the deposits or acrounts of'which arc insured or guaranteeei by a Federal ar state agency (including Lender if I.ender is such an institution). I.ender shall apply. the Funds to pay said taxes. assessments, insurance premiums and ground rents. [.ender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessmenls and bills, unless I_ender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time o[ execution of ihis ~ Mortgage that interest on tha Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be reyuireJ ta pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual aca~unting of the Funds showing credits and debits to the Funds and the R purpose for which each debit to the Funds was made. The Funds an; pledged as additional security for the sums secured by this Mortgage. - If the amount of the Funds held by Lender, together with the future monthly installmcnts of Funds payablc prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pa~~ said taaces. assesstnents, insurance premiums and g~und rents as they faH due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or ctedited to Borrower o~ monthly instalimenis of Funds. If the amount of the Funds held by Lendcr shall not be, sulficient to pay taxcs, assessmcnts, insurancc prer.iiums anJ ground rents as thcy fall due, Borrower shall pay to Lender any amount necessan~ to make up the deficiency within 30 da~~s from the date notice is mailed by Leuder to Borrower reyuesting paymcot thereoL Upon payment in full of all sums secured by ~his Mortgage, l.cndcr shall prompQy refund to BorroN•er :~ny Funds held hy l.cnder. 1[ under paragraph 18 hereo! the Property is sold or the Propcrq~ is otherwisc acqwred by Lender, Lender shall apply, no later than immediatcly prior to thc sale of thc Pn,perty or its acquisition h~~ I_cnder, any Funds held by Lender at thc timc ot appliration as a credit against !he swns secured by this Mortgage. 3. Application of Paymeats. Unless applicable law provides oihen~•ise, all payments received by I_cnder under the - Notc and paragraphs 1 and 2 hereof shall be applied b}• l.ender first in payment of amounts payable to [.cnder by Rorrower under paragraph 2 hercof, then to interest payablc on the Note, thcn to thc principa) of the Notc, and thcn to intcrest and principal'on uny Future Advances. ~ ~ 4. Charges; I.iens. Borrowcr ~hall pay all tr~cs, assescmcnts and other charFes, fincs an.l ~mM~sitions attrihutable to the Property which may attain a priority aver this Mortgage, and leasehold paymcnts or ground rents. if any, in thc manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment. when dur, directly to the payee thcrcof. Borrowzr sfiall promptly furnisfi to Lender all notices of amounts due under this paragraph, and in the event Borrow•er shall make payment direcUy, ~3orrov?•er shall promptly furnish to Lender receipts e~•idencing such payments. Borrower shall promptly discharge any lirn «hich has priority uver this Mortgage; proviJed, that Borrower shall not be required to discharge an)~ such lien ~o long as Borroµer shall agree in writing ta the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien b~, or defenJ enforcement of such lien in, Iegal proceeding~ w~hich operate to prevent the enforcement of the licn or forfeiwre of ihe Property or any part thereof. ~ 5. HaZard Insurance. BorroK•er shal! keep the ~mpm~ement5 now cxi~ting or hereafter crected on ti~e Pr;perty insured against lnss by fire, haz:,rJ~ included within the term "c~tendeJ covcrage", and surh othe~ hatard~ a~ Lcnd~r m~y require and in such amounts and for surh pcriocls ati Lender ma1• re~uire; provided. that I.endcr shall not reyuire that the amount of ~ ; such ro~~cragr exceed that amount of coverage reyuired ti~ pa} ~he ,umti secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrow•er subject to approval b}~ Lender, provided, that sucb approval .hall n~t be unreasonahl~~ withhetd. All premiums on insurance policies shall tk paid in the manner provided undcr prragraph 2 hereof or, if not paid in suc:h manncr, by BorroN~er making payment, when due, directly to the insurance carrier. All insurance Ewlicies anJ renew~als thereof shall tx in form acre~+t:~blc to Len~cr ~nd shall include a stan~ard mortgage rlause in fa~•ar of and in form arceptable to Lender. Lender ,hall havc the right to hold the policies and renew~als thereof. ; and Borrower shall promptlr Curnish to Lender all rencWal notices and all receipts of paid premiumti. In the e~ent of loss. z Borrower shall gi~~e prompt notice to ~he insurance carrier and Lender. Lender ma~ make proof of loss if not made promptly ! by Bormwer. ' ; Unless Lender and Borrow~er otherw•iu: agree in writing, insorance proceeds shall be applied to re~turation or repair of ; ~ the Property damaged. proviJ~d such restoration or repair is econumically feasibk and the security of this Mortgage is ; ~ not thereb}' impaired. If surh restoratwn or repair is not c~om~mic~lly feasible or if the security of this Mortgage would ~ be impaired, the insurance pra:eeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ ; to Borrower. If the Property is ahanJoned by Borrower_ or if Borrower tails to respond to Lender within 3d days from the j ~ date notice is mailed by Lender ~o Borrower that ~he insurance carrier offers to se~tle a claim for insurance benefits, Lender is authorized to collect and appty the insurance proceeds at Lender's option either to restoration or repair of the Property ~ ~~r to thc sums ,•-cured by this hlortgagc. Unles~ Lender and Borrower othervaise agrec m arit~ng. any such appliration af pr~>ceeJs to pnncipal shall not extend . or postpone thc due date of the monthl~• installments referrcd t~ in paragraphs t and 2 hercof or change the amount of ~ such installnienls. If under paragraph 18 hereof the Propert~• is acyuired b}• Lender, all right, tiqe and interest of Borrower ~ in and to any insurance policies anJ in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acyuisition shafl pass to Lender to the e~rent of the sums secured hy this :1lortgage imrreediately prior to such sale or s acquisition. . ~ 6. Presenation and ~taiafenance of Propert~; I.easeholds; Condominiums: Planned Cnit De~•elopments. Borrow~cr ~ shall keep the Property in good repair and shall not commit v?aste or permic impairment or deterioration of the Property ~ and shall comply with the provis~ons of any lease it thic Mortgage is u~ a leasehold. If this Mortgage is on a unit in a condominium or a planncd unit Jcvclopmcnt. Borrow•cr shall perform all of Borrow•er's obligations under the declaration ; or ~ovenants creating or governing thc condominium or planned unit development, the by-laws and regulations of-the - condeminium or planned unit devetopment, and constituent documems. lf a candominium or planned unit development ~ ' nder is executed by Borrower and recorded together with this Mortgage, the covenants and agreements o[ such rider ~ shall tx: incorporated into and shall amend and sopplement the covenanls and agreements of this Mortgage as if the rider ; wcre a part hereof. ; 7. Protection of Leadtr's Security. If Borrower fails ro perform the covenants anJ agreements contained in this ~ Mortgage. ~~r if any action or proceeJing ~s commenced Nhich materially afTects Lender's interest in the Properly, ~ including. but not limited to, eminent domain, insolvenc}~, code en(orcement, or arrangements or proceedings involving a ~ bankruQ~ or decedent, then Lender at Lender's option, upon notice to Borrower, map make such appearances, disburx such ~ sums and take such action as is necessary to protrrt Lender's iRterest, includiog, bat noi limrted to, disburxment of ~ reasonable attorney's fces and entry upc~n the Propcrty Io make repair~. it Lcnder required mortgage insurance as a ~ condition of making the loan secured by this ylortgage. Borrower shall pay the premiumc required t~ mainta~n such ~ ~ insurance in efiect until such time as the reyuirement for such in;urance terminates in accordance with Borrower's and i ~ £ g , ~ ~ ~ S~C!! ~U8 oAC~ 821 ~ ' { . 4 r _ _ _ . _ ; ~ - ~-~~.~~~.-~~--~~:u- . ~ . .a .