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HomeMy WebLinkAbout0476 UNIFORM COVENANTS. BorroWror and l.ender covenant and ag~ee u follows: 1. ptymeat of Priacip~l snd lnterat• Borrower shall promptly pay whcn due the principal of and interest on the indebtedness e~idenced by the Note. pnpayment aad late charges as provided in the Note, and the principal of and interest on any Futu~e Advances secured by this Mortgage- 2. Fbad~ for Tues aad Iosuranee. Subject ta applicable law or to a written waiver by Lender. BoROwer sha11 PaY to Lender on the day monthly instaliments of principal and interest are payable under the Note. until the Note is paid in fuU, a aum (herc~n "Funds") equal to ono-twelfth of the yearlY ~axes and assessm~m; ~~~tA lments for hazard ~ sura ce. Moctgage. and ground reots on the Pmperty. if any. plus ono-twelfth of yearly p plus one-twelfth of yearly premium installments for mongage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assassments and bills and rcasonable estimates thereof. '[~e Funds shall be held in an institution the deposits or accounts of which are insured or guarasn~teed~b~y'a~~n~ state age~cy (~~~~~~8 ~~er if Lender is such an institution). Le~der shall apply the Funds to pay insurance premiums and ground rents. Lender may not cha~ge for so holding and applying the Funds. analyzing said abe law or verifying and compiling said assessmeats and bills, unless Lender pays Borrower i~terest on the Funds and appl' permits Lender to make such a charge. Borrower and Le~der may agree in writing at the time of execution of this Mortgage that interest on the Fuads shall be paid to Borrower. and unless such agreement is made or applicable law requira such i~terest to be paid~ Lender shall not be required to pay Borrower any interest or earaings on the Punds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing c~edits and debits to the Funds and the putpose for which each debit to the Funds was~ made. The Funds are 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 installments of Funds payable pnor to the due dates of taxes, assessments• ~nsurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground renfs as they (all due, such excess shall be, at Borrower s option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. ground entsuas heyhfall d es htld by Lender shall not be sufi'icieat to pay taxes, Borrower shall pay to Lender any amount necessary to make up the defielyncy ~wit~ n 30 ays from the date notice is mailed by Lender to Borrower requesting payment thercof. to Borrower any Funds Upon payment in full of all sums secured b~~ this Mortgage, l.ender shall promptly: ~d . d by Lender. Lender held by I.ender. If under paragraph 18 hereof the Property is sold or the P~operty is othetw ~ shall apply. no later than immediatclp prior to the sale of the Propeny or its acquisition ~y .~e ~ r, any Funds held by Lendtr at the time of application as a credit against the sums secured by this Morigage. 3. Application uf p~ym~pls~ Untess applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hercof shall be applicd by I_ender first in payment of amounts payable to [_cnder by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and thcn to interest and principal on any Future Advances. 4. Charges; Lieos- Borrow'cr shall pay all taxec, assessments and other charges. 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 shall pmmptly furnish to Lender all notices of amounts due under this paragraph, and in the evtnt Borrower shall make payment directly, Borrower shall promptly furnish to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority o~er this Mortgage; provided, that Borrower shall not be required to discharge any such lieo 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 sachthe eof. legal proceedings which operate to prevent the enforcement of thc lien or Eorfeiture of the Property or any p S. Hazard lasurance. 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 I.ender shall not require that the amount of { such coverage exceed that amount of coverage required to pay the sums secured by this Martgage. ~ 'I~e 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 directly to the ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, ~ insurance 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 shafl have 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. _ _ Unless Lender and Borruwer otherw~se agree in writing, insurance proceeds shall be applied to restoration 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 security 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 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 ofters 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 repair of the Property or to the sums secured by this Mortgage. iJnl~ss L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal 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~o i Boh °~~e ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property p ~ or acquisidon shall pass to Lender to the er:tent of the sums secured by this blortgage immediately prior to such sale or acquisition. - 6, preservaUon wd ~taintenance of Propevty; Lea~eholds: Condominiums; Planned Uuit Devdopments. Borrower shall keep the Property in good repair and shaU not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisioos of any lease if this Mortgage is un a leasehold. If this Mortgage is on a tmit in a condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaratian ~r or covenants .reatiog or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planaed unit de~elopment, and constiiuent documents. If a condominium or planned unit deve opment rider is executed by Borrower 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. Protectioo of Lender's Security. If 8orrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or procceding is commenced which materially aftects 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 1_ender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessar~• to protect Lender s interest, including. but not limited to, disbursement of ~ reasonable attorney's fees and entry upon the Properry to make repairs. If Lender required mongage insurance as a condition of making the loan secured by~ this ~~~rtgafor s~ ch nsuranee terminates in acc~ordancerwith Borrowerssand ~ insurance in effect until such time as the reyu~rement ~ , ~ `J~_~ ~ f ~ ~ _ - - _