Loading...
HomeMy WebLinkAbout0112 . ; t { ~ UN1F01tM COVBNANTS. Borrower at?d I.eade~ covenant and a~rce as follows: 1. l~tn~nt oE triaclp~l u~ IMered. Borrower shall promptly pay when due the princtpal of aad interest on the indebtedness evideuced by the Nde. prepsyane~t and late charges as provided in the Note, and the principal of and interest on wy Futuro Advaaces secured by tbi~ Mo~tjage. 2. Fb~dt tor'11~~s ni I~wra~ee. Subject to applicabb law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly instaltments of principal and interest are payabk under the Note. until the Note is paid in full, a sum (6erein "Fund~'~ equal to ono-twdith of the yearly taxes and assessments which may attain priority over this MoctgaYe. and gc~und reats on tbe Property, if any. plus ono-twelfth of yeuly premium installments for hazard insuraaco. plus o~twelfth of yearly premium instalimenb tor mortgage insurar~cc, if aay. all as reuonably estimated initialiy and from time to time by Lender oa the basis of a:sessments and bills and reaso~abk estimates thereof. The Funds shall be held in an institution tlx deposits or accounb of which are insurrd or guarantad by a Fcdenl or state a~ency (includirtg Lender if Leader is tuch an iratitution). Lender shall apply tlx Funds to pay said tua. sssess~nts. i~uurance premiums and ground nnts. Lender may not chuge for so holding and applying the Funds. analyzing said account, or verifying and complins uid suessments and bilis, unkss Lender pays Borrowe~ interest o~ the Funds and applicable law permits I.ender to make such a char~e. Bonower and Lender ma~ agree in writing at the time of eacecution of this Mortgage that interest on the Funds shall be paid to Borrower, and unlas such agreement is made or applicable law requites such interat to be paid, Lender shall not be roquired to pay Borrower any interat or earaings on the Funds. L.ender sha[I give to Borrower. without charge. an annual a~nting of the Funds showing credita and debits to the Funds and the purpoae for which each debit to the Fuads was made. The Funds are plodged as additional socurity for the sums secured by this Mortgage. If t6e amount of the Funds held by L.ender, together with the Future monthly installments of Funds payable prior to the due data of taxes; assessmeau. inaurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments. insuraace prcmiums and ground rents as they fall due, such excess shall be. ~at Borrower s option. either . ; promptly rcpaid to Borrower or croditod to Bormwer on monthly instaltments of Funds. lf the amount of the Funds ! held by Lender shall not be sulGcient to pay taxes, assessments, insurance premiums and ground rents u they fall due. ~ ~rmwer shall nay to Lendsr any amount necessarY to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requestiag payment thercof. . Upon payment in full of all sums secured by this Mortgage, l_ender shaU ~und to Borrower any Fun~ held by Lender. If under paragraph 18 hercof the Properi~ ~pli~~t ~~rb~eny ~s o rw~se acquired by Lender, Lender sUall apply, no later than immediatety prior to the ule of the Propert~p~i~ o ~ Y~ dL~. any Funds held by Lender at the time of application as a credit against the sums securtd by ~ C~faB 3i 3. Applkatioe of P~ments. Unless applicable law provida ot~ierwise. all ~9~tl~a~i~ Lender under the Note and Qaragraphs 1 and 2 hereof shall be appiied by Lender first in`payment of amount~p~ yab~~i~?isnder by Borrower under paragraph 2 hereof, then to interest payable on the Note. then to the, principal of the Note, and then to intcrat and principal on any Future Adva~as. ~ ~ ~ d. C6arEa; Lkns. Borrower shall pay all taxes, assessments and other charges, fines and impoaitions attributable to ~ the Property which may attain a priority over this Mongage, and leasehold Qayments or gcound rents, if any. io the manoer j provided under paragraph 2 bercof or, if not paid in such manner, by Borrower making payment~ when due, di~+ecdy to the ~ payee theroof. Borrower shall pmmptly furnish to [.ender all notices of-amounts due under this paragraph, and in the event i Borrower shall make payment directly, Bo~rower shall promptly furnish to Lender receipts eyidencing such payments. ~ Borrower shall proroptly discharge any lien which has priority over this Mortgage; provided, that Borcoarer shall 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 acceptabk to l.ender, or shall in good faith contest sueh lien by. or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Propecty or any part thereof. S. Haurd Insurance. Botrawer 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 ' I and in such amounts and for auch periods as Lender may require; provided, that Lender shall not require that the amount of such coverage excced that amount of coverage required to pay- the sums secured by this Mortgage. ; ~ The insurance carrier providing tt~e insurance shall be chosen by Borrower subject to approval by Lender, provided. : that such approval shall not be unnawnably withheld. All premiums on insurance policiea shall be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ` insurance carriu. ; All insurance poficies and rcnewals thereof shall be in form acceptable to Lender aad shall inctude a standard mortgage ~ clause in favor of and in form xceptable to Lender. Lender shall have the rigbt to hold the policies and renewals thereof, I~ E and Borrower shall promptly furnish to Ixnder all renewal notices and all receipts of paid pnmiums. 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 i ~ by Borrower. ' Unlas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is i not thereby itapaired. If such rcstoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insuraaa procoeds shal! be a~plied to the sum~ secured 6y this Mortgage, with the excess. if any, paid ~ to Borrower. If the Pmperty is abandoned by Borrower, or if Borrower fails to res~ond 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 authorizod to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to t6e sums secured by this Mortgage. ~ ~ 11.~1~4 ~~n~ier an~l Rnrrnwer otherwise a¢ree in writin¢. 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 pangraph 18 heroof the Property is acquired by L.ender, all right, tiqe and interest of Borrower ° in and ~o any insurance policies and in and to the proceeds thereof resulting from damage to the Propeity prior to the sale or acquisition shall pass to Leoder to the extent of the sums secured by this Mortgage immediately Qrior to such sak or~ , acquisitioa 6. Yceserratioo and Maintenance of Property; Leaseholds; Condominiumx Planned Udt Devebpments. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and sha11 comp{y witti the provisions of any lease if this Mortgage is on a leasehold. If tbis Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-Iaws and tegulations of the ~ condominium or planned unit developmtnt, and constituent documents. If a condominium or planned unit development-! ~ ~ rider is executed by Borrower and recorded t~gether with this Mo[tgage, the covenant3 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 heroof. ~ 7. Protectwn of Lender's Secnrity. If Borrower fails to perform the covenants and agrcements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially afTects Lender's interest in the Property, ~ including. but not limited to, eminent domain, insc~lvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option~ upon notice to Borrower, may mafce such appearances. disburse such ~ sums and take such action as is necessary to protect Lender's interest. induding, but not limited to, disbursement of ~ reasonable attomey's fees and entry upon the Property to make repairs. lf Lender required morigage insurance as a condition of making the loan secured by this Mortgage, Borrower shail pay the premiums required to maintain-such insurance in effect until s~ch time as :he reyuirement for such insurance terminates in accordance with Borrower s and [ ; ~ ~ ~ J~r •J11 ~rL' ~ ~ / :