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HomeMy WebLinkAbout1508 ' ~ ' i ~ UNIlORIi[ COVPNANTt. Borruww and Lq~de~ rnvena~t and a~roe u follows: 1. T~;j~eN o~ hie1N1 aN 1~h~eM. Borrowe~ shall p~omptly paY when due the priacipal ot and interest on the indebtednets evideaoed by tbe Note. pt~epaymeat and late chargec a.c ~xovided in 1he Note. and the principal ot and interat o~ any Future Advances secured by this Mortsaje. 2. FMi tor TuM a~i lw~ee. ~bject to applicabk law ~u to a written waive? by Lende~. eorto~r ~+~t~ wr to Leader oe the day mw~thly installments of principal and intcrca arc payaMe u~~der the Note. until the Note is paid in tull. a sum (hercin "Fuadt'~ equal to one-tweltth of the yea~l~~ tas~~ aml assessments which may attain priority over this Mort~ase. and `round reeb on tbe Property. if any, plus ooe-twelfth of yearly premium iristallments for hazard insurance. plus ont-tweltth of yearly premium installments. tor mortgage insunncc, if any, all u rcasonably estimated initially and troan ' time to time by Leode~ on the buis of assesxmcnts and hills and rcasonabk estimata thereof. ` 'ILe Funds shall be held in an institution ~he deposiu or accounls of wAich arc iosut~ed or gwnMeed by a Federal ot ' s4te ajet~cy (includin6 Leoder if Lcnder is such an institutionl. 1_ende~ shall apply the Fu~ds to pay said taxa. sssessments, ? iasurance premiums and ~uod rcnts. l.ender may not charge for u+ holding and applying the Fund~. analyzing said account. ; or verityin~ snd compling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law petmits Lender to make such a cha~ge. $orrower and Lender may agrce in writing at the time of execution ot this Monpae tl~at interat on the Funds shall be paid to Borrower. and unless such asreement is made or applicabk law requira such interest to be paid. Lender shall not be rcquircd to pay Borrower any interest or eamings on the Funds. Le~der s1~a11 pve to Borrower, witlwut charge, an annual accounting of the Funds showing credits and debits to ihe Funds and the purpoae for which eaeh debit to tbe Funds wu made. The Fuodt arc pledged u additional security for ~he sums socured by t6is Mortjaae. ; If tbe artwunt o[ tl~e Fun~ held by Le~der. together with the futurc monthly installments of Fuads payabk priot to the due data of taxes. asseasments. insunnce premiums and ground rcnts, shall exceed the amount required to pay said taxa. a~umeMs. i~uurance premiums and ground rcnts u they fall due, such exceu shall be. at Bonower's option. either prompdy rcpaid to Borr+ower or credited to Borrower on monthly installments of Funds. If the amount o( the Funds held by [.eoder shall not be sutficient to psy taxes. assessments, insurance prcmiums and grou~d rents as they fall due. Borroaer shall pay to Lender any amount necessary to make up Ihe deficiency within 30 days trom the date notice is mailed by Lender W Borrower requesting payment ther~of: Upon paymeat in full of all sums secured by this Mortgage, Lender ,shstl:rtromptly refund t~ Borrower any Funds held by L.ender. If under puatraph 18 hercof the Property is sold or the Ptpper~y ,rs Wherwise uquired by Lender. Lender ahdl apply, no later than imtnediately prior to the sale of the Propett~l or its acquisition by Lender. any Funds held bv I.eakr at the time of application as a credit against the sums secured by this Mortgage. ' 3. A~plic~tioa oE layo~eds. Unless applicable !aw provida oiherwise, all payments receivod by Lender under the Note aad paragnphs 1 and 2 hercof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower uader paragnph 2 heroof. tbe~ to interest payable on the No~e, then to the principal of the Note, and then to interest and principal on any Future Advances. ' 1. Cbsrtes; Lie~. BoROwer shatl pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gmund. rcnts. if any, in the manner provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, diroctly to the psyee tlxroof. Borrower shall promptly furnish to Lender all notices of amaunts due under this paragnph. aad in the eveat Borrower shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such paymenu. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment ot the obligatiun securcd by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, Iegal proceedings which operate to prevent 1he enforcement of the lien or forfeiture of the Property or any part thereof_ S. Huard Insurance. Borrower shall keep the improvements now~ existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extendeJ coverage", and such other hazards as Lender may require and in such amounts and for such periods u 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 Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall nat be unreasonably withheld. All premiums on insurance policies shatl be paid in the manner provided uoder paragraph 2 hereof or, if not paid in such manner. by Borrower making paymemt. when due, directly to the insurance curier. 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 lorm acceptable to Lender. Lender shall 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. Lertder may make proof of loss if not made promptly i by Borrower. ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ' the Property Jamaged, provicied such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. I( such restoration or repair is not cconomically 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 to Borrower. lf the Property is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the date notice is maded by L.ender to Borrower that the insurance carrier ofiers to se~tle a claim for insurance benefits, Lender is aut6orized to collect and apply the inwrance proceeds at t_ender's option either to restoration or repaer of the Propeny or to the sums secured by this Mortgage. Unless 1_ender and Borrower otherwise agree in writing, any such application uF proceeds to principal shall not extend or postpone ~he dae datc of the monthly installments referred to in paragraph~ 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the ProFerty is acquireci by Lender, all right, title and interest of Borrower in and to any It~surance policies and in and to the proceecis thereof resulting from damage to the Propeny prior to thc sale ~ or acquisition shall pass to Lender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Presen•ation and ~laintenance of Property; Leasehulds; Condominiums; Planned Uait Derebpmenls. Borrowcr 3 shall keep the Property in good repair and shall not com~pit yvaste or permit impairment or deterioration of the Property and shall comply- with the provisions of any lease it this Mortgage on a leaschold. 1( this Mortgage is on a unit in a Y condominium or a planned unit devclopment, Borrower shall perform all of Borrower's obligations under the declaration a or covenants creaung or governmg the condominium or planned unit develupment, the by-laws and regulations of the ~ condominium or planned unit development, and coostituent J~:umentc. If a condominium or planned unit Jevelopment ~ rider ~s executed by Borrower and recorded tugethcr ~ith th~~ Mortgagc, the covenants and agreements of such rider ~ shall be incorFwrated into and sh~ll amend and suppl~ment the co~enants •rnJ agreements of this Mortgage as if the rider ~ were a part hereof. ~ ; 7. Protection of Lender's Securfty. If B~rrower fad~ t~~ ~xrf~~rm the covenantx an~f agreements contained in this ~ Mortgage, or if any act~on ur proceeding is commrnce.l which materially~ afTects I.enJer's interest in the Property, ~ ~ includmg. but nut hm~ted to, em~ncnt domain. im~•lvenr}, c.Kic cnforcement, or arrangcmentc or proceedings invol~~ing a ~ bankrupt or dereJen~. ~hen Lender at 1_enJer's op~ion, uExm nouce to Borrower. ma} make such appearances, drsburse such sums and take such ,~cuon a, is nece~sar~~ tu pro~ect l.ender's mterest. including. but not limrted to, disbursement of , reasonable aUorncy'c (ce~ and emry uExm thc Properl~~ t~~ make repairs. It Lcnder reyuired mortgage insurance as a ~ condiUon o( making thc loan sccure.l b}~ thi~ MunFagc. B~.rn~HCr shall pa}~ lhc premnims rcquireJ to maintain such ~ insurance in rlfe~t unlil wch time as thc rcyuirement tor ,uch insuranre Ierminatr+ m:~ecordance w~ith Borr~•wer's anJ s ~ . ~ ~ ~ ~ n 31~ ~,,:E1506 ~ ~ _ _ _ ; :»~-x: