HomeMy WebLinkAbout0532 UNtlORM Cbvu+at~s. >fOrrOwK aril Leader covenant and apes: ss follows:
>a rgwt of hiseipsl ttM 1¦MseN. 9orrower shall prpnptly pay when due the priacipd d sad ia/esest oa the
utdeblednw evidertoed by tbs NoN. prepayntatt sad late charges as provided in the Note. aril tbs psirtcipsl d sad intsreN
as arty Ftrarre Advattca~ :sacred by this Matgaje.
Z. >Itrtris liw'lytsea aM lswesaceL Stirbject ,Ib
a~plicabk law or to a written waiwt• by bender. Bonarss tall pay
to Lesdsr as the day monthly iaualhtaents of principal and interest iro. payable under the Note. until the Note is paid in fuq.
a sate (Ita+sin "Fuads'~ egwl to oaatw~etftlt of the: yearly taxes and assesstnatts which tnay attain priority ovetr this
Morllgage, sad growtd carts oa the Property. if say, phrs oaertwelhh of yearili premium imtalbaatb for ha>aird irtsuraaa,
plus ortatwelhh d yearly premium iastalhttertts for rrtortgrtge ittsttranoe. if say, sll as reasonably est'mnated initially acrd from
tires to time by Lender oa the basis of assessments sad hills and reasonable estimate cheroot.
Ttta rYntis i1ta11 Oe AeW m an instituaart the 6eposta or accounts of wnrcir arts iiwwoai v: S~ii.iw,. ~s ~
` slats agenry (iachrding Leeader if Lender is such an institution). Lender shall apply the Funds to pay said taxes, asse:snteats.
iaprrattos pr+emitrms and grouts rents. Lender may not charge for so holding and applying the Fonda. analyzing said aceourtt,
or verityirt~aad compiling said assessments and iplls, unless Lender pays Borrower iMetest oa the Funds and applicable law
permits Lender to make such a charge. Borrower sad Lender tnay spec in writing at the time of execution o[ this
Mortgage that iatersst oa the Foods shall be paid to Borrower. and oaks: such apeentertt a made or appliable taw i
requiros such interest to be paid. Lender shall rat be required to prig Borrower any interest or earnings on the Funds. Larder
sMU give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purptrse fa which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
this M
~ TE the arttamt d the Funds heW by Deader, together with the future monthly instalhAeats of Funds payable prior to
the due dates of texas, assasn>txtts, iawrartce ptn:miums and ground roots. shall exceed the amount required to pay said taxes.
aaesaaeats, irt:urance premitrrm sad ground rents as they fall due. such excess shall be, at Borrower's option. either
promptly repaid to Borrower or credited to Borrower oa monthly installments of Funds. If the amount of the Funds
held by Leader-shall not be rid6s>~ to pay taxes, asslessrttait:. itrsunnoe promiuats and poutd rents as they fall due. _ j
Borrr~ shall pay to Leader any amount necessary to make up the deliciertcy within 30 days from the date notice is ittaikd
6!y Fader to Borrower tegttesting palintettt .thereof.
Upaa payment in fuU of aU sums secured by this Mortgage. Lender shall promptly rotund to Borrower any Funds
heW by Lender. If under paragraph 18 heroof the Property is sold or the Property a otherwise acquired by Lender. Lender
shall apply. ra later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
Leader at the time of application ss a crodit against the sums secured by this Mortgage.
3. A~iiatisa et laprit,et+ls. Unless appliabk law provides otherwise. all payments received by Lender under the
Note sad Qarsgrsphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, rhea to interest payable on the Note, then to the principal of the Note, and then to interest and '
P~pv ar any Future Advaooes:- -
I. Crarges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain s priority over this Mortgage. and leasehold payments or ground ronb, if any, in the manneF
provided under paragraph 2 hereof or. if not-paid in such manner, by Borrower-making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notice of amount: due under this paragraph. sad in the aveat
BorroMrer shall make payment directly. Borrower shaQ_promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage: provided. the[ Borrower shall rat be
required to discharge any such lien so bog 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 such Ilea iq
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Pr~erty or any part thereof.
S. Henri Insuanee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
agairat loss by Ere. hazards included within the term "extended coverage", and such other hazards as Lender may require .
sad 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 rnverage required to pay the sums secured ~y this Mortgage.
The instrranee 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 shill be paid in the manner
provided under paragraph 2 hereof or, if not pail in such manner, by Borrower making payment, when due. directly to the .
instrraace carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
I clause in favor of and in form accxptabk 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 receipt: 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 Borrower otherwise egret in writing. insurance procceds shall be applied to restoratan or repair of
the Property 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 proceeds shall be applied to the :urns 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 iruurancc carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proeoods at Lender's option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless Lender 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 I and 2 hereof or change the amount of
such irtstallmeots. If under paragraph 18 hereof the Property is acquired by Lender, all right, tick and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tits: sale
or acquisition shall pass to Lender to the extent of the same secured by this Mortgage immediately prior to such sale or
acquisition.
f. Prssenatios sod Maiatenaace of Property; Lezaeholds; Condominittttaay Planned UsN Devdopmeab. Borrower
shall keep the Property in good repair and shall not comWit yvaste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration
or eoveoaats creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage. the covenants and agrcerpents 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. Protection of Lender's Sectttiry. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects 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 Lender's option, upon notice to Borrower, may make such appearances. disburse such _
sums and take such action as is necessary to protect Lenders interest, including. but not limited to. disbursement of
reacottable attorney's fees and entry upon the Property to make repairs. If Lender regoircd mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and
~ - six 316 p~E 532