Loading...
HomeMy WebLinkAbout1285 Ut+awttw Covtat+~t~trs. Botrosver and Lender covenant and agree as folbws: L hytwNt et lriae~l tttM leNaet. Borrower shall promptly pay when due the principal of and interest on the ! ittdebtedrttas evidenced by the Note, prepayment and late charges as provided in the Note, and tha principal of and intertest erA any Future Advances aecuted by tha Mortgage. - - Z. ltrnla tetr Tatoaa arri l~attsasa~e. Stitbject to applicable !aw or to a written waiver by Lender. Borrower shall pay- to Lestder on the day monthly installments of principal and interest arc. payable under the Note. until the Note is paid in full. a atria (Iterein "Funds'h equal to one-twelfth of the yearly tax~~ and assessments which racy attain priority over this Mort~ttge, and ground tents on the Property. if any. Alta one-twelfth of- yearly premium iauallrrtettt: for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from tune to time by Lender on the basis of assessments and hills and reasonable estimates thereof. _ Thtt Funds shall be held in an institution the deposits or accounts of which are ittwred or guaranteed by a Federal or state agency (including Leader if Lender is such an institution). I.ertder shall apply the Funds to pay said taxes, assessments, - inwrattoe premiums and ground rents. l_e~tder may not charge for sn holding and applying the Funds, analyzing said account, or veritying.artti compiling acid assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law ptxtnits Lender to make such a chuge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Fttads shah- be paid to Borrower, and unless such agreement is made or applipbk law requites such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Furtds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the pupae for which eatdt debit to the Funds was made: The Funds are pledged as additional security for the sums secured by thk Mortpge. TE the amount of tbts Funds hdd by Lender. together with the future monthly installments of Funds payable prior to the dtra dates of lases. assessments, irauranee premiums and ground rents, shall exceed the amount required to pay said taxes. _ saeaments, irauraace premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either promptly. repaid to Borrower or credited to Borrower on monthly installments of Ft,:ids. If the amount of the Funds heW by Leader-shall act be wt5cieot to pay taxes. -assessments. insurance premiums and ground rents as they fall due. Borto~taer shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader f4 Borrower roquestir?g payment thereof. - _ Upon payment is full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or fire Properly rs otherwise acquired by Lender. Lender • shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, :.ty Funds held by Leader at the. time of application as a credit against the sums secured by this Mortgage. 3. A~iicatiorr of l:ysiteab. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Ncite, and then to interest and principal on any Future Advances. 4. Comex Lieas. Borrower shall pay all taxes, assessmenu 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 payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and is the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so bng 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 lien ia, legal pro+~eedings which operate to prevent the enfo_rcenent of the lien or forfeiture of the Property or any part thereof. S. Hazard Insurance. 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 Lender shall not require that the amount of - such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. ~ The 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- i provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. AU 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 shall have the right t~ hold the policies and renewals thereof, and Borrower shall promptly furnish to Leader 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 lass if not made promptly by Borrower. • Unless 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 not thereby impaired. It 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 fai;~ to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender i - is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Property or to the Burns 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 1 and 2 hereof or change stn: amount of such installments. If .under paragraph 18 hereof the Property is acquired by_ Lender, all right, title and interest of Borrower in gad to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. - f. Prestrvatloo said Maiateaance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not comrpit Kaste or permit impairment or deterioration of the Property r 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 covenants 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 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. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this f 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, map make such appearan.es, disburse such sums and take such action as is necessary to protect Lenders interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a conditio~r of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such t • insurance in effect until such time as the reyoirement for such insurance terminates in accordance with Borrowers and ~ ~Q~ a