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HomeMy WebLinkAbout1952 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows. 1. Payment of Prlnclpal and Into»st. Borrower shall promptly pay when due the p?+nc+pal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided +n the N ore, and the pnnc+pal of and +nterest on any Future Advances secured by this Mortgage. 2. Funds torTaxes and Insurance. Subject to appticabte taw or to a written waiver by lender.. Borrower shalt pay to lender on the day monthly installments of princ+pal and interest are payable under the Note, unt+l the Note +s pa+d in full. a sum Ihere+n "Funds') equal to one-twelfth of the yearly taxe° assessments which may atta+n priorify over flits Mortgage, and ground rents on the Property, it any, plus one•twetfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasaonabtyestimated initial?y and from t+me to t+me by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or Mate agencytincluding lender it lender is such an institution. Lender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. Lender may not charge torso holding and applying the Funds, analyzing sa+d account, or ver,fy+ng and compiling sa+d assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement +s made or applicable law requ+res such interest to be paid, Lender shaft not be required to pay Borrower any interest or earnings on the Funds- Lender shall give to Borrower, w+thout charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as addit+onat security for the sums secured by th+s Mortgage. It the amount of the Funds held Dy Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shat! no! be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due. Borrower shaii pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. tl under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender ' shau apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Jlpplicatlon of Payments. Unless applicable taw provides otherwise. aft payments received by Lender under the Note and paragraphs t and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to +nterest payable on the Note, then to the principal V( thP.,~+lote. and then to +nterest and pnncopal on any Future Advances. _ " -!a 4. Charges; Uenit. Borrower shall pay all taxes. assessfnenfs and othercharg~s: fines and repositions attr+butable to the Property which may attain a phonty over th+s Mortgage. and leasehold paymen3gvf~dund~nts, if. any, +n the manner provided under paragraph 2 hereof or, if not paid in such manner, liy°Brn'rowe?~making p~ymient,'-vYTt~r`f due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices otarrwunfs flue under this paragraph, and in the event Borrower shat! make payment directly. Borrower shall pi-omptty furnish to Lender'reCeipts evidencing such payments. Bcrrower shat! promptly discharge any lien which has prioriy over this Mortgage: provided, that Borrower 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 acceptable to Lender, or shall in good faith contest such lien by, or defend enforcementof such Lien ?n, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Ha=ard Inaurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against toss by fire. hazards included vnthin the term °extended coverage". and such other hazards as Lender may require and in such amounts and for such periods as Lender require: provided. that lender shall not require that the amount of such coverage exceed that amount of coverage requ+red to pay the sum 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 not be unreasonably withheld. All premiums on +nsurance policies shall tie 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 .nsurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shalt include a standard mortgage clause in favor of and inform acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender alt renewal notices and all receipts of paid premiums. In the event of toss. Borrower shat! gyve prompt notice to the +nsurance career and Lender. Lender may make proof of loss 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 +mpaired. 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 sums secured by this Mortgage, with the excess. rf any, paid to Borrower. It the Property is abandoned by Borrower, or if Borrower (alts to respond to Lender within 30 days from the date notice is moiled by Lender to Borrower that the +nsurance carne; offers to settle a claim for +nsurance benefits, Lender rs authorized 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. 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 rnonlhly installments referred to +n paragraphs 1 and 2 hereof or change the amount of such instauments. It under paragraph t 8 hereof the Property is acquired by Lender. all right. title and interest of Borrowei in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior fo the sale or acquisition shalt pass to Lender to the extent of the sums secured by this Mortgage immed+atety prior to such sate or acquisition 8. Pressrvatlon and Maintenance of Property; Leaseholds; Condominiums; Planned Unlt developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pro- perty and shall comply with the provisions of any !ease it this Mortgage is on a leasehold. If this Mortgage is an a un+t in a condominium or a planned unit development. Borrower shall perform al! of Borrowers obligations under the declaration or covenants creating or governing the condom+nium or planned unit development. the by-laws and regulations of the condomir;ium 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 shalt be incorporated into and shat) amend and supplement the covenants and agreements of this Mortgage as it the rider were a part hereof. 7. Protection of Lender's Security. It Borrower tails to perform the covenants and agreements contained in this ',Aortgage. or if any action or proceeding is commenced which materially affects Lenders interest in the Property, ~nc~uding, but not timrted to. eminent domain. insolvency. code enforcement, or arrangements or proceedings ,evolving a bankrupt or decedent. then Lentler ai 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. disbursements of ~easonab?e attorneys fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the roan secured by this Mortgage, Borrower shalt pay the premiums requ+red to ma+ntain such ,nsurance in effect unt+! such t+me as the requirement for such insurance terminates in accordance with Borrowers and r 2S t++1~87~