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HomeMy WebLinkAbout0150 UNIPOAM COVEHAtdTS. Borrower and Lender covenant and agree u follows: 1. laiynetd of PtrMtclMl aad latetrat. Borrower shall promptly pay when due the principal of and interest on the ittdebtednest evidenced by the Note, prepayment and late charges ac provided in the Note, and the principal of and interest on any Future Advances second by this Mortgage. iFt~i fine Tataa aad laatn~ce. Subject to applicable law ar to • written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest arc payahk under the Note. until the Note is paid in Lull, a sum (herein "Funds") egwl to one-twelfth of the yearly taxc. and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and tr+om time to time by Leader on the buffs of assessments and hills and reasonable estimates thereof. 'ILe Funds shall be held in an institution the deposits or accounts of which are insured or gwranteed by a Federal or state agency (including Lender if Lender is such an institution(. 1_ender shall apply the Funds to pay said taxes. assessments, insurance premiums and ground rents. tender may not charge for so holding and applying the Frtnds. analyzing said account. or verifying and compiling said assessments and Mlls, 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 is made or applicable law nquins such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without 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 u additional security for the sums secured . by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of toes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assewnents, insurance 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 Funds. I[ the amount of the >+unds held by Lender shall not be sttfCtcieat to pay taxes, assessments, insurance premiums and ground rents as they fall due. Borrower shall 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. Upoa payment in full of all sums secured by this Mortgage, (.ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall 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 u a credit against the sums secured by this Mortgage. 3. Application of Payttseats. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 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 nn the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 1. Charges; I.ieas. Borrower shall pay all races, assessments 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 in 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 long as Borrower shall agree in writing to the payment of the obligation secured by such Iren in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazed 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 amounC of such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. 'Ilte 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 provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ insurance carrier. ~ Ali 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 to hold the policies and renewals thereof. and Borrower shat) promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss, Borrower shall grse prompt notice to the insurance career and Lender. Lender may make proof of loss if not made promptly I by Borrower. e Unless Lender and Borrower otherwiu agree in writrng, 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. If such restoratr<m 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, 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 insurance carrier offers to settle a claim for insurance benefits, Lender is 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 1_ender and Burrower otherwise agree m wnUng, 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 installments. If under paragraph 18 hereof the Yro ferry is acywred by Lender, all right, title and interest of Borrower in sad to an}• 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 sate or acquisition. 6. Presenation and Maintenance of Property; f.easehulds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not comrpit yraste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage n on a Ieasehold_ If this Mortgage is on a trait in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaraUun 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 nder a executed by Borrower and recorded together with thrs Mortgage, the covenants and agreements of such rider shall be incorporated veto and shalt amend and wpplement the covenants and agreements of this Mortgage as if the rider 1 were a part hereof. j 7. Protection of fenders Security. If Horn~wer f:uls m perform the covenants and agreements contained in this Mortgage, ar if any acl~on or proceeding is commenced which materially affects Lender's interest in the Property, rncludm but not limited to, eminent dum:un. insolsenc~. c.xie enforcement. or arran ements or g g 8• R pmceedin s involym a hanknrpt or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appearances, dishurse such sums and take such action as is necessary to protect Lender's interest. irclud~ng. but not limited to. disbursement of reasonahle attorney's fees and entry upon the Property to make repairs. 1( 1_ender required mortgage insurance as a cundrtu,n of making the loan secured b} this :1lortt.rf:e. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates rn accordance with Borrowers and z , . 1~9 a~~x Q.c: