Loading...
HomeMy WebLinkAbout2764 . UNIFORM CpVBNAtiTS. Borrower and bender covenant and agree u follows: 1. >ratytttest a< )rtinefNl tttRti Irttlesed. Borrower shall promptly psy when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and interest oe any Future Advances secured by this Mortgage: g. l4ni ter Ttutaa trtl 1Rwnece. Stitbject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day matthly installments of principal and interest .tre payable under the Note, until the Note is paid in full, a stun (herein "Ftutds'~ equal to onatwelfth of the yearly taz~~ and assessments which may attain priority over this Mortgage. sod ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly prcmitun installments for mortgage insurance, it any, all as reasonably estimated initially and from time to time by Lender on the buffs of assessments and hills and reasonable estimates thereof. The Funds shall be held in an institution the deposits orrccounts of which are insured or gwranteed by a Federal of state agency (including Lender if Lender is such an institution). 1_ender shall apply the Fltttds to pay uid taxes. asseuttxnts. insurance premiums and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account, or verifying and compiling said 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 is made or applicable law tegtures 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 wu made. The Funds arc plodged u additional security [or 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 taxes. assessments. itsurance premiums and ground rents, shall exceed the amount required to pay said taxes, attseastnents, insurance premiums and ground rents u they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sttl6cieat to pay taxes. assessments, insurance premiums and ground rents u 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. Upon paytaeat in full of all stuns secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under puagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall spply. no 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 as a credit against the sums secured by this Mortgage. 3. Applicatiee et Payttttett~ts. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 heroof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. . 1. Ctsarges; Llietss. Borrower shall 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 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, sad 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 lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ 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. Hazard lasurswce. 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 sad in such amounts and for such periods as Lender may require; provided, that Lender shall .riot 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 j provided tinder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage t clause in favor of and in form 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. 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 1 not thereby impaired. If 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 fails to respond to Lender within 30 days from the date notice ~s 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 Lender and Borrower otherwise agree rn 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 installments. !f under paragraph I8 hereof the Property is acquired by Lender, all right, title and interest of Borrower ~ in and to any insurance policies attd in and to the pra:eeds thereof resulting from damage to the Property prior to the sale or acgtisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ;F acquisition. ~ 6. Presen•atioa sad Maintenance of Property; Leaseholds; Condominiums; Planned Unit 1Developments. Borrower ~ shall keep the Property in good repair and shall not comrpit 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 ur 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 documems. 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 °s 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 d. perform the covenants and agreements contained in this Mortgage, or if any action ur proceeding is commenced whrch materially affects Lender's interest in the Property, including. but not limned to, eminent domain. insolvency, code enforcement. or arrangements or proceedings invoh•ing a bankrupt or decedent. then Lender at Lender's option, up~m notice to Borrower, ma} make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limbed to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. if Lender required mortgage insurance as a condition making the loan secured by this Mortgage. Burrower shall pay the premiums required to maintain such inurance in et(ect until such time as the requirement for wch insurance terminrtes to accordance with Borrower's and ' P.I If1K Pt/:F ~~1 l '