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HomeMy WebLinkAbout2767 UNryottw Covarut+r7's. Borrower and Lender covenant and agree s: follows: IMyasent ~ >neitiMl trti lrtrlersat. Borrower shall promptly pay when due the principal of and interest on the indebtedntat evidenced by the Note. prepayment and late charges ac provided in the Note, and the principal of and interest oa goy Futtue Advances strcw+ed by this Mortgage. 2. >t<r,sris Bir 1ltaes ttrti irwaoee. Stirbject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day trwnthfy installments of principal and interest arr. payable under the Note, until the Note is paid in full, • stmt (herein "Fuads'~. equal to one-twelfth of the yearl~• tax~~ and assessments which may attain priority over this Mortgage. and ground vents on the Property. if any, plus orre•twelfth of yearly premium itutallment: for hazard insurance. plus one-twelfth of yearly premium itstallments for mortgage insurance, if any, all as reasonably estimated initially and from time to tithe by Leader oa the basis of assessments and hills and reasonable estimates thereof. The Funds shall be Geld in an institution the deposits or accounts of which arc irrwred or guaranteed by a Federal otr state agency (including Larder if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessrrrents. insurance premiutrrs and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account, or verifyintirrd compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permits Fender to make such a charge. Borrower gad Lender may agree in writing at the time of execution of this Mortgage drat interat on the Funds shall be paid to. Borrower. and unless such agreement is made or applicable law require 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 ptupose~or which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured ortgage. . if the amount of the Furls held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, irrsurarrce premiums and ground rents, shall exceed the amount required to pay said taxes. assaarteats, iasurturoe pr+emitutu and ground rents. ss they fall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount o[ the Funds beW by Leader shall not be sufficient to pay taxes. attttt^ssments, insurance premiums and ground rents as they fall due. Borrower shall pay to Leader gay amount necessary to make up the deficiency within 30 days tram the date notice is mailed bry Leader to Borrower requesting payment thereof. Upon payment is fup of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by leader. 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 Leader at the time of application as a credit agaimt the sums secured by this Mortgage. 3. A~icatlart oft Itarymenls. Unless applicable law provides otherwise, all payments received by Lender under the Note gad paragraphs 1 gad 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 Note, and then to interest and principal on any Future Advances. 4. Crsrge~ IJeas. 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 maaaer 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 lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Harare Ittiwtrav.ee. 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 gad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured Eby this Mortgages 'Ilre 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 shill 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 I inwrance carrier. All 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 policiet and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. Tn 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 procceds 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 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, 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 procceds at Lender's option either to restoration or repair of the Property i or to the sums secured by this Mortgage. t 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 the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title 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 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. 6. Preservatfoo and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall rrot commit yraste or permit impairment or deterioration of the Property ( gad 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 i 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 Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including. but not limned 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, ma}• make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If 1_cnder required mortgage insurance as a cond~Uon of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such iruurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and n~AM A~r!I'7!