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HomeMy WebLinkAbout2773 ~ vY • i - ~ I. 1 1 UNIFORM COVIiNAN1a. Borrower and lender covenant and agree of follows: 1. 1l~tN st thisclral aN IThssN. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidaaosd by the Notes prepayment sad tale charges as provided in the Note. and the principal of and interest at any Pun Advances second by this Moctp,ga. 1 >llsais !er Ta:ss and tnwrtrMCa. abject to applicable law or to a written waiver by Lender, Borrower shag pay to Lender on the day monthly in~allmenb o[ principal and interest are payable under the Note. until the Note is paid in fuq. a sum (hereto "Funds' equal to one-twelfth of the yearly taxes and assessrnenb which may strata priority over this Mortgage. and ground renb on the Ptnparty, if any. phrs are-twelfth of yearly premium ittstallmenb tot hazard insurance, plus one-twelfth of yearly premium iastallnteab [or mortgage inwrance, i[ any, all m reasonably estanated initially and tt+om lima to time by Leader on the basis of assessmenb and hilt= and reasonable estimate: thereof. The flrads doll be bald in an irr:tituttoa the deposib or acoounb of wbtch are irqund or guaranteed by a Federal or sbte agency (including Leader if Leader a such an institution?. lender shall apply the Funds to pay :aid fracas. assatntarb. ' irr:uranoe premiums acrd ground rents. Leader may not charge for so holding and applying the Funds. analyzing said aooount, or verifying and compiling said assessmenb and bilb, unless Lender pays Borrower interest on the Funds and applicable law petmib Lender to make such a charge.. Borrower and Leader may agree in writing at the time of execution of this Mortgage that interat on the Foods :ball be paid to Borrower, and unka such agreement is made or applicable law requires such interest to be paid, Leader shall not be required to pay Borrower any inten=t or earainp on the Funds. Lender shall give to Borrower, without charge. an annual aooounting of the Funds showing credits and debib to the Funds and the purpose for which each debit to the Fund: was made. The Funds are pledged as additional security for the sums secured by this Mortgage. . Tf the aatount of the firnds heW by Lender. together with the future aatrthly installmenb of Funds payable prar to the dues date of taxes, asae:snrenb, insurance premiums and ground rent, shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rents as they fall dues such exec.:: shall be. at Borrower's option. either promptly repaid to BorroMrar a credited to Borrower oa rrronthly instaltatenb of Funds. If the amount of the Funds bald by Leader shall cot be wlBdant to pay taxes, asrasraents. inwrance premiums and ground rents as they fall dues Borrower shall pay to lender any amount treca:ary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment .ia fuq of aq sums secured by this Mortgage. Leader shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property a otherwise acquired by Lender. Lender shaq apply. no rater than immediately prior to the sale of the Property or ib aoquuition by Lender, any Funds held by Leader at the time of appliatioa as a credit against the sums secured by this Mortgage. 3. A~iicatisn o[ lgtkala. Unless applicable law provides otherwise, all payments received by Lender under the Note and parsgapbs I sod 2 het+eof shall be applied by Lender Rtst in payment of amounb 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. 1. Charges; tiJerrs. Borrower shall pay all taxes. assessrnenb and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. and k:asebdd payments or ground rents, if any. is the manner provtdod 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 aa~ounb due uadex this paragraph, sad to the event Borrower shall make pr?yment directly. Borrower shall promptly furnish to Lender rccxipts evidencing such payments. Borrower :Iraq promptly discharge any lice which has priority over this Mortgage; provided, that Borrower shaq not be required to discharge any such lien so bog ss 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 tooter such lien by, or defend enforcement of such liar in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hasari insurance. Borrower shaq keep the improvements now existing or hereafter erected oa the Property inwred against loss by fin, hazards included within the term "extended coverage". and such other hazards as Lender may require and in wch amounb sad for such periods as Leader 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 by this Mortgage. 'Ibe iawranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such, approval :bail not be unreaaooably withheld. All premiums on inwranoe 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. All insurance pdicies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage I clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewah 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 loan if not made promptly by Borrower. Unless Lender sad Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of 6 the Property damaged, provided such ratoration or repair is economically feasible and the security of this Mortgage is rat thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. the insunaoe proceeds sbaq 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 Borrovrer that the insurance carrier offers to settle a claim for irrwrance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to ratoration or repair of the Property or to the sums secured by this Mortgage. ' Unless Lender and Borrower otherwise agree ~ 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 installmenb. 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. f. Preservation ant Mafateeance of Troperty; I.ease6olds; Coodomiaiunr~ lbAwea Unk Develo*rnenb. Borrower shalt keep the Property in good repair and :ball not commit waste or permit impairment or deterantiar of the Property and :bast 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 obligation: under the declaration or covenanb creating or governing the condominium or planned unit .development, the by-laws and regulations of the 1 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 :ball be incorporated into and :ball amend and wppkment the covenanb and agreements of this Mortgage as if the rider were a part hereof. 7. Trotectioo of Le¦der's Security. If Borrower fails to perfoAn the covenants and agteemenb contained in this Mortgage, or if say action or proceeding is commenced which materially affects Lenders interest in the Property. including. but not limited to, eminent domain. insolvency. code enforcement, or arrangements or pr+o~xedings involving a bankrupt or decedent, then Lender at Lender's option, upon noticx to Borrower, may make such appearances. disburse such sums and take such action as is necessary to protect Lender's interest. including. but rat limited to. disbursement of reasonable attorney's foes and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the ban secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such. insurarree terminates in accordance with Borrower's and 8~~~25 ~~2T6?