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HomeMy WebLinkAbout1173 UtvttoRt~t COVENANTS. $orrower and Lender ctvenant and agree as foNows: 1. Payment of Principal and Interest. &~rn>wer shall promptly pay when due the principal of and interest un the indebtedness evidenced by the Notc, prepayment and late charge, as provided +n the Note. and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower chat! pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the time is paid in full, a sum (herein "Funds") equal to one-twelfth M the yearly taxes and asscssnunts which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly prem?um installments for hazard insurance, plus one-twelfth of yearly premium installments far mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and hi Ns and reasonable estimates thcrcot. 77te Funds shall he held in an institution the delx~siK or accounts of which arc insured or guaranteed M• a Federal or state agency (including Lender if Lender is such an instiuttion}.~ Lender shall apply the Funds to pay ,aid taxes, assessments, insurance premiums and ground rents. 1_ender may nut charge tar holding and applying the Fund., analyzing said account, or verifying and compiling said assessments and hills, unless Lender pays Borrower rnterest un the Funds and applicahle 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 un the Funds shall tx; paid to &~rruw•er, and unlcu such agreement is made or applicahle law requires such interest to he paid, Lender shall not t?e rcyuircd to pay Krrn?wcr any interest or earnings un the Funds. !.ender shall gh'e to Borrower, without charge, an annual acanmting of the Funds showing credits and-debits to the Funds and the purpose for which each debit to the Funds was made. "The Funds arc pledged a, additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly rn,r.+llments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rent,, shall exceed the amount required to pay ,aid taxes, assessment,, insurance premium, and ground rent. as they tall due, wch esrc,s shall he, at Borrower's opt+un, c+thcr promptly repaid to Borrower ut credited to Borrower un monthly +n,tallmcnts of Fund,. If the amount of the Funds held by I_cnder shall not be sufficient to pay taxes, asscssntents, insurance premnrm, and ground rent. as they fall due. Borrower shall pay to !_rndcr any amount nece„ary a? make up the itrticiency within 30 da„ from the date nonce i, mailed by Lender to Borrower rcyucsting payment thcrcot. Upon payment rn full of all sums secured by th+s Mortgage. 1 ender ,hall prompth• refund to Burrower any Funds held by I.cndcr_ if under paragraph It: hcrcuf the Property r, ,old ur the Pn?perty „ othcrw•ise acyuued by I ender, I.endcr shall apply, no later than immediately prior to the ,ale of the Pn?perty or its acyuis+uun M• I.endrr, any Fund, held by Lender at the time of application as a credit agaunt the sum, ,ecured h~ th+s Mortgage. 3. Application of Payments. Unl•_,s applicahle law pmsides otherwi,c. all paypunt, received by Lender under the Note and paragraphs 1 and 2 hcrcuf shall he applied by I.endrr tint in payment ut amounts pay:,hlr d? 1 ender by Borrower under paragraph 2 hereof, then to interest payable un the 1un•, then to the prin~ip;d ul the Nute. and then to interest and principal on any Future Advances. A. Charges; Liens. Burrower ,hall pay all lase,. ;?„~„merits and other ch:?rge,. fine, ,!rid unpu,itiun, attnhut:,hle to the Property which may attain a priority over flit, Mortgage, and leasehold payments ur ground rent,, if any. in the manner provided under paragraph 2 hereof or: if not paid in Such m;,nnrr. M Borrower making parmem, 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 shat! make payment drrcaly, &?rn+wer shall pn?mptl} turnnh to Lender receipt, rsidenrrng such payment,. Borrower shall prumptl}' discharge am• lien which has pnorin user flit, Mortgage: prov+.ted. that Burruw•er shall not he requ+red to d,scharge any such lien w long as Burruwrr shat) agree in wntrng tr the payment of the ubl+gatiun ,ecured by such Len ,n a manner acceptable to Lender, ur ,hall in g~~ud faith cuntr,t wch lien hs•, or defend enforcement of wch lien in, legal procced+ng, which operate to prevent the enforcement tit the Iren ur forfe,ture of the Property ur any part thereof. 5. Hazard Insurance. Horroucr shall keep the unpn?sement, now esi,t+ng ur hereafter erected tin the Pn~perty u?,ured against loss by fire. hazards included withrn the term "extcnde.i c,?crr,,gr". and such other hazards as I ender may require and rn such amounts and for wch periixis a, !.ender nray myuue: pmride.l, that Lender shalt n,at require that the amount of such a»•crage exceed that amount of coscrage rcywred to pay the ,rim, ,ecured by th+c Mortgage. The insurance carrier providing the insurance ,h:+II he cho,en by Bornnser subject to approval hp Lender, provided, that such approval shall not be unrea,onahly withheld. :~N prrmu,m, tin insurance policies shall he paid m the manner prov,ded under paragraph 2 hereof ur. ,f nut paid in wch manner. by Borrower making payment. when duc..hrectly to the insurance carrier. All insurance policie, an+'. renewal; thereof shall hr in funn .,rcept,,blr to Lenilrr and shall include :+,tandard mortgage clause ,n fasur of and +n form acreptabte to Lender. I ender ~h.di ha« the right to hold the puli:ir, and renewah thereof. and Burrower shall pmntpth furnish to Lender all renewal nonce, an,i all receipts of paid premnnn, In the cent of low. Burrower shall gise prompt notice to the nuur:u,ce earner :u?d I ender. Lender may n?ake prurt lus, it nut made promptly by Burrower. - Unless Lender and Burrower othen~+,e agree u? writutg. imur.,nce pru~erd, shah 1?e applied to re,turaurnr ur rep:+ir of the Propert} damage,!, prov,ded wch re,torahun or np.ur rcununn.alh feasible and the ucurity of th„ \turtgagr i, not thereby impaired. If such re,turaUun ur repa,r i, n~~t r.unum,r.+lis fea,ihle ur ,f the security of Ihr, Mortg.+ge would be impairgd. the ,nsurance proceed, ,hall he applied t,. the ,+ems inured hs flit, Murtg;+ge. wnh the .sces. if any. paid to Burruw•cr. It the Propert} i, abandoned bs Borruuer, ur ,t Borruuer faih to reslxuxl to 1 ender u•,thir: 3t1 days tram the _ date nuhcr es mailed he Lender to Borrower that the msur,,ncr c;+rrirr infer, t,. settle a chum fur ,n,urancr henefih, Lender aUlhVt,lCd tv CVIICCt :1114 apE ii~ il'i2 iiiiiii,ii~ic E.iC•~iCui :it i.C::.iC: ::f,t., caber t,^• reS!~ r:!!i^:: :Tr rC}-`3!r O! tl?l' Pr4pCrty _ or to the sum, ,ecured by this Mortgage. Unless Lender and Burrower ~.then.i,r agree ,n writing.:,nr ui:h appli~:+tion of proceeds to principal ,hall not evend or postpone the dur date of the munthh installment, referred to in paragr,,ph, 1 and 2 hereof ur change the amount of such installmcnh It under paragraph I8 hereof the Pmpert} acquired hs !.ender, all right, title and interest of Borrower in and to and inuuanrc policies and in and to the pru~eeds thcrcot rcu,lung from damage to the Properts prior to the side or acywsition shall pass to Lender to the estent of the sums ,ecured h~ ihi, ~lurtgage unn?ediateh prior to ,uch ,ale or acquisition. - 6. Preservation and Maintenance of Property; Leaseholds; ("ondominiums; Planned !'rill Uevelnpments. Borrower shall keep the Property in ga?d repair and shall not commit waste ur perm+t impairment or deterioration of the Property and shall comply with the proviswns of any lease +f th„ ~furtt!agr i, tin a l_a,ehuld. If this Mortgage i, tin unit in a condominurm ur a planned feint de?elupntent. Burruwrr ,hall prrturin all of Borrower's obligations under the dcr{arat+un or covenan!s creating or guvermng the conduminnim ur planned un+t drvclupment. the by-taws and regulation, of the condominium or planned unit development, and constituent dncumrnt, It a condominium or planned un,t deselupmcnt rider +s executed by Borrower and recorded together w+th tha, Mortgage, the ros•en:utts and agreement, of ,+rch rider shall be incorporated into and shall amend and wpplement the cmenant, and agreements of flit, Mortgage as if the rider were a part hereof. 7. Protection of Lenders Security. If Burrower fail, to perform the covenant, and agreements contained in this Mortgage, or if any action or prucced+ng is commenced which m:+terialls :debt, Lender's intere,t in the Property, including, but not limned to. eminent domain, imulsency. code rntorcement, or arr.,ngements or pnXCrdings invoking a banknrpt or decedent, then Lender al Lender's option, upon notice to Borruuer, mas make wch appearances, dnhune wch sums and take such action a, is neces,ary to protect Lender', ,ntrre,t. ntclud+ng. but not limned tu, di,hursement of reasonable attorney's fees and entry upon the Property to ma~;e repair,. If Lender required mortgage insurance as a condmon of making the loan secured by flies Mortgage. Burruwrr shay! pay the premiums requued to maintain such insurance in effect until such time as the requirement for ,uch +nsurance terminates to accordance whh $orruwer's and ~.~hIK•,~~ PAGE~~,~Z .