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HomeMy WebLinkAbout0152 • a - - ~ , UNIFORM COVeNANi'ti. Borrower and lender covenant and agree ss tollows: 1,. Ptywe~t d Prinel~si aril Irrteeat. Borrower shall promptly pay when due the principal of and interest on the indebtedne:t evidertoed by the Note, prepayment and late charges as provided in the Note, and flee principal of and interest on soy Future Advances sectued by this Mortgage. 2. Fttri ter Taws tttni Inwrstca Subject to applicable law ~~r to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in [ull. a atrm (herein "Funda'~ equal to one-twelfth of the yearly taxe. and assessments which may attain priority over this Mortgage, and ground rent 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 teem time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in an institution the depocia or accounts of which arc insured or gturanteed by a Federal or state agency (including lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. Lender may nat charge for so holding and applying the Frrnds. analyzing said account, or vrritying 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 rogtrires 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 as additional security for the sums secured by this Mortgage. •If the amount of the Fund: held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. a:sessrnents, insurance premiums and ground rents as they fall due, such excess shall be. at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. !t the amount of the Funds hdd by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, BotTOwer shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower regtusting payment thereof. p ' a__u .t.. a..,a to ri^rrv;•.,tr ,..y Fu.t(ts Upon payment In IUII OI all sums secUreci oy tun ~ta?nRa~c, a.canact a.wa ~avTaf.aa~ a~.w.w held by Lender. If under paragraph 18 hereof ttie Progeny is sold or the Progeny 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 against the sums secured by this Mortgage. 3. Application of Payrtttenfs. 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 on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 1. Charges; Liens. Borrower shall pay all razes, 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 reef be requited 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 6y, or defend enforcement of such lien ia, legal prxeedings which operate to prevent the enforcement of the lien or forfeiture of the Progeny or any pan thereof. S. Hazard Irrsrrrance. Borrower shall keep the improvements now• existing or hereafter erected on the Progeny 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 amount of such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. 'Ilre ituurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, tout 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. 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 policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In. the event of Ions, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly I~ by Borrower. Unless Lender and Borrower otherwise agree in venting, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoratton 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 it Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offer 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 Propene or to the sums secured by this Mortgage. 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 Progeny 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 acgtisition. 6. Presen•ation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Progeny in good repair and shall not comrvit yvaste or permit impairment or deterioration of the Progeny sad shall comply with the provisions of any lease if thn Mortgage ~s 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 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 dcxuments. 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 pan hereof. 7. Protection of Lender's Security. If Borrower tails te. perform the covenants and agreements contained in this Mortgage, or if any action ur proceeding is commenced which materially affects Lender's interest in the Property. including, but not limited to. eminent domain. imolvenc}. c~xle enforcement, or arrangements or proceedings invoh•ing a bankrupt or decedent. then 1_ender at Lender's option, upon notice to Borrower, may make such appearances, dishur~e Such sums and take such action as is necessary to protect Lender's interest, including. but not limned to, disbursement of reasonable attorney's ices and entry upon the Property to make repairs. If Lender rcgiiircd mortgage insurance as a condiUOn of making the loan secure.) by this Mortgage. Bi~rmwer shall pay the premiums required to maintain such insurance in effect until such nine as the requirement fir ,uch insurance terminates m accordance with Borrower s and 'bl?~ 328 ~P~E x:52 3:=: