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HomeMy WebLinkAbout0758 f ~ • ' • ~ s•~. •r UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and lnterest. Borrower shall promptly pay 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 on aay.Future Advances secured by this Mortgage. 2. Funds for Tua sad Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full, a sum (herein "Funds") equal to one-twcl[th of the yearly .tares and assessments which may attain priority over this Mortgage. and ground rents on the Property. if any, plus one-twelfth of yearly premium installments for hazard itsurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and [rom ; time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. 'Ilse Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed b}• a Federal or state agency (including Lender if Lender is such an itutitutian). Lender shall apply the Funds to pay said taxes. assessments, 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 un the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, !.ender 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 arc pledged as additional security for 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 dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, ~ assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid.to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to~pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender an}• amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full o[ all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Propert}• is otherwise-acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition h}• Lender, any Funds held by #1 Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law• provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in pa}•mcnt 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 :tray Future Advances. 4. Chart;ec; Liens. Borrower sh:+Il pay all taxes, assessments and other charges, fines and impositions attributable to the Property which ma}• 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 pa}•ment, 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 an}• such lien so long as Borrower shall agree in writing to the pa}ment of the obligation secured 6y such lien in a manner acceptable to Lender, or shall in good faith contest such lien hy, or defend enforcement of such lien in, legal pr...codings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the impm~~ements now existing or hercaftor erected on the Property insured against loss h}' fire. hazards included within the term "extended coverage'". and such other hazards as Lender may reyuire and in such amounts and for such periods :ts Lender may reyuire: provided, that Lender shall not reyuire that the amount of such ro~•eragr exceed that amount of coverage required to pa}• rho bums secured by this Mortgage. The insurance rattier providing the insurance shall be chosen by Borrower subject to approval by !.ender; provided, that such approval shall nut be unreasunahly 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 s insurance earner. _ All insurance policies and ren,wals thereof shall bo in form acceptable to Lender and shall inchcdc a standard mortgage i clause in favor of and in Corm acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ; and Borrower shall promp;h• furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, ~ Borrower shall give pn+mpt notico to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ ht~ Borrower. Unless Lender and Borrow•.;r otherwise agree in writing, insurance proxeeds shall be_applied to restoration or repair of the Property damaged. prurded such re~turation or repair is economically feasible and the security of this Mortgage is not therebs impaired. If such restoration or repair is not economically feasible or. if the security of this Mortgage would I he impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid cu Borrower. If the Pro, ertc is abandoned h}• Borrower. or if Borrower fails to respond to Lender within 30 days from the i d:,te notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender authorized to ;;ollect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ur to rho sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~~r postpone the due date of the month)}• installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired h}• Lender, all right, title and interest of Borrower in and to am insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ' or acyuisitivu shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. _ 6. Presenation and ~taintenann of Properly; Leaseholds; Condominiums; Planned Unit Ikvelopments. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property t 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 k condominium or a planned amt devolopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the = c.~ndominium or planned unit development, and constituent documents. If a condominium or planned unit development r rider is executed b}' Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ; shall be ,ncorporated into and shall amend and supplement the covenants and agreements of this Mortgage. as if the rider s s were a part hereof. 1 I 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mongagc. ur if any action or proeoeding is commenced which materially affects Lender's interest in the Property, d including, but not limited to. eminent domain. insolvency, code enforcement, or arrangements- or proceedsngs involving a bank~upt ur decedent, then Lender at Lender's option, upon notice ro Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest. including. but not limited to, disbursement of - reasonable attorney's feos and entry upon the Property to make repairs..lf Lender required mortgage insurance as a condition of making the loan secured b}~ this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement fur such insurance terminates in accordance with Borrowers and e s 2 _ e Pj~t*?58 ~ - 4--~:~~- _