Loading...
HomeMy WebLinkAbout2784 --r Utrtrostst Covtntrenrs. Borrower and Leader covenant and agree as follow:: 1~. i<sptrtsat d hirtetNl retest( hniereM. Borrower shall promptly pay when due the principal o[ and interat on the irtdebtedtttees evidenced by the Note, prepayruart and late charges as provided in the Note. and the principal of and interest oa say Puttrre Advances secured by this Mortgage. 1 lra~is [far 7'azes tttstl Iaatarrc~e. Subject to applicable law ~x to a written waiver by Lender. Borroerer :hall Pay ~ to Leader oa Iht: day nanthty installments of principal and intcrect arc. payable under the Note. until the Note a paid in lull. j a sum ptereirr "Fuads'~ equal to ones-twelfth of the year((' tax~~ and assessments which tray attain priority over this Mortpge, and ground reab oa the Property. if soy. plus one-twelfth of yearly premium installments for hasard insurance. plus one-twelfth of yesrly premium installments for mortgage insttrarttx. if any. all as reawnably estimated initially and (roan tune to time by Letder oa the basis of assessments and hills and reasonable estimates thereof. The Fund: shall be held in an institution the deposia or accounts of which are insurod or guaranteed by a Federal or state agency (irtclttding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. iasutatroe premiutra tad ground Hots. lender may not charge for :n holding and applying the Fends, analyzing said account, ~ or verifying..aad compiling said sssessments and bith, unless Lender pays Borrower interest on the Funds and appliabk law permits.Leader to make wch a charge. Borrower and Lender may agroe in writing at the time of execution of the Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement a made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender :bap give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which esch debit to the Funds was made. 'Ilre Funds are pledged as additional security for the sums secured ~ by the Mortgage. Tf the amount o[ tba Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, iawnnu premiums and ground rents, shall exceed the amount required to pay said taxes. l assessments, insurance premiums and ground renb. as they tall 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 6e strlficieot to pay taxes, assessment:. insurance premiums and ground rents u they fall due. Borrom»~ shall pay to Lender any amount rtetxssary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment is full of 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 Propeny 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 sutras sxured by this Mortgage. 3. A~licatigra of >lh~yrsseds. Unless applicable law provides otherwise, aN payments received by Lender under the Note sad paragraphs I 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, t. Ctts~e:; Liens. 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 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, an¢ is 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 wch lien so brag as Borrower shall agrce in writing the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest wch lien by. or defend enforcement of such lien in, legal proceedings which operate to prcvent•the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iuarawce. Borrower shall keep the improvements now existing or hereafter eroded on the Property insured against loss by fire, hazards included within the term "extended coverage". and such other hazards as Lender may require sad 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 by this Mortgage. 'ILe insurance carrier providing the insurance shah be chosen by Borrower subject to approval by Lender, provided, that 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 payrneat. when due, directly to the inwnnce carrier. ~ AU 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 Leader all renewal notices and all receipts of paid premiums. In the event of loss. I 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 Borrovrer otherwise agree in writing, insurance proceeds 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 iatpaired, 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 proceeds at Lender's option either to restoration or repair of the Property 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 I 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 sad to any h~surance policies and in and to. the proceeds thereof resulting from damage to the Property prior to tM: sale or acquisition shall pass to Lender to the extent of the sums scoured by this Mortgage immediateCy prior to such sale or acquisition. . 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shalt keep the Property in good repair and shall not comrgit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease i[ 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 Borrower's 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 documenfs. 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 Lerde~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 [.ender i interest in the Property, including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then [_ender at lender i option, upon notice to Borrower, may make such appearances, dishurse such sums and take such action as is necessary to protect lender's interest, including, but not limited to, disbursement of reasonable attotney's•teet: and entry upon the Property to make repairs. If (.coder required mortgage insurance as a conduion of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the reyuiremem for such insurance terminates m accordance with Borrowers and e~328 Pa~E2783 }