Loading...
HomeMy WebLinkAbout0678 Bt.(K ~h.)J dY~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Peytnent of Prinefpel and Interest. Borrower-shall promptly pay when due the principal of and interest on the indebtedness evidenced bythe Note, prepayment and tale charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds tbrTaxes and 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 ate payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one~tirelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Properry,rf any, plus one•iwetith of yearly premium installments for hazard insurance. plus one•tweltih of yearly premium installment§ for mortgage insurance, if any, all as reasaonablyestimated initially and from _ time to time by Lender on the basis of assessments arxt bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or srate agency including Lender it Lender is such an institution). Lender shat) 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 or execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such aggreement is made or applicable law regwres such interest to be paid, Len~fet shalfnot`be IibquillAd topay BOrrdweraniiintefestbrearnirlg5 oti't1let~nds:'Lertder 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. It 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 tall due, such excess shall be, at Borrower's option, either promptly repaid to BorroWe['•Or• aredjtad'~tp 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 tall due. Borrower shall pay to Lender rly~(npurtt,necessary ~o make up the deficiency within 30 days from the date notice is mailed by Lender to Borrowef.reque~ting' yment thereof. ' Upon payment in'fuh•of 8~1 sum ~seculed by this Mortgage, Lentler~>;hall pfonlptly refund to Borrower any Funds held by Lender. If under p'afagraph'tS.lh>rtbof dhe'.Property'is Sold Or the Property is otherwise acquired by Lender, Lender shall apply, no later than imrltediatQly~pnor, to the• yale.Qt the Rrpperty or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Appllcatlon of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs t 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 t g to p pe p interest and pnnapal on any Future Advances. ~!i ~n~ -'-f g~~ ~ L~ 4. Char~pss; Liens. Borrower shall pay all taxes, assessments arxf other charges?t~rle~~r~i~?~o~itioris attributable to the Property which may attain a priority over this Mortgage, and leasehofdpaym~tscttrgisund reAts,'tf~iA{itlrrf!?tdmanner provided under paragraph 2 hereof or. if not paid in such manner, by ~j~~gr r~jngpatylpartl, vyhgrrdue,tiu6otty:tb~he payee thereof. Borrower shall om tl furnish to Lender all notices of a~~p d}~e.underthis{~r ray~~~?n t~~rent Borrower shall make payment directly. Borrower shall promptly furnis'F"Zi ~~fler 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 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 shat) in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hszard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by tire, hazards included within the term "extended coverage",and such other hazards as lender may require and ~n such amounts and for such periods as Lender require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sum secured by this Mortgage. The insurance carrier providing the insurance shall 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 payment, when due, directly to the insurance career. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and inform 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 loss. ~ 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 Borrower 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 i be impaued, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. it 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 offers to settle a claim for insurance benefits. Lender ~s authorized to collect and apply the insurance proceeds at Lenders option either to restoration or repair of the Property or tb the Bums securetf by this MOffgage. ' ` ~ • - Unless tender 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 t and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, a!! right, title and interest of Borrower .n and to any insurance polices and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acgwsition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unft Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pro- j perty 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 condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or goverrnng the condominium or planned unit development. the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development nder is executed by Borrower antl recorded together with this Mortgage. the covenants and agreements of such nder shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the nder were a part hereof. 7. Protection of Lender's Security. If Borrower faits to perform thecovenants and ag?eements contained in this t Mortgage or if any action or proceeding is commenced which materially affects Lenders interest in the Property. ~nciudrng. but not limited to. eminent domain. insolvency. code enforcement. or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lenders option, upon notice to Borrower. may make such appearances, disburse such sums anti take such action as is necessary to protect Lenders interest, including, but not limited to. disbursements of reasonable attorney's fees and entry upon the Property to make repairs: It Lender required mortgage insurance as a -ondn~on of making the loan secured by this Mortgage. Borrower shall pay the premiums regwred to maintain such t ;n,urance m effect until such time as the regwrement for such insurance terminates in accordance with Borrowers and i~~i~~~ ~cai ~ ` N - - i ~ - .:~t _Y .