Loading...
HomeMy WebLinkAbout1807 i UNIFORM Covswsirrs. Borrower and Lender covenant and agree as folbwa: ~ - l. Pspwalt of Pdaeiral aril Irtter+eM. Borrower shall promptly PaY when due the principal of and interest on the iadebtedrtea evideuoed by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Futuro Advances secut~ed by this Mortgage. Z. lt?'rgttls Ier 'less srttl Iastlesarc+e. Subject to applicabb law or to a written waiver by Lender. Borrower :bap pay to Lender on the day matthly installments of principal and interest are payabk uttder the Note, until the Note is paid in full. s sum (herein "Fuads'q equal to one-twelfth of the yearly. taxes and assessments which may attain priority over this Mortgage. and ground rents oa the Property, if any. plus one-twelfth of Yearly premium installments for hazard itauraaoe, plus one-twelfth of yearly premium installments for mortgage inwrance. if any, all ss reasonably estimated initially and from time to lima by Lender on the basis of assessments and bills and reaaarabk estimates thereof. 'ILe Funds sbaU be held io an institution the deposies or accounts of which are insured a guaranteed by' a Federal or state agency (iadudiag Laader~ if Lander is such an imtitutian). Lender shall apply the Funds to pay said taxes, aaidirrt0tlta. insurancs premiums and grotrod Teats. Lender may not charge for:o hoMin=and applying the Funds, analyzing said account, or verifying and compiling said assasnteats and high, unkss Lender pays Borrower interest oa the Funds std appltcabk law permit: Lender to make such a clurge. Horrowar sad Candor may agree in writing :t the time of execution . of this Mortgage that interest oa the Funds shall be paid to Borrower, and unless such agreeateat a made or sppliable law requires such interest to be paid, Lander shall not be required to pay Borrower any interest or earnings oo the Fltads. lender shag give to Borrower, without charge, an annual accounting of the Futds showing credits and debits to the Funds and the purpose Eor which each debit to the Fuld: was made. The Funds are pledged as additional security for the sutra rocnred by this Mortgage. . TE the amount of the Funds held by Lender, together with the future monthly installments of Funds payabb prior to the due dates of.taxes, assessrtteats, inwrance premiums and ground rents, shall axeeed the amount required to pay said taxes, asaestaients, insurance premiums and ground rents as they fall due. such exews shall be, at Borrower's option, either proosptiy repaid to Borrower ot< credited to Borrower on monthly ittstalltnent: of Futds. iE the amount of the Funds heW by Lender shall not be su®caeat to pay taxes, ssfessnlatts, inwranee premiums std ground rents as they fall dues. . Borrower shall.pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. UPS PaY~ in full of all sums secured by this Mortgage. Lander shall pranptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply. no later than immedLtely prior to the sale of.the Property or its acquisition by Leader, any Funds held by Lender at the time of application as a credit against the suns secured by this Mortgage. - 3. A~iieatlan et lgmeab. Unless applicable law provides otherwise..all payments received by Lender order the Noty std paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, rhea to interest payable on the Note. then to the principal of the Note, and then to interest and principal oa any Future Advances. - d. Ctmrge~ Cleats, Borrower aball pay all taxes, assessments and other charges. tines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground Teats, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower malting payment, when due, directly to the payee thereof. Borrows shall promptly furnish to Lander ap,,totices of amounts due under this paragraph, and in the avant Borrower shag make payment directly,. Borrower shag promptly fumiah to Larder receipts evidencing such payments. Borrower :hall Promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien-so brag as Borrower shall agree in writing to the payment of the obligation secured by such ilea in a nwaner aooeptabk to-Leader, or shall in good faith contest such lien by, or defend enfot+cemettt of such lies in, legal procadings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Haxari Irtwraa~s. Borrower snap keep the improvements now existing of hereafter erected on the Property iawred against loss by fire, hazards included within the term "extended eoveragd', and such othv hazards ss 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 eoversge exceed that aatount of coverage required to pay the-sums secured by this Mortgage. 1be insttranoe carrier pro`riding the insurance ahaU be chosen by Borrower subject to approval by Lenckr, provided, that such approval shall not be unreasonably withheld. All premiums on inwrance 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 II imuraaoe carrier. - - Ap iostuattce policies and renewals thereof shall be in form aceeptabk to Lender and shall include a standard mortgage - eLure in favor of sad in form seoeptabk to Lander. Larder shall have the tight 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 imurance carrier and Lender. Lender tray make proof of loss if not made promptly ~ by Borrower. Unka Leader and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repairof - the Property damaged, provided such restoration or repair is economically feaaibk and the security of this Mortgage is not thereby unpaired. If such restoration or repair is not economically feaaibk or if the security of this Mortgage would be- impaired, the ittwranoe 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 rapond to Lender within 30 days from the date notice is mailed by Fender to Borrower that the insurance carrier offers to settle a claim for insurance lieaefits, Leader is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of -the Property or W the sums secured by this Mortgages. Unlem Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ' or patpooe the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inataUtnenis. If under paragraph 18 hereof the Property is acquired by-Leader, all right, title and interest of Borrower in and to any insurance policies sad in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition sbaU pass to Larder to the extent of the sutra secured by this Mortgage immediately -prior to such sale or . acquisition. . f. Pr+esenatba aai Ma~emee of >roperty; Leaseroidr, Condooi>.i~ Plaeaed Umt Derdo~eab. Borrower ' shall keep the Property in flood repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of say 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 aU 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 documents. If a rnndominiuos 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. PrNactioa of healer's If Borrower fails to perform the covenants sad agreements contained in the Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prpperty.. including, but not limited to, eminent domain, insolvency,•code enforcement, or arrangements or proceedings involving a - bankrupt -or decedent, then bender at Leader's option, upon notice to Borrower, may make such appearances. disburse such sums and take such action as is necessary to protect Lenrkr's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance ss a condition of making the ban secured by this Mortgage, Borrower dtaU pay the premiums required to maintain such instrraace in effect unW such time as the requirenxnt for such einwrance terminates in aeoor+danoe with Borrowar's and r l ~t?~~ Pi~~~ - x: - - - - t z t ~r