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HomeMy WebLinkAbout0065 UNIFOaM CoveN~tvrs. Borrower and Lender covenant and agree az follows: 1. Paytettt of Irtlaclpal arri INerest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges az provided in the Note, and the principal of and interest on say Future Advances secured by this Mortgsge. 2. Ftattla tar 'hsaa atsi lirawrarice. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interat are payable under the Note. until the Note is paid in full. a taro (herein "Funds") equal to one-twelfth of the yearly taxes and assessrents which may attain priority over this Mortgage, and ground renb on the Property, if any, plus one-twelfth of yeuly premium installments for hazard insurance, plus one-twelfth of yeuly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from !*rn~ to t~fn~ I..: wi vw sl,a ~,~e7n f ,r - - ~ - !..!~v ,?r--,_.s r4--_~ f N.,r ,I,.iN V. YWYVMI,~~Y,i,i YiY V,,,i O,\V .~wiV\,~V,V W{t1„L,W \l.VlbVa• The Funds shall,be held in an institution the deposits or accounts of which are insured or gwranteed by a Federal or state agency (including Lender if Lender is such an imtitution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums sad ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bilk. unless Leader pays Borrower interat 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 requires such interat to be paid. Lender shall not be required to pay Borrower any interat 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 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, insurartcx premiums and ground rents az they fall due. such excess shall be. at Borrowers option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Leader shall not be sttt$cieat to 'pay taxes, assessments. insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any 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 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 Property is 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. Applkatba of Psytttesb. 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 Borcower under paragraph 2 hereof. then to interat payable on the Note, then to the principal of-the Note, artd then to interest and principal on any Future Advances. 4. Charges; II.kaa. 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 theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borcower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly dischuge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to dischuge say 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 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. S. Hazard Iast+raoce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured agairot Ions by fire. hazards included within the term "extended coverage", and such other hazards az Lender may require j and in such amounts and for such periods az 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 by this. Mortgage. The inwraace carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. i, 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 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 Leader. Lender shall have the right o hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts paid premiums. In the event of loss. IE Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borcower. i Unless Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair of 6 the Property damaged, provided such ratoration or repair is economically feasible and the security of this Mortgage is not thereby impair+od. If such ratoration 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 if Borrower fails to rapond to Leader within 30 days from the date notice is mailed by.iea¢er to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance procxeds at Lender's option either to ratoration or repair of the Property or to the sums scoured by this Mortgage. Unless Lender and Borrower otherwise agrce 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 l8 hereof the Property is acquired by Lender, all right, title and interest of Borcower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property 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 acquisition. ~ 6. Preaervatioa aa~d Malateaaoce of Property; Leaseholds; Condominiums; Planned Unit Devebpraents. Borrower shall keep the Property in good repair and shall not commit wazte or permit impairment. or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage K 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 coadominium or planned unit development. and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the covenants and agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage az if the rider were a part hereof. 7. Protection of I.esder's Security. If Borrower fails to perform the covenants and agrcement3 contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interat in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action az is necessary to protect Lenders 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 az a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time az the requirement for such insurance terminates in accordance with Borrowers and ~ 'n~~Rt3~~ P~C~ 65