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HomeMy WebLinkAbout0861 - ' i '~'j~~~ ~1~~~ UNIFORM COVaNAt~lTa. Borrower and Leader covenant and agree as Idlows: ' i 1.. ll'gRrsrtt of Mae4a1 ttttsd Inlettssl. Borrower shall promptly pay when due the principal of sod interest on the ~ ittdebtedaep evideaosd by the Note, prepayttteat aced late clwrges as provided in the Nora. and the principal of and interest ~ oa any Future Advances trectrted by this Mortara. ~ ~ Z. ltisaia tar Tiaras ttri Ittrttrr+trce. Subjtxt to applicable law •x to a written waiver by Lender. Borrower :hall pay to Lender on the day tttoathly installments of principal and interest arc payable under the Nde. until the Note is paid in full. a sum (ltsrein "Fturds'7 equal to one-twelfth of the yearly taxs~ :nd assessrrteots which tray attain priority over this Montage. and ground rents oa the Properly. it any, plus one-twelfth of jreartl? premium installments tot htt,:ttrd insurance, plus otae-twelfth of yearly premium installments for ntorlgage irutrrancc, if any, all ss reasonably estimated initially and from dote to titre by Leader on the bass of asseuments and hills and reasonable euimates thereof. The Funds shall be heW in an institution the deposiq or accounts of t*rhich are insured or guaranteed by a Federal otr state agency (including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assesssttterttf:. insurance premiums and ground rants 1 ender may no/ charge: far s~ holdins and applyint the Rends. snatyzint said account, ~ or verifyint sad compilint said sssessmenu 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 Mortpte that interest on the Funds shall be paid to Borrower, and unless such armament is made or applicable law nequirres such intsrcst to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ! shall five to Borrower. without charge, an annual accounting of the Funds showing crediu and debiu to the Funds and the purpose for~which each debit to the Funds was made. The Funds are pledged u additional security for the sums secured by this Mortpte. 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. asteittoenu. insurance premiums and ground renu u 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 btdd by Lender shall not be wf6cieut to pay taxes, assessments, insurance prartiums and ground rents ss 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 Leader to Borrower requesting payment thereof. Upon payment is full of dl auras secured by this Mortgage, Lender shall promptly refund to Borrower any Funds beW by Leader. If under paratraph 18 hereof the Property is sold or the Properly rs otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by bender, any Funds held by bender at the time of application s: a credit against the sums secured by this Mortgage. 3. Alllicatiots o(t.PgeterNs. Unless applicable law provides otherwise, all payments received by Lender under the Note sad paragraphs I sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paratraph 2 hereof. then to interest payable on the Note, then to the principal of rice Note. and then to interest and principal on any Future Advances. 4. Cranes; Lliess. Borrower shall pay all taxes, assessmenu and other charges, fines and impositions attributable to the Properly 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 prompsly furnish to Lender all notices of amounu due under this paragraph, and is the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. ; Borrower shall pranptly 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 lira 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 Properly or any part thereof. S. Hazard Iaarance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against lass by fire. hazards included within the term "extended coverage", and such other hazards u Lender may require sad in such amounu and for such periods as Lender may requirt; 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 insurance carrier providing the insurance shalt be chosen by Borrower subject to approval by Lender, provided. ~ that snch• 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. Ail insurance policies and renewals thereof shall be in form acceptable to Lender and steal) 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 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 otherwrse agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restgration 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 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 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 iruurance 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 aad 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. Praervatioo and Maiateaance of Property; Leasehalds; Condominiums; Phoned Unit Developments. Borrower ~ ~ shall keep the Properly in good repair and shall not commit yvute or permit impairment or deterioration of the Property 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 governing 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 rider is executed by Borrower and recorded together wrth this Mortgage, the covenants and agrcements of such rider shall be incorporated into and steal! amend and supplement the covenants and agreemenu of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. !f Bornwer farlc t~~ perform the covenants and agreements contained in this Mortgage, or it any action or proceeding is cummenccd which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, cixle enforcement, or arrangements or proceedings invoh•ing a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower. may make such appsaranoes; disburse such sums and take srich action ac is necessary to protect lenders interest, including, but not limited to, disbursement of reasonable attorney's ices and entry ulxxr the Property to make repairs. it Lender reyrrired mortgage insurance as a condition of making the loan secured by this Mortgage. Bom:wcr sh.rll pay the premiums required to maintain such insurance in effect until such time as the reyuiremem for wch insurance terminates in accordance with Borrower s and s . BUOK~~ .PAGE ~ ;