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HomeMy WebLinkAbout0751 . UNIlORM CovswAMa. fiorrowet and Leader covenant and agree ss topows: >L >nyttee¦t et Peise4al tttM Islesett/. Borrower :hall promptly Pay when due the principal of and iatersst on the iadebledrtess avidenoed b!? the Nola, ptrepaytmeat and late char jcs ac provided in the Nob, and the principal of and inter~at oat stay Fttttwts Advatstxs ttectned by this Mortgage. ~ ' )Ertsis fee 1lssea atatt lae~sastw Sltbject to applicable law or to a written waiver by L,errder. Aon+ower s17ap Pay b Lender oa the day monthly installments of principal and interest ire. payable under the Nob. until the Note is paW in full. a Gust (herein "Fuads'~ etpnl to oae•twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage, and groutwl rents oa the Property, it say. Phts one-twelhh of yearly premitan iastapmertu for heard inwrance, plus otote-twelhh of yearly premium installments for mortgage ittsttranct:. it any. aU ss reasonably estimated initially and from lima b lima by Lttoder as the basis of asxsuttents and I+ills and rcssonabk estimates thereof. 'Iba Ptrads shall be held in an institution the deposits or accounts of which sro itrsured or guaranteed by a Federal otr aisle agency. (including bender if Lender is such an institution). Lender shall apply the I'lutds to pay said taxes, assasmatts. ittstttaaoe pemiums and ground vents. !.ender may not charge for ro holding and applying the Fttrtds. analyzing said account, or verifying.sad compiling:aid assessments and bilk, 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 st the time of execution of this Mortgage that interest oa the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requires sorb interest b be paid. Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender chap pve to Borrower. witbottt charge, an annwl accounting of the Funds showing credits and debits to the Funds and the purpose for wbith each debit to the Funds was made. The Funds are pledged as additional security-for the sums secured by this Motrtgage. IE the amount o[ tbt3 Farads held by Lender, togaher with the future rrtottthly installments of Funds payable prior to the due data of taxes. assessments, inwrance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments. iawrartce premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either promptly t+epaid b Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds bald by Lender sbap not be sufTicieat to pay taxes, assesstrtettt:. insurance premiums and ground rent: ss they fall due. Borrower sbttp pay b Fender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Ltmder b Borrower regtrestiag payment thereof. Upon payment is fop of ap sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Letader. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender shall apply. no later rhea immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lander a the time of application as s credit against the :urns sxured by this Mortgage. 3. A~Ycatlas et )nsp~stests. Unless applicable iaw 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 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 Advanoa. - 1. Charges; Cletus. 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 tents. if any. in the manner provided under paragraph 2 her+oof or, if not paid in such manner, by Borrower making payment, when due. dirxtly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in 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 r+equirrtd to discharge any such lien so brag 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 ptoccedirtgs which operate to prevent the enforcement of the Gen or forfeiture of the Property or any part thereof. S. Blstrari lawra~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may require ii and 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 ~y this Mortgage. 'Ibe insuratce carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that wch 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 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 loos if not made promptly by Borrower. Unksr Lender and Borrower otherwise agrce in writing, insurance proceeds shall be applied to restoratan or repair of the Property damaged, provided such- restoration or-repair is economically feasible and the security of this Mortgage is not thereby impaired. It such restoration or rcpair'is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall tx 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 b 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 hereo[ or change the amount o[ such installments. If under paragraph 18 hereof the Property is acquired by Lender. all. right, title and interest of Borrower in and to any Auurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tlrc sale or acquisition shall pass to Lender to the extent of the sums s~:cured by this Mortgage immediately prior to such sale or acquisition. f. Preserratloa asd Maiatcaaace of Property; Leaseholds; Condominiums; Plaaoed Unit Ikrdopmests. Borrower ~ shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. !f 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 condominium or planned unit development, and constituent documents. It 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 as if the rider 4 were a part hereof. 7. Protection of Lender's Security. If Borrower fads t~? perform the covenants and agrcetnents contained in this = Mortgage, or if any action or proceeding is commence.! which materially affects Lender's interest in the Properly, including, but not limited to. eminent domain. insolvency. rude enforcement, or arrangements or proceedings involving a bankrupt or decedent, titien lender at lender's option, upon notice to Borrower, may make such appearances, disburse such • sums and take such action as is necessary to protect Lenders interest, including. but not limited to, disbursement of reasonable attorney's tees and emry upon the Property to make repairs. If Lender reyuired mortgage insurance as a condition of making the load secured by this Mortgage. &.rn:wcr sh.rll pay the premiums required to maintain such insurance in effect until such time as the requirement for such msuran:e terminates m accordance with Borrowers and i - ' j ; : t t; ~ f ~ 8~ l~ PAGE T i . ~