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HomeMy WebLinkAbout0781 tt;.~ UNI~aRM (~OVtlNANTi. Borrower and Leader covenant and agros u tdlows: 1. iirQtsat st ihiael~l•tttM dlereM. Borrower shall promptly pay when due the principal of and iatereq on the irrdsbtedttps evideaoed by tM Note. ptepayenent and late charges as pratridcd in the Note, and the principal of and interest oft say Ftrtwrs AdvtWtou securod by this Maatgap. !cads tier 7latoss ttsti Lsstteaaea Subject to applicable law or to a written waitrer by Lender. Borrower shalt psy _ to Leader on the day nwnthly ittstallmenls of principal sod interext ire payable tinder the Note. until the Note is paid in toll, a twat (herein "Ftrnds'~ equal to oas-twdtth of the yearly tazt~ and aupstrrenb which may attain priority over this. Mortgage, and ground renb on tM Prroperty. it any. plus one-twelfth d yt<arty premium iastatltnetrb for hazard insurance. plus orx-twdtth of yearly prgnium installments for mortgage insurance. it any. all u reasonably estimated initially and fray tins to time by Leader oa the basis of assessments and hills and rcasonabk estimates thereof. 'Ibe Funds shall be held in an institution the deposia or accounts of which are insured or guaranteed by a Federal otr slats agency (including Lender if Lender is such an institution). 1_ender shall spply the Funds to pay uid taxes, assessments. irotrrance premiutms and grottrtd rent:. lender may not charge for so holding and applying the Funds. analysing said account. or verityitrg_aad compiling ssid assessments and bilk, unku Lender pays Borrower interest on the Funds and applicabk law permits Lender to make such a charge. Borrower and Lender may agree in writing at the tune of execution o[ iha .Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreemem a made of appligbk law requires sttch interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credit: and debits 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 this M Tf the amount of the Funds held by Lender, together with the future monthly installments of Funds payabk prior to • the dos dates of taxes. assessments. ittwrana premiums and ground rents, shall exceed the amount required to pay said taxes. aafeasmeattti insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Ftttrds. !f the amount of the Funds held by Ltmdsr shall not be std6ctieot to pay taxes. usessrttents. insurance premiums and ground rents a: they fall due, Bocroaer shall pay to Lender any amount necessary to make up the deficiency within 30 days tram the date notice is maikd by Leader to Borrower regtrestiag payment thereof. _ Upon paya~eat in full of all surm secured by this Mortgage. Lender shall promptly refund to Borrower any Funds herd by Leader. If under paragraph 18 heroof the Property is sold or the Property a otherwise scquired by Lender. Lender shall apply. no later than immediately prior to the Bak o[ the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured.by this Mortgatge. --,n - 3. A~lieatlaa d Trp~setNs. Unkss applicable law provides otherwise, all payments foc'pived~by Lender under the Note sad paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts paytibk to Lender by Borrower twdec paragraph 2 hereof, then to interest payabk on the Note, then to the principal of the Note. and that to interest and principal on any Future Advances. , a 4. Crarges; Licrrs. Borrower shall pay all taxes, assessments and other charges, tines sad impositions attributable to the Property which may attain a priority over this Mortgage, and kssehold payments or ground rents. if any. in the manner provided carder puagraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, sad in the event - 8orrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promply discharge any lien which hu priority over this Mortgage: provided. that Borrower shall not be required to discharge any such lien so bog u Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender,'or shall rn good faith contest such lien by, or defend enforcement of such lien ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. II<saard lrraraaee. Botrowsr shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", a.~d such other haurds u 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 coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. -Ibe insurance carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender, provided, that such approval shall riot 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, dirt~ctty to'the insurance carrier. Alt insurance policies and renewals therrof 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 loo 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 thefeby impaired. It such restoration or repair is nut 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 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 insuratce 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 o[ such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in sad to any Rrsurance policies and in and to the procceds 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. !reservation and Maioleaaace of Pr rt Leaseholds; Condominiums; Planaed Unit Developments. Borrower ~ Y+ shall keep the Property in good repair and shall not comrvit yvaste or permit impairment or deterioration of the Property d 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 Borrowers obligations under the declaration 3 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 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 I were a part hereof. 7. Protection of Leader's Securtty. If Borrower fails a~ perform the covenants and agreements contained in this Mortgage, or if any action or proceeding commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain. insolvency. code enforcement, or arrangements or proceedings invoh•ing 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, ac is necessary to protoct Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender reyoired mortgage insurance as a condition of making the loan Secure) by this Mortgage. Born:wer sh.rlt pay the premiums required to maintain such insurance in effect until such time as the reytirement for Such insurance terminates in accordance with Borrower's and . pR ; ; - - . BQOK ~ PAGE ` ' ~ • -