Loading...
HomeMy WebLinkAbout1325 UNIlORM COVlNANTtt. BOITOwer and Lettder covenant and igroe u tOllows: 1.+ ligwsM of ihMtc4a1 ttatl lates~af. Borrower shall pranptly pay when due the principal of and interest on the indebtedness evideatxd by the Note. prepayment and late charges ss provided in the Note. and the principal of and interest oa aoy Futuro Advances secured by this Mott jage. 2. lt'wi ttotr Tazss aril llttttwta~ee. Subject to applicat+k 4w su to a written waiver by Lettder. Borrower shall pay to Leader on the day monthly installments of principal and interest err payable under the Note. until the Note is paid iq full, a stria (herein "Furtds'~ equal to one-twelfth of the yearl~~ taxc. and assessments which may attain priority over this Mortgage. and ground rents on the Property. if any. plus one-twelfth of yearly premium installments [a hazard insurance. plui oae•twelfth o[ yearly premium installments for mortgage insttrancc. it any. all as reasonably estimated initially and from time to time by Letder on the basis of assessments and hills and reasonable estimates thereof. '[be Funds shall be held in an institution the deposits or accounts of which are insured a gwranteed by a Federal of state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. lender may not charge for so holding and applying the Fund:, analyzing said account, or veritying.and compiling said assessments 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 thK Mortpge that interest on the Funds shall be paid to Borrower, and unless such agreement a made or applicable law r+egtrira such 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 credits and debits to the Funds and the pyrpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by the Mortgage. ' If the amtwnt o[ 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, imurantx premiums and ground rents as they tall due, such excess shall be. at Borrowei s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the 1Funds htsld by Leader shall not be wtyiCieat to p:y taxes, assessments, insurance premiums and ground rents as they tall due, Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Ltmder to Borrower requesting payment thereof. Upon payment is full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Fund: heW by Lender. If under paragraph 18 hereof the Property is sold or the Property +s otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or it: acquisition by Lender, any Funds held by Leader at the time of application u a credit against the sums secured by this Mortgage. 3. A~licatioa et lq~neNs. Unltss applicable law provides aherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by tender first in payment of amounts payable to Lender by Borrower tinder parsgraph 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 Advances. t. Crarges; 1Lierts. 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 pusgraph 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, and in the event Borrower shat! 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 roquired to discharge any such lien so long as Bbrrower shall agree in writing to the payment of the obligation secured by. such lien in a manner atxeptabk to Lender, or shalt in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the I+en or forfeiture of the Property or any part thereof. ` S. Berard Iustrtra~ee. Borrower shall keep the impnvements nov? 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 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 subject to approval by Lender. provided, 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 inwrance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage j 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 [uraish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the inuurance earner and Lender. Lender may make proof of leas 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 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 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 insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repatr 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 1 and 2 hereof or change Itte amount of stre6 installments. If under paragraph 18 hereof the Pro ferry is acquired by Lender, all right, title and interest of Borrower r 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. lheservatioa and lNaiatenaace of Property; l.easehulds; Condominiums; Phoned Unit 1Devebptnents. Borrower shall keep the Property in good repair and 'shall not commit yvaste or permit impairnxnt 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 ; t condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration i or covenants creating or governing the condominium or planned unit development, the bylaws and regulations of the condominium or planned unit development, and constituent d+xuments. If a condominium or planned unit development s 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 cuscnants and agreements of this Mortgage as i( the rifer were a part hereof. 7. Protection of Leader's Security. If Borrower faik a• perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is c,+mmcnckJ which materially alfrcts Lender's interest in the Property, - including, but not limited to. eminent domain. inu+l.cncy, cods enk+r:emem. orrrrangrments or proceedings invoking a - bankrupt or decedent, then Lender at Lender's option, upi+n noose to Borrower. ma}~ make such appearances, dishurse such r sums and take such action as is necessary to protect Lender's interest. including. but not limited to, disbursement of reasonable attorneys tees and entry upon the Property to make repairs. If Lender required mortgage insurance fs a condition oT making the loan secured by this Mortgage. Born:Ker sh.+ll pay the premiwns required to maintain such insurance in effect until such time as the requirement for .uch m;uran.e terminates in accordance with Borrower's and . . ' 8U+7R t c~ PdCE --a ~~s