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HomeMy WebLinkAbout1449 UNIFORM COVENANTS. Borrower and I.Cnder COYenanl and agree as follows: 1. Payment of Prlacipal and lateresl. Borrower shall prompt)}• pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Nate, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds for Taxes and Iasunttce. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Note, until the Note is paid in [all, a sum (herein "Funds") equal to one-twelltli of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments tar mortgage insurance, if any, all as reasonably estimated initially and from time to time by Leader on the basis of assessments and bills and reasonable estimates thereof. 'ilte Funds shall be held in an institution the depcuits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if tender is such an institution). Lender shall apply the Funds to pa}• said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and -applicable law permits Lender to make such a charge. Born~wer and Lender may agree in writing at the time of execution of this Mortgage that inter-st on the Funds shall h~ paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. ).ender sh:dl not he rcyuired to pa}• Borrower any interest or earnings on the Funds. Lender shall gix•e to Borrower, without charge, an annual accounting of the l=ands showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by ).ender, together with the future month)}• inst;?Ilments of Funds pa},able prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes, assessments, 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 Funds. If the amount of the Funds held by Lender shall not be sufTieient 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 da}•s from the date notice is mailed by Leader to Borrower requesting pa}•mcnt thereof. Upon payment in full o[ all sums scc:urcd by this Mortgage. I.cnder shall promptly retard to Borrower any Funds held by Lender. If under paragraph IS hereof the Propcrt}• is sold or the Propcrt}• is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Properly or its acquisition by Lender, any Funds held by Lender at the dme of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise. all paymems received by Lender under the Note and paragraphs 1 and 2 hcrcof shall be applied by Lender first in payment of amounts payable to Lcndcr by Borrower under paragraph 2 hcrcof, then to intcrest payable on the Note, then to the principal of the Note, and then to intcrest and principal on an}• Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fine. and impcxitiuns 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 thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment direct)}•, Burrower shall promptly furnish to Lcnrkr receipts evidencing such pa}ments. Borrower shall pmmptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be ••'rcytured to discharge any such lien so long as Burrower shall agree in writing Ai the pa}merit of the obligation secured by wch lien in a manner acceptable to Lender, or shall in gaud faith contest such lien M•, or defend enforcement of such lien in, legal pnk:eedings which operate to prevent the enforcement of the lien ar forfeiture of the Propert}• or an}• part thereof. 5. Hazard Insurance. Burrower shall keep the rmpm~•ements now existing or hereafter erected on the Pn+perty insured against loss by fire, hazards included within the term "extended cos•erage", and such other hazards as Lcndcr may require and in such amounts and for such periods as Lcndcr ma}• require; provided. that Lender shall not require that the amount of such coverage exceed that amoum of rn~erage required to pay the wms secured by this Mortgage. The insurance carrier providing the insuranrc shall be chosen by Borrower subject to approval h}~ ).ender; provided, that such approval shall not tx: unreasunahly withheld. All premiums on insurance policies shall t+e paid in the manner provided under paragraph 2 hcrcof ur. if not paid in such manner, h}• &+rrow•er making payment, when due, directly to the j insurance carrier. All insurance policies and renewals thereof shall he in form acceptable to !.coder and shall include a staodarif mortgage clause in favor of anJ in form acceptable to Lcndcr. Under shall have the right h+ hold the policies anJ 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 earner and Lender. Lcndcr ma} make prcx+f of loss if nut made pmmptly ` by Borrower. E Unless Lcndcrrnd Borruw•cr otherv?ix agree in venting, inwrance pnx:~-~:Js shall be applied to restoration or repair of the Property damaged, provided such restoration i~r repair is economically fusibleaod the security of this Mortgage is not thereby impaired. If wch restoratun or repair is not economicalh• feasible or if the security of this Aortgage would be impaired. the insurance proceeds shall be applied to the wms secured h}' this Mortgage. with the excess, if any, paid to Borrower. 11 the Property is abandoned h} Borrower, or it Borrower fails to respond to Lcndcr within 30 days from-the date notice is mailed by ).ender to Borrower that the insurance carrier offer to seine a claim for insurance benefits, I:ender is authorized to collect and app)}• the insurance proceeds at Lender's option either to restoration or repair of the Property ur to the sums secured by this Mortgage. Unless Lender and Burrower oth•~rwise agree in writing, an}' such application of proceeds to principal shall not extend ' ur Ixstpone the due date of the monthly installments referred to in paragraph< I and 2 hcrcof or change the amount o[ such installments. If under paragraph l8 hcrcof the Property is ac.yuired by Lcndcr, ell right, title and interest of Borrower in and to an} insuranrc 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 h} this ~torlgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shalt keep the Property in gocxi repair and shall not commit waste or permit impairment or deterioration of the Propert}• i F and shall comply with the provisions of any lease if this Mortgage rs on a leasehold. If this Mortgage is one unit in a i E cundumimum or a planned unq development. Borrower shall perform all of Borrower's obligations under the declaration ur 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 i cyder rs exe.uted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ,hall be mcurpuratcd rota and shall amend and wpplentent the covenants and agreements of this Mortgage as if the rider Here a part hcrcof. 7. Protection of Lenders Security. If Borrower falls to perform the covenants arul agreements contained in this Mongage. ur if any action ur proceeding rs commenced which materially afTerts Lender's intcrest in the Property. rrrcludrng. but not limned to. eminent domain. insolvency, code cnforccmcnt. ur arrangcmcnts or proceedings invoh•ing a bankrupt or decedent. then Lcndcr at Lender's option. upon notice to Borrower, may make such appearances, Disburse wch sums and take such action as rs necessary to protect Lender's interest. including. but not limbed to. disbursement of reasonable attorney's tees and entry upon the Property Io make repair. If Lcndcr required mortgage imurance as a cundrtion of making the loan xcured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in etTect until such time as the requirement for such insurance terminates in accordance with Borrowers and Bfr K 339 ~~E 1449 .