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HomeMy WebLinkAbout1632 i' Zrs°~ •'e - ~ ? : UNIFORM COYENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Prlaclpal and lateaest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. Ibads for Tares and lasutaace. 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 are payable under the Note, until the Note is paid in full, a aum (herein "Funds") equal to one-twelfth 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. [or hazard insurance, plot one-twelfth of yearly premium installments for mortgage insurance, i[ any. all as reasonably estimated initially and from • time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or 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. 1_ender 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 taw permits Lender to make such a charge. Borrower and lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall he paid to Borrower, and unless such agreement is made or applicable law t requires such interest to be paid. Lender shall not be required to pa}• 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 purpose for which each debit to the Funds was made. The Funds an: pledged as additional security for the sums secured by this Mortgage. 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, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers 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 sufficient 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 days from the daft notice is mailed ' by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. Lcndcr shall promptly refund to Borrower an}• Funds held by ).ender. If under paragraph Ili hereof the Property is sold or the Propcrt}• is otherwise acquired by lender, Lender shall apply, no later than immediately prior to the sale of 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 Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by 1_ender under the Note and paragraphs I 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 tt+e principal of the Notc. and then to interest and principal on any Future Advances. . 4. Charges; Liens: Borrower shall pay all taxes, :+ssessments and other ch:+rgcs. fines and imlx?sitians attributahle to the Property which may attain a priority over this Mortgage, and leaxhold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, b}• 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)}•. Borrower shall promptly furnish to ),ender receipts evidencing such payments. Borrower shall promptly 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 shallagrec in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or ,hall in good faith wntest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the Gen or forfeiture of the Property or any part thereof. 5. Hasard Insurance. Borrower shall keep the improvements now existing ar hereafter erected on the Property insured against loss h}• fire, hazards included within the term "extended coverage°. and such other hazards as Lender may reyuire and in such amounts and for such periods as Lcndcr may reyuire: prus~idcd, that Lender shall not n:yuirc that the amount of such coverage exceed that amount of coverage required u? pat the sums second h~• this Mortgage. The insurance carrier providing the insurance shalt be chosen by Borrower subject to approval h}• 1_ender: 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 ur, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policiei and renewals thereof shall tee in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to I_cnder. Lcndcr 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 toss. Borrower shall give prompt notice to the. uuur:+nce carrier and Lcndcr. Lender ma}• make proe?t of loss if not made prompt)}• by Borrower. Unless Lcndcr 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., It such restoration or repair is not economically feasible or if the securit}• of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured b}• this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower. or i( Borrower tails 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 j is authorized to collect andrpply the insurance proceeds at Lender's option either to restoration or repair of the Propetty or to the sums secured by this Mortgage- ! Unless Lcndcr and &?rn?w•cr otherwise agree in writing, any such application of pnx:eeds to pnncipal shall not extend or postpone the due date of the monthly imtallmcnts referred to in paragraphs i and 2 hereof or change the amount of Such installments. If under paragraph l8 hereof the Propert}• is acquired by Lender, all right, title and interest of Borrower 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 shalt pass to Lender to the extent of the sums secured by this ;1ortgage immediately prior to such sale or acquisition. 6. Presenation and ~taiutenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shah keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it this Mortgage is un a leasehold. If this Mortgage is on •r unit m a condominium ore planned unit dcvclopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the rnndominium 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 dcvclopment ' rider is executed by Borrower and recorded together w+th this Mortgage. the rnvenants 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 were a part hereof. _ 7. Protection of Lender's Security. li Borrower tails to perform the covenants and agreements contained in this - Mortgage. or if any action or proceeding is commenced which materially atiects Lender's interest in the Property. including. but not limited to. eminent domain, inx?Ivency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then (.ender at 1_ender option, upon notice to Borrower, ma} make such appearances, disburse such sums and take such action as is necessar}• to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. It Lcndcr required mortgage insurance os a condition of making the loan secured h}' this Mortgage. Borrower shall pay the premiums required to maintain such insurance in eBect unfit such time as the requirement for such msurance terminates in accordance with Borrowers and X39 ~~1~32 • ~ ~ _ . .