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HomeMy WebLinkAbout0515 ~ .i UNIlOR1/ COVENANTS, Borrower and Lender covenant and agree u follows: 1. !ay¦eeN of ReiuclMl tt~i I~lereq. Borrowu shall promptly pay when due the principal of and interest on the itttbModnat avidettcod by the Note, prepayment and late charges ac provided in the Note. and the principal of std interest as nay Ftdure Advances sxured by this Mortgsge. lhtui tier Taatea aui Iaerra¦ce. Subject to applicable law sir to a written. waiver by Lender. Bormwet steal! pay to Lender on the day monthly installments of principal and interest ,ere payable under the Note. until the Note is paid in full, a Stan (herein "Fuads'7 equal to ortc•twelfth of the yearly lessee and assessments which may attain priority over this Mortgage. and ground teats on the Pt~openy. if any. plus one•twelfth of yearly premium installments for htizttrd insurance. plusone-twelfth of yearly premium installments for morigsge insurance, it any, all as reaasortabiy estimated initially and !rom fleets to time by Leader on the basis of assessments and hills and reasonable estimates thereof. 71te Funds shsl! be held in an institution the deposits or accounts of which arc imured or gwranteed by a Federal o>r stab agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. [.ender may not charge for sn holding and applying the Fttrtds, analyzing said account. or verifying and compiling said 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 at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law roquira such intettxt 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 purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Ftrrtds 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. aadtiraents, insurance premiums and ground rents as they fall due, such excess shill 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 stttficieat to pay taxes. assessments, insurance premiums and ground rents ss they fall due, Borrower shall pray to Leander any amount necessary to make up the deficiency within 30 days from the.date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment is full of all sums seacured by this Mortgage:, 1_ettder shall promptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Propeny is otherwise acquired by Lender, Lender shall apply. rte later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the film of applicatan as a credit against the sums secured by this Mortgage. 3. Appilctrtloa of P~yttae~. Unless applicable law 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 Futtut Advances. I. C4arges; Lkers. Borrower shall pay all taxes, assessments and other charges, tines 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 paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereat. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the eveot _ 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 shalt not be required to discharge any such lien so bng 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 proceedings which Operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iaseerssce. 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 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. 'the insurance carrier providing the insurance: shall be chosen by Borrower subject to approval by Linder, 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 insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage elatue 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 alt renewal rtotices and all receipts of paid premiums. In the event of Loss, Borcower shall give prompt notice to the. insurance carrier and (.ender. Lender may make proof of loss 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 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 Burrower, 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 flee insurance proceeds at Lender's option tither to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and $orrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due dale of the monthly installments referred to in paragraphs f and 2 hereof or change the amount of such installments. If under paragraph IS hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any R?surance 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. Prexrratbn sad lfaintenance of Property; Leaseholds; Condominiums; Planned Unit Devebpments. Borrower shall keep the Property in good repair and shall not commit K~aste or permit impairment or deterioration of the Property and shall comply- with the provisions of any lease ~t this \turtgage is tin a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform a!I of Borrower ~ obligations under the declaraUun 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 emend and supplement the covenants and agreements of this Mortgage as if the rifer were a part hereof. 7. Protection of Lender's Security. If Bomsver f:+ih to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects lender's interest ~in the Property, including. but nW Ginned ro, eminent domain, inu~hencc, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, ulx~n notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to prulect Lender's interest, tnchiding. but not limned to, disbursement- of reasonable'auomey's fees and entry upon the Property to make repairs. If Lender rcyuircd mortgage insurance as ~a• condgiun of making the loan secured by this 11lortgage. Bnrruwer shell pay the premiwns required to maintain such # insurance in effect until such bins as the reyuircmem for such insurance rerminatca in accordance with Borrower's and i . . • ~ - • . s~3~0 P~~ 515 { ~t - 5~..