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HomeMy WebLinkAbout0551 UNIFOR?t COVINAM's. Borrower and Leader covenant and agree ss follows: ~ 1V. tayweM N hMtlpal ttatl ItMeseM. Borrower shall promptly pay when due the principal of and interest oa the ittdcbtedntat evidettoed by the Note. prepayment and late charges as provided in the Note, and the prittcipa! o[ and interest ~ ea any Futtu+e Advances tecuted by thu Mortgage. !trait tar Tattat anti Itwraoca Subject to applicable law or to a written waiver by Lender. Borrower than pay to Leader on the day monthly ituallments of principal and interest are payable under the Note. until fire Note is paid in full. a sttm (herein "Fuadt'q egwl to otte-twelfth of the yeart~• taxc~ and assessments which tttay attain priority over this Mortgage. and gtottnd rents on the Property, if any. plus one-twelfth of yearly premium itttualhttents for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and (roan titre to tuna by Lender on the bass of assessments and hills and reasonable estimates thereof, 'the Funds shah be held'in an institution the deposits or accounts of which are insured or guanateed by a Federal or state agency Eincltding Lender if Lender is such an institution). I~nder shall apply the Funds to pay said taxes. assessments. insunaoe premiums and ground rents. tender 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 i permits lender to make such a charge. Borrower and lender may agree in writing at the time of exaution of this Mortgage that interest on the Funds shall bt: paid to Borrower. and unless such agreement is made or applicable law requires wch 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 annwl accounting of the Funds showing credits and debits to the Funds and the purpose (or 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 o[ the Fund: held by Lender, together with the future monthly installments of Funds payable prior to the dots dates of taxes. assessments. insurance premiums and ground rents, shall exceed the amount requited to pay said taxes, weaments, 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 installment: of Funds. If the amount of the Funds held by Leader shall not be wRicieat to pay taxes, asseurrtettts. insurance premiums and ground rents at they tall due, Borrower shall pay to Lender 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 paytneat in [all of an sums secured by this Mortgage. Lender shat! promptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Property 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 Leader at the tithe of application a: a credit against the sums secured by this Mortgage. 3. A~plieatioa of Ihyoeats. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 sad 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 oft the Note, then to the principal of the Note. and then to interest sad principal on any Future Advances. , g. Crarges; Lfiens. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which may attain a priority aver 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 prtxnptly furnish to Lender all notices of amounts due under this paragraph. sad is the event Borrower shall make payment directly, Borrower shall pro~trtptly famish to Lender receipts evidencing such paymsnts. 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 shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to !.ender, or shall in good faith contest such liar by, or defend enfomment of such lien in, legal proceedings which operate to prevent the enforcement of the hen or forfeiture of the Property or any part thereof. S. Hazard Icrwrswn. Borrower shall kcep 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 ss Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall rat require that the amount of such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subjeet'to approval by Lender. provided, that such approval shall 'not 'be unreasonably withheld. AN 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 insuraace carrier. All insurance policies and renewals therrot shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. !.ender shat! have the right to hold the policia and renewals thereof, and Borrower shalt 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 I.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, provrded such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. 1( such festoration or repair is not economically feasible or if the security of this Mortgage would bt impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower- !f 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 repair of the Propert~• 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 3 or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of _ such installment,. If under paragraph 1 S hereof the Property 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 shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation sad M1taiatenance of Property; Leaseholds; ('ortdominiunrs; Plaaned Unit Derebpraeats. Borrower shall keep the Property in goad repair and shall not commit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if thu Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a pianntd unit development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or guvermng the condomrnium or planned unit development. the by-laws and regulations of the condominium or planned unit development. and constituent documtnts. It a condominium or planned unit development rider rs executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplcmerat the covenants and agreements of this Mortgage as if the rider were a part fereof. Protection of Lender's Security. It Borrower f:uh tr. perform the covenants and agreements contained in this Mortgage, or if any ac4on nr proceeding rs commenced which materially afitcts lender's interest in the Property, including, but nut Gmrted to, eminent domain. inscd~~encp. code enforcement, or arrangements or proceedings invoh•tng a bankrupt or decedent. then lender at lender ~ option, upon notice to Borrower, may make such appearances, disburse such sums and take such action ac rs necessar~~ to protect Linder s interest, including. but not limned to. disbursement of reasonable attorney's fi.es and entry upcm the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured b}' thrs Martgafte. Born:wcr sfi.rtl pay the premiums required to maintain such j insuranct in tffect until such •time as the requirement for wch msuran.e lermrnates in accordance with Borrower's and ~ ~ 8~~3~p Pam ,551