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HomeMy WebLinkAbout0569 - - ~ ~ UNIFORM tAV8NAN7a. Borrower and Lender covenant and agree as follows: 1. Paprtrte~t W him ttN iNereat. Borrower shall promptly pay when due the principal of and interest on -the indttbtedrtess evidenced by the Note, prcpaytnent and late charges as provided in the Note, and the principal of attd interest on any Future Advances secured by this Mortgage. B. Ifhtmi tsr Taatsa freer) laatrrtree. Subject to applicable law or to a written waiver by Lender. Botroerer shall Pay to Lender on the day monthly installments of principal and intarcst are payable under the Note. until the Note is paid in full. a sum (herein "Fttnth'~ egwl to one-twelfth of the yearly 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 for haurd insurance. plus otx-twel[th of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and from time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which arc insured or gwranteed by a Federal of sUte agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. tssessments. insurance premiums and ground rents. Lender may not charge for sn 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. Borrower and !..ender may agree in writing at the tirtte of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreertxnt is made or applicable law requires such interest to be paid. Lender shall rtot he required to pay Borrower any interest or earnings on the Funds. Lender shah give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds attd the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security [or the sums secured by this Mortgage. s 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, asseaments, insuratta premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either ptaotnptly repaid to Borrower or credited to Borrower on monthly itutallments of Funds. !f the amount of the )~unds heW by Leader shall ltd be sufficient to pay rsxes. assessment:, 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 date notice is mailed by Letsder to Borrower requesting payment thereof. Upon payment is full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by I.etxier. if under paragraph 18 hereof the Property is sold or the Property is otherwise scquired by Lender. Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds herd by Lender at the tune of application as a credit against the sums secured by this Mortgage. 3. A~plicatiors of Payttae~ts. 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 Future Advances. Charges; Liens. 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 of ground rents. if any. in the manner provided under paragraph 2 hereof or. it 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 ender this paragraph, attd is the event 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 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 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 Gen or forfeiture of the Property or any part thereof. . S. Harard Insurance. 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 rnverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. Ap 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 cazrier. All insurance policies and renewals thereof shalt be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. 1_ender 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 loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of ions if not made promptly by Borrower. Unless Lender and Borrower othewise 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 m•t 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 Bornwcr. If the Property is abandoned t,y 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 Proper. or to the sumi secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of pra:eeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. if under paragraph It3 hereof the ProFerty is acyuired 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 pans to Lender to the extent of the sums secured by this ll1ortgage immediately prior to such sale or acquisition. 6. Pri:sen~atioa and 3taintenance of Property; i.easehulds; Condominiums; Planned Ueit Developments. Borrower shall 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 if thu Mortgage is on a leasehold. It this Mortgage is on a unit in a condominium or a planned unit development, Borrower shalt perform all of Borrowers obligations under the declaration 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 amend and supplement the covenants and agreements of this Mortgage as if the rider were a part Fereof. 7. Proration of Lender's Security. If B.+rn,wer fads t++ perform the covenants and agreements contained in this Mortgage. or if any action ur pro.eeding is c++mmenced which materially affects lender's interest in the Property, including, but n++t limited to. eminent domain. ins,+lvency. axle rnf<+rrement. or arrangements or proceedings invoh~ing a banknipt or decedent. thee, Lender at Lender's optirni, ulx+n notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary a+ protect Linder s interest, including. but not limited to, disbursement of reasonable auorncy's fees and entry ulxm the Property to make repairs. If tender reyuircd mortgage insurance as a cond~non ++f making the loan secured by thn M++rtgaf±e. 8orn:wrr shall pay the premiums required to maintain such inuurance in effect until such time as the reyuireinern f+•r such m;aran;e terminates in accordance with Borrower's and _ , . 8~ 340 ~~F 56'~ ~ f