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HomeMy WebLinkAbout1020 ~ } ~ t; UNI~oRM COVeNAPti'a. Borrower attd l.ettder covenant and agree as follows: 1. et fl'dtttt~al tttai ItNeresf. Borrower shall promptly pay when due the principal of and interest on tht indebtedaea evidenced by the Nee. prepayment and late charges as provided in the Nae, acrd the principal of and interest on soy Future Advances :ecttred by this Mortgage. _ >lrtsnti fhr TtnNS tnttd Ittsttrtrace. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender oft th_ a day moetthly installments of principal and intcrc~t arc payable under the Note. until the Note is paid in full, a rum (Mrein "Fttnds'ry equal to otte-twelfth of the yearly rase-. and assessments which tttay attain priority over this Mortgage. and ground yenta on the Ptnperty. if any, plus one•tweltth of Yearly premium installments for hszatd insuratta. plus ottatwel[th of yearly prcnitrm installments for mortgage insttrancc, if any. atl as reasonably estimated initially and from tithe to titre by Larder on the basis of assessments and hills and rcaaonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which arc ittwred or gwranteed by a Federal of ' state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground ants. Lender may not charge For so holding and applying the Frrnds, 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 Lender may agree in writing at the time of execution of this Mortgtye that interest on the Funds shall be 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 i shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the t purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by the 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. asssssments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. at~eats, insurattoe premiums and ground rents as they fall dtre, 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 -bald by [.coder shag trot be sufi'icieat to pay taxes, assessments, insurance premiums and ground rents ss they tall due. Borro~rer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. - Upoa payment in full of all wms secured by this Mortgage, !.ender shall promptly refund to Borrower any Funds held by iettder. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender shall apply. rto later than immedutely prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the tithe of application as a credit against the sums secured by this Mortgage. 3. Appllcatlott off Prtyttsetsts. Unless applicable law provides otherwise, all payments received by Lender under the Note sad paragraphs 1 std 2 hereof shall be applied by Lender first in payment of amounts payable to !.ender 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. 1. Cfttarges; Lkra.•. Borrower shall pay all taxes, assessments and other charges, foes 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 herco[ 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 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 lien or for[eiture of the Property or any part thereof. S. Hazsrd lasarattee. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod - agairat loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require sad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount o[ ~ such rnrerage 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 Lender, 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 ; inwraatx carrier. } ~ All insurance policies.and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage t i clause 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 all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance career and Lender. 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 Io restoration or repair of the Property damaged, provided such restoratron 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 Borrower, or if 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 +s authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property 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 or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. I[ under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower ? i in atul 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. Preservation and Maiatenaace of Property; Leaseholds; Condominiums; Planrted Udt lkvebpments. Borrower . shall koep 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 the Mortgage is on a leasehold. 1f this Mortgage is on a unit in a € condominium or a planned umt development, Borrower shall perform all of Borrowers obligations under the declaration 3 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. !f a condominium or planned unit development rider is executed by Borrower and recorded together w?th 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 i~ the rider were a part hereof. 7. Protection of Lender's Security, If Borrower fads to perform the covenants and agreements contained in this Mortgage, ar if any action or proceeding ?s commenced which materially aBects Lender's interest in the Property, ~ including, but not lim?Ied to, em?nent domain. insolvency, code enforcement, or arrangements or proceedings involving a j bankrupt or decedent, then 1_ender at Lender's option, upc?n notice to Borrower, may make such appearances, disburse such p sums and take such action as is necessary to protect I~nder's interest, including. but not limbed to, disbursement of reasonable attorney i fees and entry upc?n the Property to make rcpair~. If I.cnder Yeyuircd mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such - insurance in effect until such time as the requirement for wch insurance term?nates m accordance with Borrower's and - - - ~ 8341 P~Z02Q