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HomeMy WebLinkAbout1033 ~ 1 C ~ Untrostw Covtutat+TS. Borrower and Larder covenant and agree a: follows: 1. >ngnwnt M Mne}al utM IMetrpl. Borrower shall Promptly pay when due the principal of and interest on the irtdeMedrtess evidenced by the Note, paepaymeat and late charges ss provided in the Note, and the principal of and interest ata any Fttturo Advances stxured by this Mortgage. >lttri tar Ttttas am Irwa¦ca Sltbject to applicable law ~x to a written waiver by Lender'. Borrower shall Pay ' to Leader on the day monthly installments of principal and intcrc~t arc payable under the Note. until the Note is paid in full. i a stun (herein "Fttnds'7 equal to orre-twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage. and ground rents oa the Property. if any. plus Otte-twelfth of yearly Premium installments for haurd insurance. t plus orte-twelfth of yearly premium installments for tnortgsge insurance, if any. all as reasonably estimated initially std from lima to tiara by Lender oa the basis of assessments and hills and rcasonabk estimates thereof. 11te Fonds shall be held in an institution the deposits or accounts of which are itrsured or gwranteed by a Federal or ' state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay uid taxes. assearr?ents. irntrranoe premiums and ground rents. !.ender may not charge for so hoWin=and applying the Funds. analyzing said account. of vttrifying.and compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law I permits Corder to make such a charge. Borrower std Lender may agree in writing rat the tune of execution of this ~ Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement . a made or applipbk law requires such 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 for which each debit to the Funds was made. The Furtds arc pledged as additional security for the sums secured by this Mortgage. T< the amount o[ thts 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. aaapaents, iraurattea prcnti_tuns and ground rents u they tall due, such excess shall ba. at Borrowers option, either pr~oasptly repaid to Borrower or credited to Borrower on monthly installment: of Funds. If the amount of the 1~unds htdd by Letrdsr drat! not be strf6caeat to pay taxes. assessments, insurance premiums and ground rents s<: they fall due. Borrower shall pay to Corder any amount necessary to make up the deficiency within 30 days trom the date notice is mailed - br Lender to Borrower rtquesting payment thereof. Upon payment in full of -all sums secured by this Mortgage, Corder shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall apply. no later than immedrately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender st the time of upplication.as a credit against the sums ;secured by this Mortgage. 3. A~eatlorr o[ PaynteMS. Unless applicable law provides otherwise, all payments received by Lender under the Note sad 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 on the Note, then to the principal of the Note. and then to interest and principal on say Future Advauoes. 4. Ctrge:; Likws. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to t 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 thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event i Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly dischuge any lien which hu priority over this Mortgage; provided.. that Borrower shall not be requited to discharge any such lien so long u 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. IKasard Inatrawce. Borrower shall keep the improvements now existing or hereafter eructed on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards u Lender may require and in such amounts and for such periods u 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. - t 'IUe 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 riot paid in such manner, by Borrower making payment, when due. directly to the - inwrance curler. AB insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgagt 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 carrier and lender. Lender may make proof of loss if not made promptly # ~ by Borrower. ; Unless Lender and Borrower otherwise agree in writing, insurance procceds 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 not 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 forrower, 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 ofTers 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 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 1 and 2 hereof o_r change the amount of ` such installments. It under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any hrsurance policies and in and to the pra:eeds thereof resulting from damage to the Property prior to the sale or acquisition shall pus to Lender to the extent of the sums secure) by this Mortgage immediately prior to such sale or acquisition. f. Praenatba and Maiatenaace of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Properly and shall comply with the provisions of any lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a condominium or a planned pnit development, Borrower shall perform all of Borrower's obligations under the declaration 1 or coveaants 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 agrcements of such rider j shall be incorporated into and shall amend end supplement the covenants and agreements of this Mortgage as if the rider t were a part hereof. 7. Protection of Lerder's Security. If Borrower fads a. 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 not limited to, eminent domain, insolvency, c~xle enforcement. or arrangements or proceedings invoh•ing a bankrupt or decedent. then Lender at Lender's opiion, upon notice to Borrower. may make such appearances, dishurse such sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of # reasonable attorney's ices and entry upon the Property to make repairs. If Lender required mortgage insurance as a j condition of making the loan secured by this Mortgage. Born:wcr sh_dl pay the premiums required to maintain such insurance in effect until such tune as the requirement for .uch insurance terminates rn accordance with Borrowers and ; ; f • ~ ~ ~ g~x341 PdCE~O3+, r _ .r:_,;