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HomeMy WebLinkAbout1085 ! t i ~ ~ !f UN[lORl1 COVlNANTtI. Borrower atd Leader covenant and agroe u follows: L ><ttyneat M)rriaciMl tttsi dNesesf. Borrower shall promptly pay when due the principal of and interest on the indebtedaas evideat:ed by the Note. prepaytta:nt and late clwrges ac provided in the Note, and the principal of and interest ; on any Futuro Advances seared by this Mortgsge. j Ftmi for Tttaea oral lnwraaee. Subject to applicabk law ~x to a written waiver by Lender. Borrower shall pay to Lender oa the day monthly installments of principal and intereq arc payabk under the Note, until the Note is paid in full,_ a sum (herein "Fuads'q equal to one-twelfth of the yearly tax~~ and assessments which may attain priority over this Matgase, and ground renb on the Property. if any. plus one-twelfth of ytuly premium installments for hazard insurance. j plus one-twelfth of yearly premium installments for mortgage insurance. it any, all u reasonably estimated initially and trap i - time to tithe by Leader oa the bua of assessmcros and hills and rcasonabk estimates thereof. ± The Fonds shall be held in an institution the depositor or accounts of which are insured or guaranteed by a Federal otr ~ state agency (including Leader if Lender is such an institution). 1_ender shall apply the Flrttds to pay said taxes. asseuments. ~ iaauranoe premiums and ground rents. -Lender may not charge for so holding and applying the Fends. analyzing said account. ~ or verifying and compiling aid atsessments and bills, unleu Lender pays Borrower interest on the Funds and applicabk 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 ` 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 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 arc pledged u additional security for the sums secured by Wis Mortgage. If the amount of the Fund: held by Lender, together with the future monthly installments of Funds payabk prior to the due dates of taxes. asseuments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums and grotrnd rents u they 7a11 due, 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 Punds bald by Lender shall not be wfficiwt to pay taxes, assessments, insurance premiums and ground rents u they fall due. Borroerer shall pay to Lender any amount~rtecessary to make up the deficiency within 30 days [rem the date notice is mailed by Lender 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 Lender. If under paragraph 18 hereof the Property is sold or the Progeny rs 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 Lender at the time of application a: a credit against the :urns secured by this Mortgage. t 3. ApNkatiort of P~ytaewts. Unless applicable law provides otherwise, alt payments received by Lender under the Nate and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower t tmckr paragraph 2 hereof. then to interest payabk on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. t. Crsrzts: Liters. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to ~ tb~: Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereo[ 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. Ptorrower 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 s-uc6 lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal ptocesdings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof. S• Retard laarrawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured :agairut 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 a-mount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ilre ituurance 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 inwrance 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 inwrance carrisr. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage 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. f 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 proceeds shall be applied to restoration of 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 secure) 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 - t 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 Property t 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 or change the amount of ! wch installments. I[ under paragraph 18 hereof the Property is acquired by Leader, 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.thc sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit iDevebpmeats. Borrower 1 shall keep the Property in good repair and shall not commit yvute or permit impairment or deterioration of the Property 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 t condominium or a planned unit development, Borrower shall perform all of Borrowers obligations t!nder 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- 1f a condominium or planned unit development - E 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 u if the rider ~ were a part hereof. - # ~ 7. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding ~s commcncal which materially aP.ccts Lender's interest in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lender's option, -upon notice to Borrower, may make such appearances, disburser such sums and take such action as. is necessary to protect Lender's interest, including. but not limited 't0, di;btir~err-tent of - reasonable attorney'g tees and entry upon the Property to make repairs. if Lender required mortgage insurance as a ' condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in eBect until such time as the requirement for such insurance terminates m :recordance with Borrowers and ; I s~K 3~1 P~~E it183 _ - r