Loading...
HomeMy WebLinkAbout1611 UNIFOat?t CaVSNANTS. Borrower and lender cc?venant and agree as follows: 1. ltaymeat of lriaclpal artd lateral. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note,. prepayment and late charges as provided in the Note, and tl?e principal of and intercst- on any Future Advances secured by this Mortgage. 2. Itrtrads tot~ Ta:es aai lawraoce. Subject to applicable law. or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments o[ principal and interest are payable under the Note, until the Note is paid In [ull, a sum (herein "Fuacis'~ equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property. i[ any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of -yearly premium installments for mortgage insurance, if any, all az reasonably estimated initially and from time to tithe by Lender on the basis of assessments and bills and reasonable estimates thereof. 'Itte Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said acrnunt, 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 Mortgages that interest on the Funds shall be paid to Borrower, and unless such agroement is made or applicable 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 Botmwer, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose [or which each debit to the Funds waz made. The Funds are pledged az additional security for the sums secured by this 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, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rents az they 'fall due, such excess. shall be, at Borrowers option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds heW by Lender shall not be w_ f6cient to pay taxes. assessments, insurance premiums and ground rents az they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days [rom the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in 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 Property is otherwise acquired by Lender, Lender shall apply, no layer than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by - Lender at the time of application az a credit against the sums secured by this Mortgage. 3. Applicatloa of ltgateals. 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. 4. C6arscs; 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 or ground rents, if any, in the manner - provided under paragraph 2 herwf or, if not paid in such manner, by Borrower making payment, when due, directly to the payex 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 fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which haz priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so long az 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. Huard Insaraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by Ere, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods az Lender may require; provided, that Lender shall not require that the amount of such coverage excced 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 ur>~r paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, directly to the .insurance carriex. _ Ap insurattce policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage l 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 loos if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair of s the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. I[ 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 Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by bender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to.colloct and apply the insurance procceds 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. If under paragraph 18 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 rexulting 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. Preaervatioa sad Maiateaaace of Property; Lea9ebolds; Coodorniaiums; Planned Usit 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 this Mortgage is on a leasehold: If this Mortgage is on a unit in a 1 condominium or a planned unit development, Borrower shall 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 docurtients. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrecrtrents of- such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage az if the rider were a part hepreof. - - 7. Protection of I.eader'a Setiwrity. If Borrower fails to perform the- covenants and agreements contained in this Mortgage, or if any action or proceeding is commettced which materially affects 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, disburse such sums and take such action az is rrexxssary to protect Lenders interest. including, but not limited to. disbursement of reasonable attorney's fees 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 effect until such time az the requirement for such insurance terminates in accordance with Borrower's and ~ lifi g~3~1 P~i~ ~ - -