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HomeMy WebLinkAbout1429 4 r ~ • ~ I ~ ~ i r . t UNtrottnr COVENANTa. Borrower and Lauder covenant and agree as folkaws: 1~ ligranM of MoetMl ant IrrNssef. Borrower :hall promptly pay when due the principal of and interest on the - i:tdebtedrtess evideaoed by the Naa prepayment and Tate charges ss provided in the Nae. and the principal of and interest as any Future Advaaoes ttecured by this Mortgage. >Etsais Qetr Tavsea asst lawraoee. Slrbject to applicable law .x to a written waiver by Lender, Bon~owet shall pay to Leader oa the day monthly installments of principal and interest arc payable under the Note. until the Note a paid in full, a sum (herein "Futsds'q equal to onttwelfth of the yearl~• taxes and assessments which may attain priority over this Mortgage, and ground teats on the Property. it any, plus one-twelfth of yearly premium installmenu for hazard insurance. plus one-twelfth o[ yearly premium installments (or mortgage insurance, if any, all as reasonably estimated initially and tram time to lima by Leader oa the buffs of assessments and hills and reasonable estimates thereof. ~ 11te Funds shall be held in an institution the deposits or accounts of u?hich are inwred of guaranteed by a Federal or i state agency (including Lender if Lender is such an institution). I~nder shall apply the Funds to pay said razes, assessments. iasuraoee premiums and =round rents. lender may na charge for so holding and applying the Fnrtds. analyzing said account. or verifyingartd compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permiq Leader to make such a charge. Borrower and Lender may agree in writing at the time of execution of iha Mortgage that interest on the Funds shall bt paid to Borrower, and unless such agreement is made. or applicable law require such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender j 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 as additional security for the sums secured by this Mortgage. Tf the amount o[ the Funds held by Lender, together with the future taortthly installments of Funds payable prior to the due darts of t~cts, sucssrttints. isssttnnca p:t:rt:iums and ground rents. shall cz-rcd t!~ amount required to pay said taxes, assessments, insurance premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either promptly rspaid to Borrower a credited to Borrower on monthly installments of Funds. l[ the amount of the Funds bald by Leader-shall not be wlS~t to pay taxes. a:,essrrtents, insurance premiums and ground rents as they fall due. Borrower shag pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Ltmdt:r to Borrower requesting payment thereof. _ Upon payment is full of all aunt: secured by this Mortgage, Lender shall promptly refund to Borrower any Fund: held by Leader. If under paragraph 18 hereof the Property is sold or the Property a aherwise acquired by Lender. Lender shall spply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. A~ieatiars of Itrq~eab. Unless applicable !aw provides otherwise, all payments received by Lender under the Note sad paragraphs 1 sad 2 hereof shall be applied by Lender fire in payment of amounts pa~rabk to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Nae, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Charges; Lkns. Borrower shall pay all razes. 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. J 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 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 bog 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 enforrement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. i S. lillmrd Inwrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured • i 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 coverage required to pay the sums secured ~y this Mortgage. The iawrance 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 shill 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 If insurance carrier. i j All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in [aver 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 the Property damaged, provided such restoration or repair is econumically feasible and the security of this Mortgage is not tht:reby 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 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 otters to settle a claim far insurance benefits. Lender ' is authorized to collect 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 sfiall not extend i ~ 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 in and to any insurance policies and in and to the proceeds thereof rewlting from damage to the Property prior to th.: sale or acquisition shall pies to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or 1 acquisition. 6. Praenatlon soil Maintenance of Property; Lessehelds; Condominiums; Planned UrsN Devebpments. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. U this Mortgage is on a unit in a i ~ condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration I or covenants creating or governing the condominium or planned unit devebpment, the by-laws and regulations of the condominium or planned unit development, and constituent Documents. tt a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the covenants and agrcements of such rider I shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider were a part hereof. 7. Protection of Leader's Set•urfty. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is cuminenced 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 brakrupt or decedent, then tender at l.ender'i option, upon notice to Borrower. may make such appearances, disburse such { sums and take such action as is necessary to predect Lender's interest, including, but not limited to, disbursement of ~ • reasonable attorney's fees and entry upon the Property Io make repairs. 1f 1_cnder required mortgage insurance as a - condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ( , I insurance in effeca until su.h time as the requirement for such insurance terminates in accordance with Borrowers and r ~ - ~ - 80 K~~ PdGE~~