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HomeMy WebLinkAbout0651• ~..' . ~ i.t ~ . ~ ~, ~ Z i Unt~aw CovaN~nrs. Horrowt.~ and Lende~ covenant and a~ree u follows: 1. ta~weN ot l~i~clNl a~i Wcrat. 8orrowe~ shall prompll~ paY when due the pri~cipal of and interest on the :adebtodnat evidenoed by the Note, prepayment and I:te chargcc ac provided in the Note, and the pri~cipal of and inte~sst on aoy Futuro Advances secund by this Mortgage. 2. !-~i ter Tua a~i Iwra~cc. Subject to applicabk law .~r to a written waive~ by L.ender. eomowe~ shall pay to Lender on the day monthly installmenls of pri~cipal and intcrcc~ are payaMe under the Note, until the Note is psid in tull, a:um (herein "Funds") equal to one-twelfth of the yea~l~ tasc. anJ as~s~ents which may attain priority over this Mo~a,je. and ~mund renb on the Property, if any. plus o~e-tweltth of yearly premium installments for hazard insunnce. plus oae-tweitth of yearly premium installments (or mongage insurancc, if any, all as rcuonably estimated initially a~d trom time to time by Lender on the buis of auasmcnts and hills and rcasonable estimates thercot. The Fu~ds shall be held in an institwion ~he deposita o- accounts of which are insured or guaranteed by a Fedenl ot state aj..-ncy (includina Leader if Lender is such an ins~itmion). 1_ender ahatl apply the Funds to pay said ~axa. assessments. insurance premiums and gtound rcnts. l.ender may not charge tor so holding and applying the Fnnds. aoalyting caid account. or verityin~ aod rnmpiling said assessments aad bills, unless Lender pays Borrower interat on the Funds and applicable law pemats Lender to make sueh a charge. Borrower and Lender may agree in writing at the ~ime of execution ot ihis Mortaaae that interat o~ the Funds shall be paid to Bor~ower. and unlas such agreement is made or applicable law requires such ieterat to be paid. l.eoder shall nc+t be rcquired to pay Borrower any interest or earnings on the Funds. Lende~ shaU ~ive to Borrower, without charge, a~ annual accounting of the Funds showing credits and debits to the Funds arid the purpoae for which eaeh debit to the Funds wu made. The Funds arc plodged as additional security tor the sums secured by Wis Mottaage. If the amount o[ the Funds held by Lender, together with Ihe future monthly installments of Funds payable prior to the due data of taxes. usessments. insurance prcmiums and ground rents, shall exceed the amount required to pay said taxa. a:saanents, insutanet prcmiums and ground rents as they tall due, such excess shall be, at Borrower s opt~on, either pranptly rcpaid to Bornower or crodited to Borrower on monthly installments of Funds. If the amount of the Fu~ds heW by I.ender shall not be sutficient to pay taxa. assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender W Horrower requesting payment thereof. Upon paymeat in full of dl aums xcured by this Mortgage, t_ender shall promptly refund to Borrower any Funds hdd by I.ender. If under pusgraph l8 hercof the Property ia sold or the Property ~s otherwise acquircd by Lender, Lender ahall apply. no later than immediately prior to the sale of the Propeny or i~s acquisition by Lender, any Funds held bv I.eader at the time oE application u a credit against the sums securcd by this Mortgage. 3. A'piicatioa ot Paymeats. Unless applicable law provides otherwise, all payments receivod by Lender under the Note and pangraphs 1 and 2 hercof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower under puagraph 2 hereof. tt~en to interest payable on the No~e, then to the principal of tho Note, and then to interest and principal on any Future Advances. ~. C6artes; Litas. Borrower shall pay all ~axes, assessments and o~her charges. fines and impositions attributable to t6e Property which may attain a pnority over this Mortgage, and teasehold payments or ground rcnts, if any, in tht manner provided under paragraph 2 hereof or. if not pa~d ~n such manner, b}• Borrower making payment, when due, directly to tht payoe thereof. Borrower shall promptly furnish to Lemier all notices of amounts due under this paragraph, aod in ttie event Borrower shall make payment directly, Borrower shall promp~ly furn~sh to l.ender receipts evidencing such payments. Borrower shall promptly dixharge any lien which has ps~onty aver this Mongage; provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in ..rit~ng ~o ~he payment o( the obliga~ion secured by suc6lien in a manner acceptable ~o Lender, or shall in good faith conte~~ such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enfurcement of ~he I~en or [orfeiture of the Property or any part thercof_ S. Hazard I~urance. Horrower shall keep the impro.•emcnts naw~ cxisting or hereafter erected on the Property insured against toss by fire, hazards included within the term "extended coverage", and such o~her hazatds as Lender may require and in such amounts and tor such periods as Lender may requirc: provided, that Lender shall not rcquirc that the amount of such coverage excted that amount of coverage reqwred ~o pay the sums secured ~by this Morlaage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, thal such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragreph 2 hereof or, ~f not pai~ in cuch manner, by Borrower making payment, when due, dircetly to the insurwce carrier. All insurance policies and renewals thereof shall be in form acceptsble to LenJer and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold ~he policies and renewals thereof, and Borrow•er shall promptly farnish to Lender all renewal nouces and all receipts of paid prcmiums. ln the event of loss, Borrower shall grve prompt notice to the ~nsurance carner and Lender_ Lertder ma~• make proof of loss if not made promptly by Borrower. Unlus Lender and Borrower otherw~.~ agree in writ~ng, insurence proceeJs shall be applied to restoration or repair of the Property damaged, prov~ded such re~toration or repa~r is economicalty teasible and the security of this Mortgage is not thereby impaired. It such restoraUon or repair is not economically (easible or ~f the security of this Mortgagt would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with Ihe excess, if any, paid to Borrower. If the Propert}~ is abandoned by Borrower, or il Borrower (ails ~o respond to Lender within 30 days from the date notice is madeci by Lender to Borrower that the insurance carrier o(~ers to setUe a claim for insurance benefils, 1_enJer is authoriud to collect and apply the inwrance proceeJs at Lender'ti option either to restoration or repa~r of the Propertv or to t6e sums secured by this Mortgagc. Unless Lender and Borrower othen+i.e agree m w~itmg, any such application of prcx:eeds to prmeipal shall not extend or postpone the due datc of the monthly installmcntc referred to in paragraph~ I anJ 2 hereof or change the amount of suc6 installmeots_ If under paragraph t8 hereof the ProE,erty is acywred b} l.ender, ali nght, ti11e and interest of Borrower in aod to any tnsurance policies and in and to the proceecls thereof resulung from damage to the Property prior to th~ sale or acquisition shall pass to Lender to the extcnt ot the sums ~ecureci by th~s !~tortgagc immediately prior to such sale or acquisition. 6. Presenation and ~laintenance of Propert~; l.easehulds; Condominiums; Planned Unlt Developments. Borrower shall keep the Property in guod repair and shall not comrpit ytiaste or permrt impeirment or deterioration of the Properry aad shall comply with the provis~ons of any lease i( thu Murtgage n on a Icaschuld_ If this Morlgage is on a unit in a condomimum or a planned umt devclopment. Borrower ~hall perform ;,II of Borrower's obl~gations under the declaration or covenants creating or govermng ~he condominium or planned unit development, ~he by-laws and regulations of the condominium or planned unit development. ~nd constituent dexument~. If a condominium or planned unit development rider ~s executed by Borrower and recordcd togcthcr Kith thi~ Mortgagc, the covenants and agreements of such rider shall be incorporated inro and shall amend ~nd supplcment the co~enan~s anJ agreements of this Morlgage as if the rider were a part hereof. '7. Protection of I.endrr's Securfty. If Ri~rn~~er (a~l. t~+ ~xrf~.rm the covenantc anJ agreements contained in this Mor~gage, or i( any action ur proceeJing ic c~~mmrneed whirh materiall~- afiects I.ender's interest in the Propert}~. includmg. but not Lmited to, cm~nent domam. imo{venc}. cixle en(arcement. ~-r arrangemcntt or proceedings involv~ng a bankrupt or decedent. ~hen Lender a~ Lender'~ opt~on, u~x-n n~tice to Borrower. ma~• make such appearance~. Jishurse such sums and lake such ar~ion ac a necectar}• t~- protect Lender'c mterect, incluJing, but not Iimiled to, Jisbursement of reasonable auorney's f~Q~ and en~ry u~~n thc Propcrtp to make rrpeir~. 11 I.cnder rcyuireJ mortgage incurance as a cund~t~on ot mak~ng thc loan ticcure~l by ihn 11~r[t~aE•r, Bnrn:v-cr sh.dl pay !hc prcmiums rcquireJ lo maii~t:~~n such insurance in, rffect unul tiuch t~mc as Ihc rcyu~rcmcnt f~~r .uch ~n;uran;c Icrm~natr~ m accordancc w~1h B~irt~~wcr's and ~a~ 345 pu~ S49 ~ ~-~.~~~.~y~~Y. _._ _ -.