Loading...
HomeMy WebLinkAbout1101:`'~'x3~2 ~7,:~T~~ UNIFORM COVENANTS. Borrower and Lender covena~l and agree as follows: 1. Paym~~t of Principal and Int~hst. Borrower shall promptly pay when due the pr~nc~pal ol and inte~est on the ~ndebtedness evidenced by the Note, prepayment and late charges as prov~ded ~n the Note, and the princ~pal ot and ~nterest on any Future Advances secured by this Mongage. Z. Funds forT~x~s and I~suanc~. Subject to appl~cable lawor to a wr~tten wa~ver by lender, Borrower sha11 pay. to Lende~ on the day monlhly instaltments ot principal and interest are payable unde~ the Note, until the Note is pa~d m full, a sum (herein "Funds") equal to on~iweltth ot the yearly taxes and assessments which may atta~n prionty over th~s Mortgage, and ground rents on the Properry, if any, plus one-tweltth ol yea~ly premium ~nstallments lor hazard insu~ance. plus onetwelfth olyearly premium installments 1or mortgage insurance, if any, all as reasaonablyestimated ~nitiauyand trom t~me to time by lender on the basis ot assessments and bills and reasonable estimates thereof. The Funds shall be held in an ~nstitution the deposits or accounts of which are insured or guaranteed by a Fede~al cr state agency(inc~uding Lender il ~ender is such an instituiion). Lender shall apply the Funds to pay sa~d taxes. assessments. ~nsurance premiums and ground rents. Lender may not charge for so holding and apply~ng the Funds. analyzing sa~d account. o- ver~fy~ng and comp~lmg sa~d assessments and bills, unless Lende~ pays Borrower interest on the Fun~s and appl~cabte iaw perm~ts tender to make such a charge. Borrower and Lender may agree m wnting at the time o~ execut~on ot th~s Mortgage thal interesl on the Funds shall be paid to Borrower, and unless such agreement is made or applicable Iaw requ~res such ~nterest to be paid, Lender shatl not be required to pay Borrowerany interestor earn~ngs on the Funds. Lender shaii g~ve to Borrower. w~thout charge. an annual account~ng ot the Funds show~ng credds and debrts to the Funds and the purpose for wh~ch each debil to the Funds was made. The Funds are pledged as add~t~onal securrty to: Ihe sums secured ny m~s Mortgage. If the amount ol Ihe Funds held by Lender, together w~th the future monthly ~nstallments oi Funds payabte pr~or to ~ne due dates ot taxes. assessments. msurance premiums and ground rents. shali exceed the amounl requ~red to pay sa~d taxes. assessments. ~nsurance prem~ums and ground renis as they lall due, such excess sha~l be. at Borrower's opt~on. e~ther prornptty repa~d to Borrower or cred~ted to Borrower on monthly ~nstallments of Funds. It the amount of the Funds he~d by Lender shalt not be sutficient to pay taxes. assessments, ~nsurance prem~ums a~d ground rents as they fall due. Borrower shall pay to Lerder any amount necessary to make up the det~ciency w~thln 30 days from the date notice ~s ma~led hy Lender to Borrowe- requesting payment thereoi. ~ Upon payment in lult of all sums secured by lhis Mortgage. Lender shall promplly relund to Borrower any Funds ne~d by Lender. If under paragraph 18 hereot the Property is sold or the Property ~s othervv~se acqu~red by Lender. Lender sha-i a~ply, no later than immedialely pno~ to ihe sale oi Ihe Property or ~ts acqws~i~on by Lender, any Funds held by Lender at the t~me ot applicat~on as a credit against the sums secured by th~s Mortgage. 3. Appllcation of Payments. Unless appl~cable law prov~des otherw~se. alI paymen r~~ved by ! ender under the t~ote and paragraphs 1 and 2 hereot shall be appl~ed by Lender f~rst ~~ payme tg~it~-~ayable to Lende- by Borrower ~,~der paragraph 2 hereof, then to mterest payable on the Note. th t~ri~~pald,~',lote. an~en to interest and pnnc~pal on any Future Advances ~~o~ ~ ~p(~d ~'~'~. ~~¢ ~J~ ~ `~,~. po..~~- 4. Cha~ges; Uens. Borrower shall pay a11 taxes. assessments and o r~s~~n~~~~Ai~ft'p~s~tiQ~p~ ttr~butable to tne Property which may atta~n a priority over th~s Mortgage. an~l.l~s~-b4d~Rls~l~i~ound rents.'lb~y.in the manner prov~ded under paragraph 2 hereot or. il not pa~d ~n such man~e~, ~XBqsM~wP.tt~i~}ung payment, when due, d~rectly to the payee thereof. Borrower shall promptly fu!n~sh to Lender atl nolices bf arnounts due under this paragraph. and ~n the event Borrower shall make payment d~rectly. Borrower shall promptly furrlish to Lender receipts evidenc~ng such payments. Bo~rower shall promptly d~scharge any nen which has pr~onty over this Mortgage: provided. that Borrower sha11 not be requ~red to d~scharge any such I~en so long as Borrower shall agree ~n wnt~ng to the payment ot the obl~gation secured by such i~en m a manner acceptabie to Lender. or sha11 ~n good fa~th contest such Iien by, ordefend enforcement of such t~en ~n. ~egal proceed~ngs which operate to prevent the enforcement ot the I+en or forfeiture of the Property or any part thereot. 5. HazaM Insurance. Borrower shal! keep the ~mprovements nrnv ex~st~ng or hereafter erected on the Property ~nsured aga~nst ioss by fire, hazards ~nctuded w~th~n the lerm ~~extended coverage'. and such other hazards as Lender may require and +n such amounts and for such penods as Lender reqwre: prov~ded, that Lender shali not requ~re that the amount ot such coverage exceed that amount ot coverage requ~red to pay the sum secured by th~s Mortgage. The ~nsurance carner provid~ng the ~nsurance shall be chosen by Borrower sub~ect to approval by Lender, prov~ded. that such app%oval shall nbt be unreasonabty ~nnthheld. All prem~ums on ~nsurance pol~aes sha11 be pa~d m the manner prov~ded under paragraph 2 hereot or. ~t not paid ~n such manner. by Borrower mak~ng payment. when due. d~rectly to the ~nsurance ~arner. AII ~nsurance pol~c~es and renewals thereot shall de m form acceptable to lender and shall ~nclude a standard mortgage clause ~n favor of and in form acceptable to Lender Lender shail have the r~ght to hold the pol~cies and renewals thereol. and Borrower shatl promptly furnish to Lender all renewal not~ces and all rece~pts ot pa~d prem~ums. In the event cf loss. Borrower sha11 g~ve prompt not~ce to the ~nsuran;,e carr~er and Lender. Lender may make proof of ioss ~t not made-promptiy by Borrower. Un~ess Lender and Bnrrower otherw~se agree ~n wr~t~ng msurance prnceeds shall be appl~ed to restorat~on or repa~r ot ;he Property damaged. prov~ded such restorat~on or repa~r ~s economically feas~ble and the security of thls Mortgage ~s not thereby ~mpa~red. I~ such resto-at~on er repa~~ ~s not economically feasibte or ~f ihe secunty of th~s Mortgage would be +mpa~red. the insurance proceeds shaii be appi~ed to the sums secured by th~s Mortgage. w~th the excess. :f any, pa~d to Borrower_ If the Property ~s abandoned by Borrower. or ~t gor~ower ta~ls to respond to Lender w~th~n 30 days from the date noUCe ~s maded by Lender to Borrower that the ~nsurance carr~er oNers to settie a cia~m for msurance benehis. tender ~s authonzed to colted and apply lhe ~nsurance ~roceeds at Lendei s ophon e~ther to restorahor. or repa~r of the Property or to tne sums secured by this Mortgage. Unless Lender and Borrower otherw~se agree ~n wr~ting. any such appl~cat~on ol proceeds to prmc~pal shall noi extend or postpone the due date ot the monthly ~nstailments reterred to en paragraphs 1 and 2 hereot or change the amount of such ~nstallments. If under paragraph 18 hereot the Property ~s acqu~red by Lender. al~ r~ght. t~tle and ~nterest ot Borrower ~n and ta any insurance pol~cies and ~n and !o ihe p+oceeds !hereot result~ng trom damage to the Property pnor to the sate or acqu~s~t~on shall pass to Lender to the extent of the sums secured by th~s Mortgage ~mmed~ate-y pr~or to such sate o- acqws~t~on " 6. Preservstion snd Malntenance of Property; Leaseholds; Condominiums; Planned Unit Developmsnts. Bnrrower shall keep the Property m good repa~r and shall not commrt waste or pe-m~t ~mpa~rment or detenoration ot the Pro- perty and shall comply w~th the prov~s~ons ot any iease ~t th~s Mortgage ~s on a Ieasehold. If th~s Mortgage ~s on a ur~t m a condom~n~um or a planned urnt development. Borrower shall perforrr~ all ol Borrower s obl~gat~ons under the declarat~on ~~ covenants creating or goverrnng the condom~rnum or ptanned un;t devefopment. the by-laws and regulations ot the ~ondom,n~um or planned urnt development. a~d const~luent documents. If a condom~n~um or planned urnt development ~~der ~s execu!ed by Borrower and recorded together w~th th~s Mortgage. the covenants and agreemems of such r~der snaii be ~ncorporated ~nto and shall amend and supplement the covenants and agreements ol th~s Mortgage as ~f the r~der :~~e•e a part here0l. 7. Protactlon of Lendera Secu~ity. It Borrower fa~ls to pe~form the covenants and agreements conta~ned in th~s Morigage or ~f any achon or proceed~ng ~s commenced wh~ch materia-ly atfects Lenders ~nterest m the Property. ~~~;,r~~ng hut not I~m~ted to. emmeM doma~n. msolvency, code enforcemenl. ur arrangements or proceedmgs mvolv~ng a r,a~+~ rupt or decedent. then Lender at Lenders opt~on. upon not~ce to Borrower. may make such appearances. d~sburse such s~,~:s and ?eke such act~on as ~s necessary to qrotecl Lenders tnterest mciud~ng. buf not ~~m~ted to. disbursements ot ~F-,;r;nanlP attorneys tees and emry upon ttt~ Ptoperty t0 malce rep3irg: it Lender requ~red mortgage m;urance as a ,~„i~?,:;r ot mak~ng the ioan secured by th~s Mortgage. Borrower shall pay the premwms requ~red to mamtam such •.,u~anr_e ~n ettect unt~~ such Ume as the revu~rement tor such insurance termmates ~n acco~dance with Bo-rowers and ~ i - ~:;. . ~ _. ~~.~~~w~-: ~~ ..,.. ~ ~= -. t~ ~ ~R~~ ~~ 8~~?1( PaGE _ -~_ =~ .~::~ ~...