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HomeMy WebLinkAbout1880UN~toatN CovFN,-Nrs. Borrower anJ I.enJ~r cuvcnant anJ ag~re a~ follc~ws: 1. Paymeat ot P~taclpal aad lptensl. H~~rn~we~ thall prompUy pay v-•hen duc Ihc principal of and imerest un the inckb~ednru evidcnceJ by thc Notc, p~cpayment and latc chargcs •rc providcd ~n the Notc, and the principal of ~nd interest on any Futurc Advances secured by this Mortgage. 2. Rbads tor Tua sad I~ursece. Subject to applicablc law or to a written waiver by I.cnder. Borrower shall pay to Lenckr on ~he day monthly installments ot principal end intcrest are payablc unde~ the Note, until the Nate is paid in tull, a sum (herein "Funds") equa! to one-twelfth of ~he yearly taxes and asussments which. may at~ain priority ovcr this Morlgage, and ground rents on the Property, if any, plus ane-twclfth of yearly prcmium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurancc, if any, all as reasonably estimatcd ioitially and from time to time hy Lendcr on thc basis of ass~ssmcnts and bills and ~easonable estiroates thercof. 'llie Funds shall t+e held in an ins~itutian the deposits or accounts o( which are insurcd or gusranteed by a Federal or state agency (including Lender if I_eoder is such an institution). I.enJer shall apply the Funds to pay said taxes, assessments, insura~ce prcmiums and ground rents. l.ender may nat charge far so holding and applying the FunJs, a~alyzing said account, or verifying a~d compiling said assessments and bills, unless I.endet pays Borrower ~nterest on the Funds a~d applicable law permits Lender to make such a charge. Borrower a~d Ixnder may agree in writing at the time of execution ot ihis Mortgage ihat interest on 1he Funds shall be paid to Borrawer, and unless such agreement is made or applicable law requires sucS interest to be paid. I.cnder shall not he required to pay Barrower a~y interest or earnings on the Funds. l.ender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose (or which eaeh debit to the Funds was made. The Funds are pledgeci as additional security for the sums secured by this Mortgage. If the amount of the Funds held by I.ender, together with the (uture monlhly installments of Fu~Js payabie prior to the due dates of taxes, assessments, insurance premiumc and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Rorrower on monthly installments of Funds. If the amount of the Funds held by Lender sha11 not be sufi'icient to pay taxes, 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 ~ender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mongage, I.ender shail promptly refund to Borrower any Funds held by l.enJer. If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by I_ender, I_ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by l~nder, any Funds he1J by Lender at the time ot application u a crcdit against the sums secured by this Mongage. 3. Applicstioa of Payments. Unless applicable law proviJes otherwise, all payments received by I_ender under ihe Note and paragraphs 1 and 2 hereof shall be applicd by 1_ender first in payment of amounts payablc to Lender by Borrower under paragraph 2 hereof. then to interest payablc on the Note, then to thc principal of the Note, and thcn to interest and principal on any Futurc Advances. 4. C6arges; Lie~. Borro~ver shall pay all taxes, assessmcnts and othcr charges, 6nes and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground tents, if 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 payce thereof. Borrower shall promptly furnish to Lender all_notices of amounts due under this paragraph, aad in the event Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidenci~g 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 long as Borrower shall agree in vvriti~g to the payn~ent ot the obliga~ion secured by suc6 lien in a manner acceptable to Lender, or shall in gaxl failh contezt such lien by, or clefenJ enforcement of such lien in, legal proceedings which operate to prevent the en(orcement of ~he lien or forfeiture of the Property or any part thereof. S. Haurd Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. ha7ards included within the term "extended coveragc", and such other hazards u Lender may require and in such amounts and for such periods as Lender may reyuire; provided, that Lencier shatl not require thaf the amount of such coverage exceed 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 under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, whe~ due, direcUy to the insurance carrier. All insurance policies and renewals thereof shall be in form accep~~ble to Lemler and shall include a stanJard mortgage clause in favor of and in form acceptable to Ixnder. 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 I.ender_ 1_ender may make proo( of loss if not made promptly by Borrower_ Unless Lender and Borrower otherwise agree in v-~riting, insurance procecds shall be applied to restoration or repair of the Property damageJ, provicled such restoration or repair is economically feasible and the security of lhis Mortgage is not ~hereby impaired. I( such restoration or repair is not economically (easible or if the security of this Mongage would be impaired, the insurance proceeds shall be applied to the xums 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 l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at Lender's option eit6er to restoration or repair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agrce 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 ~he amount of such installments. If under paragraph 18 hereof the Property is acquirecl by Lender. all right, title and interest of Bortower in and to any insurance policia and in and to the proceeds thereof resulting from damage to the Propeny prior to the sale or acquisition shall pass to Lender to the extent of the surru secured by this Mortgage immediately priot to such sak or acquisition. 6. Preaervation and Maintenance of Property; Leaselwlds; Condominiums; Planned Unit Devebpments. Borrower shall Iceep ihe Property in good repair and shall not commi~ w~aste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it this Mortgage is on a leaschold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of 8orrower s obligations undtr the declaration or covenanls creating or governing the condominium ar planned unit development, the by-laws and regulations o[ the condominium or planced unit development, and constituent Jocuments. I( a conJominium or planned unit cievelopment rider is eaecuted by Borrower and recorded together w~ith this Mortgage, the covenants and agreements o[ such rider shall be incorporated into and shall amend and supplement the covenants anJ agreements of this Mortgage as if the rider µ~ere a part heroof. ?. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenceJ which materially affects Lender's interest in the Property, including, but not limited to, eminent domain. inu~lvency, code enforcement, or arrangements or proceedings involving a bankrupt or deredent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protcrt Lender's interest, including, but not limited to, disbunement of reasonable attomey's fces and emry upon the Proper~y to makc repairs. !f Lcnder required mortgage insurance as a condition of making the loan secured by this Mortgage. Bc~rrower shall pay the premiums required to maintain such insurance in eRect until such time as the reyuirement for such insurance terminates m accordance with Borrower s and s - ~ ~ ~~~._.~.,~,~_, _.= er~tRC 34~ Fa~~ 1~7~ ~ .~ ? .ma......3~ ..