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HomeMy WebLinkAbout0035 ! ~ UNtFORM CovEh.~NTS. Borrower and Le~der cove~ant and agree as follows: 1. Paymeat ot Priaclpal asd Iw~etest, Bo~rower shall pnKnptl) pay when due the principal of and intcrest on the ~ndebtedneu evidenceJ by the N~te. p~epaymert and late chargrs as provi~ied in the Note, and the prinripal of and interest on aay Futurc Advances securecl by this Mortgage. • 2. F~ tor Tup sad l~~ace, Subject to appiicabk law• or to a written waive~ by l.ender. Borrower shatl pay to Lcnder on the day mon~hly ~nstallments o( principal and ~nteres~ are payabk under the Note, until thc Note is paid in full, a tum (hertin "Funds"1 equal to one-twelfth ot the yeariy ~aaes and assessmcnts which may attain priority over this Mortgage, anJ ground rents on the Prnperry, if any, plus one-ta~elfth ot ~•euly premium installments for hazard insurance, plus one-~w•elflh of yearly premium inuallm.nts for martgage insurance, if any, all as reuonably estimated initially and trom time to timc by Lcnder on the basis ot assusmcnts and bilh and reasonabk es~imates thereof. The Funds shall be heW in an institution the dep~osits or accaunts af which arc insured or guaranteed by a Federal or state agency (including l.ender if Lender is such ao institution). I_ender shall apply the Funds to pay said taxes, assessments, insurance premiums and grou~d ~ents. t.ender m~y not cha~gr for so holding a~d epplying the Funds, anal)•zing said aecouni, or verifping and compiling said asse~tments and !,ills, unless 1_ender pa~s Borrower interest on the Funds and applicable 1aw permits I_ende~ to make such a charge. Bnrr~N~er and IxnJer ma~~ agree in w~riting at 1he time of e~ecution of this Mortgage that interest on the Fu~ds shall he paid to Borrower, and unless such agreement is made or applicable law requires such interest to t~e paid, Le~xler shall not be reyuirerl to pa~ &~rrow•er an~• in~erest or earnings on the Funds. Lender ~hall give to Borrower, w:tlwut charge, an annual acc~wnung of the Furxls sh~wing credits arni debiis to the Funds and the purpose for which each debit to the Funds w•aa made. The F=unJs are pleci~d as additional security tor the sums stcured by this Afortgage. If the amount o! the Funds held by Len.kr, togriher with the future monthl~ installments of FunJs pa~~able prior to the due data uf lares, assessments, iruurance premiunu and grounJ rents, shall exceed the amount reyuired to pay said taxes, assessments. insurance premiums and ground rentc as the~• (all due, such e~cess shall be, at Borrow•er's optian, either promptl)• repaid to Borruwer or crcdited w B~irmwer on momhh• installmcnts of Funds. If ihe amount of the Funds held by Lender shall not be suflicient to pay ta~es, assessments, inwrance premiums anJ grou~d rents as the~~ fall due, Borrower shalt pa~• to Lender an}• amount neressar~• ta make up the deSciencp within 30 da~s from ~he date nutice is mailed by Lender to Borrow•er reyuesting payrr~n~ thereot_ Upor~ pa}ment in full of all sums securcd b~• this Llortgage, Lcnder shall promptl}~ refunJ to Borrower any Funcis held by LenJer. If under paragraph 18 hereo( the Propert~• ic sold or thc Propert~ is othen+•isc acqwred by Lender, I.enJer shall appl~, no later th•rn immediatel~• prior to the ,ale of the Propert~• or its acquisition b}• I_ender, any Funds held by Lender at the time ot application as a creJit aga~nst thc sums secured b}• this ~fortgage. 3. Application of Paymeats. Unless applicable law pro.iJrs otherwise. all payments rereired b~~ t_ender unJer the Note and paragraph~ 1 and 2 hereuf shall be appl~~~1 b~• I.endcr fint in paymcnt ot amuunts pa~~able to LcnJcr by Borrower undcr paragraph 2 hereof, then to interest pa~able on thc \ote. thcn ~o thc principal of thc Nate, and thcn to intcrest and principal un an~~ Futurc Advances. 4- CharRes: Liens. Borruwcr ~hall pa)~ all taxes, assessments and other charge., fines anJ im~xitions attribu~able to the Prupett}• w~hich may attain a prioriry over th~s Mortgage. and leasehold paymcnts ~.r ground rents, if any. in the manner provideJ unJer paragraph 2 hereuf or. if not paid in such manner. bp Borrow•er making pa}~ment, w~hen due, directly to the pa~ee thrrcoL Borroveer shall prompti~~ furnish to Lender all notices oi amountc Juc under this paragraph, and in the event E3orrouer shall makc pa~•ment dirzcth-. Bormwer shall prompUy turnish ~o l~nder rc.eipsc e~id~ncmg such payments. Borrower s6all promp~l~• Jixharge an~ licn whi~h has priont}• o~cr this ~1~•ngagc: pro.•~JcJ. ~hai B~rrower shall not be requ~red tu'discharge any tuch lien so long as &-rrower shall agree in ..rit~ng t~• the pa~ment uf the obligation secured by such lien in a manner acceptable to Lender, or ~hal! in goc~cl faith conte,t ~och lien M•, or .le(end enfarcement o( such lien in. legal prcxeedingti which operate to prevent the enfurcement of thc lico or forfeiturr of the Proaert~• or any part thereof. 5. Hazard I~urance. Borrow~r shatl kzep thc impro.emcnt. now c~i,ting ~~r hereaftcr crertcd on the Pr~.n.:rty insured against loss h}• firc, hazards incluJed wi~hiri tM: term "a:Ytendcd ~o~crage". anJ sa~ch rnher hatardc ac Lender may reyuire rnu in wch am~~unts and for su~h pcreocis a, Lender ma~~ reyuire; pro.ide~. that LenJ~r.hall not rcyoire that ~he amount o( such co~-erage e~cecd that amuunt of co.erage r.:ywred to pa~ thc .um~ ucurcd h~• ~his ~lortgage. The insurance carrier proveding the insurance sh:,ll be ~hu,cn b~• BorroHer subjec~ to approcal b~• 1_ender; provided. that su~h approcal ,hall not bc unreawnahl~ w•ithheld. All premwm. on insuranre policics shall t+e paid in the manner pro~•ided undcr par~graph 2 hereof ur. if noi pa~d in ~uch manner, b~ &~rrouer making payment, when due. J~recUy to the insurance carrier. All insurancc policies and renewals thereot shall ~x ~n forn~ :,cceptablr to Len.kr and shall includr a~tanJard mortgage dause in fac~~r r( and m form acreptable w Lenck~_ l.rnder .h:,ll ha~e the right t~~ hvld the ~liriea and renewals thereof. and Borrower ,hall promptl~• furnish to Lender all rrncwal noticet and aU receipts of paid premium.. In the event of loss, Borrower shall gi~~e prompt nottc~ t~~ ~he ~nwr~n:c ~arnrr ~nd I.enJer. Lendcr may make pnx~f o( loss if not made promptl~• b}' Borrow•er. Unless Lender and Borrower othen.ix agree in writing. inwrance pmceeds shall be applied to rector•rtion or repair of thc Propert)• damageJ, provi~ed such ne~toranon or rcpa~r ~s economirall}• fcasible and the security of th~s ~Iortgagc is not thereb}• imQaired_ If such restorat~on or repa~r is nt~t «~.n.~micall~• fra~ible or if the sec~rit}• of thic ~lortgage wauld be impaired. the insurance proceedt shall be applieJ t~ the wms secured h~ this Mortgage. ~ith the eacess, if an~•, paid to Borrower_ If the Propert~ is abandoned h~ Ei~,rrower_ ~.r il Borr.~w•er fails to respond to 1_ender within 3U days from the date notice is maded b~• Lender to Borrow-er that ~he insurance carner ofiers to settlc a claim for insurance t~enefits, Lender u authorized to collect and sppl~ the insurance prooeed~ :~t Lender's option e~ther to restoration or repair of the Property ur to the sums Secured b~~ this ~tortgage. Unless 1_ender and Borrow~rr otherwise agree m wnting. am su~h applica~ion of proceeds to principal shall not e~tend or pcntpone the doe Jate of the munthlc installmentc referred to in paragraphs 1 and 2 hereof or change the amount of such installments. It under paragraph l8 hereo! the Propem~ is acyu~red h~ L,ender, ali right, tide and interest of Borrou•er in end to am insuranc~ policies and in and to thc proceeds thereot resulting from damage to the Property prior to the sale or acyuisition shall pass ta Lender to ~hc e~tcnt ot the ~ur,u sccurc-~i b~ thii ~tortgage immed~ately prior to such sale or acquisition. 6. Presenation ~ad ~taintenance of Prope~t~: /.easeholds: ('ondominiumc; Plsnned Unit Ik~•ebpments. Borrow~er sh-rll 1:eep thr Property in good repair and shall not commit w-aste or permit impairment or deterioration of ihe Propen}' and shall compl~ with thc provisions of any lease if tbs ~lortgxge i~ ~-n a Ic•rschotd. I( thic ~fortgage is on a unit in a wnduminium or a planned unit Je~elopmcnt. Borrower shall perform all of Borruuer's obhgations under ~he declarat~on ur covenants creating or guverning the condom~nium ot planned unit development, the by-laws and regulationc of the condominium or planned unit de~•elopment. and cunstituent documen~s. I( a condominium or planned ~m~t de~~elopment nJer ~s executed b~• Borrower and recorded together w~th th~s ~tortgage, the covenants and agreements of such rider ~hall be ~ncorporated into rnJ sha:l amend anJ supplement the co-enams and agreements of this Mortgage as if the riJer ucre a part hereof. - 7. Protection of Lenders Securily. If Borrower fad~ to perferm the covenants anJ agreements contained in this ~tongag~, ur if an}~ a~t~cx~ ..r proreeding i~ commeneed which m~teriall~• :,fiects I.enJer's interest in the Propen~•, includ~ng. but m~t lim~ted to. em~nent domain. inu•kenc~_ code enf~~r.ement. or arrangements or proceedings irtvolving a bankrupt or Je~-~dent. then Lender at Lender i option, upon notice to Borrower. ma~ make such appcarances. dishurse such sums and tak~ such activn as is necessan to pr~teet I.ender's mterest. including. bet not Iimi~eJ to. Jicbursement of reasor~ahle attorne~~'~ f~es and en~ry upon the Prop°rc~• to make repairc. I( 1_cndcr reyuired mortgage imurance as a condrtion of making the loan secured bt th~s ~1.~rtgaRe. B~.rrower shall pa}~ the premiums requireJ to maintain such iniurance in eifiect until tuch time as the reyuirement for such msurance tetminates ~n arcordance with Borrow~er's and ~ ~Q~x 34s PaGE ~5 .{Y._!