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HomeMy WebLinkAbout0518.. ; • - . ; t ~ ,~ ' ~ UNIPORIi COVBNANi's. Borrower and Lende~ coven~nt and aaree as tollows: I. ~we~t ot hi~clMl a~i l~t~rat. Borrowu shall promptl~ p~y when due the principal ot and intercst on the indtbtednest evidenced by the Note. prepaymeol and late chargec ac provided in the Note, and the priocipal ot ~od intercsl on aay Future Advances secured by this Mortgaae. ~. P~ tor Tua ~i Iwra~ca Subja~ to spplicahk law a~ to a writtee waiver by Lende~. Bo~rower shall paY to I.etider on the day mo~thly installments of princip~l and ~ntcrc~t are ~yahk unde~ the Note. until ~he Note is paid in tull, a swit; (herein "Fu~dt") oqual to one-tweltth o( Ihe yearl~~ ~a~c. a~J assasments which may attain priority over this Mori~a~e. and ~round renu on the Pmperty, if any, plus ooc-twelfth of yearly prcmium installments [or huard insunnce. plus one-tweltth of yearly prcmium i~s~allme~~s (or mor~gage insurancc, if any, all as reuonably estimated initially and irum time to time by Lender on the basis ot assescmcnts and hills and reawnabk estimates thercot. 'It~e Funds shall be held in an institution the depocin o~ accounts ot which are insured or aua~anteed by a Federal ot atate ageocy (including Lender if Lender is such an institutionl. I.e~der ahall apply the Funds to pay said taxa. assessmentt. irtturanc~ premiums and ground rents. 1 ender may not cha~ge tor so holding aod applying the F~~ndc. analyzing said actount. or vrrityin~ and compiling said assessments and bills, unlas Lender pays Borrower interat on ~he Funds and applicable law permits Lender to make such a charge. Borrower and Le~der may agrce in writing at ~he time of execution of this Mortgage that interest on the Funds shall be paid lo Borrower, and unlas such agrcement is made or applicable law requira such interat to be paid. Lender shall na be rcquired ta pay Borrower any intero.st or earnings an the Funds. Lender shaU give to Borrower~ without charge, an annuat accounting ot the Funds showing credits and debits to ~he Funds and the purpoae for which eaeh debit to the Funds was made. The Funds arc pledged u additional security [or ~he sums secured by tAis Mort~e. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to. the due dates of tues. assessments. insurance premiums and ground rents, shall exceed the amount requircd to pay said taxts, asses~ments. insunnce prcmiums and ground rcnts u they tall due, such excess shall be, at Borrower's opaon, either promptly «paid to Borrower or credi~ed to Borrower on momhly installments of Funds_ I( the amount o( the Funds held by Lender shall not be suf6cient to pay taxes, assessments, insurance premiums and ground rents u they fall due. Bormwer shall pay to Lender a~y amount necessary to make up the de6ciency within 30 days from the date notice is mailed by Leoder to Borrower requasting payment ~hereot. Upon payment in full of all sums ucurcd by this Mortgage, l.ender shall promptly rctund to Borrower any Funds held by I.ender. If under paragraph 18 hercof the Propeny i~ sold or ~he Property ~s othenwise acquircd by Lender. Lender shall apply. no later than immediately prior to the sale of the Property or i~s acquisition by l.ender. any Funds held bv I.ender at the time of application as a credit against the sums secured by this Mortgage. 3. App~kation ot Paymeats. Unless applicable law provicies othervvise, all payments received by Lender under the Note and paragnphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to I_ender by Borrower under paragraph 2 hercof, then to interest payable on the Note, then ta the principal of the Note, anJ then to interest anJ principal on any Future Advanca.. ~. C6a~es; Lkns. Borrower shall pay atl taxes, asscsaments and othcr charget, fines and impotiitions at~ributahle to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not pa~d in such manner, b} Botrawer making payment, when due, directly to the payee thereof. Borrower shall prompUy furn~sh to Lender all notices of amounts due under this paragtaph, and in the event Borrovrer shall make payment d~recUy. Borrower shall promptly (urn~sh to Le~ekr receipts evidencmg such payments. Borrower shalt promp~ly discharge any lien ~which has pr~onty over th~c Mortgage; provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in wnU~g to the payment o( the obl~ga~iun secured by such lien in a manr~er acceptable to lxnder, or shall m gixxi faith rontr~t wch lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enfurcement of ~hr hea or forfeuure uf the Property or any part thereof. S. Htzard lnsuronce. f3orrower shall keep the ~mprovemcn~~ nov~ etist~ng or hereafter erected on the Property insured against loss by firc, hazards included within thc rerm "c~tended cuverage", a~d such o~her hazards as l.ender may reyuire wd in such amounts and tor such periods as_ Lender may reyuire; pmvided, that t.enJer shall not rcquire that the amount ot such coverage exceed that amount of coverage required to pay the zums ucured ~by th~s Aiortgage. "Il~e insurance camer providing the insuranre shall be chosen by Borrow~er subject to approval by Lender. provided, that such approval shatl not be unreasonably withheid. All prem~umc on insu~ance polic~es shall be paid ~n the manner provided under paragraph 2 hereot or, d not paid ~n wch menner, by Borrower mak~ng payment, when due, dircctly to the insurance carrier. All insurance pol~cies an~i reoewals therrbf shall he in torm acceptable to Lender and shall mclude a~tandard mortgage clause in favor of and in form acceptable ro Lender. Lender shall have the right to hoW the policies and renewals thereof, and Borrow•er shall promptly (urn~sh to Lender all renew•al nouces and all receipts of paid prcmiumt. In the event of loss, Borrower shall give prompt not~ce to ~he ~nsurance carner and Lender. Lender may make proof ot loss if not madt promptly by Borrower_ U~less Lender and Borrower othen-~~ agrer in w•n~ing, inwrance pr~:eedc shall be applied to restoration or repair of the Property damaged, prov~Jed such rc.torauon or repair u ect~nomicall}• feasible and the security of th~s Mortgage is not thereby impaired. lf such restoratiun or repair is nut ccunumically !easihlc or i( the security ot this Mo~tgage would be impa~red, the insurance proceeds shalF be applied to ~hc sums secureJ b}• th~S Mongage, w~th the e:cess, if an}~, pa~d to Borrower. If the Propertp ~s aba~zdoned hy Borrower, ar it Borrower fails t~. re~pond to 1_ender within 30 days (rom the date notice ~s maded by Lender to Borrower that ~he insur~nce carricr otTen ~o ~eule a ctaim for insurance benefils, Lender is aut6orized to collect anJ :~pply the in~urance proceeds at 1_ender'~ option enhcr to restoratwn or repa~r of the Propert~• or to the sums secureJ hy this Nortgagc. Unless Lender and Borrower otherw~~e agree ~~ Knting, any such application af proceeds to pnne~pal shall not extend or postpone the duc date of the mi~nthly~ imtallmcm~ r~fcrrcd to in par~graph. I and 2 hereof or change the amoum of such installments. I( under paragraph I8 hereo( the Pro f,ert}• ~~ acywreJ h} LenJcr, ali nght, title and interest of Borrower in and to any tnsurance policies and in ~nd to the prckeeds thereot re~ult~ng from damage to the Properry prior to thc sale or acquisition shall pass to Lender to thi extent of the ,ums ~ccured b}~ ~h~s !-tortgagc immediately prior ta such sale or acquisition. 6. Preservation and ~taintenance of Property: I.e~ceholds; ('ondominiums; Planned Unit DevelopmenLs. Borrowcr shall keep thc Property in good repair and shall not comrpi~ r astc or permrt ~mpairment or deterioration of the Properry and shall compl~ with the pro~•is~ons of any lease if thi, titurtgage ~. un a leaschuld. I( this Mortgage is on a unit in a condominium or a Planned i~mt dc~~rlopment. Borrowcr ~hall ~xrturm all of Borrower's obhgaUOns under the decl•rraU~~n or covenants creatmg or guverning the condomimum or planned umt devel~-pment, the by-laws and regulation~ of the condominium or planned unit develo~,mcnt. and rumti~ucnt d~.cumcm~ If a cun~luminium or planned umc dcvelopmcnt nder ~s eaecuted by Borrower and recordeJ roge~her w~th ~hn M~~rtgage, the rnvenants and agreemeots o( ~uch nd~r shall be ~ncorporated into and shall emend anJ supplcmcnt thc co~enants anJ ~greements of ~h~s Morigage as i( ~he riJer were a part Fercof. 7. Protation of Lender's tiecurity. If H~.rr~~wcr f:~~l~ a~ part~~rm thc covenant~ and agreements rontained in this Mor!gage, ur if any act~on ur prcxeed~ng n rommrnced whirh matcriall~ .~tTrct~ 1 en~ler'ti intere~t in the Pmpeny, mcludmb, hut nn1 hrn~~ed to. cm~nent duma~n. im~.l.enc}, ci~cle rM~~rcement. ~~r arranKrmrntc i,r pr~xeedings ~nvoh•ing a bankrupt or ~ieccden~. rhen Lender a~ I enJer'~ ~~puon, u{~m nnt~ce t~i Horruwer, ma~ make such appearances. dishur~e such sum's and take such aiuun .~~ is nece~.ary tu pn~tecl Lender'~ inlrre~t, mcluding. but not IimrteJ to, drcbursement of reasonable attorney~r Iec~ and emry up~~n thr Pr<~pcrl} t~. neaMc rcp,~~r~ 1( I.rnder r~yuirrd mortgage inwrance a~ a conJition of makmg thc loan ticcure.l by thn M.~ngagc. B~~rr~:.~cr sh.~ll pa~~ Ihr prcmiums rcqinreJ to mainta~n such insurance in rtlect untd tiuch Ume •rs the reyuiremen~ (c•r .uch in;uran;r tcrminate~ in accordance w~~h Borrower'~ and Bt-~K `'R34fi F'~~E 5~s ~ , r ,-;~, ,~ - - :.' -~ ~~~~ - '; - -' <` .