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HomeMy WebLinkAbout3007. + UNII'ORM COVBNAIiT~. Bo~rowu and Lender covenan~ and a~~ee u follows: 1. la~weN ~[ hi~e1N1 a~i iNerpt. Borrowet shall p~omptly psy when due the p~incipal ot and intereq on the ~ndebcednw evidenad br the Nota PnWY~~t and late cha~~ ac ~ovided in ~he Nae. and the principal o~ and intercs~ an aoy Future Advsnces securod br this Mortsats. 2. R1Mi tK '11~z~s a~i I~wn~ee. Subject ~o applicahk law .,r ~o a written waive~ by l.ender. BoRO~rer shall pay to Lender on Ihe day monlhly installme~Is of principal aad ~ntcrcal arc paysMe under the Note. until tAe Notc is paid in tull. a ~um (I~erein "Fw~dt'~ eqwl to one-tweltth ot the yea~i~ tas~~ snJ assessments which msy attain priority over ~his Mortsa~. and ~cound re~b on tbe Pt~ope~ty. if a~y, plus one-twel(~h of Yea~ly Prcmium instsllments ior hazard insuraoce. plus oaa-tweltth oE yearly p~emium installments tor mottgaje insursncc, it any, all ss reuonably estima~cd initislly and trom time to time by l.eeder on the buis of assasmen~s and hills and ~eaaonable atima~a thereoi. 7Ue Funds shall be l~eld in an institution the deposiu or ~ccouats of wrhich are insuted or `uannteed by a Fedenl ot . ttate asency (includina Lender if Lcnde~ is such an iostitutionl. 1_ender shsll apply the Funds to pay taia taxa, ustssments. ins~ranoe premiums atid ~~ound rents. l.ender may not chsrge fo~ u~ holdins and spplyin= ~he F~mdo. analyzinE said actount. or verifyin~ snd compilin~ said assessmeots a~d bilh, unleu ~ender pays Bonower imerest on the Funds and applicable law permits Lender to make such a charYe. Borrowu a~d l.ender may a~rce in wrilina at the time ot execution ot this Mortp~ that interat on the Funds shall be paid to Bo~rower, and unlas such aareement is made or applicable Isw roquices such interest to be Paid. Lender shall not be rcquircd ta Pay Bo~rower any interat or earnings on the Fuods. Lender shaU pve ta Borrower, without char~e, an annual accountina of the Funds showioa credits ar~d debits to the Funds and the purpose for which each debit to the Funds wu madc. The Funds are pledged u additional security tor the sums sccurcd by tha Mortsa~e. ~ II tl~e amount o[ the Funda held by Lender, tugether with the future monthly installments ot Funds payabk prwr to t6e due data of tues. atseume~ts. insurancie prcmiums and ground rcots, shall exceed the amount reyuircd to pay said tua, asswments, insunnce prcmiums and ground rcnts as they fall due: such excess shall be, at Borrower's opt~on, eilher pmmptly repaid to Borcowe~ or credited to Bormwu on monthly ins~altments o[ Funds. If the amount ot ~hc Funds held b~- Lender shdl not be suf6cieot to piy taxes. asxssments, insurance prem~ums and ground rents ss they (all due. Borto~-er shall pay to Lender any amouot nocessary to make up the de6ciency within 30 days from the date nntice is mailed by l.eader to Borrower requating payment thereof. Upoa paymeat ia full of all sums tecured by this Mortgage, l.ender shall promptly rc[und to Borrower any Funds held by i.eoder. I[ under ~arsgraph 18 hereof Ihe Property ~a sold or the Prope~ty ~s othen~vise acquircd by Lende~, l.ender ahal! apply. no later than immediately prior to the sale o! the Propeny or i~s acquisition by Lendor, any Funds held bv L,eade~ at the time of application u a crcdit against the :ums secured by this Mortgage. 3. A~plkatlo~ ot hyweats. Unless applicable law provides olherwise. all payments received by I.erMe~ un~ler the Note and pangraphs 1 and 2 hereof shall be applicd by I.enJer 6rst in payment ot amounts payable to I_cnder by Borrower uader parasraph 2 heroof. tben to interest payable on the Note, then to the principal ot the Note, and then ~o interest and principd oo any Future Advanca. ~. C6sRes; IJeas. Bortower shall pay all laxet, a+sestments and othcr charges, fioes and imposiuons attr~bwahle lo the property which may attain a pnority over th~s Mortgage, and lezsehold payments or ground rents, if any, in the manner provided under paragraph 2 hereo( or, if riot paid m such mannet, by Borrower makiog payment, whtn due, d~recNy to the payee thereot. Borrower shalC promptly furnish to Lender all notices of amounts due under this para~raph, and in tt~e event Borrower shall make payment d~rectly. Borrower shall promptly turnish to l.ender receipts evidencmg such payments. Borrower shall promptly discharge any lien which has priority ove~ th~s Mongage: provided, tbat Borrower shall na be required to distharge any such lien so long as Borrower shall agree in wrning to ~he payment of the obl~gatiun ucurcd by sueh lien ~n a manner acceptable ~o Lender, or sh~ll in good faith contec~ sueh lieo by, or defend entorcement of such lien in, Iegal proceedings which operate to prevent the enforcement of the lien ar. torfawre of the Property or any part ~hereof: S. H~zard I~rawce. Borrower shall keep ~he improvcment. now exis~mg ~ir hereatter trecled on the Property insurcd against loss by firc, hazards included with~n the term "rxtendeA coverage", and such other hazardt as.l_ender may reyu~re and in such amounts and for such periods as Lender may require; provided, that l.enakr shall not require that the amount o[ sueh coverage ex.-eed that amount of coverage requircd to pay ~he cums secored by Ih~s Mort6a6e. 'il~e insurance carrier providing the insurance shall be choscn by Borrower subject to approval by Lender; providod. tbat wch approval shall not be unreuonably withheld. All prem~umc on insurance poliaes shall be paid ~n the manner provided under paragraph 2 hereof or, ~f not pa~d m such manner, by &-rrower making payment, when due, dirccUy to the iasunnce curier. All insurance pulicies and renew•als therref shall be in forni accep~able to Lender and shall include a standard mortgage claux in favor of and in form acceptable to 1_ender. (_ender shall have the right to hold the policia and renev-als thereof, and Borrower shall prompdy turn~sh to Lencler aU renevv•rl rotices and all receipts ot paid prcmiumz. In the event of loss. Borrower shall grve prumpl nouce ro ~he insurance carner and I.ender. l.ender may make pro~~f of loss if not made prc~mp~ly by Borrowcr. Unless l.ender and Borrower otherv-~~c agree m wr~t~ng. insurance p~ocecds shall bc applied to rcstoration or repair of the Property damaged, proviJed wch re~loraUnn ar repair u rconomically teasible and the security ot th-s Martgage ~~ not thereby impaircd. I( su~:h restoration or repair ~s nut economically (easible or it the xcunty of this Mortgage would be impaired, the msurance proceais shall be applied to the sums ~ecurea by this Norigage. wuh the excess, if an}•, paid to Borrowcr. I( the Prope~ty is ahandoned hy Borrower, or ~t Bormwer fa~ls to respond to Lender w~lhm 30 days irom the date notice ~s maded by Lender to Borrower that ~he ~nsurance carner oBen so settle a claim for insurance bene6ts, LenJer is authoriud to collect and apply the insurance proceeds at Lcmier's aption either to resturation or repa+r ot the Propem• or to the sums secureJ by this Mortgage Unless 1_ender and Borrower otherv-i.c agrec m v-ntmg, any such application ~-f prcxceds to pnnc~pal shall not etitcnd or pustpone the due date of the monthh installmentc referred to in puegraph. I and 2 hereof or change the amount of suc6 installmeots. If under paragraph 18 hereof ~he Property ~s acyuireJ b~ Lender. ali nght, Utle and interest of Borrowcr in and to any Insurance policies and in and to the proc:eeds thereof resultmg from Jamage to the Propeny prior to thc sale or acquis~UOn shall pass to Lender to the c~tent o[ the sums sccured-by this Mortgage immediately prior to ~uch sale or acquisition. 6. Presenalloo and :-laintenance ot Property; I.easehulds; ('ondominiums; Planned l~nft Devebpments. Borrov-cr shall kap the Property in good repair and shall not comrpit yvastc or perm~t impairment or deteriorauon of the Properly and shall comply with the provisions of any leau i( this 111or~gc~ge n on a leaschold. If this Murtgage ia on a unit m a condominwm or a planned unit devclupmcn~. Bo~rower ~hall pcrturm all o( Borrower's obl~ga~ions under the declataUvn or covenants cre~tiog or govermng ~he condt~minium or planned umt develuPmen~. ~he by-laws and regulationc of the condominium or planned unit Jevelopment. :,nd constituen~ dcxumemti. If a condominium or planned unrt development nder ~s taecuted by f3orrower and recorJed t~~geiher w~th th~~ M~~rtgage, the covenants and agrcements of such ri~trr shall be incorporated into and shali amend anJ wpplrment Ihe co.enantti anJ agreements of this Morlgage as ~t the nder were a part hereof. . 7. Ptotection ot I.ender's Security. I( Borrc~~er (ad~ t~~ ~xrf~•rm the covenants and agreements cimtained in thic Mortgage. ~>r if any acUOn ur proceeJ~ng ~ti .ummrnced wh~ch m~terially afTects LenJer's ~nleretil in the Pmperl}•, includmg. but nut l~rn~led ta eminent domam, mu~henr~. c~xie enf~~rcemcnt. ~~r arrangrmrnts ur pr~xeedings invohing a bankrupt or decedent. ~hen I.enJer at ( ender'~ opUon, u{x~n notice to Borrov-~er_ ma~ m:,ke such appearances, dahune such sums and take such a~tiun ~ti is nece~.ar}• tu pratect Lender'c interest. includ~n~;. buI not lim~ted to. Jnbursement i~f reasonablc ~a~tomey's tee~ anJ en~ry u{x~n ~he Propcr~y to maAr rcpair.. If Lcndcr reyuircJ morlgage inwrance a~ a conditivn of making the loan secured b} this ~~l1fl~,'J~l'. Bllr(~SNCf sh.dl pay lhr premiums reqwreJ to maintam such iruurance in cltecf until such ume as ~he reyuirement for wch insuran;e terminales m accordanee w~ith Borrov-er'c and ~ . ,.,~ Y - ~~ .~ ~~.~ _ ~.~~ ~„~,..~- 3~~K~'t l P~Gf~~ ~ _ ._~ - ~ ,~..