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HomeMy WebLinkAbout1802' f UNItORM COVHNAlI'1'S. Borrower and Leader covenanl and s~ra u follows: 1. h~eN o~ hi~clNl a~i iMerest. Borrowet shall promptl~• pay when due the p~iocipal of and ieterest on the indtbtednest evidenced by the Note. prepayment snd Iste charge~ ac provided in the Note, and the principal ot and inte~sst on any FWure Advances secured by this Mort~age. 2. Ihx~i tor Taxa a~wi l~wrs~ce. Subject Io applic~t+k law ~~r to a written waiver by I.ender. Botrower shall pay to Lendtr o~ the day monthly installmenls ot pri~~gal anJ mtcrcct arr payahle under the Note, until the Note is paid in full. a sum (heroin "Funds") equal to one-tweltth of Ihe yearl~~ ~a~-c. and assessments which may attain priority over this Mort~aje. and around rents on the Feoperty. if aoy, plua one-twcl(~h ot yearly prcmium installments tor hazard insurance. plus o~e-twelfth of yearly premium installments [or mortgage insurancc, if aoy, all as reuonably estimated initially a~d trom time to time by I.ender on the buis of assescmcnts and hills ~nd reasonabk estimates thercof. The Funds yhall be held in an institution ~he depos~~s or accounts of Mrhich are insured or guannteed by a Federal ot state agency (including Lender if Lender is such an institutionl. 1_ender ~hall apply the Funds to pay said uxes. asscssments. insurance premiums and g~aund nn~s. 1_ende~ may not charge tor u+ halding and applying ~he Fundc. analyzing caid account. or verityin~ a~d compiling said assessments and Aills, unlcss I.ender pays Bonower interest on the Funds and applicable law permits Lender to make such a charge. Borrowe~ and Lender may agree in writing at the time of execution ot this Mortgage that iotercst on the Funds shall be paid to Bor~owe~, and unlas such agrcement is made or applicable law rcquira such interat to be paid. L.ender shall no~ be rcquircd ta pay Borrower any interest or earnings on the Funds. l.ender shall give to Borrower, without charge, an annual account~ng of the Funds showing credits a~-d debits to the Funds and ihe purpose for which eaeh debit to the Funds wa~ made. The Funds are pledged as additional cecurity for the sums secured by this Mortaage. If the amount of the Funds held by Lender, togcther with the future monthly installments ot Funds payable prior to the due data of taxes. as3essments. insurance prcmiums and ground rcnts, shall e~ceed ~he amount required to pay said taxa, a:sasme~ts, insurance premiums and ground rents as they (all due, such excess shall be, at Borrowsr's opu:~n, eaher prompUy repaid to Borrower or credited to Borrower on monthly installmeots of Funds. If the amount of thc Funds held by Leoder shall not be sufficieat to pay tua, assessments, insurance prcmiums and ground rents u they fall due. Borrower shall pay to Lender any amou~t ~ecessary to make up the de6ciency within 30 days trom the date notice is mailed by Lender to Borrower rcquesting payment ~hereot. v~ wym«c in full of all aums ucured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereo( the Property i~ sold or the Propcrty ~s otherwise acquircd by [_ender, Lcnder shall apply, no later than immediately prior to the sale o( the Propeny or its acquisrtion by Lender, any Funds held bv Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatlon ot Paymepls. Unless applicable law provides otFxrwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender firsi m payment ot amounis payable to Lender by Borrower uader paragraph 2 hercof, then to interest payable on the Note, then ~o the principal of the Note, and then to interest and principal on any Future Advances. 1. C6srses; Lieas. Borrower shall pay aU ~axec, assescments and other charges. finec and impositions attnbutable to the Property which may attain a pnority over this Mortgage, and leasehold payments or grouna rents, if any, in ihe manner provided under paragraph 2 hercof or, d not paid in such manner, b~• $orrower making payment, when due, directly to the payee theeeof. Borrower shall promptly furn~sh to LenJer all, notices ot amounts due under this paragnph, and in the event Borrower shal) make payment directly. Borrow~er shall promptly. turmsh to Lender receip~s evidencing s~ech payments. Borrower shall prompdy diuharge any I~en which has pnonty over th~c Mortgagc; providcd, that Borrower shall not be required to discharge any such lien so long as Borrowcr sha~l agree in v-ru~ng t~~ the payment o( 1he obligation securcd by such lien in a manner acceptable to Lender, or shall in gond f~uh conte~t ~uch lien by, or defenJ enforcement of such lien in, legal p[oceedmgs which operate to prevent the enf~~rcement o( ~hr I~en or torfe~ture of the Property or any part thereof_ S. Husrd I~sance. Borrower shall keep the improvemcn~, no~ ci~sung ur hereafter erec~~d on the Property insured against loss by 6re, hazards includeci within the term "ertendeJ coverage", a:~d such other hazard~ as Lender may reyuire and in such amuants and for such periods as (_ender may requuc; pro~ided, that l_entler shall not rcquire that the amount of such coverage exceed that amount of coverage requircd to pay the tumc ~ecored ~by th~c Mortga~e_ The insurance carrier providing the insurance shall be chosen by Borrower subject ta approval by Lender. provided, that such approval shall not be unreasonably withheld. All prem~um~ on insurance policies shall be paid in the manner prov~ded uader paragraph 2 hereof or, d not paid in wch manner, by Borrower mak~ng payment, when due, direcUy to the insunnce curier. All insurance ~licies and renewals therrof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. I.ender chall have the right to hold the policia and renewals thereof. and Borrower shall prompdy furn~sh to Lender all renewal noticcs and all receip~s of paid premiums. In the event of loss. Borrower sh~ll grve prompt notice to the insurance carncr ~nd Lender. Lender may make proot of loss if not made promptly by Borrower. Unless Lender and Borrower othcrw~iu: agrcc in wnling, imurance proceeJs shall be applied to restoration or repair of the Property damaged, prov~ded such retitorat~on or repair is economically (eas~ble and the security of th~s Mortgage is not thereby impaired. If such restoration or repair is ni~t cconom~cally fcacible or ~f the secunty of this Mortgage wnuld be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, w~th Ihe excess, if any~, pa~d to Borrower If 1he Property is abandoned hy Borrower, or it Borrower faik to respond a~ Lender within 30 days from the date noUce is mailed by Ixnder to Borrower that the ~nsurance carrier otTers to senlc a claim for insurance benefits, 1_ender is authorized to collect and apply the insurance proceeds at t.end~r'ti option euher to restorat~on or repaer of the Propertv or to tbe sums secured by this rfortgage. Unle~s I_ender and Borruwer otherv-iu agree m wnt:ng, an} such application ~~f pnkeeds to pnneipal shall not eztend or postpone the due date of the mc~nthly imtallment~ referred tc~ ~n paragraphti 1 and 2 hereo( or change the amoum o( such installmeats. 1( under paragraph I S hereu( the Property a acyu~red hy Ixndcr, ali nght, tiQe and interest o( Borrower in aod to any Insurance policies and in and tu the prc~ceedi thcreof result~ng from damage to the Property prior to th~ srle or acquisition shall pass to Lender !u the e~tent of the sums secureci b}• this !~tortgage immediately prior to such Sale or acquisition. 6. Presen~alion and ~laialcn~nce of Property: l.easeholds; Condominiums; Planned Unit bevelopments. Borrowcr shall ~eep the Property ~n good repair and shall not comrpit raste or permit impairment or dereriorahon of the Properry and s6a11 comply with the provis~ons of any lease ~f thu Mortg:~gc ~~ un a Icaschuld. If this Mortgage is on a unit in a condominium or a planned unit devclc~pmen~, Borrower ~hall ~-cr(orm all of Borrower's obbgat~ons under the declarah.~n or coveoants creatmg or guverning ~he co~dum~mum or planned umt development, the by-laws and regulationc of the condominium or planned Eimt develo~,ment. :~nd constitucnt J~xumen~~ I( a conJaminium or planned imit deveiopment ndcr ~s eaecuted by Borrower and recorded ~~~gether with ~h~. M~rtgage, the covenants and agreements of such rider shall be ~ncorporated imo and shall amend and ~upplement the co~enantti and agreements of thic Mortgage as if the ri~ier vvere a part Fereof. ' 7. Proteilion ot I.ender's Security. If B~•rm~e~ f:~~l` t~~ ~ri~~rm the covenant~ an~l agreements contained in this Mortgage, or if any achon i~r pro:eedmg ~ti. ~~~mmcnced which materially .~tTects Len~ler's interc~t in Ihe Proper~}•, including, but n~~t I~mi~ed to. eminent dnmam. ~nti~~Rency. axJr rntur~ement. ~~r arrangememc or pn.ceedings mvohing a bankrup~ or decedent. then Lender at I ender', option, upun not~ce ~o Horrower. ma~ make such appearances. Ji.shurse such sums and ~ake such actiun a~ is nece«ary tu pratect I.ender'c imrrest. ~ncluihng. but n~~t lim~ted to, disburse:nent of reasonahle attomey's fce~ and emry u~~n the Prc~pert~ t~~ mal~e repair~. I( (.cnder reynire~ m~rtgage inwrance at a cundil~on of making ihc loan ~ecure~l b} Ihi~ ;11~~rtE:~gc. B~~rrr.HCr sh ill ray Ihc prcmiwns reqwred lo mai~itam such insurance in el(ect untd ~uch Ume as the reyu~remertt f<~~ ,uch in;uran:r Icrmin::te~ ~n accordanre with Borrav-•er'~ and s ^•,7K - ~ . ~ ~ ''~349 P~~E180 ; ~ ~ ;: ,. -:, , . _-- _-- : . =; . _ :, . . .. . ~~:.. .___ _ _ - _,_.