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HomeMy WebLinkAbout2825UNII'O~M COYlNAN7t. somo+wer and Lende- covenan~ and asroe u idlows: ~, rsr.K.~ ot r~.c~ ..~ ~r~. eo~row~~ ~n.u r~«~w~~ wr wheo due the principai ot aod interest on the ~ndebtednat evideooed br the Note. PrePayment and late chargec ac providcd in the Note, and the principal ot snd interes~ on any Future Advances secured by this Mortga~e. 2. F~i fer Tata a~i I~wrace. Subject to applicabk law ~.~ to a written waive~ by Lende~. Borrowe~ shall paY to Lender on the day monthly installments o~ principal aod intcrca arr payaMe under the Note, until the Note is paid in tull. a:um (Aerein "Fund~'7 equal to one-twel(th of the ~rea~i~ ~asc. aod assessmeo~s which msy attain pnority over this Mwtj~e. and `mund rentt on tl~e Property, if any. E+lus one-~welt~h of yearly premium installments for huatd insurance. plus one-tweltth of yearly premium ins~allments tor mortgage insurancc. ~f any, all as rcuonably estimated inilially and trom time to time by I.ender on the basis of assescmcnts a~d hills and rcasonabk atimata thercof. The Funds shall be held in an institution the depos~ts or ~ccounts ot which are insured o~ guaranteed by a Fedenl ot state agency (includina Lender if Lcoder is such an institutioo)_ I.ender ahall apply the Funds to pay said uza. assessments. intunnee prem~ums and ground rents. I.ender may not cbarge tor so holding and applyiog the F~inds. analyzing ~aid account. or verifyin~ sod compiling said assessments and bills, unless I_ender pays Borrower inlercst o~ ihe Funds and applicabie law permits Lender to make ain:h a charge. Borrower and Lender may agree in writing at the time of execution o( this MoRgaae that ii~t~r~st on the Funds shall be paid to Borrower, aad unless such agrcement is made or applicable law rcquires such intetest to be paid. Lender shall not be rcquircd ta pay Borrower any interat or earnings on the Fu~+ds. !_ender sha11 ~ive to Borrower, without charge, an annual accouoting of the Funds showing credits and debits to ~he Funds and the purpose for which each dsbit to ihe Funds was made. Tht Funds arc plodged u addi~ional stcurity for the sums secured by this Mortpge. lE tht amount ot the Funds held by Lender, together with the future monthly ins~allments of Funds payable prior to the due data of Iaxes, assessments. insurance prcmiums and ground nnts, shall exceed the amount required to pay said taxes, assasments. insunnce pnmiums and ground rents as they fall due, such excess shall be, at Borrower's opuon, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of thc F~unds heW by i.ender shall not be sufficient to pay taues, assessmeots, insurance premiums and ground rents u they tall due, Borro~rer sha11 pay to l.ender any amount necessary to make up the deficiency within 30 days (rom the date notice is ma~lcd by Lender to Borrower requati~g payment thereof. Upoo paymeat in full of all sums secured by this Mortgage, l.ender ahall promptly retund to Borrower any Funds held by Lender. If under pars~raph 18 hereof the Property i~ sold or the Property ~s otherwise acquircd by t.ender, l_ender shdl apply. no tater thaa immediately prior to the safe o[ the Propeny or its acquisition by Lender, any Fundc held bv Lender at the time of application aa a credit against the sums secured by this Mortgage. 3. Applicatlw of Paymeets. Unless applicable Iaw provida otherwix, all payments received by l.ender under tht Note and paragnphs 1 and 2 hercof shall b~ applied by I.enJer first m payment of amounts payable to Lcnder by Borrower under paragraph 2 hereof, then to interest payable on the No~e, ~hen Io the principal of tlx Nwe, and thcn to interest and principal on any Future Advances. 4. C6aRes; Lle~. Borrower shall pay all taxes, asussments and other charges, 5:r_c and impotitions attributable to tbt PropeAy which may attain a priority aver ~his Mortgage, and leasehold payments or ground rents, it any, in the manner pmvidod under paragraph 2 hereof or. if not paid m such manner, by Borrower making payment, whon due, directly to the payee theceof. Borrower shall promptly furn~sh to Lender all noticcs of amounts due under th~s paragnph, and in ihe e~ent Borrower shall make payment direcdy. Borrower ~hall promptly furmsh to Lend~r rereipts evidencmg such payments. Borrower shall promptly dixharge any lien which has priority over th~c Mongage: provid~d, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in w~nting to the payment of the ohligatiun securcd by such lien in a manner acceptable to Lender, ar sh•rll in good (aith contest such lien by, or defenJ enforcement of such lien in, Iegal proceed~ngs which operate to prevent the enfurcement of thc I~en or torteiture of the Property or any part thereof. S. Ha~rd Insurawce. Borrower shall keep the ~mprovemcn~~ now cx~sting or hereatter erected on the Propcrty insured against loss by fire, hazards included withm ~he term "ertended coverage", and such other hau-rds as Lender may reyuire and in such amounts and [or such periods as I_ender may require; provide~, that 1_enJer shall not require that the amount of such coverage exceed that amount of coverag~ required to pay the a~ms cecured ~by ~h~s Morl6age. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonahly withheld. All premiumc on insurance polici~s shall be• paid in the manner provided under paragraph 2 hereof or, ~f not pa~d in such manner, by Bc~rrower makmg payment, when due, dircctly to the insurance carrier_ f All insurance policic+ and renewals therrof shall be in form accepiablr to Lender and shall ~nclude a standard mortgage claux in favor of and in form acceptable to Lender. Lender shall have tht right to hold ~he policies and renev-~als thereof, and Botrow~er shall promptly fura~sh to Lenda:r all renewal not~ces and all receipts of ~aid premiumt. In the event of locs. Borrower shall grve prompt no~ice to the ~nsurance carner and Lender. Lender ma}• make proot of IoSS if not made promptly by Borrower. t!nless Lender and Borrower o~hen.itie agrec in wriUng, insurance pro~eeds shall be applied to restoration or repair of the Property damaged, pro.~Jed such~re~torat~on or repa~r ~s economicall~• feasible and the ucuriry of this Mortgage i~ not thereby impa~red_ If such ~estoration or repa~r is no~ crnnomicaUy~ (easible or if the secunty of this Mortgage would be impaired, the insurance procceds shall be applied to the sums secureJ by this Mortgage, with the excess, if a~}•, pa~d to Borrower. lf the Ptoper~y is abandoned by Bormwer. or it Borrrnver tails ~o respond to Lender within 30 days (rom the Jate not~ce is maded by Lender to Borrow•er that the ~nsurance carrier ofTers to senle a claim for insurance benefits, Lender is authorized to collect and ~pply the imurance procceds at LcnJer'~ opt~on either to restora~~on or repa~r o( the Propert~• or to the'sums secured by this Mortgage. Unless 1_ender and Borrower otherv-ise agree m wnting, any such applica~ion ot prcxetds lo pnncipal shell r.ot eatend or postpone the ~ue date of the monthh~ ins~allmcn~c refcrred t~- ~n paragraphti I and 2 hereot or change the amo~tnt ot such installmeats. I[ under paragraph 18 hereof the ProE.erty ~s acyu~red by I.enJer, ali nght, title and interest ot Borrov-er in and to any insurance policiu and in ar.d to the proceeds thereof resulnng from damage to the Property prior to th~ ~ale or acquisition shall pass to l.ender tu the extent of the ~ums secured b? this btortgage immedia~ely pnor to such sale or acquisition. ~ - ' 6. Presen~ation ~od ~taiotenance of Propert}•; l.easehulds; Condominiums; Plsnned Unit De~elopments. Borro~cr shall kcep the Property in good repair and shall not comrpit y~~aste or permit impairment or deterioration of the Propert~~ and shall compl} with the provisions of any lease i( this Mongage n un a leasehold. I( this Mortgage is on a unit m~ condominium or.a planned un~t development, Borrou~er shall per(orm all o( Borrower's obl~gat~ons under she declarat~un or covenants creal~ng or governing Ihe condomin~um or planned umt develupment, the by-laws and regulation< <•f the condominium or planned unit develo~ment, and constituent Jocumemt. I( a conJo~+inium or planned -mit de~~elopment rider ~s executed by Borrower and rerorded ~~~gether Nith th~~ I-i~rlgage, the covenants and agreements of such n~tcr shall be incorporated ioto and shall amend and supplcment thc co~rnants anJ agreements of this Mortga,ge as if the n~fcr were a part t~ereof. ~. Protection ot I,ender's Securfty. I( Borrower (ad~ ~~ perf:,rm the covenants and agreements rontained ~n thic Mortgage, or if any act~on or proceed~ng i~ commrnceJ ~hich materially a(Tertt Le~de~'s imerest in the Prc~xrt}~. includmg, but not lim~ted to. cm~ncnt domam. mc~hcncy. uxic cnf~rccmcn~. ~~r arrangcmcnK or procccdings invohing a bankrupt or decedent. ~hcn LenJer at I.ender'~ opUOn, uEx~n notice to Borrower, m•r~ make such appearances, Juhur.c tuch sums and take such actiun ac is ncccctiar~ tu pm~cct Lendcr's intcrest. mcluding. but not limitcd to. Ji~burscmcnt ~~f reasonahle at~orney's (ces and emry u~-n the Propcrt~~ to mak~ rcpa~rti. (( (.cndcr' reyi~ircd mortgage in~urance a~ :~ condiUon u( making thc loan ~Ecure~l hy~ IMs ~turtg:~g~. R~~rn:wcr sh ~II pay Ihc prcmiu:m requirCJ to mainte~n such insurance in cBsct until such timc as ihc ~rcyu~remcot fur .u~h in,uran;c tcrm~natr~ m:ic.ordancc with Borm~rr'. and r~''(}r ~ ~~~3~~ P!G~2824 . . ~ + '