Loading...
HomeMy WebLinkAbout2895UN~FORM CoveN!-HTS. Borrowe~ and l.endcr rovenam and rgrre a~ foN~-ws: 1. P~y111tl1f O( P~IIItI~I ~ IAflflSl. Bl)f~OWC~ ~hall ptumptl~ pay v-hcn Jue the pnncipal ~~t end inlerest ~~n the indebtedness evidenced by the Note. p~epayment and la~e charge. a. pruviJed in ~he Note, and the principal ot and intercs~ o~ aay Future Advances xcurod by Ihis Mortgage. 2. Pbads [o~ Tua ~ad Insnraaee. Subject to applicahle law ..r ~o ~ wrillen warver by l.endet. Borrower shall pay to l.ende~ on ~he day monthly installments of pr~ncipal :~nd ~uu•rr.~ arc payablc unJer thc Note, until the Note u paid in full. a sum (herein "Funcis") equal to one-twclfth of the ycarh ~a~~. anJ :,s~essmen~. which may attain priorily over ~his Morigsge, and ground re~ts on the Pruperty, if any. pluc onc-tw~elhh ot ~•ea~ly premwm installmenls for ha2ard insurance, plus one-twelftl, of yearly prtmium installments (or m~~r~gage insurancc. ~f any, atl as reasonably estimatcd initially anJ trom time to time by 1_ender on th~, ~+asic ot aesestimems :-nd hillc :ind rea-onable es~imates thereof. 'il~e Funds shall tx held in an inst~tut~on the de~-.u. or accoun~s ol wh~ch are insureJ or guaranteed by a FeJeral or state agency (including Lende~ it LcnJer ~~ ~uch .!n in.h~utionl. I.ender ~hall apply Ihe Funds to ~y' ~aid taaes, assessments, insurance premiums a~d ground renb 1 ende~ ma~ no~ charge 1or ~~ holding and applying ~he F~~ndc. analyiing ~aid acc~unt. or verifying and compiling said asse~sments :~nJ hill~, unlcs~ I.e~der p:+y~ Borraw•e~ inlerest on the Funds and applicable law permits l.ender to make such a charge. H~~rruw•er and Lender may agree in writing at the timc of executiun o[ this Mortgage that interest vn the Funds shall bc paid to Borruwer, and unless such agrcemcnt is madc or applirable law rcquirts such interest to be paid, I.ender shall not bc reyuireJ to pay BorroN•cr an} intcrest or carnings ~~n thc F~unds. I.ender shall give to Borrower, without charge, an annuaf accounUng of Ihe Fund~ ~hc~wing ~redits and dehi~s to the Funds and the purpose for which each debit to the Funds was madc. The Fund~ are pledged ac adJitional secunty t~r the sum~ secureJ by this Mortgage. If the amount o[ the Fands held h~~ !_endcr, ~ogether with ~hc iuture mon~hly in~tallments ot Fund~ payable prior to the due dates of laxes, assessments, insurance prcm~umi a~d ground renb, shall cxcecd thr •rmount reywrcd to p:+y said taxes, assessments, insurance premiums and ground rents as they fall duc, such exrets shall be, at Harrower's opt~on, either promptly repaid to Borrower or credhed to Borrower on monthly ins~~llmcnts af Funds. If the amount of inc 1-unds held by Lender shaU not be suH'icie~t to pay taxes, asseccments, imurance prcmwm~ and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within ~0 days (rom the date nrnice n mailed by Lender to Borrower rcquesting paymcnt ~hercof. Upon payment in full of all sums sec:ured by ~his Mortgage. I.endcr shall promptly retund to Borrowcr any Funds held by [.ender. If under paragraph 1R hereof the Propcrty ~. Mld .~r the Property is o~herwisc acqwred by I_ender, I.ender shdl apply, no later than immediately prior to the ,ale of !hc Property or its acquisition by I~nder, any Funds held by Lender at !he time of application as a credit against the sumc secureJ by this Mortgage. 3. Application of Payments. Unlc~s applicable law proviJes othervaiie, all payments received by Lender under the Note and paragraphs 1 and 2 here~-f ~hall bc appli~d by LenJcr first i~ payment of amounts pay•rble to Lcnder by Borrower under paragraph 2 hereof, then to intcrest payabk on thc Ivoir. then to the principal of t6e Note, and then to interest and principal on any Futurc Advances. 4. C6a~es; Lie~. Borrowe~ shall pa}• all tarrti, a~scs~mcnts and othrr charbcs. fines and ~mEwsitions attnbutahle to the Property which may attain a priority over th~ti Mortgagc. and leasehold paymcnts or ground rents, if any, in the manner provided unJer paragraph 2 hereof or, if not paid m cuch m:,nner, by Borrower making payment, when dur, direcUy to the payee thereof. Borrower shall prompily furn~sh to t_enJer ail notices of amounts due under this paragraph, and in the avent Borrower sha11 make payment dire~tly. E3orrower ,hall promptly turnish tn Lender receipts evidencing such payments. Borrower shall prompUy discharge any lien which has prionty ~.ver ~hi+ Mortgage; provided. that Borrower shall not be required to discharge any such lien so long as Borrower shall agrce in W riUng to the payment oi the obligati~m secured by such lien in a manner acceptable to Lender, or thall in g~xxi (aith contetit wch lien by, or defend enforcement of such lieq in, legal proceedings which operate to prevent the enfurcemcnt of the lien or (urfe~ture of the Property or any part thereof. S. Nanrd Insurance. Borrower shail keep the ~mprovemen~, n.~w cxisting or hereafrer erecled on the Pmperty insured against loss by fire, hazarcfs included withm the term °e~tcndeJ coverage". anJ such other hazards ac Lcnder may reyuire and in such amounts and tor such periods as Lcnder may reyuire: provided, that Lender shall not require that ~he~amount of such coverage exceed that amount of rnverage requ~red ~o pay the tium~ secured ~by this Mortgage. . The ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. Alt premium~ on insurance policies shall be paid in the manner providod unde~ paragraph 2 hereof or, if not paid ~n such maoner, by~ B~xrow~er making payment,~when due, directly to the insurance carrier. All insurance pulicieti anJ rencwals therc~~t th:~ll bc~ in fom~ .~cceptable tu Lender and sh.dl include a~tandard mortgage clause in favor of and in form acceptable ro l.en~cr. I.ender sh~ll have the right to hold the policies anJ renewals thereof, and Borrower shal! promptly furnish to I.ender aU renewal nouces and aN receipts of paid premium.. In the evcnt of loss. Borrower sh~ll g~.e prompt notice to the inauranre carner ~nJ Lender. l.enJer may make proof of loss if not made promptly by Borrower. Unless 1_ender and Borrower othcrwn~ agrec in wnt~ng. imurnnce pr~ecd~ shall be applied to restoration or repair of the Property dam:~geJ, pmvided weh rctiturat~~m ur repair ic econumically~ feasible and the secority of th~s Mortgage i~ not thereby impaired. If su:h retitoratwn or repair is ni~t ccunum~cally feasible or ~f the secunty of th~s I~tortgage woulJ be impaired, the insurance proceeJs sh:+ll be applied to the sums secured by this Mortgage, with Ihe excess, if any, pa~d to Borrower. It the Propert~ it abandoned hy liurrowrr, c~r ~t Borrower fails to respond to I_ender within 30 days (rom the date notice is mailed by Lender to Burrowcr that the insurance c:+rrier otien to seule a claim for insuranFe benefits, I_enJe~ is aut6orized to collect and apply the irourance proceed~ at I.ender's optiun either to resroration or repair of Ihe Praperiv or to thc sums sccored by this ~turtgagc Unless Lende: and Borruwer otherwiu~ agree m writing. any such application of prcx:eeds to pnnc~pal shall not extend or postpone the due date of the monthh• installmentti rcferrcd t~~ in paragraph. 1 and 2 hereof or change Ihe amount nf such installments. If under paragraph 18 hereof the Pruperty n acywred h} Lender, all right, tide and interest of Borrower in and to any insurance policies and in and t~ thc prue;eeds thereut resutting from damage to !he Property P[ior to thc sale or acquisition shall pass to Lender io thc c~tcnt of thc wms securecf b} tha hlortgage immediately prior to such sale or acquisition. 6. Presenatioo and I-taintenance of Propert~; Ceasehulds; Condominiums; Planned Unit Devebpments. F3orrow-cr shall keep the Property in good repair and sha11 not comrpit waste or permit impairment or deteriotation of the Property and shall comply w~ith the pro~isions o( any le:ue ~( th~. Murtgage i~ un a Icaschold. If .this Mortgage is on a unit •in a condomimum or a planned unit deLClopment, Borrowe~ shall ~xrt~~rm all of Borrower's obbgations under the declaraUon or coveoants creating or governmg the cond.~mimum or planned uni~ development, the by-laws and regulations of the conJominium or planned unit development, end comtitucnt do.:ument.. If a condominium or planned unit develop~i~ent rider is execuied by E3orrower and rer~rded t~~gether with this tit~~rtgage, ~he covenants and agreements of such riJer shall be incorporated into and shall amend and supplcment the covenants and agreements of this Mortgage as if the ri.ler were a part hereof. 7. Profectioa of I.ender's Security. If Borr~~wer la~ls t~ perf~~rm the covenants and agreements comained in this Mortgage, or i( any acUon or proceeding is comnnnced which ma~erially afTects I.enJer's iaterest in the Property. induding, but not limited ~o, eminent domain. insulvency, cude en(~~rcemen!, or arrangements or prcxeedings invol~•ing a bankrup! or decedent. then Lender at Lender'ti opuon, upon n~tice to Horrower, may m:~ke such appearances, d~shurse such sums and take such action as is nececsary to protect l.ender's ~nterest, including. but not limrted to, dicbursement of re~sonable attomey's lees and en~ry upon thc Properry lo makc repair~. If Lcnder reyuired mortgage inturance as a condition of making the loan secured by this Mi~rtgage. Bormwer shall pay ~he premiums reqinreJ to maintain such inturance in eftut until such time as ~he reyuiremenl for ,uch imurancc terminate, in accordancr with Borrower s anJ n.~x 349 FaUE 2$94 ' ' ~ ' ''