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HomeMy WebLinkAbout1184UNIFORM CovEk.~NTS. Borrower and I.Cn~cr cuven~nl ~nd :~gree us foQuw•s: 1. Payment of Priaclpal aad latensf. Hc~r~ower shall promptl~~ pay when Jue the principal o( and interest un the indebtedness evidcnced by the Note, prcpayment and tate chargcc •rc providcd m the Notc, and the principal u( and interex~ on any Futurc Advar~ces secured by thic Mortgage. 2. Fti~ds to~ Ta:a :nd lusurance. Subject to applicablc law• or to a writteo waivcr by I.ender, Borrower shall pay to i.c~der on ~he day monthly instaUments of principal and interect are paysblc unde~ the Note, until the Note is paid in full, a sum (herein "Funds") equa) to one-tw•el(th of ~hc yearly laxes and assessments which may attain priorily over this Mortgage, and ground rents o~ the Pmpe~ty, if any, plus one-tweltth of yearly premium installments tor hazard insurance. plus one-twelfth of yearly pnmium installments For mcxtgagt insurarece, uf any, al! ss reasonably estimated initially and from time to time by Lender on the basis of assessmen~s and hills and reasunable estimates thercof. The Funds shall be held in an institulion Ihe deposits or accounts of which arc insurcd or guaranteed by a Federal or state ageocy (including Lende~ if Lender is such an institution). l_ender shall apply the Funds to pay said Iaxes, assessments, insutance premiums and ground rents. I_ender may not charge for so halding and applying the Funeis, analyzing said account. or verifying a~d compiling said asussments and bills, unless Lender pays Bonower interest on the Funds and apF-licable law permits Lender to make such a charge. Borrower and Lender may agree in writi~g at the time of execution ot this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or ~pplicable law rcquires sucS interat to be paid. Le~der shall n~t be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds aro pledged as additional ucurity tor th~ sums secured by this Mortgage. lf the amount of the Funds held by Lender, together with ~he future monthly installments of Funds payable.prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall excced the amount requircd to pay said taxes, assessments, insura~ce prcmiums and ground rents as they fall due, such eacess shall be, at Borrower's option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by l.etider shall not be sut6cieat to pay taxes. asse~cments, insurance prcmiums and ground rents as they fall due, Borrower shall pay to l.ender any amount necessary to make up the deficiency within 30 days [rom the date notice is mailed by Lender to Botrower requesting payment thereof. Upon payment in full of all sums aecured by this Mortgage, t_ender shall promptly refunJ to Borrower any Funds held by Lender. If under pazagraph i8 hereof the Properiy is sold or the Properq~ is otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Appiicatios o[ Pqmeots. Unless applicable law provides otherwise, all payments received by Lender undcr the Note and paragraphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower ander paragraph 2 hereof, then to interest payable on ihe Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Cl~asg~ Ueas, Sorrower shall pay all taa~, assessments and other charges, fines and impositions attributable to the Property which may attain a prioriry over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the payee thereof. Borrower shall promptly furnish to Lender all_notices of amounts due under this paragraph, aod in the event Borrower shall make payment diratly. Borrower shall promptly (urnish to Lender receipts evidencing such payments. Borrower shall promptly discharge anY lien which has priority over this Mortgage; provided, that Borrower shal! not be rcquirod to discharge a~y such lien so long as Borrower ahall agree in writing to the payment of the obligation ucured by sucb lien in a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proce~dings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S• Hazard Inwrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured agairut loss by fire, hazards included within the term "extended coverage", and such other hazards as l.ender may require and in such amounu and for such periods as Lender may require: provided, that Lender shall not require that the amount of sueh coverage excced that amount of coverage required to pay the sums sec~ired by this Mortgage. 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreazonably withheld. All premiums on insurance policies shall be paid in the m:nner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower mal:,ing payment, when due, direcdy to the insurance carrier. AI! insur~ce p~elicia and renewals thestef sha!! bs in for.si sc.e~sabtc to L~nc3cr ar.d sha!! inzlu~e a standard martgage clause in favor of and in form acceptable to Lender. Lender shal! ha~•e the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt nolice to the insurance carrier and IxnJer. Lender may make proof of loss if not made pramptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance p~o~:eedi shall be applied to restoradon or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. I( such rcstoration or'repair is not economically feasible or i! the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secared by this Mortgage, with Ihe eiceu, if any, paid tc~ Hc-rrower. If tltt PrQFeriy :s stiatt~oncd hy Barrosee~. or :f 8orr~uts iaits :a r~~nd ta I_er.~c: u:slsin 3fl 3ays ira~ it-~., date notice is mailed by Lender to Borrower that the insurance carrier otfers to settle a claim for insurance benefits~ Lender is aut6oriud to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums securod by this Mortgage. Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to pnncipal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of suc6 installments. If under puagraph 18 hereof the Property is acquired by Leoder, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or acquisit~on. - 6. Pftil~YSU00 and Maintenance of Property; Leaseholds; Condominiums; Pianned Udt Developmenls. Borrower shall keep the Property in good repair and shal! not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it this Mortgage is on a leasehold_ !f this Mongage is on a unit in a conslomin'sam ar a Fla.~r.ed un:t ~Yelogs~ns, 80: raw•e: sha!! perios:n af! of Borrau~er's o:slsgatiuns un~cr t!-.c declarai':oa or covenants creatiag or governing the condominium or planned unit development. the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit ckvelopment rider is executed by Bonower and recorded together v-°ith this Mortgage, the covenants and agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agrcements of this Mortgage as if the rider werc a part heroof. 7. ProtecHou of Lender's Security. If Borrower fails to pertorm the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interat in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Leoder's option~ upon no~ice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect l.ender's interest, including, but not limited to, disbursement of reaaonable attomey's tees and entry upon the Propcny to make repairs. lf Lender required mortgage insarance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insarance in eHtct untii such time as the requirement for such insurance terminates in accordance with Borrower s and ~~~~x 350 f~~~~E 1183 - ~r~ .