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HomeMy WebLinkAbout1436UNIFO~M COVHNANTi. BO~I'OWl~ illd ~.tlldtr COVCflsilt and ijflC iS ~O~~OWf: 1. ~t of hi~cip~l ~ late~at. 8orrower shall prompil~ pay when due the principal ot and intercst oo the indebtednat evidenced by tbe Note. Prepayment and late chargec ac p~ovided in the Note, and the principal ot ~nd interes~ on any Future Advances secured by this Mortaate. 2. l~wi fo- T~~s a~ law~= Sub}ec1 1o s~+licahk law i~r ~o a written waivet by Lende~. eoR~-~~ ~.u wr to I.ender on Ihe day monthly installme~ts ot principal a~d mt~rcu arr payable unde~ the Note, until the Note is paid in full, a sum (hercin "Funds'~ eqwl to one-tweltth of the ye+rly uxc. anJ assessmen~s which may atuin pnority over ~his Mortjaje. and around rents on the Prope~~y, it any. plus ooe-twel(ih of yearly promium installments (or hazard insunnce. plus one-tweltth of yearly premium installmeots for mongage insarancc, it any, all as rcssonably estima~ed initially and trom time to time by Lender on the buis of asxs~mcnts and hills and rea~onable es~imates thercof. The Funds shall be held in ao ins~itu~ion the depocu~ or arcounts ot which are insurcd or guaranteed by a Fedenl ot :tate agency (including Lender if Lcndu is such an institutionl. 1_ender ahall apply the Funds to pay said uza, asseuments. insurance premiums and ground rcnts. 1 ender may not charge tor so holding and applying the F~mdc. analyzing caid account. or verifyin~ and compling said assessments and bilh, unless I.ender pays Borrower interest on the Funds and applicable law ~,^e:^t6:t L.t::~t: ;o ...`.Mt srl~ s^!:~:e.. S~st.^•~tr sctd I.-°~:r s~sy ~e••• :•• M,s:~~••g at ~h~ ~ime of e:ecu~ion of this Mort~aae that interat oo the Funds shall tu paid to Borrower, aod unlas such agreement is made or applicable law rcquira such interut to be paid, l.ender shall not be rcquired ta pay Borrower any interat or earnings an the Funds. l_ender shaU aive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to ~he Funds and the purpose for which each debit to the Funds wu made. The Funds are pledged as additional securily tor the sums ucured by this Mottaaae. If the amount of the Funds held by Lender, together w~th ~he future monthly installments of Funds payable prior to tbe due data of taxa, assessments. insurance prcmiums and ground rents, shall exceed the amount required to pay sa~d taxes, asseamcnts, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s oplion, enher pranptly tepaid to BormwYr or credited to Borrower on monthly installments of Funds. 1t the amouot of thc Funds held by Lender shall not be sufl'icieat to pay taxa, assessments, insurance prcmiums and ground rents u they tall due, Borto~rer shall pay to L.ende~ any amount nocessary to make up the deficiency within 30 days (rom the date notice is mailcd by Lender to Borrower requesting payment thereof. v~ wy~~c in full of all aums stcured by this Mortgage, t_ender shall promptly refund to Borrower any Funds heW by Lender. It under puagraph 18 hereof the Property ~~ sold or the Property ~s othervvise acqwrcd by l.ender, I_ender shdl apply. no later than immediately pnor ~o the sale of the Property or its acquiiition by Lender, any Funds he1J bv L.ender at the time of application as a credit against the sums secured by ~his Mortgage. 3. Applicatim ot Paymeets. Unless applicable law provides otherwis~. all payments received by Lender under the Note aad paragnphs 1 and 2 hereof shall be appl~ed by [.cnder first in payment of amounts payable to Lender by Borrower under puagraph 2 hercot, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 1. C6ar~es; Litns. Borrower shall pay all taxes, atsestments and other charge~, finec and ~mpocitions attributable to t6e Property which may attain a priority over th~s Mortgage, and leasehold payments ~r grouna rcnts, if any, in the manntr ptovided under paragraph 2 heteo[ or, if not paid in stx:h manner, b~• Borrower making payment, when due, directly to the payee theceof. Borrower shall promp~ly turn:sh to Lender all notrces ot amounts due under this paragraph, and in the event Borrower shall make payment ~~rectly, Borrower thall promptly furnish to Lender receipts evidencing such payments. Bonower shall promptly discharge any lien which has pnonty over th~c Mortgage; provided, that Borrower shall not be rcqwred to d~scharge any such lien so long as Borrower shall agree in wn~~og to the payment of the obl~gatiun secured by such lien ~n a manner acceptable to Lender, or shall m good faith cuntest such lien by, or defenJ enforcement of such lien in, legal proceedmgs which operate to prevent the enfurcement o( the lien ar torfe~~urc o[ the Property or any part thereof. S. Huud Insuwnce. Borrower shall keep ~he ~mpravcmcnts no~ existing or hercafter erected on the Property insured against loss by 6re, hazards included with~n the term "e~tended coverage", a:~~l such other hatards as l.ender may reyuire and en such amounts and for soch periods ac Lender may requirc: provideJ, that Lender shall not require that the amount of such coverage exceed that amount of coverage reqwred to pa~~ ~he sumc secured ~by ihis Mort~age. 'Il~ insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in the manner pravided unde: paragraph 2 hereof or. ~f not paid in ~uch manner, by Borrower making payment, when due, dircctly to the insurance carrier. All insurance policieti and renewals therrot shall be in form aecep~able to Lender and shall ~nclude a ctandard mortgage clause in favor ot and in form acceptable to Lender. Lender shall ha~•e the right to hold ~he policies and reneNalt thereof. and Borrower sh~ll promptly furnuh to l.ender all renewal not~ces and all rece~pts of paid premium~. In the event of loss. Borrower shall grve prompt notice to the insurance carner and 1_enJer. I_enJer may make prck~f of loss if not made promptly by Borrower_ Unless Lender and BorruNCr otherN~u agree in wnting, imurance proceeds shail be applied to rettoration or repair of the Property damaged, proviJed wch re,torahon or repair is economically feasible and ~he stcurity of this Mortgage i~ not ~hereby impa~red. If such restorabun or repair is not cconomically (easiblr or it the secunty of Ihis 1lforlgage uvoulJ be impaired. the insurance proceeds shall be applied to the sums secured by tha Mortgage, w~~h Ihe excess, it any, paid to Borrower If the Propertq ~s abanJuned hy Borrower. or it Bormwer fails lo respond !o I.ender within 30 days from the date not~ce is maited by~ Lender ta Borrower tha~ Ihe insurance carrier ofiers to seule a claim for insurance benefits, Lender ~s aut6orized to :ollect and apply the ~nsurance proceeds at Lendcr'~ opuon either to restorahan or repa~r ot the Pmpem• or to the sums secured hy this ~fortgage. Unless Lcnder and Burruwer utherv-i5e agree in wnling, an} such appli~ation uf pr~eeds to pnncipal chall not etitend or postpone Ihe due Jate of the m~~nthh• msiallment~ r~ferred to in paragraph~ I anJ 2 hercof or change the amount of such installmeats. If under paragraph 18 hereot thc Prof.erty n acyuucd by lxndcr, aii nght, title and in~erest of Borrowcr in and to an}~ Insurance policie~ and ~n and to the proceeds thereot resulung from damage to the Proper~y prior to thc sale or acqwsition shall pass to Lender to the ertent uf thc sums iecured by this rlortgage ~mmediately prior to such sale ar acquisition_ 6. Presena~ion ~od ~taintenance of Propert}: t.easeholds; ('ondominiums; Planned U~tit Developmenls. Borrowcr shall k-_tp the Property in good repair and shall n~t comr0il y-astc ~~r permit impairment or deterioration of the Property and shall compl}~ K•ith thc provis~ons of any lease i( this Morigagc n un a leasch~~ld. I( this Mortgage is on a unit ~n a condominium or a planned unit Je~~elopment, Borrov-er ~hall per(orm al! ot Borrower's obl~gat~ons under Ihe declarah~m or covenants creatrng or guvernmg ~he condominium or planned ~mit devel~-pment. the by-laws and regulati~n~ of the condominium or planned un~t Jevelo~~ment, end canstituent d~xuments. If a condominium or planned ~m~t Jevelopment rider ~s eaecuted by E3orrower and rernrded iagether w~th th~~ Mnrtgage, thr covenants and :~greements ot tuch n~ler shall be incorporated mto and shall .~mend anJ tiupplement the cu~enams and aRreements oC this Mortgage as if ~he n.ter were a part hereof. 7. Protection of Lenders Secu~ity. If F3~rr~~..er f:,~l. n• perf~~rm the covCnanlS anJ agreements conta~ned in thi~ Mor~gage, or if any action ~~r prcxeeding i~ c~~mm~nceJ ~h~cn malcrially .,fTects 1 ender's interest in the PmFxrt~. mduding. but n~~t I~mited to. ~mmcnt domain. in~~~l~rnc), ci~dr rn(~~r~cmcnl. ~~r arrang~mcnts i~r pr~KCCdings mvc~lving a bankvupt or deceJen~. then LenJer at I enJer', option, u~n nc~tiee t~~ Borruw~~r, ma~ make such :~ppearances. J~thurse w~h sums and takc such a.uun a~ is nccc«an a~ pmtcct Lcndcr c intcrc~~. ~ncludin~. but not IimitcJ to. Ji~bursemcnt of reasonahle atlome}'~ fec~ and emry u~~n Ihr I'mpcr~y Ii~ m.~l~c r~pein. If I.cnder rcyuirc.l m~~ngage in~urance a~ a cond;tion o( making Ihe I~an ~ecureJ h} Ih~~ :11~~rlga~c. F3~~rn:HCr sh ~II p~y thr premiunt~ reyuueJ to maint.i~n ~uch insurance in rticct unlil wch umc a• Ihc rcyuircmcnt tc.r wch ~n,uran:c tcrmin:~tr. in :~cc.-rdancc wi~h Born,wrr'. and E:,,71r -' ~ 350 ,~s~~ 1~35 . .