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HomeMy WebLinkAbout2525 UNQORM GOVBNANTt. Borrower snd Le~der coveoant and s`roe u tollows: 1. h~eN ot hMe1N1 a~i Idmst. Borrower shall prompil~ pay when due the principal of and interest on the indebtedne:s evidenoed by the Note. prepaymeot and late charga ac provided in the Note, and the principal of and interest oa aay Futuoe Advances secured by this Mortga~e. 2. 1hNi tor Tua a~i [~wra~ee. Subject to applicabk law ar to a written waiver by Lender. Borrower shall pay to Lender oe ~he day monlhly iostallmenls of pri~cipal and intcrect arr payahle under the Note. until the Note is paid in tull, a sum (heoein "Fundt'~ eqwl to one-tweltth of the yea~i~~ taa~~ and assessments which may attain priority over this Matja,~e. and ~round ren4 on tbe Property, if any, plus one-twelt~h of yeatly premium iinstallments Eor hazard insurance. plus one-twelfth of yearly premium installments tor mortgage insunnce, if any, all u rcaso~ably estimated initially and irom time to time by Lender on the buis of assescmcros and hills and rcasonable atimata thercof. 'Iln Funds shall be held in an institWion the deposita or accounts of which aro insured o~ guan~teed by a Federal ot statn agency (includin~ l.ender if Lender is such an inslitutionl. 1_ender shall apply the Fu~ds to pay said taxa. assessments. insuranoe premiums and ~ound rcnts. I.ender may oat eharge tor u+ ~sa!ding aod applyiog the Nnnds. a~alyzing said accuw~t. or verityint snd compli~g said asussments ~nd bitls, unleu Lender pays Borrower interat on the Funds and applicable law permits I.endet to make such a charge. Bc-rrower and Lender may agrce in writing at the time of execution ot this Mortgaae that interest on the Funds shall be paid to Borrowe~, and unlas such agreement is made o~ applicable law roquira such interat to be paid. Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. Lender shal) ~ive to Borrower~ without charge, an annual accounting of the Fuads showing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged u additional security for ~he sums secured by thia Mongage. If the amount ot the~ Funds heW by Lender, together with the future monthly installments of Funds payable prior to t6e due dates of taxa, acsessments. insurance premiums and g~ound rcnts, shall exceed the amount requited to pay said taxa. ass~ments. insunnce prcmiums and ground renu u they fall due, s;.~h exccss shall be, at Borrower s option, either prompdy repaid to Borrower or ccedited to Borrower on monthly installments of Funds. 1t the amount o[ the Funds held by Lender shall not be sut6cient to pay taxes. assessments, insurance premiums and ground rents as they fall due. El;srm~=r s'~a!! ,~ay !a Lrt~!rc ~tsy 3r~c~snt ~t+c~sary t~ ~±akF ~~+ ~he deBceencv within 30 davs from the date notice is mailed by l.ender to Borrower requeseing payment thereof. Upon paymeat in full of all twns secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by L.eader. If under pusgraph 18 hercof the Property ia sold or the Propeny ~s othuwise acquircd by Lender, Lender s6a11 apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held bv Leoder at the time of application as a credit against the sums securcd by this Mortgage. 3. A~pilc~tim oI Paymeats. Unless applicable law provides otherwise. all payments received by Lender under the Note and pangnphs 1 aad 2 hercof shall be applied by I.ender 6rst in payment of amounu payable to Lender by Scrrruwer under paragraph 2 hereof, then to interest payable on the No~e, then to the principal of th~ Note, and then to interest and prir~cipa! on any Futurc Advancas. ~. C6ar~a; Lkns. Bonower shall pay all ~axes, assessmcnts and o~her charges. fines and ~mpositions attributable to the propetty which may attain a pnority over this Mortgage, and leasehold payments or grouna rcnts, if any, in the manoer pcuvided under Paragraph 2 horeo[ or, i! not paid in such manner, by Borrower making payment, when due, directly to the ps~ree the~eof. Borrower shall promptly fumish.to Lender all notices of amounts due under this paragraph. and in the event Borrower shal) make payment d~rectly, Borrower shall promptly turn~sh to I.ender receipts evidencing such payments. Borrower shall promplly dixharge any lien which has prionty over th~c Mortgage; provided, that Borrower shall not be required to d~scharge any such lien so long as Borrower shall agree in wn~mg to the payment of the obligation secured by sucb lien in a manner acceptable to Lender, or shall ~n good faith contec~ such lien by, or defend enforcement of such lien in, legal proccedings which operate to prevent the enfor~ement of the I~en or forfe~wre of the Property or any part thereof. S. Haurd I~uraace. Borrower shall keep the ~mprovements now~ eRisting or hereafter erected on the Property insured against toss by 6re, hazards included within the term "extended coverage", a:~d such olher hazards as l.ender may reyuire wd in such amountt and for such periods as Lender may reyuirc; provided, that LenJer shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~by this Morlaage. 'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at such appraval shall not be unreasonably withheld. AU prem~umt on insurance policies shatl be paid in the manner provided under patagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, diroctly to the insuraoce curier. All insurance polic~es and renewats therec~t shalf be in form acceptable to Lenekr and shall mclude a standard mortgage clause in favor of and in form accep~able. to Lendtr. Lender shall have the right to hold the policia and renewals thereof, and Borrow•er shall promptly furmsh to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, Borrower shall g~ve prompt notice to the insurance carner and 1_ender. Lender may make proot of loss if not made promptl}• by Borrower. ' Unless Lender and Borrow•er othen.~~e agree in writing, insurance proceeds shall be applied to restoration or repair ot the Property damaged, proviJed such re~torat~on or rePair is rconomically feasible and the securiry of this Mortgage is not ~hereby impaired. lf such restoration or repa~r is not economicaUy (easible or it the securiry of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Martgage. with the excess, if any~, paid to Borrower. If the Propen~ is abandoned by Borrower, or it Borrower (ails to respond to Lender within 30 days (rom the date notice rs ma~led b}• Lender to Borrower that the msurance carrier ofiers to settle a claim for insurance benefits, LenJer is authorized to collect and apply the ins4rance proceeds st Lender'~ ophon either to restoration or repa~r of the Propertv or to the sums secured by this Mortgagc. Unless IxoJer and Borrower otherwi~e agree m wnting. any such application .~t procetds to pnncipal shall not e!~tend or postpone the duc date of the monthly installment~ referred to in puagraphti I and 2 hereof or change ~he amount of suc6 installmeuts. It under paragraph 18 hereof the Property is acyuired by Lender, ali nght, title and interat of Borrower in and to any Insurance policies and in and to the proceeds thereof result~ng from damage to the Property priot to thc sale or acqwsition shall pass to Lender to the extent of the sums secured by this rtortgage immediately prior to such sale or azquisition. 6. Presenation and ~faintenance of Property: l.easehulds; Condominiums; Planned Unit Developments. Borrow•cr shall Iccep the Property in good repair and shall not comtpit yvaste or permit impairment or deterioration of the Properry aod shall comply~ with the provisions of any lease i[ this Mortgage is on a leasehold. If this Mortgage is on a~mit in a condomimum or a planned unit development, BorroKer shall perform a!I of Borrower's obGgal~ons under the declaraUun or coveoants creatmg or guvernmg ~hc condominium or planncd unit developmcnl, the by-laws and regulationc of the condomi+iium or planned unit develo~ment, and constiwent Jocument~. If a condominium or planned umt development rider ~s eaecuted by Borrower and recorded together wi~h th~~ Mortgage, the covenants and agreemeMs of such rider shall be incorporated inlo and shall amend and supplement the covenants and agreements of ~his Mortgage as ~f the riJer were a part tereof. 7. Protation oi I.enders Securfty. If BorroNer faih t~ ~xr(orm the covenams and agreements contained m this Mortgage, or if any action or proceeding ic cummen,ed wbcn materially ~fircts I.ender's interest in the Proper~y. +nclud~ng. but not limrted to, emment domain, inc~.l~ency, code en(i~rcemcm. or arrangements or procecdings invohing a bankrupt or Jecedent. then Lender at l.ender'~ opuon, upon no~ice to Borrower, ma~ make such appearances, d~shurse such sums and take such action ac is necessary tu pm~ect Lender's interest, including, but not lim,ted to, d~sbursement o( reasonable attomeys fce~ and emry u~x~n thc Propcrl~' to make repair~. lf Lcndcr rcyuircd mortgage in~urance as a cond~uon o( mak~ng ~he loan SecureJ by ~hi~ Mortgage. B~~rn:w~r sh dl pay the premiums reqoired to mainta~n wch insurance in efiect until wch t~me as ~he reyuirrment for wch in;uran:c ~erm~nate~ in .rccordanee with Borrrwer'~ anJ ~,~3~ . . ,. ~ ,,. p~,~z~~.