Loading...
HomeMy WebLinkAbout1191.'~;3'~~ '~''`~]~~i~11 UNIFORM COVENANTS. Borrower and lender covenant and agree as tollows. 1. Paym~~t of Prlncipal ~nd Int~nst. Borrower shall promplly pay whe~ due the princ~pal ol and ~nterest on ihe ~ndebtedness ev~denced by the Note. prepaymenl and late charges as prov~ded ~n the Note. and the pr~nc~pal of and ~nterest on any Future Advances secured by Ihis Morigage. 2. Funds tor Tsx~~ and In~unnc~. Sub~ect to applicable law or to a wr~tten wawer by Lender. Borrowe~ shall pay tu Lender o~i Ihe day monthly mstaliments ot pnncipal and int~rest are payable unde~ the Note, until lhe Nole ~s paid m full, a sum ~here~n "Funds") equal to one-iwelflh ot the yearly taxes and assessments wh~ch may atta~n pnonty over th~s Mortgage. and ground rents on the Property, il any, plus on~twelith ot yearly prem~um ~nstallments tor hazard insurance. ;~ti:s onetweltlh of yearty prem~um msiatlments for morlgage insurance, if any, all as reasaonablyestimated mitially and from ~~me to time by Lender on the basis ot assessmenls and bills and reasonable estimates the~eot. The Funds sha1~ be held m an ~nst~tut~on Ihe deposits or accounts ol which are ~nsured oi guaranteed by a Federal or state agency(mclud~ng Lender ~f Lender ~s such an ~nst~tut~on). Lender shall apply the Funds to pay sa~d taxes. assessments. ~nsu-ance p~em~ums and ground rents. Lender may not charge for so hoid~ng and appty~ng the Funds. analyzmg sald account. „r ~enty~ng and comp~hng saFd assessments and bilis. unless Lender pays Borrowe~ mterest on Ihe Fun~s and apphcable taw ~~errruls Lender to make such a charg~. Borrower and Lender may agree ~n wnbn9 at ~he t~me e~ execut~on ot tn~s Mortgage that mterest on the Funds shall be pa~d to Borrower, and untess such agreement ~s made or appl~cable taw requ~res such ~nterest to be pa~d. Lender sha11 ~ot be required to pay Borrower any ~nterest or earnmgs on the Funds. Lender shail g~vP ta Borrower, w~thout charge, an annual account~ng ol Ihe Funds showing cred~ts and deb~ts to the Funds and the pwpose for wh~ch each debit to the Funds was made. The Funds are pledged as add~l~onal secunty for the sums secured py th,s Mortgage. ' II the amount o! the Funds held by Lender. ~ogether w~th the future monthiy ~nstaUments ol Funds payable pr~or to thQ due dates of taxes. assessments. ~nsurance prem~ums and ground rents shaii exceed the amount reqwred to pay sa~d taxes. assessments. ~nsurance prem~ums and ground rents as they fall due. such excess shall be. at Borrower s opt~on e~ther promplly repa~d Io Borrower or cred~ted lo Borrower on monthly ~nstallments ot Funds II the amounl ot the Funds hetd by Lender shall not be sult~cient to pay taxes, assessments. ~nsurance prem~ums and ground rents as they ta~l due. Bor;owe- shall pay to Lender any amount necessary to make up the def~c~ency w~th~n 30 days from Ihe date not~ce ~s ma~led by l.ender to Bbrrower request~ng payment thereol. Upon payment ~n tuli of ail sums secured by Ih~s Mortgage. Lender shalt promptly refund to Borrower any F;,nds held by Lender. It under paragraph 18 hereof the Property ~s sold or the Property ~s otherw~se acqu~red by Lender. Lender shall apply. no later than ~mmediately pnor to the sa~e ol the Property or ~ts acqu~s~t~on by Lender. any Funds hetd by lender at the t~me o( application as a creclit against Ihe sums secured by th~s Mortgage 3. Appllcatlon of Psyments. Uniess appl~cable law prowdes olherw~se. all payments rece~ved by Lender under the Note and paragraphs t and 2 hereot shall be appl~ed by Lender t~rsl ~n payment ot amounts payable to Lender by Borrower under paragraph 2 hereot. then to ~nte~est payabie on the Note. then tc the pr~nc~pal of the Note. and then to ~nterest and pnncspol on any Futu-e Advances y, .~`., ,_;:,, ~ ~, .-C.c•-o' CU'' ~~~~ ~ r •~ 4. Charges; Ue~s. Borrower sha11 pay alt taxes. assessm~ts and other ct~rgQS~ i~ct~s~rttpos~tions altr~butabte to tne Property wh~ch may alta~n a pnor~ty over th~s Mortgage. and Ieasehold payfie~`n(s or go~}~d ler~ts.~~t ~;ny; rn the manner prov~ded under paragraph 2 hereof or, d not pa~d ~n such mannet,~by BUtiower making payrhenl, yyhe~ d~~,~~y@ctly to the payee thereof Borrower shall prompUy lurn~sh to lender all notices ot amaunls dye unUer thiS p~ragrapri. and ~n the event Bor-ower shall make paymenl direcfly. Borrower shall promptly turnish to Lender rece~pts.eytdencing s~~ch payments Borrower shal! promplly d~scharge any I~en wh~ch has pnor~ty over this Mortgage; prov~ded. that Borrowe~ shall not be requ~red to d~scharge any such I~en so tong as Bbrrower sha11 agree ~n wnl~ng to the payment ot the obligat~on secured by such I~en m a manner acceptable to Lender. or shall ~n good la~th contest such I~en by, or delend enlorcement of such I~en m. iegal proceed;ngs wh~ch operate to prevent the enforcement of the I~en or IoAe~ture ot the Property or any par~ thereot 5. Nssard Insurance. Bonower shall keep Ihe ~mprovements now ex~st~ng o- hereatter erected on the Property ~nsured aga~nst Ioss by fire. hazards ~ncluded w~thin the term ~~extended coverage'. and such other hazards as Lender may reqwre and in such amounts and for such penpds as Lender require: prowded. that Lender sha~l not ~equire that the amount ot such coverage eicceed that amount ol coverage requ~red to pay the sum secured by thls Mortgage Tne ~nsurance carner prov~d~ng the ~nsurance shau be chosen by Borrower sub~ect t~ approvai by Lende~. prov~ded. tnat such approva! shau not be unre~: ~nably w~thheld All prem~ums on ~~surance pol~c~es shall be pa~d ~n ihe manne: p~ov~deci under Faragraph 2 hereof or. ~t not pa~d ~n such rr~anner by Borrower rrak~ng payment. whe~ due directly to the Ensurance carner AI! ~nsu~ance palic~es and renewals thereof sha11 be ~n form acceplable to Lender and shafl ~nclude a standarq morlgage dause m favor ol and ~n (orm acceptabie to Lender Lender shail have the r~ght to hold the pol~cies and renewals thereof, an~i Borrower shall promptly furn~sh to Lender all renewal not~ces and a11 rece~pts of pa~d prem~ums In the event oi loss. Borrower shail g~ve prompt notice to the msusance carner and Lender. Lender rr~ay make proof ot loss ~f not made-promptly Dy Borrower. • Untess Lender and Borrower otherv~~se agree ~n wr~tmg, ~nsurance proceeds shali be appl~ed to restorat~an or repa~r of ;he Property damaged. prowded such resto-at~on or repa~r ~s econom~cally feas~ble and the secunty of th~s Mortgage ~s not thereby ~mpa~red. It such restorahon or repau ~s not econom~catly teas~bte o+ ~f the secw~ty ot th~s Mortgage wouid be impa~red. the ~nsurance proceeds shat! be appned ro the sums secu-ed by th~s Mortgage w~th Ihe excess. ~f any. pa~d to Borrower. If the Property is abandoned by Borrower. or ~I Borrower tails to respond to ~ender wdhin 30 days trom the date not~ce ~s ma~led by Lender to Borrower that the ~nsurance carr~er otfers to se1He a cia~m for ~nsu-ance benet~ts. Lender ~s author~zed to conect and apply the ~nsurance proceeds at Lender's optian e~ther to restorat~on or repa~r ot the Property o+ !o the sums secured by th~s Mortgage. Unless Lender and Borrower otherw~se agree ~n writing. any such apphcat~on of proceeds to prmc~pai shall not extend or postpone the due date ol the monthly ~nstailments referred to ~n parag-aphs t and 2 hereol or change the amount of sutch mstatlments If under paragrapn s 8 he-eot the Property ~s acdu~~ed by ler~der. au nght. t~tie and ~nterest of Borrower ~ ~n and to any ~nsurance pol~aes and in and to the proceeds thereof resutt~ng from damage to the Property pr~or to the sate or acqws~t~on shall pass to Lender to the extent of the sums secured by th~s Mortgage ~mmed~ately pr~or to such sa~e or acqu~smon 6. Preservation and Meintenance of Propsrty; Leaseho{ds; Condominiums; Planned Unit Developments. ~~,r,~vre- shali keep the Prope-ty m goocf repau and shatl not comm~t waste or perm~t ~mpa~rment o- detenoraUOn ot Ihe Pro ~u=rtV and shall comply w~th the prows~ons of any lease ~f th~s Mortgage ~s on a teasehold It th~s Mortgage ~s on a ur.~t ~n a -~,=,rfomm~um or a ptanned un~t development. Barrower shal! pertorm afi of 8orrower s obhgabons under the declarabon '• f.,venants c~eahng or govem~ng the condom~n~um or ptanned urnt development the by-~aws and regulat+ons ot the '~••,:1nT!n~um or ptanned urnt development, and constituenl doCUments It a condommium or planned urnt deveiopment ~~~ie- ~s ex~~~ted by Borrower and recorded together w~th th~s Mortt~age. the covenants and agreements of such r~der =.~a~! r~e ~^r.orporatecl mto and shau amend and supplement the c~~venants and agreements of th~s Mortgage as ~t the nder .v~ ~r~ a „art hPreof 7. PrOtectlon ot ~ender's 3ecu~ity. If Borrpwrer la~ls to pertosm the covenants and agreements ~onta~~ed m tn~s M~~rtgage or ~f any acUan or proceed~ng is commenced wh~ch maler~aUy affects Lenders ~nterest m the Property ~~-.~;,~~ng hut not I~m~ted ro em~nen! doma~n. msolvency. code enforcement. or arrangements or proceed~ngs ~nvoiv~ng a t,~r:krunt o~ decedent, lhen Lender at Lenders option. upon not~ce to Borrower. may make such appearances. d~sburse such s~;^ s a^~f take such achon as ~s necessary to prolect Lender'S mteresl, includ~ng. but not lim~ted to. disbursements ot ~••~+s .~~',~~r aitomeys fees and entry upon the P~opertit t0 ~hake iep~ire. If Lender reqwred mortgage ~nsurance as a ~.l~ !~?~~,~ c,t rr:ak~ng Ihe ioan secured by th~s Mortgage.~orrowe~ shall pay the premwms requ~red to ma~nta~n such •,+u.~nr~ ~n el(eCt unhi such i~me as the requi!ement for such ~nsu~ance term~nates m accordance w~th Borrowers and . ~,~ rP~~T P,~~1K ' . ~8 ~~~.i9i ~ __ ~~- w : _ ~.; ~ ~;~..~:~.~ ~~ ~ _ _.