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HomeMy WebLinkAbout0946 ~ UNIPO~IN COVENANTS. Borrower at~d Le~der covenant and agree aa followa: 1. hrpeat ot Trlncl~al a~i Isferat. Borrowe~ shall promptly pay when due tha principal of and interest on the indebiednea evidenced by ~he Nae. prepayment and late charges u provided in the Note. and the principal of and interat o~ any Future Advances secured by this Mortga~e. 2. Fti~ tor Tua aaa lowra~ce. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day mo~thly installments ot pri~cipai and inte~est are payable under the Note. until the Note is paid in full. s sum (herein "Fundt") equal to one-twelEth ot the yearly taxes a~d acsessments which may sttain priority over this Mortgage. and ground rents on the Propeny, i[ any, plus one-twelfth of yearly Premium installments for huard insurance. plus one-twelfth of yearly prcmium installments for mortgage insunnce, if any, all as rcawnably estimated initially and trom time to time by Lender on the basis ot assessments and bills and reasonable estimata thereof. . The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shalt apply the Funds to pay said taxes. assessments, insurance prcmiums and ground rents. Cender may not charge for so holding and applying the Funds, analyzing said account. or verifyins and compiling said assessments and bills, unless Lender pays BoROwer interest on the Funds and applicable law permits Lender to rttake such a charge. Borrower and Lender may agree in writing at Ihe time of execution of this Mortgage that intertst on the Funds shall be paid to Borrowtr, and unless such agreement is made or applicable law roquira such interut to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lencitr 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 are pledged as additio~al security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future mon~hly installments of Funds payable prior to the due data of taxes, assessments. iruurance premiums and ground rents, shall exceed the amount required to pay said taxa. assessments, insurance p~emiums and ground rents as they tall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on mon~hly installments of Funds. lf the amount of the Funds held by Lender shall not be suflicient to pay taxes, assessments, insurance premiums and ground rents as they [all due, Borrower shall pay to Lender any amount necessary ~o make up ~he deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, I.ender shall promplly refund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Propeny is sold or the Property is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by Lender at the time ot application as a credit against the sums secured by this Mongage. 3. Application ot Payments. Unless applicable law provida otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be apptied by I_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hercof. then to interest payabk on the Note, then to the principal of the Not~, and then to interest and principal on any Future Advances. 4. Charges; Lkns. Borrower shall pay all tax~s, asseuments and o~her charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manatr pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paym~nt, when due, diratly to the payte thereof. Borrower shall promp~ly furnish to Lender all ~otices of amounts due under this paragraph, and ia the event Borrower shall make payment directly. Borrower shall promp~ly furnish to l.ender receipts evidencing such payments. Borrower shall prompNy discharge any lien which hu priority over this Mortgage; provided, that Borrower shall not be _ required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation ucured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement o( the lien or [orfeiture of the Property or any part thereof. S. Hazard-Ir~surance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included wi~hin tho term "extended coverage", and such other hazards as Lender m~y require I~ and in such amounts and for such periods as Lender may require; provided, that Lender shall not requirc that the amount of i such coverage exceed that amount of coverage required to pay the sums secured by this Mongage. The 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 premiums on insurance policies shall be paid in the manner ; provided under paragraph 2 hereof ot, if not paid in such manner, by Borrower making payment. when due. direcdy to the ~ insurance curier. " ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage E clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ; and Borrower shall promptly furnish to Lender all renewat notices and all receipls of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ; by Borrower. ~ Unless [_ender and Borrower othervvise agree in writing, insurance procceds shall be applied to restoration or repair of ~ the Property damaged, ptovided such restoration or repa~r is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the xcurity of this Mortgage would ~ be impaired, the insurance proceeds shall be appliod to the sums secureJ by this Mortgage, with the exccss, if any. paid G to Borrower_ If the Property is abandoned by Borrower, or i[ Borrower (ails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender a is authoriud to coilect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 anJ 2 hereof or change the amount of such installments. If under puagraph 18 hereof the Property is acquired by L.ender, 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 g or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. K 6. Preservalion and Maintenance of Properly; Leaseholds; Condominiums; Planaed Uait Devebpmcnts. Borrower shall keep the Property in good repair and shall not commit waste or permit imPairment or deterioration of the Property f- and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a s condominium or a planned unit development. Borrow•er shall perform all of Borrower's obliga~ions under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documems. It a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ? shall be incorporated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the rider ; • were a part hereof. 3 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in ihis ~ Mortgage, or if any action or proceeding is commenced which materialiy aftects Lender's interest in (he Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburx such ~ sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of E reasonable attomey's fees and entry upon the Property to make repairs. If Lender requircd mortgagt insurance u a condition of making the loan secured by this Mortgage. Borrower shall pay Ihe premiums required to maintain such ' insurance in efiect until such time u the requirement for such insurance terminates in accordance with Borrower's and 8~ ~ Pa~E 946 ~ _