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HomeMy WebLinkAbout0932 . ~ ~ ~ , ~ . • ; ~ UNIFORId COVBNANTS. Borrower and Lender covenant and agree as follows: ~ 1. layment of Principal aod l~tersat. Borrower shall p~omptly pay when due the principal of and interest on the i indebtedn~ss avidenced by the Note, prepaymeat and late charges as provickd i~ the Note. and the principal of and i~tercst on any Future Advances secured by this Mortgage. 2. F~ds [or Tua~ ~nd Iawnoce. Subjcet to applicable law or to a written waiver by I.ender. Borrower shall pay to Lender on the day monthly installments of principal and interest are payable undcr thc Note. u~til ihe Note is paid in full. a sum (herein "Fu~ds") equal to ono-twelfth of the yearly taxcs and assessments which may attain priority over this , Mortgage. and ground rents o~ the Property. if aay. plus one-twellth of yearly premium i~stallments for hazard insura~ce. ' plus one-twolfth of ycarly prcmium installmcnts for mongage insurance, if any, all as rcssonably estimated initially and irom ' timc to time by Lender on the basis of asstssments and bills and reasonable estimates thereof. The Fu~ds shall be held in an institution the depcMits or accounts of which are insured or guaranteed by a Federal or ftate agency (including I.ender if Lender is such an institution). l.ender shatl apply the Funds to pay said taxes. assessments, insurance premiums and ground rents. Lendtr may not charge. for so holding and applying the Funds, analyzing said account. or verifying and compiling said assessments and bills. unless Lender pay~s Borrower interest on the Funds and applicable law ! permits Lender to make such a charge. Borrower and Lender may agrce in writing at the time of execution of this • ! Mortgage that iMerest on the Fuads shall be paid to Borrower, and unless such agreemtnt is made or applicable law ~ requires such interest to be paid, l.ender shall not be rcquired to pay Borrower any interest or earaings on the Funds. Lender i shall give to Borrower. without charge. an annual accounting o!'the Funds showing credits and debits to the Funds and ihe ! purpose for which each debit to the Funds was made. The Funds are pledged as additional sa;urity for the sums secured ' by cAis Mongage. If the amount of the Fuads held by Lenckr. together with the future monthly installments of Funds payable prior to i the due dates of taxes, assessments. insurance premiums and ground rents, shall exceod the amount required to pay said taxa. i assessments. insurance premiums and ground rents as they fall due, such excess shall be. at Borrower's option. either ~ ~ promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount oi the Funds held by Lender shall not be sufficieat to pay taxes. assessments, insurance premiums and ground rents as they fall due, ~'I Borrower shall pay to Lender any amount necessary to make up the 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, t.ender shall promptly refund to Borrower any Fundt s held by Lenckr. If under paragraph 18 hereof the Property is sold or the Properry is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender. any Funds held by Lender at the time of applicadon as a credit against the sums secured by this Mortgage. ; 3. Applicatba oE Payments. Unless applicable law provides otherwise, all payments received by Lender under the ~ Note and paragraphs 1 and 2 hereof shall bc applied by l.cnder first in payment of amounu pay~ble to I.ender by Borrower ~ under puagraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and ~ principal on any Future Advances. # 4. Clwrges; Lkas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to . ~ the Property which may attain a priority over this 1liortgage, and leasehold payments or ground rents. if any, in the manner ' provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amouats due under this paragraph. and in the event i. Borrower shall make payment directly. Borrower shall prompUy tumish to Lender receipts evidencing such payments. ~ Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in vvriting to the payment of the obligation secured by such (ien in a manner acceptable to Lender, or shall in good faith contcst such lien by. or defend enforeement of such lien in, legal proceedings which operate to prevent the enforcement o( the lien or fodeiture of the Property or any part thereof. S. Sazard losnraace, Sorrower shall kcep the improvements now existing or hereafter erected on the Property insured against toss by Sn, hazards included within the term "extended coverage", and such other hazards as l.ender may require and in such amounis and for auch periods as Lender may requirc; provided. that Lender shall not require that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. "Il~e iasurance carrier pmviding t6e insurance shall be chosen by Borrower subject to approval by L.ender. provided. that such approval shall not be unreuonably withheld. All premiums on insurance policies shall be paid in the manner providod under paragraph 2 hereof or. if not paid in such manner. by Borrower making paymeat. when due, direcdy to the insurance carrier. All insurance policies and renewals thereof shall be in form ac~eptabk to Lender and shall include a standard mortgage clause in favor of and in form acceptable to l.ender. l.ender shall have 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 notice to the insurance carrier and l.ender. Lender may make proof of loss if not made promptly by Borrower. Unless Lander and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or npair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is = not thereby impaired. If such testotation or repair is not economically feasible or if the security of this Mortgage would ` be impaired. the insurance Qroceeds shall be applied to the sums socured by this Moctgage, with the excess. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ; date aotice is mailed by I.ender to Borrower that the insurance carrier ofters to setUe a claim for insurance benefits, Lender ! is authorizod to collect and apply t6t insurance procceds at Lender's option eit~er to restoration or repair of the Property or to the sums securod by this Mortgage. , ; Unless L.ender and Borrower ottrcrwise agree in writing, any such application of proceeds to principal shall not extend or pcutpone the due date of the monthly iastallments referred to in paragraphs I and 2 hereof or change the amount of such installments. lf under puagraph 18 hereof the Property ic acquired by l.ender. all right. tide and interest of Borrower E in and to any insurance policies and in and to the procceds 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 ~ acquisition. 6. Preservatioa and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Devebpmeals. Borrower shall keep the Propetty in good repair and shall not commit waste or permit impairment or deterioration of the Property 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 condominium or a planned unit development. Borrower shall perform all of Botrower a obl~gations under the declaration or coveaants creating or govetning the condominium or planned unit development, the by-laws and tegulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Botrower and recorded together with this Mortgage. the covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ' were a part hereof. ' 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this : Mortgage, or if any action or proceeding is commenced which materially aBects [.ender's interest in the Property, including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a - bankrupt or decedent, then L.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ` sums and take such action as is necessary to protect Lender s interat, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Propetiy to make repairs_ If Lender required mortgage insurance as a f condition of making the loan secured by this Mortgage. Borrower shall pay the premiumc required to maint~in such ` insurance in eHect until such time as the requirement (or such insurance terminates in accordance with Borcowe~s and , ' • ' ~ B0~( P1~GGE t ~ p , _ - . . . --z ; . _.s...__.--_, _~.-r