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HomeMy WebLinkAbout0953 , . i_ ..J.e UNiFOlIM COVflNANT3. Borrower a~d Lender covenant and agree as tollow:: 1. Pqa~eat of Pdoc~1 an~ Intered. Borrower shall promp:ly pay when due the principal o[ and inte~est on the iadebtedness evidenced by the Note. prepaytnent and late charges as provided in the Note. and tl~e principal of and interest on any Futuro Advances secured by this Mortgage. 2. Fbads tor Tua aad Iuwrnnce. Subject to applicable law or to a written waiver by Lender. Borrowe~ shall pay to Lender o~ thc day monthly installments of principai and interest are payable unde~ the Note. uMil the Note is paid in fufl. a:um (herein "Funds") equal to one-twelfth of the yearly taxcs a~d assessments which may attain prio~ity over this Mongsge. and ground rents on tt~e Property. if aay, plus onrtwel[th of yea~ly premium installments for hazard insura~ce. ptus one-twelfth of yearly premium i~stallments for mortgage insurancc, if any, all as teasonably estimatcd initially and from time to time by Lender on the basis of assessments a~d bills and reasonabk estimates thercof. 'Il~e Fu~ds shall be held in an institution the deposits or accounts of which are insured or guaranteod by a Fede~al or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taaes, assessments, insurance premiums and ground rents. Lender may not charge for ao holding and applying the Funds, analyzing said accouM, or verifying and compiling said assessmeats and bills, unless Lender pays Borrower interat on the Funds aod applicable law ,permits Lender to make such a charge. Borrower and [.ender may agree in writing at the time of execution of this Mortgage that interest on the Fuads shall be paid to Borrower, and unlas such agreement is made or applicable law requira such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. l.ender ~ shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the putpose for which each debit to the Funds was made. The Funds are pledged as additional sa:urity for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments. insurance premiums and ground rents. shall exceed the amount required to pay said taxes, ~ assessments. insurance premiums and grou~d rents as they fall due. such excess shall be. at Borrower's option, either promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of thc Funds held by Lender shall not be sufficient to pay taxes. assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount noressary 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, l.ender shall promptly refund to Borrower any Funds held by I.ender. If under paragraph 18 hereof the Property is wld or the Property is otherwisc. 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 Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatloa of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower under patagraph 2 hereof. ttien to interest payable on the Note, thcn to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Lieas. Borrower shall pay al! taxes, assessments and other charges, fines and impositions attributable to tha Property which may attai~ a priority over this Mortgage, and leasehold payments or ground rents, if any, i~ the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, dircctly to the payce thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall malce payment directly. Borrower shall promptly fumish to l.eoder receipts evidencing such Payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be r+equired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to I.ender. or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to preveot the enforcement o( the lien or forfeiture of the Propetty or any part thereof. S. Ha~rd l~~raoce. Bocrower shall keep the improvements now existing or hereafter erected on the Propeny insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ' such coverage eaceed that amount of coverage required to pay ~he s!~ms secured by this Mortgage. ~ Tt~e insurance carrier providing the insurance shall ba chosen by Borrower subject to approval by Lender, Qrovided, . that such approval shall noi be unreasonably withheld. All premiums on insurance policiea shall be paid in the manner ~ provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due, direcdy to the ! insurance carria. } ~ All insurance policies aad renewals thereof shall be in form acceptable to [.ender and shall include a standard mortgage i clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and ~+enewals thereof, E and Bormwer shall prompUy furnish to Lender all renewal notices and all ra:eipts of paid premiums_ In the event of loss, Borrower shall give prompt notice to the insurance carrier aod Lender. I.tnder may make proof of loss if not made promptly ~ ~ by Borrower. ~ g Unlest I.~nder and Borrower othetwise agree in writing, insurance procceds ahall be applied to restoration or repair of ~ ~ the Property damaged. provided such restoration or repair is economically feasible and ihe security of this Mortgage is ~ ~ not thereby irnpaired. If such ratoration or repair is not economically feasible or if the socurity of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with ihe excess. if any. paid j ~ to Borrower. If the Property is abandonod by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender I ~ is autlwrizod to collect and apply the insurance procoeds at I.ender i option either to restoration or repair of tbe Property ; ~ or to the sums socured by this Mortgage. ~ B Unless I.ender and Borrower otherwise agree in writing, any such application of procetds to principal shall not extend ' ~ or postpone the due date of ihe monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 heroof the Property ic acquired by under, all right. tiue and intereat of Borrower ~ in and to any insurance policies and in and to the proceeds theroof resulting from damage to the Property prior to the sale ~ or acquisidon shall pass to L.eader to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. - ? 6. Preservstion and Maintenaace of Property; Leaseholds; Condomioiums; Planned Udt Devebpments. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property - and shall comply with the provisions of any le~se if this Mortgage is on a leasehold. If this Mortgage is on a unit in a s condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and rcgulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Bonower and recorded together with this Mortgage, the covenants and agrcemcnts of such rider shall be incorporated into and s6a11 atnend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. 7. Protection of Lende~s Security. If Borrower fails to perform the covenants and agrcements contained in this ~ Mortgage, or if aay action or proceeding is commenced which materially aftects [xnder's interest in the Property, ~ including, tsut not limited to. eminent domain, inwlvency, code enforcement. or arrangements or proceedings involving a ~ bankrupt or decedent. Ihen Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is ~ecessary to protect l.ender s interest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance u a ; condition of making the loan secured by this Mortgage. Borrower shall pay the prcmiums required to maintain such insurance in eftect until such time as the requirement for such insuranct terminates in accor+dance with Borrower's and ~ ~ ~ ~ ~ ~397 952 _ . . - _ _ _ ' „F~,.:_:E ~s _ ,r.re._ ._r.,«-.x~ s+e'-s-T-~~~