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HomeMy WebLinkAbout0924 _ _ ~ _ _ _ _ i j 1 UNIFWIM COVENANT3. Borrower and Lender covenant and agra as follows: . ; 1. ls~e~t ot Pdncipl aMi latecest. Bormwer shall p~omptly pay when due the principal of and intercst on th~ ; indebtedneu evidenced by the Note. prepayment and late charges u pravided i~ the Note, and the principal of a~ interest ' on aay Future Adv~ces secured by this Mortga~ees. i 2. Fhads tor Tua aoi lewraece. Subject to applicable law or to a written waiver by I.ender. Borrawe~ shap pay ; to Lender on the day monthiy installments of principal and interest a~e paysble under the Note. until the Note is paid in full, f s:um (herein "Fuads'~ equal to one-twelfth of the yeady taxes and assessments which may attain priority over this Mortgage. and ground rents on the Property. if any. plus one-twelfth of yearly premium ibstYllment: for haurd insuran~x. plus oc~twelfth of yearly premium installme~ts tor mortgage insurance. if any. all as reasonably estimated initially and frotn time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by s Federal or ~ sWfe agency (i~cluding Lender if Lender is such a~ institution). Lender shall applv the Funds to pay said taxes, auessments. insurance premiums and grou~d rents. Lender may not cha~ge for so hoiding and applying the Funds. analyzing said aocount, t` or verifying and compiling said assessme~ts and bills. unless Lender pays Borrower interest on the Funds and applicable law f permils Lender to make such a charge. Borrower and Lender may agree in writing at the time of extcution of this { Mortgage that i~terest on the Funds shall be paid to Borrower. and unless such agrcement is made or appticable ~ taw requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings o~ 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 purpose for which each debit to the Funds was made. The Funds are pledged as additional socurity for the sums secured r by this Mortgage. - f 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 ezceed the amount required to pay said taxes. 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 mo~thly installments' of Funds. If the amount o[ the Funds E held by Lender shall not be suf~cient to pay taxes, assessments, insurancc premiums and ground rents as they fall due, ~ Borrower shall pay to Lender any amount necessary• to make up the deficiency within 30 days from ihe date notice is mailed by Lender to Borrower requesting payment thereof. ' Upon payment in full of all sums securcd by this Mortgage, I_ender shall promptly refund to Borrower any Funds held byLender. If under paragraph 18 hereof the Property is sold or thc Property is otherwise acquired by Lender. Lender shall apply. no later-than immediately prior to the sale of thc Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secuted by this Mortgage. 3. AppUc~ion of Paymeats. Unless applicabie law provicles otherwise, all payments received by Lender under f:t Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payable to Lender by Borrower under paragraph 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. C6ar~es; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to ~ the Property vi+hich may attain a priority over this Mortgage, and leasehold payments or gmund 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 payce thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event - Borrower shall make payment directly, Borrower shall promptly furnish to L.ender 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 writing to the payment of the obligation secut~ed 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 of the lien or forfeiture of the Property or any part thereof. i S. Hazard lasurance. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured ~ against loss 6y 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 requice; provided, that Lender shall not require_ that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ~ 'I1~e 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 shal! be paid in the manner f provided uoder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the insurance carFier. ~ ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor o[ 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 renewal notices and all receipts of paid premiums. In the event of lo~.s, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. . ° Unleu Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage i's ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mongage woul~ ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, 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 ihe ' date notice is mailed by L.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits~ Lender is authorized to colleet 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 extend or postpone the due date of the monthly installments referred to in paragraphs f and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hergof the Property ~s acquired by I.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 ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to sueh sak or acquisition. c 6. Preservation 9ad tifaintenance of Property; [.easeholds; Condominiums; Planned Uait Derelopments. 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 ihe provisions of any tease 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 Borrower s obligations under the declaration or covenants creating or go-rerning the condominium or planned unit development, the by-laws and regulations of the ! condominium or planned unit development. and constituent documents. If 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 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 agreem~nts contained in this Mortgage, or if any action or proceeding is commenced which materiaUy aHects Lender's interest in the Property, $ including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proccedings involving a ~ bankrupt or decedent, ~hen Lender 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 interest, including, but not limited to. disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ~ condition of making the loan secured by this Mortgage, Borrower shall pay the premiums requ:rtd to maintain such ~ insurance in eftcet until such time as the requirement for such insurance terminates in accotdance with Borrower's and ~ • .v . - : . ~ ~~°x 435 P~~~ 923 ~ ~ - ~"S ~ ~ _ ~ _ . .'r`'] '°4'-~" ~ .x`~Y h. c,s_~,'.~ e9'~-{"..Y~ j ~ _ . . . . . . , . . ~i _ .