Loading...
HomeMy WebLinkAbout0954 UNIFORI?t Co~~Et~.avTS. Borrow~er and 1_enJcr cc~~~cnant an~i agr~e a. folluws: 1. Payment of P~incipa! aad Interesl. Horruwer shall prumpti~~ pay ~ficn due the principal of and ~nterest on the indebted~ess evidenced hy the l~iote: prepayment and late chargr~ provided in the Note, and the principal of and interest on a~y Future Advances secured by this Mortgage. 2. Funds for Tues and I~suraace. Subject to applicable law• or to a~ritten waiver by l.ender, Borrower shall pay to Le~der on the day monthly installments of principal and intcrect are pa}•able under the Note, until the Note ix paid in full, a sum (herein "Funds") equal to one-twelfth of thc yc3r1}~ ta~c~ and a.sessments which may attain priority ovcr this Mortgage, and ground rents on the Pmperty, if an~•. plus ~~nc-h~elfth of ~~carly premium installments for hazard insurance, plus one-twelfth of yearly premium installme~ts for m~rtgage insurancc. if any, all as reasonably estimated initially~ and from time to time by Lender on the basis of assessmcnts :?nd hifls and rr;~sonablc estimates thereof. 'il~e Funds shall be held in an instituticm the deposit. or acrounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution).. l.ender shall :?pply the Funds to pay said ta~es, assessments, insurance premiums and ground rents. l_ender may not cF.arge for ~o holding and applying the Funds, analyzing said account, or verifying and compiling said aasessments and bills, unles; I.ender p:+~•s Borrower interest on the Funds and applicable !aw permits l.ender to make such a charge. Borr~wer and Lender ma}~ agrc,c in writing at the time of execution of this Mortgage that interest on the Funds ~hall be paid to Borrower, and unlcss such agreement is made or applicable law requires such interest to be paid, Lender shall not tie reyuir~d to pa~• Borrowcr .~ny interest or earnings on the Funds. I_ender shall give to Borrower, without charge. an annual aca~unting ~~f the f=unds showing•creciits and debits to the Funds and the purpose for which each debit to the Funds w~as made. l~he F=unds 3rc pledged as additiona( security for the sums secured by this Mortgage. If the amount of the Funds held b~~ Len~ier, togeiher ~~~iih ~he iuture monthl}~ installments of Funds pa}~able prior to the due dates of taxes, assessments, insurance premiums and ground rrnt~, shall exceed the amount required to pa)' said taxes, assessments, insurance premiums and gr~iund rrnts as the~• fall dur, such ~xcess tihall be, at Burrow•er's option, either prompQy repaid to Borrower or crcdited to Borro~•er an inonthly~ installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, asse~sments, in.urance premiumc and ground rents as they fall due, Borrower shall pay to Lender am• amount necessar~ to make up thc deficienc}~ within 30 days from the date notice is mailed by Lender to Borrower requesting pa~~ment thcrcot. Upon payment in full of all sums sccured by this I~lortgage. 1 cnder shall prompdy refund to Borrower any Funds held by 1_ender. lf under paragraph 18 hereof ;he Propcrty i~ .~~Id or thc Propcrl~ is otherwise acquired by Lender, Lender . shall apply, no later than immediatcly prio~ to thc sal~ of thc Yropcrty ~~r its acyuisition by I.cnder, any Funds held by Lender at the time of application as a credit against ihc sum~ ~ecured hv this ~tortgagc. ~ 3. Application of Pa~~ments. l.7nlees applicahle law pru~ i.ies othen~ isr. all aa~ments rerci~•ed by l.ender under the Note and paragraphs 1 and 2 hcreof shall bc applird hy l.~nder ti:,t in payment of amounts pa}•able to Lender by Borrower under paragraph 2 hereof, then to interest pa~~able on thc tiote. thcn t~• thr principal of the Not~:, and then to interest and principal on any Future Advances. 4. Charges; Liens. BorroHCr shali pay all t.ucs. :u~rs~mcnts ::n~ .~thcr chargcc, fines and imEx~sitions attributahle to the Property ~vhich may attain a priority over this :~lortgage, and leaschold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such mannrr, b}~ Borrower m~~king payment. when due, direcdy to the payee thereof. Bormwer shall Fromptly furnish to LenJer all not~cc, ~f amounts ~tue under this paragraph, and in the event . Borrow•er shall make payment dircrtl~•, Burruwer chall prompth furni~h to Lender receipts c~~idencing such payments. Borrower shall promptly discharge an)~ lien ~~hirh has pri~~rity i~v~r ~hi~ :~iurtgagc: pruvided. ~hat Borrawer shall not be required to discharge any such lien so long as Borro«er shall .~grer in ~+riting to thc pa~~ment of the obligation secured by such lien in a manner acecptable to Lender, or shall in ~o~~d faith r~~nte.~ ,urh lien hy, or defen~l enforcement of such lien in, . legal procecdings µ•hich operate to prevent the enft~rcemrnt ol th~ licn or fur[eiture of the Property or any part thereof. 5. Haza~d Insurance. Borrower shall keep the impro~•ements nv:~ e~isting or hercafter erected on the Property insured against loss by fire, hazards included with~n the term "e~tcnde~i co~~era~,e' . and euch other hazardc as I.ender may require and in such amounts and for such periociti as Lcnder mat• reyu~rr: oti ide~~. that Lender shall noi reyuire that the amo~int of ' such coverage esceed that amount rf ~o:erage reqwrrd to pa~~ ah~ ~umt .c.:urcd by thi~ ~iortgage. - I The insurar.ce carrier providing the insurance shal! t~ ch.•,en b~~ Borro~er subject to approval b)• Lender; provided, that such approval shall not be unreasonahly withheld. Alt premium. en insurance policies shall be paid in the manner j provided under paragraph 2 here~f ur: ~f not paid in s:?ch manner, bc B~~rm~~er making payment, when due, direcUy to the ~ insurance carrier. - ~ Al) insurance policies and reneaals there~~t shall tx in forn~ :+ccert.~bl~ to I_en~ler :ind shall include a standard mortgage ~ clause in favor of and in form accept:,ble t~~ l.ender. L~ndcr ~ha~! ha~e the right t.~ hold the poliries and renewals thereof. ~ and Borrow~er shall promptl~~ furnish to Lender all renc~+al noti~cs ~nci ali receipts c~f paid premiums. in the e~~ent of loss. Borrower shall gi~•e prompt_notice to the insurance carrier :+nd Lender. t_ender ma~ make prcx~( of loss if not made pmmpdy by Borrower. ~ Unless Lender and Borroaer other~~•i.c agrcc in uriting, ir.•,uranre pmcecJ~ shall be applied to restoration or .-epair of the Propert)~ damageJ, provi~ied such re.toration or rcpair is econc~mi~.?Ih~ ~easibl~ and the security of this Mortgage is not thereby impaired. I( such restoration or repair ~s m~t eronott~ir~li.)' feasihle or if the security of this Mortgage would be impaired. the insurance pnxee~is shall be applied to the sums secureJ hy this Mortgage. ~~~ith the e~cess. if any, paid - to Borrower. If the Propert}• is aba~id~ned h~ Barr~~w~er. or it Borr~~wer fails t~ respond to l.ender within 30. days from ihe date notice is mai[ed b}' Lender to BorruK•er that the insurance c:irrier rfirr. to settle a claim for insurance benefits, Lender is authorized to collect and appl}~ the inwrance proceeds ~st Lender~s option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrow~er otheruise :?gree in ~ritinE, am such appiication ~~f pmceeds to pnncipal shall not extend or postpone ihe due date of the m~nthi~• instaiiments rcfe~red tr in paragraph~ I and 2 hercof or changc thc amount of such. installments. If under paragraph I S hereof the Property i~ acyu~re.i by Lender, all right, title arsd interest of Borrower in and to any insurance policies and in and to the proceeels thereot re,ulting from dam~ge to the Properry prior to the sale or acyuisition shall pass to Lender to the e~tcnt of the sums sccured h; this ~turtgagc immediatel~• prior to ~uch sale or acquisition. 6. Presenation and ~taintenance of Propert~; I.eaceholds; i'undominioms; Planned Unit Developments. Borrowcr shall keep the Property in good repair and shall not commit «a+tc rr permit impairment or deterioration of the Property r and shall ~omph~ with the provisions o[ ~ny lease if thi, Mort¢.+g~ un a leas~h~~ld. If thiti Mortgage ic on a i~nit in a ~ condominium or a planned un~t dcvcl~~pment. Borrower ~hall pcrf~~nn all of Borr.~wer's ohligations undcr• the declaration ~ or covenants creating or governing the condominium or pl:~nnrd un~t developmcnt, the by-law•s and regulations of the ~ ~ condominium or planned unit development, ~nd constituent .tc.cumen!~- If a cun~ominium or planned unit dtvelopment rider is executed bj• Borrower and recorded together ~ith thi, :~fort~agr, tne covenants and agreements of such rider ~ shall be incorporated inte and shall amend and supptrment the co~cnants and agreements of this Mortgage as if the rider were a part hereof. ~ 7. Protection oE Lenders Security. If Bc•rcower fa~k-to perf~vm the covenants and agreements contained in this f ~ Mortgage. or i[ any act+on or proceeding is c~,mmencal ~hich matrriall~~ atTrcts Lender's interest in the Properry. including, but ni~t limrted ta, eminent domain, in.~l~cnc}. ~rde ~nt~~rrcment, or arrangements or proceedings invoh•ing a ~ bankrupt or decedent. then Lender at Lender's option, u~n no~i~e t~~ Borrow~er. ma} make such appearances. disburse such sums and take such action a~ is necestiar} to protect Lender's mterest. ~nduding. but not limited to, disbursement of reasonable attorney's tces and entry upon the Propen}~ to m:~kc repairs. 1f i.ender reyuired mortgage insurance as a ~ condition of making the loan sec~red bc this hlortgage. B.~rrourr shall pa}~ the premiums requireJ to maintain such insurance in effect until such time as the reyuirement for such ~ns~~rance terminates in accordance with Borrower's and = B~K'fe7V PA6E Pa~e 2 of 4 F ~ ' _ . . _ . ~t~S~~~~~~~~~ _ .