HomeMy WebLinkAbout0946 UNtFOaM CoveH~NTS. Borrower and L.ende~ covenant and asree as foUow::
,
1. h~eat ot lrincipl a~i Istenst. Borrower shall promptly pay when due the principal of u~d interest on the
indebtedness evidenced by the Note, prepayment and late charQa u provided in the Note, aod the priocipai of and intercst
on aay Future Advances secueed by this Mortga~e.
2. Ehesds ~or T~ea aai lawnece. Subject to appiicable law or to a written waiver by I.ender, Borrower shall pay '
to Lender on ~he day monthly installments of principal and interat are payabk under the Note, until the Note is paid in tull,
a ~um (herein "Funds") equal to one-twelfth of the yearly taxes and assesamenis which may aitain priorily over this '
Mortgage, and ground renu on the Property. if any. plus ono-twelfth oE yearly premium inualimenb for hazard insurance, '
plus one-twelfth of ysarly premium installmenta for mortgage in:urance, if any. a!1 ~s reuonably estimated initially and from
time to time by Lender on the basis' of assessments and bills and rcasonable estimata thereof.
The Funds shall be held in an institution the deposits or accounta of ~vhich are insured or ~uaranteed by a Federal or .
state agency (including Lender if Lender is such an institution). Lendershall apply the Funds ta pay said taxes. assessments. '
insurance prcmiums and ground rcnts. Lertder may not charge for so holding and applyinj the Fundt, analyziat said account, ;
or verifying and compiling said asscssme~ts and biils. unlas Lender pays Borrower interat on the Funds and applicabla lsw
permits Lender to make such a cha~ge. Borrower and Lende~ may agrce in writing at the time of eacceution of tha ~
Mortgage that interut on the Funds shall be paid to Borrower, and unlas such agnxment is made or applicable law '
requires such interest to be paid, Lender shall not be required to pay Borrower any intere~t ot earainga on the Fuada. Lendcr `
shall give to Borrower, without charge, an annual accounting of the Funds showing credits ~nd debits to the Funds and the
p~~rpose for which each debit to the Funds was made. The Funds arc pledged u additional security for the sums secured
by this Mortgage. ~
If the amount of the Funda held by Lender. together with the future monthly instal(ments of Funds payable prior to
the due dates of tsuces, assessments, insurance premiums and ground rcnts, shall exceed the amount required to pay said taxa~
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrovver's option, either
promptly repaid to Borrower or craiit~d to Borrower o~ monthly installme~ts of Funds. If the amount of the Funds
held by Lender shal( not be sutiicient to pay taxes, assessment:, insurance~ premiums and ground rents as they fall due,
Borrower shatl pay to Lender any amount necessary to make up the deficiency within 30 days from the date notire is mailod
by Lender to Borrower requesting payment theroof. ,
Upon payment in full of alt aums secuced by this Mortgage, Lender shall prompdy rcfund to Borrower any Fun~ '
held by L.end~r. If under parag~aph 18 hercof tho Property is sold or the Property is otherwiu acquired by Lender. Lender
' shall apply. no later than immediately prior to the sale of the Property or it: acquisiUon by Lender. any Funds held by •
I~ i.ender at the time of application as a credit against the sums secured by this Mortgage.
I
~ 3. A~plicatbe of Paymests. Unless applicable law provides otherwise, alt payments rtceived by Lender under the
I Note and paragraphs 1 and 2 hereof shall be applitd by Lender first in payment of amounts payable to Lender by Sorrower ~
j under paragraph 2 hereof, then to interest payab{e on the Note, then to the principal of the Note, and then to interest and ;
~ principal on any Future Advances. `
~ 4. C6arga; Lk~. Borrower shal! pay all taxa, assessmcnts and other charges, fints and impositions attributable to ~
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner ~
~ provided u~der paragraph 2 hereof or, if not paid in such manner, by Borrower making paymsnt, when due, directly to We i
~ payee thermf. Borrower shal! promptly fumish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish 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 writing to the payment of the obligation secured by
such lien in a manner acceptable to L,ender, or shall in good faith contest such lien by, or defend enforcement of such liea in,
~ legal proctedings which operate to prevent the enforcement of the lien or forfeiwre of the Property or any part thereof.
S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
againft loss by firc. hazards includ~d 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 requin that the amount of
such coverage exceed that amount of roverage required to pay the sums securcd by this Mortgage.
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 manaer
' provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
insurance carrier.
' All insurance policies and ronewals thereof shall be in form acceptable to Lender and shall jnclude a standard mortgage
! clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thercof,
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 Lender. Lender may make proof of loss if not made prompdy
~ by Borrower. 4
Unless Lender and Bonower otherwise agree in writing, insurance proc~eJs shall be applied to restoration or repair of ~
j. the Property damaged, provided such restoration or repair is economicalty feasible and the security of this Mortgag~ is i
~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~
! be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
t to Borrower. lf the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
; date notice is ma~led by Lender to Borrower that the insurance carrier ofters to seule a claim for insurance benefits, L.ender
j. is authorized to collect and apply the insu~ance proceeds at Lender's option either to restoration or repair of the Property
' or to the sums secured by this Mortgage. ,
Unkss L.ender and Borrower othtrwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments reEcrred to in paragraphs 1 and 2 hereof or change the amount of
such installrr~ents. If under paragraph 18 hereof the Property is acquired by Lender, all right, tide 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 shali pass to Lender to the extent of the sums secured by this btortgage immediately prior to sueh sale or
acquisition.
6. Preserralion aad Maintenance of Property; Leaseholds; Condominiums; Planned Uait Devebpments. Borrower
shall keep the Property in good repair and shall not commit waste or permit impairm~nt 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, Borrow•er 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 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 agreemenis of this Mortgage as if the rider
were a part hereof.
7. Protection of Lender's Security. If Borrower fa~ls to perform the covenan~s and agreements containtd in this
Mortgage, or if any action or proceed~ng ~s commenced which materially aftects Lender'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 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
re~sonable attorney's fe2s and entry upon the Property to make repairs. If Lender required mortgage insurance u a
cond~tion of making the loan secured by this Mongage, Borrower shall pay the premiums required to main~ain such
i iasurance in effect until such time as the requirement for such insurance iC~~~+ates ~a accordanct ~+vith Borrower's and
ar,~;~~~ r ~U~ y4~
~
~ . _ - -
, . ~ ~ ~ . _
-
~ . . . . _ ~