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HomeMy WebLinkAbout0920 . . . f . _ . . . - • . j { ' J ' UNIFORM COVSNANTS. Borrower and l.ende~ cavenant and agree as follows: 1 i, Pa~ment of Prii~cipal Aad Inte~est. Barrower shall promptl~ pay when due the principal of and intcrest on the ~ndebtedness eviden~ed by the Note, prepayment and fate charges as provided in thc Note, and the.principal o( and interast on anj~ Future Advances sccured by this hiortgage. 2. Funds [or TAxes •nd Insucanee. ~ubject to applicable law or to a written waiver by l.ender, Aorro~•cr shall pa}~ t~ I.c~der on the day monthly installments of principal and intc~~s1 arc payable under the Note, t~ntil thc Note is paid in full, - a sum (hercin "Funds") cqual ta one•twelfth of thc yearly taxes and assessments which may at~ain priority over this ~ Mortgagc, and graund rents on the Property, if any, plus one-twcltth of yearly premium installments far hazard insu~ance, plus o~e•twelfth of year:~ premium installments for mortgage insurance, if any, all as reasonably estimated initially and from ! time to time by Lender on the basis of assessmentS and bills and reasonable estimates thereof. ~ , The Funds shall be held in an institutian the deposits or accounts of which are insured ar guaranteed by a Fecicral oc ~ ~ state agency (including Lender if Lender is such an institution). I_ender shall apply !he Funds ta pay said taxes, assessments, ~ i~surance premiums and g~ound rents. l.ender may not charge for so holding and applying the Funds, analyzing said acc~unt, ~ or verifying and compiling said assrssments and bills, unless l.ender pays Borrower interest on thc Funds and applicablc law j permits Lender ta make such a charge. Barrower and Lender may agrce in writing at ~he time af execut:on of this ~ Mortgage that interest an the Fui;ds shalt be paid to Borrawer, and unlcss such agreccicnt is made or applicable law ~ requires such interest to be paid, 1_ender shall not be reyuired to pay Borrower any intcrest or earnings an the Funds. I.ender shall give to Borrower, without sharge, an annual accounting of the Fu~~Js shawing credits and debits to the Fu~ds and the ~ purpose for which each debit ta the Funds was made. The Funds arc pledged as additional security for the sums secured by this 1~lortgage. If the amount of the Funds held by ~ender. tagether with thc [utc,~c moMhly installments af FunJs payabl~ 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 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 inslallments of Funds. If thc amount of thc Funds . held by Lende: shall not be. sufficient to pay taxes, assessments, insurance prcmiums and ground rents as they fall due, Borrower shall pay to [.ender any amount necessa~y to make up the deficiency within 30 da}•s from the date notice is mailed by Lender to Borrawer requesting paymcnt thcrcuf. - ~ ~ Upon payment in full of all sums secured by this Mortgage. Lcndcr shall promptly _refund to Borrower any ~runds held by l.ender. If under paragraph 18 hereof thc Propcrty is sold ur thc Propcrty is otherwisc acquircd by l.endc~, I.cnder ~ ~ shall apply, no later than immediately priur to the sale of the Property or its acquisition by I.endcr, any Funds helJ by Lender at the tinie of application as a credit against the. sums secure~l by this Martgage. 3. Appllcation of Payments. Unless applicable law provi~es otherwisc, all payments ~eceived by Lender under the . Note and paragraphs 1 and 2 hereof shall be applied by I.cndcr first in paymcnt of amounts payable to 1_cnder by Borrower under paragraph 2 hereof, then to intcres! payablc on the No~e, thcn ~a thc principal of the Notc, and thcn to intcrest and principal on any Future Advances. - _ . . - ' _ 4. Charges; Lkns. Borrow~er shal) pay all taxcs, assessmenls and othcr charges, fines and impositia~s attributahle to ~ the Pro~serty which may attain~a priority over this hlartgage, and leasehold payments or ground rents, if any, "in.the manner } provided under paragraph 2 hereof or, if not paid in such mar.~er, by Borrower making payment, when due, direcdy to the 1 payee thereof. BorroKer shall promptly furnish to Lender all notices ot amounts duc ?inde[ this parag~aph, and in the event ~ Borrower shall make payment direcdy, Boriow~er- shall promptly furnish to l.ender receipis evidencing such payments. I Berrower shall promptly discharge any lien which has priority o~~er_this Mostgage; provided, th~t Borrower shall not be ~ required to discharge any such lien so long as Borrower shall agree in writing ta the payment ef the obligation secured 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 torfeiture of the Prop:rty or any part thereof. 5. Hazard Insurance: Eiorrower shall keep the impravemcnls no~• cxisting or hercafter erected on the Propcrty insisred s ~ asainst loss by fire, hazarcis included within the term "extendcd coverage", and such other hazards as I.cnder may require i and in such amounts and for such period~ :.s Lende~ may require; provided, that Lender shail not reyuire that the amount of - sucl~ coverage exceed that arnou~t of coverage required to pay the sums secured by this ~tortgage. 77~?e insurance carrier providing thc insura~ce shall be chosen by Borrower s.ibject ro ap~roval by Lender; provided, ~ that ~such approval shall not be unreasonably withheld. ~ All premii~ms on insurance policies shall be paid in the manner j provided under paragraph 2 hereof or, if not paid in such manner, by B~~rrau~er making payment, when due, directly to the # insurance carrier. - All insurance policies and renewals thereof shall he in form acceptable to Lender and shall include a standard mortgage , clause in favor oE and in form acceptable to Lender. Lender shall hare the right to hold thc policies and renew~als thereof. and Borrower shall promptly furnish !o I.ender all renewal ~otices anii all receipts of paid premiums. In the e~•e:nt of loss. Borrower shall give prompt notice to the insurance carrier and t_ender. Lender may maF:e proot of loss if not made prom~?lly I. by Borrower. - - - . . Unless Lender and Borrower otherwise agree in writing, insurance prc~ceeds shali b~, applied to restoration or repair of ~ the Praperty damaged, provided such restoratian or repair is economically feasible and the security of this Mortgaga is not thereby impaired. tf sucit restoration or repair is not economically feasible or ii the security of this vlortgage would ` be impaired, the insurance proceeds shall be applied to the sums secured by this hiortgage, wi~h the excess, if ~ny, paid to Borrowe~. li the Property is abandoned by Borrawer, or i! Borro~ver fails to respond to Lender within 30 da~s from the - date notice is mailed.by Lender to Borrower lhat the insurance carrier o(Ters to settle a claim for insurance benefits, Lender is authorized to coilect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mnrtgage. - - Unless I.endcr ar.d Borrower otherw~se agree in writing, any such application_ of proceeds to principal shall not extend or postpon~ the due date of the monthly installments referred to in paragraphs t and 2 hercof or change the amount of such installments. If under paragraph 18 hereof the Property is acyuired by L.ender, all right, title and intere°st of Borrower ~ in and tc~ any insurance policies and in and to the praceeds thcreof resu~ling from damage to the Property prior to the sale ~ or acquisition shati pass to Lender to the extent of the sums secured by this hlortgage immediately prior to ~uch sale or _ acquisition. . • - 6. PreservAtion ~od titaintenaace of Properiy~; Leaseholds; Condotniniums; Planned Unit De~-eiopments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pro~erty " and si~all comply with the provisions of an~ tease if this 14lortgagc is on a leasehald. If this Mortgage is un a unit in a _ condominium or a planned unit development, ~orrow•er shall perform all of Borrower's obligations under the declaration or eove~ants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planoed unit deveiopment, and constiwcnt. documents. If a condominium or planned unit de~~elopmeM - rider is executed by Bortower and recorded tagether with this Mortgage, the cavenants and agrecments of such rider ~ ~ shall be incorporated into and shall amend and supplement the covenants and ag~eements of this Mertgage as if the rider - . were a part hereof. - 7. Protect9on of Lende~'s Security. If Borrower fails to perform the covenants and ag:eements conta~ned in this Mortgage, or if any action ~or proceeding is commenced which materially affects Lender's i~terest in the Propeny. including, but n~t limited ta, eminent domain, insolvency, code enforcement, ar arrangements or proceedings involving a ba~krupt or decedent, then Lcn~er at Lender's option, upon notice to Borrower, mzy make such appearances, disburse such sums and take such action -as is necessary to protect Lender s interest. including, but not limitsd to, disbursement of reasanabie attomey's fees and entry upon the Property to make re:pairs. If Lcnder required mortgage insurance as a conditibn of making the laan secured by this Mortgage, Borrower shall pay the premiums required to maintain such " insur~nce in effect until such time as the requirement for such insurance terminates in accordance with Borrowcr s and ; . - • . ~ B~!( ~ f S PbGE c~G1!?