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HomeMy WebLinkAbout0387 ~ . ~ ~ . - { UNIPORM COVHNANTS. Borrower and l.ender covenant and agra as tollows: ~ 1. ~a~eat ot PdsclPtl aod laterat. Bor~uwer shall p~ornptly pay when due the pri~cipal of and interest on the j indebtedr~ess evide~ccd by the Noto. prcpayme~t at~J late charges as provided in the i~atc,. and thc principal ot and intercst { on any Future Advances secured by this Morlgage. ~ Z. ~ tor Ta~[a aaa ieau~rca Subject to applicable law or to a writte~ waiver by Leoder, Borrower shall pay ~ to Lender on the day monthly installments of principal and intcrest arc payablc undcr the Note. u~til the Note is paid in full, t s sum (harein "Funds`~ equal to ono-twel[th ot the yearly taxes and assessme~ts which may attain priority over this i Mortgage. and ground c~ents on the Property, if any, plus one-twelfth a( ycarly prcmium i~stallments for hazard insura~ce, 1 plus one-twelfth of yeuly premium installments [or mortgagc insurance, if any, all as ressonably estimated initially and from time to time by I.ender on the basis of assessments and bills and reasonable estimates thereof. 'I?~e Funds sball be held in a~ institution Ihe deposits or accaunts of which are insured or guaranteed by a Federsl or stato ageocy (including Lender if l.ender is such an institution). I_ender shall apply the Furtds to pay said taxes, sssessments. ~ insurance prtmiums at~d ground rents. Lender may not charge (or so halding and ap~+lying the Funds, analyzing said account, or verifying and compiling said assessments aod bills, unless Lender pays Borrowe~ interest on the Funds and applicable law ~ permia Lender to msike such a charge. Bonowe~ and Lender may agree i~ writing at the time ot execution of ihis Mo~tgage t6at interest on ihe Funds shall be paid to Borrower, and unless such agreemcnt is made or applicable Iaw rcquices such interest to be paid. Lender shall not be required to pay Borrowe~ :+ny interest or carnings on the Fu~ds. Lender ~ shatt give to Borrower, witlwut charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eaeh debit to the Funds wac made. The Funds arc pledged as additional socurity for the sums secured by 16is Mortgage. If tl~ amount of the Funds held by l.ender. togett~er with the future monthly installme~ts of Funds payable prior to tlte due dates of taaes. assessments, insurance prcmiums and ground rents, shall exceed the amount required to pay said taxes. a:sesaments. insuranoe premiums and ground rents as they fall due, such excess shall be, at Borrowe~ s option. either pranptly ~spaid to Borrower or creditod to Borrower o~ monthly installments of Funds. If the amount of thc Funds held by I.eader shdl not be sutficiaat to pzy taxes, assessments. insurance premiums and ground rents as ~hey tall due, Bormwer shall p~y to l.ende~ any amount nocessary to make up the deficiency within 30 days from the date notice is mailed . by I~eader to Borrower requesting payment ~hereof. Upou payment in full of all aums securod by this Mongage, t.ender shall promptly tefund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property i~ sold or th~: Propeny is otherwise acquired by Lender, I_ender s6all apply, no later than immediatcly prior to the saie of the Property or its acquisition by Lender, any Funds held by I.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatba of P~meafs. Unless applicable Iaw proviJes otherwise, all payments received by I.ender uncier the Note and paragraphs 1 and 2 hereof. shall be applied by 1_endec 6rst in payment of amoun4t payable to Lender by Borrower under patagraph 2 hereof, then to interest payable on the Note, thcn to the principal of the Note, and then to interest and priacipal on any Future Advances. 1. C6sr~ex Licns. Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributabk to the Property which may attain a priority over this Mortgage, and leacehold payments or ground rents, if any. in the manner pmvided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, dirxtly to the pay~ee the~eof. Borrower shall promptly furnish to Lender all notioes of amounts due under this paragraph, and in t6e event i Bormwer~shall make payment direcdy. Borrower shaU promptly furnish to Lender receipts evidencing such payments. j Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be _ ~equirod to dischazge any such lien so long as Borrower shall agree in writing to the payment of the obligation secu~ed by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by. or defend enforcement of such liea in, legal proccedings which operate to prevent ihe enforcement of the lien or forfeiture of the Property or any part t6ereof. S. Hmrd Iss~raace. Borrower sh~.11 keep tha improvements now existing or hereafter erectod on the Property insured againat loss by fice. hazards included within ihe term "extended coverage", and such other hazards as Lenckr may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that ihe amount of such coverage exceed that amount of coverage required to pay the sums securod by this Mortgage. 'Ibe insurance carrier providing the in.wrance shall be chosen by Borrower subjoct to approval by Lender, providcd. that such approval shall oot be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided uader paragraph 2 hereof or. if not paid in such manner, by Borrower making paymeot, when due, di~ectly to the iowranoe cartier. - Alt inwrance policies aad renewals ther~of shalE be in form acceptabk to Lender and shall include a standard mortgage clause in favor of and in form uceptable to l.cnder. Lender shall have the right to hold the policies and re~wals thereof. i and Borrower shall promptly furaish~ to Leoder 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 lasc if not made promptly ~ by Borcower. ~ Unless I.ender 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 is not tl~ereby impaired. If such restoration or repair is not economicallp 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 excaa. if any, paid ; to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lenderwithin 30 days from the ~ date notice is mailed by I.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits. Lender is aut6oriud to collect 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 1 and 2 hereof or change the amount of ~ suc6 installments. lf under paragraph 18 t~ercof the Property is acyuired by Leader, all right, tide and interost of Borrower ~ in and to any iasurance policies aad ia and to the procceds thereof resultiag ftom 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 such sale or ~ acquisition. . 6. P~+aervstion aad Maintensnce of Properly; I.easeholds; Condominium~ Planaed Unit Devdopmeats. Borrower ~ s6a11 koep the Property in good repair and s6a11 not com~pit waste or permit impairment or deterioration of the Property and ahall comply with the provisions of any iease i[ this Mortgage is on a leasehold. I[ thu Mortgage is on a unit in a - condominium or a planned uait development. Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing ihe condominium or planned unit development. the by-laws and regulations of the ; condominium or planced unit development. and constituent Jocuments. I[ a condominium or planned unit development ~ rider is eaecuted by Borrower and recorded together with this Mortgage. the covenants and agrcements of such rider ; ; s6atl be incorporated iato and shall amend and supplement ihe covenants and agreements of this Mortgage as if the rider " were a part 6ereof. ' ` 7. Prdectb~ of Leuder's Secarit~. If Borrower fails to per(orm the covenants and agreements contained in ihis ; $ Moctgage, or if any action or proceeding is commenced which materially aflects [.ender s interest in the Property, ~ ineluding, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceecfings involving a ~ bwkrupt or docodtnt. then Lender at I.euder's option, upon notice to Borrower, may make such appearances~ disburse such ~ sums and talce such action u is nxessary to protect Lender s interest. including, but not limited to, disbursement of ~ reasonabk attomey's [eu and entry upon the Property to make repairs. 1[ Lcnder required mortgage insurance as a ~ conditioo of making the loan socured by this Mortgage. Borrower shall pay the premiums required to maintain such ~ inwrancx in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ F ° ~ 248 ~ Y~ ' € ~ : : _ ~'~u{ ~ > ~L _ .