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HomeMy WebLinkAbout0548 UNIPORM COVBNAN7'S. Borrower ar~d Lcnder coveaant and agree as follows: l. l~eat ot hisclpl aed L~terat. Borrower 3ha11 promptly pay when duc the principal ot and i~terest on the indebtednea evidenced by the Note, prepayment and late charges as provicied in the Note. and the principal of a~d interest oa any Futuro Advances secured by this Mortgage. 1 14~ tor'l~a aei Iwra~ca Subjeci to applicabk law or to a written waiver by Lender, Borrower shall pay to L.endw on the day monthly inuallments of principal and intcrest are payable u~der thc Nate. untii the Note is paid in full, a awn (hereio "Fuadt'~ equal to oao-twelfth of the yeariy taxcs and assessments which may attain priority over this Mortaa~e, and ground nnts oa the Pt+operty. if any. plus one-twclfth o[ yeariy premium instaltments for hazard insura~cc. plus ooc-twelfth of yeuly prcmium installments for mortgage insura~ue, if a~y. sll as rcuonably cstimated initiaUy a~d from time to time by L.ender o~ tUe buis of assessments and bills and reasonablc estimates thereof. The Funds ahall be held •in an institution the deposits or accounts of which are insured or gusranteed by a Federal or state agency (iacluding Leader if Lender is such an institution). 1_cnder shall apply the Funds to pay said taxa. assessments. iawranoe premiums aod grour~d rcats. Lender may no1 charge fo~ so holding and apE+lying ~he F~~ods, a~alyzing said account. or verifyiog aad comqling said asxssments and bills, unless L.ender pays Borrower interest on the Funds and applicable law permits I.ender to make such a charge. Borrower and l.ender may agree in writing at the time of eaecution of this Mortaage tlat iaterest on the Funda s6a11 be paid to Bonower. and u~less such agrcement is made or applicable law ~+equires such intecest to be paid, Lender shall not be requirod to pay Borrower any interest or eamings on the Fu~ds. l.ender s6a11 give to Borrower, without c6arge, aa annual accounting of the Funds showing credits and debits to the F~zxls and the purpose for which each debit to tt~e Funds was made. '~he Funds are plodged as additional socuriry for the sums secureri by this Mortasge. If t6e amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes. assessmeats, inturance prcmiums and ground rents. shall exceed the amount reyuired to pay said taxes. aase~saments. insurance prcmiums and ground rcnts as they fall due, such eacess shall be. at Borrower's optian. either ptanpdy repaid to Bornower or crodited to Horrower on monthly installme~ts of Funds. If the amount of the Funds hdd by Lender shall not be sut6cient to pay taxcs. as.~es.iments, insurance premiums and ground rents as they fall due, Bormwer adall pay to l.endet any amount nccessary to make up the deficiency within 30 days from the date notice is mailed by l.eader W Bomower ~eq~stia8 paYment thereof. Upon payment ia fuU of all sumt aecw+ed by this Mortgage, l_ender shall promptty refund to Bornower any Funds held by L.ender. If under paragrap6 18 he~eof the Property i~ sold or the Propeny is othenvise acquired by Lender. Lcnder s6a11 apply, no Iater than immediately prior to the sale oi th~ Property or its acquisition by Lender, any Funds held by I,ender at the time of appUcation as a credit against the sums socured by this Mortgage. 3. Applicatioa of P~y~eafs. Unless applicable law provides otherwise, atl payments received by Lender unckr the Note and patagraphs 1 and 2 hereo[ shaU be applied by Lender first in payment of amounts payable to Lendcr by Borrower under paragraph 2 her+eof, then to interest payabk on the Note, then to the principal ot the Note. and then to interest and principal on any Future Advances. 1. Crarfe~ I3ens. Borrower shall pay all taxes, assessments and other charges, fines and impo6itions attributable to t6e Propetty which may attain a priority over this Mortgage, and lea~ehold payments or ground rents. if any, in the manaer providod under paragraph 2 hereof ~or, if not paid in such manncr. by Borrower making payment. when due, dirxtly to the payee the~cof. Borrower s6a11 promptly fwnish to Lender all nodces of amounts due under this paragraph. and in t6e event Borrower shal) make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payments. ~ Borrower shall promptly discharge any lieo which has priority over this Mortgage; provided, that Bonower 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 suc6 lien in a manner acceptable to I.ender, or shall i~ good faith contest such lien by, or defend enfor~cement of such lien io, kgal proceedings which operate to provent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Haiard Iasocance. Borrower shall ketp the improvements now existing or hereafter e~ected on the Property iosured against loss by Se+e, hazards included within the term "extencled coverage", and such othtr hazards as I.ender may require and in such amounta and for such periods as Lender may require; provided. that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums securod by this Mortgage. 'Ibe insuraace carrier providing tbe insurance shall be chosen by Bonower subject to approval by I.ender, provided, that such approval s6a11 not be unreaconably withheW. All premiums on insurance policiea shall be paid in the manner pmvidod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, dic+ectly to the iawrance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to [.ender and shall include 3 standard mortgage ~ ' clause in favor of and in form acceptable to Lender. Lende~ shall have the right to hold tbe policies and renewals thera~f, , ~ and Bornower shall prompdy furaish to Lender all renewal notices and all receipis of paid premiums. In the eveat of loss, @ Borrower shall give prompt aotice to ihe insurance carrier and Lender. Lender may make proof of loss if not made pcomptly ~ ~ by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restocation or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if ihe security of this Mortgage would be impaired. the insurance procceds shall be applied to the sums secured by this MoRgage, with the excess. if any, paid to Borrower. If the Froperty is abandoned by Borrower, or i( Borrower fails to respond to Lender within 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 authori2ed to collect and apply t6e insurance proceecis 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 shap not extend or postpone the due date of the monthly iastallments referred to in paragraphs 1 and 2 hereof or change the amount of such installmeats. If under patagraph 18 hereof the Property is acyuired by I.ender, all right, tide and interest of B~rrower in aad to any insurance policies and in and to the procceds thereof resulting from damage to the Properiy prior to the sale or aoquisitioa shall pass to L,ender to the extent of the sums secured by this Mortgage immediatety prior to such sak or ~ acqttisition. 6. Pretervatbn and Maiatenance of Property; Lrasehol~; Condominiums; Pianned Udt Devdopments. Borrower ~ shall keep the Properiy in good repair and shall not com~it waste or permit impairment or deteriota6on of the Property and shall comply with the provisioos of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a g: coudominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing tbe condominium or planned unit development, the by-laws and regulations of the ~ coodominium or planned unit development, and constituent documents. If a condominium or planned imit development rider is executed by Boaower and recorded together wilh this Morigage. the covenants and ag~eements of such fider ~ s6all be incorporated into and shall amead and supplement the rnvenants and agreements of this Mortgage as if the rider . were a part heroof. ~ 7. Protectbe d Leeder's Securify. If Borrower fails to perform the covenants and agreements contained in this ~ blortgage. or if any aciion or procteding is com~~enceJ which materially affects Lender's interest in the Properiy. including. but not limited to. eminent domain, insolvency. code en(orcement, or arrangements or proceedings involving a baakrupt or decedent, then l.ender at L.ender's option, upon notice to Borrower, may make such appearances, disburse such sums and take ~ucb action as is aocessary to protect l.ender's interest, including, but not limited to. disbursement of ~ reasonable attomey's fees and entry upon the Properly to makc repairs. tf I~nder required mortgage' insurance as a conditioa of makiog the loan xcureJ by this Mortgage, Borrowcr shall pay the premiums required to maintain such inturance in eft'ect until such time as the requirement for such insurance terminates in accordance with Borrower s and ~ c 248 PAGE 54? s . . ~ _ r ~ ,y-~~ ~4 _ _ 5~' ~ ~~k-t_'. _ _ . d .