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HomeMy WebLinkAbout0335 ~ ~ - ~ UNI~ORM COV@NAM't. Borrower and Leude~ covenant aad asroe u[olbws: 1 ry.K.~ .t r~.~~ ..i eo~~ ~w~r wr w~ a~ c~ ~i~ ot .,~a ~acz~ oo eue ~ indebtadne~ evideooed b~r tbe Nwe, prepaya~ent and late charses as provided in thc Not0. aad the priacipal of and iaterat ~ aa a~? Future Advances secured bp this Mort~a~. 2. I~INt hr Ti~ ~r~i Iwea~ca Stibjxt to applicabb law or to a written waiver bq l.ender. Bortowsr ~aq pq ~ to Lender ou the day moiathly installa~ents ot principal and interat are piyabb under the Note. uatil the Note is paid in fup. a wie (h~reia °Fund~'q eqwl to one-twelfth ot the yea fi? wca aad ~ts whicb may attaia priority over this ~ Mattsa~e. aad =ramd renb oa tbe P~operty. it any. ptus one~~twelfth ot yearip pn~aiw~n ia~aWae~tf tot haz~rd inKtrance. ptut oaatw~dtth of yeuly prcmiwn installmeats for aAO~e i~ura~oe. it aay. aU as raaonably ~timatod initislly and itwn tirne to time bp Leoder vn tbe bssis of asxssme~ts and bilb and reasnnabk atimata tba~eof. 'ibe F1uds sball be l~dd ia sn iostitution the deposia or aooounts of ~rhich are insured or p~nnteed b~r a Fedsal or w~e a~ (includins Leuder if La~der a wch an imtitution). Lender slull apptp tbe FWd~ ~u p~y said tua, a~. iusutanoe premita~u aod p+ound rcnts. Leoder mty eot cliat~e for w holdin~ and applyin~ the Fut~ds. analnint ~aid aooo~mt, or vaityia~ and compilinj said s~asraeab and bi14. unlas I.wder p~ys Honower inte~kst on the Fuad: aad appticabie la~v permib Leade~ ta malce such a chu~e. Horro~ra and Lender may agree io writi~ at t6e time of eacecutioa of tbk Mortp,e tbat inta~at oa the Ftiods shall be paid w 8o~rower. aad uakss such a~reement s made or applicabie la~r requires wch iate~sst to be paid, I.eoder sl~all not be required to pay Horrower any interest or earnio~ oa the Fuoda. Lendet sbtU pve t~ Borr+owe~, witNout cbar~e. an aanual aooountins of t6e Funds showina credits aad debib a tbe Fuads and the piupose for wrhich ad~ debit to tbe Funds w~ made. T6e Funds arc pledged as additional seauity for the sums secuted by th~ Mort~,~~e. If tbe aanouat of tbe Fuads bdd bp Leoder. totethet with the future raonthly iratallmeats ot' Funda payabk prio~ to tbe due data d tua, au~ts. inwraace pt~emiums and ground rents. sball exoeed the amonnt required to pay said wca. ~ts. insuranoe pcrmiur~ aad ground reots u t1~ey hll due. such eucas shall be. at Bormwer's option. eitlkr promptly repaid to Borrower or credited to Borrower on moathly iastallments of Funds. lf the adwunt ot the Fund~ 6dd 6y Lcnder shall not be wRkieat w pay tua, a~sments. ias~uaace premiums and amuaa rents as they fall due~ . Hon~awer s6aU Qar W I~ende~ any amouat aecawry to make up tl~e deficiency wit4in 30 days from tbe date notiae a mailed by I.wder to Homower i'e4~af P~Y~t ti~+eof. UP~ P~~~ in fup of ap anas recu~+ed by this Mortga~e. Leoder s4~aU PromPdy refuad to Hornower aay . Fund~ bdd by Lender. If unda Parasraph 18 bereof tbe Propetty is sold or the Property is othecwae aoquired by l.ender. I.ender shalt apply. no later than immediatdy prior to the sale o[ the Property or its xquisition by l.ender. aay Fu~ds held by I~ender at tbe time of appiication ~ a c~edit a~aiast tbe swns secured by this Mortaage. 3. A~YcatM~ ~t lqrei. Unias applicabk lawr provida otherwise. all paymeats received by Lender uader the No~ee and parasraphs 1 aad 2 ha+oof sbaU be applied by Lender 6~st in payaient of amounts payabk to Lender by Borrower uader paraQaph 2 he~of. tben to iaterrst payabk on the Nde, then to the principal of the Note. and thea to iaterest and principal on any Future ~Wvanoes. ~ 4. Clur~r IJe~s. Bomower shall pay all taxes, usesu?xnts aod other charges, fines u?d impositions attributaWe to ' the Pr~openy which may auaio a priotity over this Mortgage, and kasehold payanents or gmuad rents. if any. io t6e tnanner i provided under puaQapb 2 be~+eof nr. if nat paid in such manner, by Borrower makin8 WY~t. a?hen due, directly to tbe t Wyee tLercof. Borm~rer :baN promptly fun~sh to Leader all notioea of amounts due under this pangraph. and in the eveat : Bormvrer sludl make paymeot directly. Horrower shap promptly furnish to Lender reoeipis evideocing wch paytnents. ~ Borrower slaU Pmmptly di~bat~e my liea which has priority over this Mort~sge; p~+nvided. that Borroaer shall not be j required to diacbar~e aay such lien so loos as Borrower sball agree in writin6 to the payweat of the obligation secured by wch liea in s maaoer sooeptabk to La~der, or shall ia aood faith oontat such tien by, or defend enforcana~t of such liai in. kaal pruooedin6s which opaate to preveat the enforoernent of the lie~ or fodeiture of the Property or aay put thereof. S. H~md Iiwra~es. Borrow~er shaU koep the itnprovements now exaung or hereafter eroct~d on tbe Property iasurod aaainu kas by 6re. 6azards includod within the urm "extended coverage". and suc6 ot6er haurds as L,ender may require ~ aad in wch amounts aad foc wch periods as i.eoder may rcqui~e: Provided. that I.ender shal! not ~equire thu t6e amount of wc6 eoveraae esoeed t6at amouot of coveraae required to pay the wms serurod by this Mortga~. 'Ibe iawranoe carrier pr~ovidina the insuranoe ab:U be chosen 6y Borrower wbjoa w appraval by Lender. provided, ~ that wch appruval sbaU not be unreasonaMy ~viWhdd. Ap praniums on iosurance polic~ sball be paid in the manner p~uvided under paragraph 2 bereof or, if not paid ia aucl~ maaner. bY ~~E P~Y~t, a?6~ d~e, di~ctly w tl~e inwnnoe arrier. , All inwnnoe policies wd ~newak theroof stull be in form acoeptabk to Lender and shall include a standard mortgsae cla~se ia favor of and ia form a~coeptabk to Lender. Leader shaU have the rig6t to hold tbe policia and renewils thereof. ' and Bormwer shall pcnmptiy furnis6 to I.e~er all renewal notices and all roceipts of paid ptemiums. In the eveat of loss, E Borm~wer shall give prompt notice to tbe insurance carrier and La~der. Lender may make proof of bss if not made promptly ~ bY Horrower• ~ i Unkac I.eoder and Borrowu otherwise agree in writiag. insurance procceds sha11 be applied to restoration or npair of ~ the Property damaged, pr~ovidod such rcstontion or repair is ceonomically feasibk ared t6e security of ihis Mortgage is ~ aot tbereby impaired. If such ratoration or repair is not economically feasible or if the socurity of this Mortgagt would be impairod, the insuranoe procoeds shall be appliod to the sums socured by this Mortgage. with the exoas. if any. paid ~ to Borrower. If tl~e Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender wit6in 30 days fmm tl~e date notioe is maikd by L~ender to Bonower that the iosurance carrier offers to settle a claim for inwnnce beaefits. I.ender is authoriud to co0ect and apply the insuraooe prooeods at Lender i opioa either to restoration or repair of the Pmperiy or w the wms sec~ued by this Mort~age_ Unku Leoder and Borrower wherwise agrt.e in writing. any such application of proc~eeds to principal shall not eactend ~ or postpooe the due date of the monthly installments referred to in paragraphs I and 2 hereof or c6ange the amount of f sucb iostallmeats. If w~der paragraph 18 6ereof the Property is acquirod by Leodet, all right, titk and interest of Borrower f in and to aay iasurance policia and in and to the prooeeds thereof raulting from damage to t6e Property prior to the uk or aoquisition shap pass to Leoder W t6e eacteat of t6e sums xcurod by t6is Mortga~e imrtiediately prior to such sak or ~ ac.clui:ition• f. h~aenatfo¦ a~i Ma~tsa~ce of rr~opa~ty; I.eaurol~ Coad~ Pla~ed U~iR De~doNcob. Borrower sball keep the Property in good repair and shall not commit waste or per[nit impairment or deteriontion of the Property and shaU comply witb the provisions of any lease if this Mortgage is on a leasehold. If t6is Mortgage is on a unit in a ~ condominium or a plannod unit development, Borrower s6al1 perform all of Borrower'a obligatiom under the decluaGon ( or ooveoants crrating or governing the condomiaium or planned unit devebpment, the by-laws and regulations of the ~ condomiaium or plannod unit development, aad constitueot docoments. If a condomiaium or planned unit development rider is exocutod by Bornower and rooorded together with this Mortgage. the coveoants and agreements of suc6 rider shall be incorporated into and s6a11 aaneod and wppkmeot the vovenants and agrcements of this Mortgage as if the rider 'I were a patt 6ereof. . : 7. rrohctio~ d I.e~iers Secrr~. If Borrovrer fails to perform the oovenants and agnrements contained ia thia ~ Mortgaae. or if any action or proceedina is commcoced which materWly aHects Lender's interest in the Property. including. but not limited to, eminent domain, iowlvency. code enforrement, or arrangements or proceodings involving a b~alcrupt or daxdent, then Leader at Leader's optioa~ upon aotic,e to Horrower, may make such appearaoces~ disburse such sums and take suc6 actan as is neas.wy w protect Ltoder s intercst, includiag. but nd limitod to, disbur~ement of reatooabk attomey's fees aud eotry upon the Property to make repairs. If Lender requirod mortgaae insurance as a candition of roakiag tbe loan socured by this Mortaage, Borrower shall pay the premiurm requirod to maintaia such imuranoe in effect unW suc6 titne u the roquirement for wch inwrance terminata in aooot~danoe wit6 Borrnvve~s and ~oo~ z57 PacE 3~5 - - - - - -