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HomeMy WebLinkAbout0064 . . . ~x~t,-.. ~y ~ ~ ~ . k i UNIFORAf COVBNANTS. Borrower ,~nd Lender cuvenant aod ag~ne as follows: 1. l~a~twwt ot P~iacip~l aoi lnterest. lbrn~we~ shall prwnp~ly pay when due the principal of a~d intcrest on the iadebtedneu evidenceJ by th ~Note~ prepayment and late char~es as provided ia the Note. and the principal of ~nd in~eresl o+~ aay Futuro Advances securai by this Mort~age. . . l~d~ tor Ta~te~ *ai 1awn~ce. Stibjcct to applisabk law or to a written waiver by Lcnder. Borrovver shall pay to i.ender on the day mon~hly installmenls of principal and interat are payable undc~ the tiote, until ~he Note is paid in lull. a sum (hercin "Puntb'q eqwl to one-twelflh af Ihe yea~ly taxea and assessments which may attain priority ovcr this Mort~sge. anJ ground nnb on the Propeny. if any. plus one-tvv~ltth of yearly premium installmcnt~ Ior hazard insurance,, plus oae-twclfth of yearly premium itutallaaents fo~ mortga~e in:ur~ncc. if any, all as reasonably estimated initially and from time to time by Lender on the basa of asscssmcnts and bills and rcasonabk estimates tbercof. The Funds stwll be held in an inuitution the depoaits or accounts of rvhich are insured -or gw~anteal by a Fode~al o~ state aseocy (including L.cnder if Lend~r is such an institution). l.cnder shall apply the Funds to pay said taaa. assessments. insuranea premiums aod grouad rents. Ceader may not charge for so holding and applying the Funds, anal~~ing said account. or vetifyin~ and compiling said assrs.sments and bills. unless Lender pays Bonnwer interest on the Funds and appli~~abla law peanits I.endzr to make such a cha~ge. Borrower and I.cnder may agree in writing at the time of exceutio~ of this Mongage that interat on the Funds s~all be p~id to Borrower. and unlas such agrecment is made or applicabk law rec~uira such intercst to bo paid. Lender saall not b~ requirc~l to pvy Barrowe~ any interest or earnings on the Funds. Lender - shall give to $onower. without charae,-an annua! a~counting of the FunJs showing credits and dcbits to tt~e Funds aad the purpoae for which cach debit to thc f~unds was made. The Funds-arc pledged as additional socurity for t3~e sums securcd by tbis Mortgage. . If the amount of the Funds held by l.ende~, togelhe~ w~ith the future monthly installments of Funds payabk prior to the due dates of taxes. asscssnxnu. inaurance premiums and ground rcnts. shall ezceed the amouat required to pay said taxa, ~ a:sessments, insuraace premiums and ground rents as they fall due. such eacess shall be. at Borrower'a option; either protnptly npaid to Bormwer or crcdited to Borrovrer on monthly installmcnts of Funds. If the amount of the Funds held by l.ender shall not be sufficient to pay taxes. assessments, insurance p~rr.~iums and ground rcnts ss they Eall due. Borrower shall pay to Lender any amount necessary_ 1o make up the deficiency within 30 days from the date notice is mailed by Leuder W Borrower reyuestiag payment thercof. _ Upon payment in full of all sums securcd by this Mongage, I.ender sha(1 promptly refund to Sorrower an} Funds ~ held by Lender. If under paragraph li3 hereof tht Property is sold or the Property is aherwise_acquired by Lender. Lender shall apply, no later than immediately prior to the sak ot the Property or its acquisition by Lender, any Funds held by Len~kr-at the time of application as a.credit against the sums secured by this Mort~age. . 3. Applicatioa oE Paymeots. ~ Unless applicable law providcs othcrwisc, all payments reoeived by l.cnder under the Notc ar~d paragraphs 1 aod 2 hereof shall be appli~d by l~ndcr first in p~~ment ot amoun~a payable to Lender by Borrower unJer paragraph 2 herwf, then to interest payable on the Note, thc~ to the principal of the Note. and then to interest and - principal on any Fuwre Adyances. 4. C6ar~es; Lkt~s, Borrow•er shall pay a!I taxes~ assessments And other charges. fincs and impcuitions attributable to . the Property which may attain a priority ove~ ihis Morigage. anci kasehold payments or ground rrnts, if any, in the manner provided unJer paragraph 2 hereof or, if not paid "m such manner, by Borrower making payment, when due. directly to t6e ~ payoe thereof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly-, Borcower shall promptly fumi~h to Lender receip~s evidencing such payments. Borrovrer shall promptly discharge any lien which has priority over this Mortgage; provicled. that Borrowe~ shall not be requiredto discharge any wch lien so long as Borrower shall agree in writing to the payment of the obligation securcd by suc6lien in a manner acceptable to l.ender. or shall in goc~d faith contest such lien by, or defe~d enforcemrnt of such lien in. legal pracedings which opcrate to preveot the enforcemem of the lien or forfeiture of the Property or any part "thereof. S. Hazard Insursnee. Borrower shall kcep the improvements now exicting or hereafter erocted on ihe Property insured against loss by 8re, hazards included within the term "extendeJ coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provickJ, that LenJer shall not require that ti~e amount of such co~•erage exceed that amount of coverage required to pay the sums secured by this Mortgage: - . The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by LencTer, provided, that such approval shall n~t be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided undcr paragraph 2 herrof or, if not paid in such maruier, by Borrower making payment; whe~ due, directly to tE~e insurance carrier. . All insurance policies and re~ev?~als thereof shall be in form acceptable to Lender and shall +nclude a standard mongage clause in Eavor of and in form a~:ceptable tu Lender. [..~nder shall ha~•e the right to hold the policies and ret~ewals thereof. ~ and Botrower shall prom,ptly furnish to Lender all renewal notices aud all receipts of paid premium~ In tbe event of bss, BorroMer shall give prompt notice to the insurance canier and Lender. Lender may make proof.of loas if not made promptty j by Borrower. E Unlest Lender and Borrowcr otherwisc agrce in writing, insurance proceeds shall be applied to restoration or repair of ~ the Froperty damaged, proviJed such rtistoration or npair ~s economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair ia not economKally fcasihle or if the security of this I?tortgage would be impaired, t6e insurance proceeds shali be applieJ to the sums secured by this Mortgage, w•ith the excess, if any, paid ~ to Borrower. !f the Propert}~ is abandoned by Borrovrer, or if Borrower tails to respond to Lender within 30 days from the ~ date notice is mailr.~ by Lender to Borrower that the insurance .arrirr offers to settle a claim for insurance benefits, l.ender ~ is authorized to collect srxi apply the insurance proceeds at Lender s opiion either to restoration or repair of the Property ~ ur to the sums secured by this Mottgagc. ~ Ualess l end_r,r and Borrower otherwisr agree in writing. any such application of proceeds to principal shall not extend ~ or p~tpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such install~nts. lf under paragraph 18 hereof the Proaeny is ac~~uired by I.ender. all right, title and interat of Borrower in aad Io any insurance policies and in and to the procceds theroof resulting Irom damage to the Propeny prior to the sale ~ or acquis~tia~ shall pass to Leader :o the extent of the sums secured by this Aiortgage immediately prior to such sak or ~ accEuisition. - t 6. Preservatiou and ~iaiotenance of Propecty; Lease6vlds; Condomiaiums; Pianned Unit Devdopmenfs. Borrowcr ~ shall keep the Property in good repair and shall not commit K~astc or pCrmit impairment or ckterioration of the .Property and shail ~omply with tbe provisioas of any Itase if this Mortgage +s un a'leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower shall perform all o[ Borrower's obligauons under the declaration ~ or covenants cre~ting or governing the condominium or planned iinit development, the by-laws and regulations of the ~ condominium ur planned unit development, end constituent dacuments. If a condominium or planned unit development ~ rider is rxecuted by Borrower and recorded together with this M~rtgage, the covenants and agrcements of such rider shall be incorporated into and s6all amend and supplement the covenants and agretments of this Mortgage as if the rider ~ were a part hereof. 7. - Protection oE Lende~s Securify. !f Borrower faits to perform the covenants and agreement~ contained in this Mortgage. or if any action or proceeding is commenceJ Khich materially affects Lender's interest in the Proper~y, including, but not limited to, eminent domain, insolvency, code entorcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then lxnder at Ixnder's option, upon nolict to Borrower, may malce such appearances, disburse such sums and take such action as is necessary to prMect Lender s interest, including, but not limited to, disbursement of ~ reawnab{e attorney's (ecs and entry upon thc Propchy to make repairs. lf Ixnder required mortgage insurance as a condition of rimaJcing the loan secured by this Mohgage, Borrow~r shall -pay the premiums requircd to maintain such ~ insurance in eSect until such time as the rcquircment for such ~~surance terminates in accordance with Borrower's and ~ ' i . t Y 4• ~ ; ~ . - ~ ~x 262 ~~E 6~ ~ ~ ~ '