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HomeMy WebLinkAbout0759 UNtt~att?[ CoveN~Kts. Borrower a~d l.tnde~ cove~ant and agree as follows: •-•1 l. lqa~ewt ot Pdselpd ad Lottt~t. Bo~rowe~ sfiall promptly pay whcn duc the principal of and interest on the iadebtedna: evidenved by the Note, prepaymeot and latc charges as provided in thc Notc, and the pfiocipal of and interest on ury Futuoe Advances socured by tbis Mortgage. , 2. Ihuds tor Tasa a~i lw~arca Subject to applicabk law or to a writte~ waive~ by [.ende~. Borrower shaQ pay to Lender on the day monthly installments of principal aod intcrest arc payabk under the Notc. until the Note is paid in full, a:um (herein "Fundt'~ eqw) to one-twelfth ot ~he ycarly taxes and assessmcnts which may attain priorily over this Mwtjage, and ground rents on the Property. if a~y, plus one-twelfth af yearly premium inslallmcnts for hazard insurance. plus ot~twelflh of year{y pr~mium i~staitments (or mohgage insurance, if any. all as ressonably estimated ir?itially and from time to time by Leader oa the basis of asseasmcnts and bi{Is and reawnable estimates thercof. 7't~e Funds shall be beld in an iostitution Ihe depoaits or accounts ot which ar~ insund o~ guaranteed by a Federal or state aget~cy (including L.ender if L.ender is such an institution). I_ender shall apply Ihe Funds ta pay said taues. assessments. insuraaoe premiums and geottnd tents. Lender may not cfiarge ior so holding and applying the Funds, analyzing said account, or verifying and compti~g said assessments and bills, u~less l.Cnder pays Borrower interest on tlu Funds and appticable law permits Lender to make such a charge. Sorrower a~d I.ender may agree in writi~g at the time of ezecution of this Mottgsge that interesl on the Ftinds shall be paid to Borrower. and unless such agreement is made or applicable law roquires such intecest to be paid, Lender shall not be roquired to pay Borrower any interesC or earnings on thc Funds. I.cnder shall give to Borrower, without charge. an annual accounting of the Funds sFwwing ccedits anci debits to the Funds and the ptupoae for which each debit to the Funds was made. The Fundt are pledged as additional security for the sums socured by this Moctgage. If the arttount of the Funds heW by Lender, together with the fulure month{y installments of FunJs payable prior to tbe due dates of ta~tes. assessments. insurance premiums and ground rents, shall exceed the amount ~equired to pay said tases. ass~mnents. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option. either prompdy repaid to Bon+ower or credited to Borrower on monthiy installments of Fuads. lf the amount of thc Funds heW by I.ender shall aot be w~cient to pay taxa. a~cessments. insurance premiums and ground rents as' they fall due, Borrower shall pay to Lender any amount nocGSSary to make up the de6ciency within 30 days from the date notice is mailed by I~euder W Borrower requesting payment thereof. Upoa paya~eat io full of all sutns socurcd by this Morigage, l.ender shall promptly refund to Borcower any Funds held by Lender. If uader paragraph 18 hercof the Property i~ sold oc the Praperty is othen~rise acquit+ed by Lender. Lendtr shaU apply. no later than immedia(ely prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. ApNieatioa ot Pa~ests. Unless applicable Iaw proviiks othervrise, alt payments received by Lender unckr the Note and paragraphs 1 aud 2 heteof shall bc applied by Ixnder first in Qayment of amounls payabk to Lender by Borrower under puagraph 2 hereof, then to iaterest payabk on the Note, lhen to the principal of the Note. and then to interest and principal on any Future Advinces. 4. Chtc~e~ Lkdt. Bocrowes sha{f pay all taaes, as~essments and other charges, fines and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground nnts, if any, in the manaer pmvided under paragaph 2 heroof or. if not paid in such manner, by Borrower making payment, when due. direcUy to the payee thereof. B+orrower sball pmmptly furnish to l.eader all notices of amounts due under this paragraph. aod in t6e event Bornower shall make payment diroctly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly disc6arge any lien which has priority ove~ this Mortgage: pn~vided, that Borrower shafl not be ta~uirod to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such litn in a manner acceptable to I.ender. or shall in good faith contest such lien by, or defend enforcement of such liea in~ ; legal proccedings which operate to prevent the enforcement of the lien or torfeiture of ihe Property or any part thereof. ~ S• Amrd losaraaca Borrower shall keep the improvements now existing or hereafter erected on 1he Property iruurod ~ against loss by 6t+e. hazards includod within the term "extended coverage", and such other haurds as Lender may require ( and in such amounts and for such periods ac Lender may require; provided, that Lender shall not reyuire that the amount of ; such coverage excced that amount of rnverage required to pay the sums secured by this Mortgage. j 'ILe iiuurance carrier providing the insurance shall be chosen by Borrower subjoct to approval by I.enBer. pruvidod. I tbat wch approval shall not be uareasonably withheld. All premiums on insurance policies shall be paid in the maaner provided under pazagraph 2 hereof or, iE not paid in such manner, by Borrower making payment, when due. dinctly to the insurance catrier. All in.wrance policies and reoewals thereof shall be in form acceptable to [.encier and shall include a standacd mortgage clause in favor of and m form acceptable to l.enckr. Lender shall have the right to hold the policies and renewals thereof. and Borrowec shall ptanpt{y furnish to Lender all renewal notices and all receipta of paid premiums. In the eveat of loss, Borrower shall give prompt notice to the insurance carrier and l.ender. Lender may make proof oE loss if not made promptly by Borrower. Unlps Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to testoration or repair of the Propecty damaged, provided such restoration or repair is economicaUy feasible and the security of this Mortgage is _ , not thertby impaited. If such restoration or repair is not economica{ty feasible or if the securiry of this Mortgage would be impairod. the insurance proceods shall be applied to the sums secureci by this Martgage, with the exce.ss, if any, paid 1o Borrower. lf the Property u abandoned by Borrower, or i( Borrower fails to respond to l.ender within 30 days from the - date notice is mailed by Lender to Borrower that the insurance carrier otiers to settle a claim for insurance benefits. Lender is authorized to tolloct and apply the insurance proceeds at Lender's option eifber to restoration or repair of the Property or to t6e sums securod by this Mortgage. Unless I,ender and Borrower otherwix agree in writing, any such application of proceeds to principal shall not extend or postpone t6e due date of the month{y insta{finents referred to in paragraphs 1 and 2 hereof or change the amount of wc6 iastallments. If under puagraph 1 S heroof the Property is acquired by l,ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceods t6eroof resulting from damage ta t6e Property prior to the sate or acquisition shali pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquaition. 6. T~eservstioe and Maistenaoce of Propedy; Leavebolds; Condominiums; Flanned Ueit Devebpwents. Borrower shaU ~ the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development. Borrower shaii perform all of Borrower s obligations under the declaration - or covenants creating or governing tl~e condominium or planned unit deve{opment, the by-laws and reguiations of the cmdominium or ptanned unit development, and constituent ciocuments. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the covenants and agrcements of such rider s6aU be incorQoratod iato and s6aU amend and supplement the covenants and agreements uf this Mortgage as if the rider were a part heroof. . rrotecfb~ of I.esder's Security. If Borrower fails to perform the covenants and agceements contained in ihis ' Mortgage, or if any ution or proceeding is commenced which materially atiects Lender's interest in thc Property. inc{uding, but not limited to, etninent domain, insc~ivency, rode enforcement, or arrangements or proceodings involving a bsakrupt or deredent, then Lender at Lender's oQtion, upon ~?o?ice to Sorrower, may make such apQearances, disburse such aums snd Wce sueh aetion as is naxssary to protect l.enders interest, inctudi~g, but not timited to, disbursement of ~ reatonsbk attorney's foa and entry upon the Propeny to make repairs. lf Lender required mortgage insurance as a condition of making the loan xcured by this Mortgage. Borrowcr shall pay the premiums required to maintain such inwnnce in effect until such time as the requirement (or such insurance terminates in accordance with Borrowers and ~~~K 2S3 P~E 745 .