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HomeMy WebLinkAbout0177 UHIPORIy COVENANTS, Bomowcr aod l.sndcr covenant and agree as tallows: 1. h~we~f o~ hi~c1N1 a~i late~at. Borrawer shall prompUy pay when due thc priocipa) ot and interest an the iadebtednas evidenoed by the Note. pnpsytmnt ar~d late charges as providod in thc Nate, and the principal ot and interest oe any Future Advances aocw~od by ~his Mortaage. ` Fti¦i tor T~a asi te~uuee. Subject to applicabk law or to a writteo vvaivcr by I~nder, Borrowcr shAll pay to I.ender on Ihe dsy monthly installments o[ principal and interest arc payablc unJcr the Note, until Ihe Note is paid in full, s sum (herein "Fuads'7 equal to o~e-twelfth of ~he yearly taxes and assessments which may attain priority over ~his Mort~age. and gmund renb on the Property. if any, plus ~x~c-tweltth of yearly prcmium installmcnts for halard i~surance. plus ooo-tweltth of yeuly premium installmenis [or morigagc insurancc. ~t any, all as rouanably Gstimated initially and trom time to time by I.ender oa tl~e buis of assessments and bills and reasonabk eslimates thereof. "Ibe F1mds shall be held in an institution the deposits or accounts ot which are insurcd or guaranteod by a Federal or atate agency (including l.ender if l.ender is suchan_.iostitution)_ I_ender shall apply ~he Funds to pay said taxa, ~sussments. itnuranee premiums and grout~d tents. l.ender may oot charge (or so hnlding and ap~+lying Ihe Fundc, anal~rring said account, or verifying and rnmpiling said assessments and hills. unless I.ender pays Bortower intertsi on the Furxis and applicablc law permits Le~der to make such a charge. Barrower and [.cnder may agree in writing at ~he time ot execution ot this Mortgaae that interest on tht Funds shall be paid to Borrower. and unless such agreement is made ar applicabk law roquires such i~terest to be paid. Lender shall ~ot t~e rcquired ta pay Barrower •rny interat or earnings on the Funds. l~nder s6all give to Borrower, without charge, an annual acrnunting ot the Funds showing credits and debits to the Funds and the purpose for which each debit to ihe Funds was made. The Funds are pkelged as additional security for the sums socureJ by t6is Mortgage. . If the amount of the Fundt held by Lender, together with 1he futurc monthly installments of Fu~Js payable prior to the doe dates of taices. assessments, insurance prcmiums and ground rents, shall exceed the amount required ~o pay said tazes. asswrt~ents, insurance premiums and ground rents ac they fall due, such eacess shal! be, a1 Horrower s option, either pranpqy repaid to Borrower or credited to Borrower on monthly installments of Funds. I( the amount of thc Funds held by Lender shall not be sul5ciwt to pay tues, asse.ssments, insurance premiums and gmund rents as ~hey fall due, Borrower shall pay to l.ender any amount naxssary to make up tt~e deficiency within 30 days irom the date notice is mailai by I.ender W Borrower requesting payment thereof. Upoo payment in full of all sums :ocurod by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by Lender. if under puagraph 18 l~eroof the Property ia sold or the Propeny is othervvisc acquired by l.ender. I.cn~kr shall apply, no later tha~ itnmodiately prior to the sak of the Property or its acquisition by Ixnder. any Fu~ds held by l.eader at the time of application at a cr~edit against the tums secured by this Mortgage. 3. A~pl~catb~ ot P~esb. Unless applicable law provides otherwise, all payments ~eceivod by I.ender unJer the Note and paragnphs 1 and 2 heroof shall be applied by Ixnder first in paym~nt ot amounts payable to Lenckr by Borrower under paragraph 2 hereof, tben to intcrest payabk on the Nwe, then to the principal of the Note. and then to interest and principal on any Future Advanoes. (.'I~ar~er, Lkas. Borrower shall pay all taxes, assessmenis and other charges, tines and impositions altributabk to the Propetty which may aftain a priority over this Mortgage. and kasehold payments or gmund rents. if any. ia the manner providod under paragraph 2 hereof or. if not paid in such manner, by $orrower making payment. when due, diroctly to t6e payee the~oof. Borrower shall promptly furnish w Lender all notices of amounts due under this paragraph, and in the event Borr~wer shall tnake payment directfy. Borrower shalt prompqy [umish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided. that Borrower shall not be~ roquircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6lieo in a manner acoeptabk to Lender. or shall in good faith contest such lien by, or defenJ enforcement of such lien in, kgal proceedings which operate to_prevent the enforcement of the lien or fodeiture of the Property or any part thereof. S. Harard lawrasce. Borrower shall koep the improvemenis now existing or hercafter erectod on the Property inwrod agaiost loss by fi~e, ha~rds included within the term "extendeJ coverage", and such other haurds u Lender may require aud ia such amounts and for such periods as Lender may requirc; provided, that I.ender shall not require that the amount of _ such rnverage exoeed that amount of coverage required to pay the sums socured by this Mortgage. "Rie inwrance carrier proveding the insurance shall be chosen by Borrower subjoct to approval by Lender, provided, t6at such approval s6all not be unreasonably withheld. All prcmiums on insurance policies shall be paid in the manner } providod under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment. wt~en due, directty to the insurance carrier. _ • All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in Eavor of and in form acceptabk to l.ender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrower shall prompUy furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, Borrower shall give prorr~pt notice to the insurance carrier and Lender. Ixnder may make proof of loss if not made Promptly ~ by Borrower. ! Unless Lender and Borrower otherwise agrce in writing, insurance proceeds shall be applied to restoration or repair of ~ th~ Property Jamaged, provicied such restoration or repair is economically feasible and the socurity of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired. the insuranoe procoeds shall be applied to the sums secured by this Mortgage. with the eacess, if any. paid . to Borrower. I[ the Property is abancioned hy Borrower, or if Borrower fails to respnnd to Lcnder within 30 days from ihe date nodce is mailed by Lender to Borrower that the insurance carrier oSers to settle a claim for insurance benefits, Lender is authoriud to collxt and apply tbe insurance proceecis at I~ncier's option either to restoration or repair of the Property or to t6e sums securod by this Mortgage. Udess I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the~onthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such insWlments. If under paragraph 18 hereof the Property is acquired by Lender, all right, titk and intercst of Borrower in and to any insurance policies and in and to the proceeds thereof resul~ing from damage to the Property prior to the sale or acquisition shatl pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or acqaisitan. 6. Tnservatioe aad Mainfeoaoce of Property; I.e~se6olds; Condc:~iaiua~s; Planned Uait Deoebpmeots. Borrower shall Icoep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property . - and shall comply with the provisioos of any lease it this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit ckvelopment, and constituent documents_ If a condominium or planned unit cievelopment ~ rider is eaecuted by Borrower and recorded together with this Mortgage. the covenants and agrcements of s~ch ricler ~ shall be incorporated into and shall amend and supplement the co~enants and agreements of ihis Mortgage as if the rider ~ were a part heroof. , 7. Protectioe of Leeder's Security. If Borrower fails to periorm ihe covenants and agreemenu contained in this ~ ~ Mortgage, or if any action or proceeding ~s commenced which materially atiects Lender's interest in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then [.ender at l.ender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is ~ssary to prolect Lender s interest, including, but not limited to, disbursement of reasonabk attorney's feu and entry upon the Property to make rcpairc. If Lendcr required mongage insurance as a condition of making the loan socured by this Mortgage. Borrawer shall pay the premiums requirai to mainiain such inwrancx in eHcet until such time as the rcquiremenl for such insurance terminates in accordan~.-e with Borrower s and c ~ i ~5 FACE 1~6 ~ .