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HomeMy WebLinkAbout0236 . ` UNIFORM CovFn~NTS. Borrowcr and l.cnJr~ c~+~~cnanl :ind n~;rrc a+ t~~ll~~ws' 1. Paymeaf of Priaclpal and loterest. tiormWrr .haH ~r~an~tl~ ~)i!) Nf1l'll dur Ihc prinri~~.~i c~( and interest un th~ ~adebtedness evidcnccd by thc Notc, prepayn~cnt and lat~ ch.~rc.. ~ruvi~led in thc Note, and thc principal and in~ens~ on any Future Advanccs sccurcJ by thic hlongagc. 2. • F1~ads tor Taxes aml Ir~sunace. Subjcct t~~ appii:,~t Ir I.~N i~~ a wriucn waiver by Lender, Rarrower chail pay to I.ender on Ihe Jay momhly inuallments of pnnripal ;u~J u~~rr.•~~ .~rr ~~.~yaMc undr~ thc Notc, until thc Note ic paid in full. a sum (herein "FunJs") eyual lo une-twclfth tFx >c:~rl~ :a~•_. an~l a..~~,mcntc which may attain priority over thiti Morigage, anJ ground rents on thc Pr~npcrty. if any, pluc onc-tNrlf~h ot ~~carly premium installmcnts for hazard imurance, ptus one-twelfth of yearly premium in~tallmcros f~~r mortgagc +n~i~rancr. .~ny, all ati rcas~~nably cctimatcd initially and from time to time by I_ender on the basic c~( :n.~.~mcntc an.i h~~l. .~n~f rr.?,~~naMe ec~imates thereof. 'i~e Funds shall he held in an im~~~ui~un ~hc de~ri„ ~~r .~ccuunh whirh are insurecl or guaranteeJ by a Frderat or state agency (including Lender if I.cnJer i~ ~uch an imhtuUon i. I.ender ,hall apply the Funds to pay Said t:iu~, as~~~smcnts, i~uura~ce premiums and ground rrnts. I enJer ma~ n~t cbarRe lur holding and applying ~he Fnn~1.. an:~lyiing s:~id a•,c.~unt. or verifying aod compiling said aisessmentc :~nd hill~, unlrs. Lender ~y~ Borrower inte~est on the FunJs and applicahlr law pertnits Lender to make such a chargc. F3~~rrower and LenJer may ~gree in writing at thc time of c~rcutiun uf thi~ Mortgage that interest on the Funds ,hall tx~ paid t~~ Borrower, and unlc~s such ag~eement i~ maJ~ ~~r app6~ahle laM• ~ requires such interest to t+e paid, l.ende~ tihall n~•i hc rryuued to pa}• Rurrow~r any~ interest or carnin~+ ~.n th~ (~und~. I.r~~dcr shall give to Borrower, without charge, an ~nnu:+l accvunt~ng c~f Ihe Funds ahowing creJits and deb~ts to ~hr Fund+ and the purpose for which each debit tu the Fund. wa. maJ~. The Fund~ arr pk~lged addili~~nal tie~:urit} f~~r ~hc ~u~:~ .crur~d by this Mortgage. If the amount of the Funds hcld b~ Lcndcr, to~ether Ni~h thc tuturc monthly inctallmcnts e~f F~m~l~ pa}•:+blc pr~~~r to the due Jates af taxes, assessments, insurance premiums ~nd grounJ rcnts, sh•rll excreci thc :~mounl reyuired tu pa~ .a~d ta~es, assessments, insurance premiums and ground rents •rs Ihep fall duc, such e~cec~ ~hall be, at 13~~rrow•er's opu~.n. ci~her promptly repaid to Borrov?~er or credited to Bormwer on monthly in.tallm~nts of Fundc. I( the amount of thr Funds held by Lender shall not be sufficient to pay taxes, astevmcnls, insuranrr premiums and grounJ rents as th~~• fall duc. gn~nwer c~;a~l nay tn Le~der any amoi~nt nececvwn• to make up the deficiency within 30 da~s from the date notice iti mailyd by Lender to Borrower reyuesting payment thercof. Upon payment in full of all sums sccured by th~s Mortgage, l.cndcr shall promptly re[und to Borrowcr am• Funds held by l,ender. If under paragraph lx he:rcof the Propcrty i, u,ld or the Property is olherwisc acquired by Lertdcr, I.cndcr shall apply, no later than immediatcl~~ prior ta the salc of the Propcrty or its acquisition by 1_ender, any-Funds held by Lender at the time ot application as a crcdit agamst ~he sums secured by thi~ Mortgag~. 3. Applicalion of Payments. Unlec~ applicable law proviJes otherw•i,c. all payments received by [_ender unJer the Notc and paragraphs I and 2 hcreof shall bc applicd by Lcnder first in paymcnt of amoonts payablc to LcnJcr by Bo~rawcr under paragraph 2 hereof, then to intcrest payablc on the Note, then to thc principal of the Note, and thcn ta interest and principal on any Futurc Advances. 4. Charges; Lie~. Borrower sh;ill pay all taxes. atisestiments and other charges. fines and imp~xitions auributable to the Property which may attain a priority over this !1lortgage, and leasehold paymenis or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payce thereof. Borrower shall promptly furnish to Le~der all notices of amounts duc under this paragraph, and in the event Borrow•er shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien w•hich has prionty ~~ver thic Mortgage; proviJed, that Borrower shall not oe required to discharge ~ny such lien so long as Borrower shall ~gree in wri~ing tc. the payment of ihe obligation secured b}~ such lien in a manner acceptable to Lender, or ~hall in gaod (aith conte~t such lien by, or defend enforcement of such lien in, legal proceedings which operdte to prevent the enforcement of the lien or torfeiwre of the Property ar any part thereof. S. Hazard Insurance. Borrower shall keep the improvement~ now existing or hereafter erected on the Property insured against lo.c~ hy fire. hazards included within the term °e~IendeJ coverage". and such other hazards as Lender may reyuire and in such amounts and for surh pcriods as Lcnder may rcyuirc: pmvidcd, that Len~er shall not require that the amount ot ~ such caverage exceed that amount uf coverage required to pa}~ ~he ~um~ tecured hy this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided. that such approval shall not be unreasonably withheld. All premium~ on insurance policies shall be paid in the manner f provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to thr k insurance carrier. z All insurancc policie, anJ reneN~als thereof shall tx in form acceptabtc to t_ender and shall include a standard mortgage ~ clause in favur of and in form acceptable tu Lender_ Lender shall ha~~e the right ta hold the policies and renewals thereof, $ and Borrov?•er shall prompth• furnish to Lender all rcncwal notices and all receipts of paid premiums. In the event of losti. ~ Borrower sh:~ll givc prompt notice to the insurance rarricr and Lender. Lender may make pro~,f of loss if not made prompth by Borrower. ~ Unlcss Lender anJ Borrowcr ~therw~k agrec,in ariting, incuranre proceeJs shall he applied to restoration i~r repair ~ the Property damaged, prov~de~f such re~toration or repair ~s economicall~~ frasible and the security of this M~rtgag~ i~ ~ not thereby impaired. lf wch rcstur~t~on or repair is n~~t rcunomi~ally (easihle or i( the security of this Aiortgagc v?.~~~;~ ~ be impaired. thc insurance procc~ed~ ~hall be :~pplied t~~ the sums secureJ b}' this Mortgagc. K~~th the excess, if am. paid ~ to Borrowrr. It ihc Prupert~ n.~bandc~n~d h~ Borruwcr, or il Borrower tail~ t~~ res~x~nJ to Lender within 30 days fr~~r.~ ihr ~ Jate notice ~s mailed by Lender t~~ Borrower th:it the insurance carrier otTers to seule a claim for inwranee benefib, l.r:..i~r ~ is authori7.ed to rnllect and apply Ihe ~n~urancc proceeJs at Lender'~ option either to rprorat~on or repair of the Prc~~n~. ~ ur to thc sums sccureJ by this Mortgagc. ~ Unlest [.enJer and Borruwer otherwi.e agree in writing, an~~ cuch applic:~uon ~~f p~-~keeds to pnncipal ~h:tll nut ~.?~r.d or postpone the due date of ~he monthl~~ installment~ rcfcrrcd t~~ in paragraph. 1 and 2 hercof or changc ~hc amount ut ~ such installment~. lf under paragraph 18 hereof the Propert}• is acyuired h} l~nJer, aU nght, tiNe and intCrest o( f3orrrwcr ~ in and to any insurance policies anJ in and to the prcxeecis thereof re,~sulUng irom damage to the PropertY prinr to thc ,.~i~ ~ or acyuisition shall pass to Lender to the extent of the sums ~ecured by this :1lortgage immediately prior to such cal~ or ~ acquisition. ~ 6. Pnsenation and ~laintenance of Propert~; Leaseholds; ('ondominiums. Planned Uoit De~elopments. Korro~~rr ' shall keeQ the Propeny in good repair and shall not com~pit wastc or permit impairment or deterioration of the Propert~• and sfiatl complq with the provisions of any lease if th~s M~~rtgage i. un a ~caschold. If this Mortgage is on a unit in a = condominium ur a planned unit dcvclopment. Borrow•cr shall per(~~rm all of Borrower's obl~gations under the declaratirn ~ or covenants creating or guverning the cc~ndominium or planned unit developmcnt, the by-laws and cegulation~ of thc - condominium or planned unit development, and constituent dexumentti. If a cunJuminium or planned ~mit development rider is exeeuted by Borrower and recorded t~~gether «~th ~his 111ortgage, the covenants and agreements of such rni_r ~ shall be incorporated into and shall amend and supplcment the co.•enants and agreements of this Mortgage as if the n~lrr ~ere a part hereof. ~ 7. Protection of I.ender's Serurity. If Borrower (a~ls t~~ p~:rform the covenants aod agreements cantained in this - Mortgage, or if any action or proceeding i~ commenceJ wh~ch matcrially afTects Lender's interest in the PmExn}~. ~ including, but not limrted to. eminent domain, inu?Ivency. ccxie enforcement, or :~rrangements or proceedings inval~•~ng a :,~R banlcrupt or decedenl, ~hen Ixnder at Lender's opUon, upon notice to Borrawer, may m~ke suc:h appearances, disburse such sutns and take such action as is necessary to protect l.ender's ~merest, including. bi~t not limited to, disbursement of N reasonable attorney's fees and entry u~n the Property to makc repairs. If Lender rryuireJ mortgage ~nsurance as a condition ot making thc loan secured b}• this Mortgage. B~~rm~rr shall pay the prcmiums rcquireJ to maintain wch ~ insurance in efiect until such time as tFx: rcyuiremem f~r wch cnsurance terminateti ~n :~ca.rdance with Borruwer s anJ ~ ~ a:RK ~~1 FA~E 235 ~ ~w, .