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HomeMy WebLinkAbout0341 . f ~ _ . - ~ UNIFpRM COVENANTS, Borrowet a~d Lende~ covenant and agree as follows: 1. la,yment o[ P~tacipal aa1 INeraf. Borrowe~ shall pramptly pay when due the principal of and interest on the irtdcDtednes: evidenced by the Note. prepayment aad late charges as provided in the Note, and the principal of and intercst on any Future Advar~ces secw~ed by this Mortgage. 2. Fbads tor 7tiutq ~ad Iawraace. Stibj~c~ to applicable law or to a written waiver by Lender. Botrower shall pay to l.ender on the day monthly instailments of principal and interest are payable under thc Note. until the Note is paid in fult. a sum (hercin "Funds"j equal to onc-twelfth of the yea~ly taxes and assessments Which may attain priority ovcr this Mortgage. and ground nnts on the Property. if any. plus one-tv?~eltth of ycarly prcmi~hn installme~ts for hazard insurance, ` plus one-twelfth of yearly prcmium installments for mortgage insurance, if a~y, all as reasonably cstimated initially and foom timc to time by Lender on the basis of asse.ssments and bills and reasonable estimates thereof. 1 'ilu Funds shall be held in an institution tlie deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account. ~ or verifying and compiling said.assessments and bills, unless Le~der pays Borrower interest on the Funds and applicable law € permits Lrnder to make such a cha~ge. Borrower and Lender may agree in writing at the time of execution of this € Mortgage that interest on the fi~nds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be requi~ed to pay.Borrower any intercst or earnings on the Funds. l.endtr shatt give to Borrower, without charge, an annuaf accaunting of the z~nJs showing credits artd debits to the Funds and the ' purpoae for which each debit to the Funds was made. The Funds arc pleaged~s additional ~ecurity for the sums secured by this Mortgage. - ~ If the amount of the Funds held by Lender, together with the future monthty instatlments of Funds payable prior to " the due dates of taaces, asx.ssrrxnts. inturance premiums and grouod rents, shap exceed the amount required to pay said taxes. assessments. insurance premiums and gmuad rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender sfiall not be sufFcient to pay tazes, assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lendcr to Borrower requesting payment thereof. Upon payment in full of all sums secured by this .Mortgage, I.ender shall prompNy refund to Borrawer any Funds F held by Lender. If under paragraph 18 hereof the Property is sold or the Pr~pert~~ is otherwisc acquired by Lender, Lender st~all apply, no later than immediately prior to the sale of the Propert~~ or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mongage. ; 3. Applkation of Paymeats. Unless applicable law provides othenvise, all payments received by Lender under the ' ~ Note and paragraphs 1 and 2 hereof shall.be applied by [_ender first in payment of amounts payable to Lender by Borrower 1 under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nate, and then to interest and ~ principal on any Future Advances. _ ~ 4. Charges; Lk~. Bpirow•er shall pay all taxes, assessments and othcr charges, fines and impositions attributable to € the Property which may attain a priority over this Mortgage, and leasehold paymenis or ground rents. if any, in the manner t pmvided under paragraph 2 hereo[ or, if not paid in such manner, by Borrower making payment, when due, diroctly to the t payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event ~ Borrow•er shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority o.ver this Mortgage; provided, that Borrower shap not be required to discharge any such lien so loag as Borrower shall agree in w•riting to the payment of the obligation secured by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in, ~ legal ptoceedings which operate to prevent the enforcement of the tien or forfeiture of the Aroperty or any part thereof. } S. Hazard Insnrance. Borrower shall keep the improvcments now existing or herea[ter erccted on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may reyuire; provided.~hat,i.elf~et,sAoil ~pt~quir~.that tbe amount of such coverage exceed that amount of coverage required to pay the sums secured by this~ t~a e, The insurance carrier providing the insurance shall be chosen by Borrower subject'fA"ap~i~v~l `bj~` Lender. provided, that such approval shall not be unreasor~ably withheld. All premiums on inguran~e por~ i1s1P ~ p~id in the manner provided uoder paragraph 2 hereof or, if not paid in such manner, by Botrower malcwg,pt~yaro~ttv~dae. directly to the insurance carrier. - All insurance policies and renewals t6ereof sha(1 be in form acceptable to Lender and sh la 1 inclu~e ~d~stai~dand motfg~ge clause in favor of aod 'en form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptty furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Bortower shall give prompt notice to the insurance carrier and t_ender. Lender may make proof of loss if not made promptly by Borrower. - Unless Lender and Borrower otherwise agree in writing, insurance pra:eeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically ieasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the scuns secu~ed by this Mortgage, with ihe ezcess, if any, paid to Borrower. If the Propeny is abandoned b~~ Borrower, or if Borrawer fails to respond to Lender within 30 days from the date notice is mailed by L.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender ~ is aut6orizod to collect and apply t6e insurance proce~ds al Lender's option eit6er to restoration or repair of the Property or to the sums secured by this Mortgage. Unless l.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in parag~aphs 1 and 2 hereof or change the amount of such installments. If under paragraph l8 hereof 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 proceeds 16ereof resulting from damage to the Property prior to tfie sale or acquisition shall pass to Leader to the extent of ~he sums secured by this hlortgage immed~ately prior to such sak or acquisition. 6. Presenation and Maintenance of Property~; Leaseholds; Condominiums; Pianned Unit Derdopmeats. Borrower ~ shait keep the Property in good repair and sha4 not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if 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 devetopment, the by-laws and regulations of the condominium or planaed urtit development, and constituer~t doctiments. If a condominium or planned unit development rider is executed by Bor~ower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7• Pro[ection of Lender's Security. if Borrower fails to perform the covenants anJ agreements contained in this r Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insal~•enc~°, code enforcement. or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma~• make such appearances, disburse such ' sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of ~ reasonable aitomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a. condition of making the loan secured b}• this Mortgage, Borrower sha11 pay the premiums required to maintain such insurance in effect until such time as the requirement for such ~nsurance terminates in accordance with Borrower's and • ~~n'12~5 p~r.~ 33~~ ~ . ~ _ . _ ~ _ _ - r - _