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HomeMy WebLinkAbout0037 ' .1~.' ! ~:~t 1 i. ~ i~l~?I • A UNtFOa~~ CoveN~N7s. Bormwer and _ LenJer covenant and agree as follows: ~ ~ 1. Payment of Pdnclpal and laterest. Hurn~wer shsll prumptl~~ pay when due the principal of and interest on the indebted~ess evidenced by lhe Note, prepayment and late charge~ as provided in the Note, and the principal of and intercst on any Futurc Advances secured by thic Mortgage. 2. Fuads !or Tua and Insuraact. Subject to applicable law or to a written waiver by I.ender. Borrow•cr shall pay to L.ender on thc day monthly installments of principal and intcrect are payable undcr the Note, until the Notu ic paid in [ull, a sum (heroin "Funds") equal to one-tw~cl[1h af It~e yearly tax~s anJ asscssments w•hich may attain priority ovcr this - Morigage. and ground rents on the Propert~, if any, plus one-twelfth of ycarly premium installments for hazard insurance, plus one-twelfth of yearly prcmium installments for murlgage insurance, if any, all as rea~onably estimated initially and it~om time ta timc by Lende~ on thc basis of asses~mcnts and hills and reasonablc estimates thereof. 'Ilie Funds shall be helJ in a~i institution Ihe deposits or arcuunts ot which are insurcd or guaranteed b)' a Federal or state agency (including Lender if LenJer is such an inslitutian). I.ender ~hall apply the Funds ta pay said taxes, assessments, insurance premiums and ground rents. Lender ma~~ not charge for.a holdinR and applying the FunJs, a~alyzing said account, or verifying and compiling said assessments and bills, unless I_ender pays Borrower interest on the Eunds and applicable law permits I.ender to make such a charge. Borr.~wer and Lender may agree in writing at ~he time of execution of this 111ortgage that interest on the FunJs shall be paid to aorrawcr, and unless stx'h agreement is made or applicable law- reyuira sueh i~terest to be paid. 1_ender shall not tk reyuirc~i to pay Borrower any intecest or earnings on the Funds. l.ender _ shall gi~e to Borrower, without chargc, :~n annual accounting of the FunJs shoH~ing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds a~e pledged as additional securit~~ for the sums secured by this Mortgage. . - If the amount of the Funds held by Lender, togethcr with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, insurance premiums and graund rents, shall exceed the amount required to pay said laxes, assessments, insurance premiums and ground rents as thcy fall due, such excess shall be, at Burrower 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 shall not be suflicient to pay taacs, assessments, insurance preraiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessar)~ to make up the deficienc}~ wifhin 30 da}~s from the date notice is mailed by Lender to Borrower rcyuesting payment thercof. Upon payment in full of all sums secured by this M~ingage, Lender shaU promptly ref~~Qd ~ to' Borrower any Funds held by Lcnder. lf under paragraph lR hercof the ProEx.rt~~ ic sold or thc Property is othen~ricc • cq~jted-by Lender. Lender sha11 apply, no latcr than immediately prior to the ~alc ~~f the ProExny or its acquisition h~•~ender.3aoy Funds held by Lender at ~hc time of application as.a cr~dit against the sumc secured by this 111ortgage. . ' 3. Application oi Payments. Unl~ss applicahle law pmviJcs otherwiu, all payments r~cc~v~d by Lcnder under the Notc and paragraphc 1 and 2 hcreof shall be appficd by I.ender first in pa}~ment of amuuats:payabl~td"C-ender by Borrower under paragraph 2 hereof, then to interest puyable on the Note, thcn t.~ thc principal~of tl~~lote, and thcn to interest and principal on any Futurc Advances. • . 4. Charges; Liens. Borruwer sh~ll pay all t~xes, ascessmcnts .~nd i~~hcr chargc~. finec and impusitions attributable to the Propert~~ which may attain a priority over this Itilortgage, and Icaschold payments or ground rents, if any. in the manner provided unde~ paragraph 2 hercof or, if not paid in s~!ch manner,'hy Borrower making payment, when due, directly to the payer thcrcof. Borrov?•er shall promptly furnish to Lendcr ail noticcs ot amounts duc under this paragraph, and in the event Borro«•er shall make pa~~ment direclly. Borrower shall promplly furni~h to Lender receipts e~•idencing such payments. 8orrower shall prompQy discharge any lien which has prioriry over this Mortgage: provided, that Borrower shall not be required to discharge any such lien co long as Borrow•er shall agree in writing to Ihe pa~~ment of the obligation secured by such lien m a manner acceptable to Lender, or shall in goexl faith contest such lien by, or defen~ enforcement of such lien in, legal proccedingti w~hich operate to prevent thc enforcement of the lien or forfeiwrc of the Propcrt}' or any part thereof. 5. Huard Insurance. Borrower shall kecp the imprmemcntti no~ c~isting ur hercafter crectcd on the Prorcrty insured against losi h} fire, fiazards inrluded within the term "~~trnded co~~erage", and such othe~ hazards at Lender ~may reyuire anJ m such ~mounts an~ for surh periodt ae Lendrr ma~~ rcyuirc: ~r~~vide.l, that Len~er thalt n~~t reyuire that the amount of ~uch coveragr exc~ed that amount af coverage r~yuired to pay thc ~ums securcd hy tiiis ~tortgagc. ' The insurance carrier providing the insurance shall be chi~,en by Borro~~er subject to appro~•al b~• Lender, provided, that such appmval cha11 not be unreasonahh• withheld. All prcnuums on insurance policies shall txr ~+:+id in the manner piovided ~mJer p:uagraph 2 hereof or, if not paiJ in such manner, by Borrouer making payment, when duc, direcdy to the ' ~nsurance carrier. ! All insurance policies anJ rencwals therc~t shali lx in form ~cceptab{c to Len.ler and sh:~ll include .i .tandard mortgage f ~laus~ in favor of and in form acceptable t~~ Lender. Lcnder tihall ha~~ the right to hold the polirics and rencw•als thereof. _ ~ and Borrower sh~ll promptly furnish to Lcndcr all renewal notices and all rcceipts of paid premium,. In thc cvent of loss.~ Borrower shalt gi~~e prompt notice to the inwrance carrier and I.ender. 1_ender ma} make proof of loss if not made prumpdy by Borrowcr. . ~ Unless Lendcr artd Borruwer othe~x•isc agree in writing, insurance procecJs shall be applied to restoration or tepair of ~ tne Properry damaged, provided surh rcuoration or repair is economically feasible and the security of this Mortgage is $ ~ot thereb~• impaircd. lf su~h reslor:?tion or repair is not eronomi~allp fcasible or if the security of Ihis Atortgage would ~ be smpaired, the insurance proceeds shali be applieJ to the sums secured by this Mort~age. ~~ith the excess, if any, paid to BorroNer. If the Property~ is :ibanJoned b}~ Borr~~w•er, or if Borr.,wer fails to respon~! to 1_ender within 30 da}~s from ihe ;1ate notice i~ m~iled b~~ Lender to Borrower that the insurance carrier o(Ters to settle a claim for insurance benefits, Lender i; authorized to collect and apply the insurance proceeJs at LenJeSs_ option either to restoration or repair of the Properiy or to ~he sums ~ccurcd by this ~tortgagc. - Unless l.ender and Borrower otherw~ise agree in writin~, an}• such application of pr.x:eeds tb principal shall not extend or postpone the du~ J:,te of the monthly install?nents rclcrred ta in paragraphs i and 2 hercof or changc the amount of such installments. .If under paragraph I8 h~reof the Prop~:rt~~ is a.yuired.by Lender, all right, title and inte~est of Borrower ~n ~nd to an~ insurance policies and in and to thc proceeds thereof resulting from d:~mage to the Property prior to the sale or acquisitie~? shaU pass to Lender_ to the extent of the sums sccureci b~~ th~s ltortgage immediatel~• prior to such sale or acquisition. ~ 6. Presenation and Maintenance of Propeirty; Leazeho(ds; Condominiums; Planned Unit De~•elopments. Borrower shall keep the Property in good repair and shalt not commit Hastc er permit impairmeni or deteri~ration of the Property ~ and shall comply with the provisions of any iease if this Mortgage is ~u a lcaschold. lf this Alortgage is on a unit in a - condominium or a planncd umt devel~pment, BorroN~er shall pcrform all of Borruwer's obligations under the declaration ~ or coveuants creatmg or governing the condomimum or planned unit development, the by-laws and regulations of the ~ ~ ~on~ominium or planned unit development, a~~d constituent da;umcnts. If a condominium or planned unit development ~ riJer is executed by Borrower and recorded tugether «ith this Mortgage, the covenants and agreements of such rider ; ~ shall be incorporated into and shall amend anJ supplemcnt the cuvenants and agreements of this Mortgage as if the rider ~ ~ wcrc a part hereof. ~ ~ ~ 7. Protection of i.ender's Secnrity. If Borrower fails to ~xrform the covenants anJ agreements contained in this ~ g Mortgagc. or if any act~on or proceeding is commenceJ which materially ~Hects Len~ier's interest in the Property, ~ ~ including. but not limited to. eminent domain, insolvenc~~, code enforcement, or arrangements or proceedings involving a. ~ bankrupt or decedent, then Lendtr al Lender s vption, upon notice to Borrower, may rnakt such appearances, disburse suci~ 'r ~ sums and take such action as is necessaty to protect Lendtr s mterest, including, but not limited to, disburxmtnt of ~ - : reuonable attomey's fees and entry upon the Properiy to make repairs. Ii Lender required .Enortjage ~incurance ~s a ~ condition of making the loan secured b)~ this Murtgage. Borrou'er shall pay the pret~iums. required to maintain such 1 ~ insurance in etiect until such time as the reyuirement for such insurance terminates in`accordance with Borrower's and ~ ~ • ~ i ~ ~oo~ 2~7 F~~ 37 ~ ~ ~ ~ ~ - . ~ ,KF - - - 3. w T-- , _r _ ~ _ ~=.y _ . - - . .