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HomeMy WebLinkAbout0770 ~ : . ~ . . . ,`t'., ~ UNI!?ORAI COVBNAN7'~. Borrower and i.cnder covenant and agree as follaws: , ~ 1. lyrdest ot ldacl~al a~d We~st. Borrower shall prompUy pay whcn due the pri~cipal o( and interest on the iadeWednesa evidenoed by the Note. p[epaymeat and late charges as provided i~ the Notc, and the principal of and intercst oa any Future Advances sxured by this Mortgaae. Z. Fr~ tor T~a aei U~an~ce. Subject to applicable law or ta a writte~ waiver by l.ender. Horrower shall pay ~ to Lender o~ the day monthly installments of principal and interect are paysble u~der thc Note, until the Note is paid in lull, ~ a stun (herein "Funds'7 equal to one-twelfth of ihe yea~ly taxes and assessments which may attain prio~ity over this j Mort~age. and ground nnb on the Pmperty. if any, plus cmatwelith of yea~ly premium installments for hazard insurance, ' plus oao-twelfth of yeuly ptemium iastallments for mortgage insurance, if any. all as reasonably estimaied inilially and [mm ~ time to time by I.ender oa tbe basis of assassments and bills and reasonabk estimates thereof. + The Funds shall be held in a~ institution the deposits or accounts ot which are insured or guaranteeci by a Federal or i atate agency (including Lender if L.ender is such an irutilution). l.e~der shal! apply the Funds tu pay said taxes. assessments. insurance premiums and grYwnd rents. Lender may not cha~ge for so holding and applying !he F~incis, analyzing said account. or verifyi~g aad compiling said assasments and bilts. unles3 l.et~der pays Borrower interest on the Funds and applicable law permits Leader to make such a charge. Borrower and Lenckr may agrce in writing at the time of execution ot this ° Mo~tgage that interest on the Ftinds shall be paid to Borrower. and unless such agreement is made or applicable law ! requirea such interest to be paid. I.ender shall not be required to pay Borrower any interest or earnings on the Funds. l.cnder ; shall give to Borrower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the ! purpose for which each debit to the Funds was made. The Funds are pledged as additional socurity tor the sums secured by this Mortgage. . ~ If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to. the due data of ta~tes. assessmeats, insurance premiums and ground rents. shall exceed the amount required to pay said taxes. ass~ments. ituurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option. either promptly repaid to Borrow~er or credited to Borrower oa monthly installments of Funds. If the amount o( thc Funds hdd by I.eader shall not be suf6cient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed by l.ender to Borrower requesting payment thereof. . Upon payment in full of all sums secured by ihis Mortgage, l.ender shall promptly refund to .Borrower any Funds heW by L.ender. If under paragraph.l8 hereof the Property i~ sold or the Propeny is otherwise acquired by I_ender, l.ender shall apply, no later than immodiately prior to the sale of the PropeKy or its acquisition by (.ender. any Funds held by L.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Application oE P~a~eets. Unless .applicable_ law provides otherwise. all payments received by I.ender unJer the Note and paragraphs 1 and 2 hereof sl~all be applied by l.ender first in payment of amounts payable to Lcnder by Borrower uader paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note, and thcn to interest and priacipal on any Future Advanxs. 4. C6~rse~ I3e~. Borrow~er shall pay all taxes, assessmcnts and othcr charges, fines and impositions auributable to ; the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, io the manner ; pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, diroctly to the , payee tl~ereof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph, and in the eveqt Borrower shal) make payment diroctly, Borrower shall promptly fumish to Lender meipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be ~+equirod to discharge any such ~ien so long as Borrower. shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien ia. legal proceedings which operate to prevent the enforcement ot the lien or fotfeiture of the Property or any part thereof. S. Hazard Iusnrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by 6re. 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 require; provided, that Lender shall not require that the amount of ` such rnverage eaceed t6at amount of coverage required to pay the sums secured by this Mongage. 'I~e insurance carrier providing the iasurance shall be chosen by Bonower subject to approval by Lender, providod. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall. be paid in the manner providod under paragraph 2 t~ereof or, if not paid in such manner, by Borrower making payment, when due. directly to the i iawranx carrier. - All insurance policies and renewals thereof shall be in form acceptable to Lencier and shall include a standacd mortgage - ~ clause in favor of.and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ( aad Borrowec shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the evept of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly , by Borrower. Unless Lender and Borrower otherwise agree in writing. i~surance proceeds shall be applied to restoration or repair of . the Property damaged, provicied 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 feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with ihe excess~ if any. paid to Bortower. ]f the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notict is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is aut6oriud to collect and apply the insurance proveeds at Lender's option either to restoration or repair of the Property or to the sums securod by this Morigage. _ Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shaU not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change Ihe amount of such installments. If under paragraph 18 hereof the Property.is acquired by L.ender, all. right, title and interest of Bo~rower in and to aay insurance policies and in and to the proceeds thereof resulting from damage to t6e Property prior to the sale or acquisition shal) pass to Leader te the extent of the sums se~ured by .this Mortgage immediately prior to such sale or acquisition. 6. Praervadon aod Mainten~nce of Property; Lease6olds; Condominiuois; Planned ~1oit DevelQpments. Borrower shall koep the Property in good repair and shall not com~vit waste or permit impairment or deterioration of the ~Propeny K and shall comply with the provisious of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a ~ condominium or a planaed 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 regulati~ons of the condominium or pianned unit development, and constituent documents. If a condominium or planned unit development ~ rider is eaecuted by Borrower and recorded together with this Mortgage, ihe covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement ihe covenanis and agreements of this Mortgage as if the rider ~ ~ were a part hereof. ` ~ 7, trutectio~ ot Lender's Sec~uitt. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any acdon or prorxeding is commenced which materially ~ffects Lender's interest in the Property, ~ including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a banicrupt or decedent, then I.ender at l.ender's option, upon notice to Borrower, may make such appearances. disburse s.rch fums and take such action as is nocessary to protect Lendcr s interest, including. but not limited to, disbursement of ~ rea~onsbk attomey's fe~.s and entry upon the Property to make .repairs. If Lender required mortgage insurance as a conditioa of making tbe loan stcured by thia Morigage, Borrowcr shall pay the premiums required to maintain such ~ •iAwraooe in eHect until such time as the nquireruent for such insurance terminates in accordance with Borrowers and ~ ~ ~ - p'o~ 287 ~ 767 - - - - _ - . , _n