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HomeMy WebLinkAbout0383 .~1 )1 i J (,v UNlFQRM C'oven~.~~ts. BorroNer and l.cnJrr covenam and agr~c a~ (oUuws: 1. Pa)meal of P~incipai ~nnd laleresl. Bl~tfUN'~f shall promp~ly pay whcn due the principst of and intrrest uti the i~Jebtcdneu cvidcnc~~t hy the Nutc, prepaymcnt anJ tatr ch;,rgr~ provi~ed ~n the Notc, and ~he prin~ipal ut and intcrest on any Future Advances secureJ by ~his Mortgage. • 2. Ruads tor Tua snd lnsut~aee. Subjcct ta applicable law or to a written w~aiver by l.eoder, Rorrowcr shall pay ta 1.enJer an ihc day monthly installmcnts o( principal and intcrcct arc payable unde~ the Nutc, until Ihr'~otc ~c paid in futl, a sum (herein "Funda"1 cqual ~a one-twelfth o( the yeariy taxc:c and acsessments u•hich ma~• attain prioriry over ~his Mortgage, anJ gruund rertts on the Prnperly. if any, plus on~-~wclt~h of yearly p~rmium ~nst~llments for hazard insur~nce, plus onc•twelfth of yearly prcmium installmcnts tor mortgage insur~ncr, i[ any, all as reax~nably cstimated initially and trom time to time by 1_endet on tM: basis of asscs~mcnts anJ bills and reasonable estimates thereaf. The Funds sha11 t+e hefJ in an insliwtion the dep~~sits or accounts of which are insurecl ot guarar?teed b} a Federal or state :~gcncy lincluding Lender if l.cndtr is such :m imtiiutiont- I.ender shall ~pply the ~unds to'pay iaiJ ta~ces, asscssments, insurancc prcniiums and ground rent~. Lendcr may not chargc for w holJ~ng and applying thc Funds, anal~•z~ng said accouM, or verif}•ing and compiling said as~e~,ntents and hills, unlcss I.enJer pa}s Borrower intcn~st on the Funds and ~pplirable !aw permits Lender to make such a cha~ge. Borrower and I.snJer may agree in writing at the time o( execut~on o[ this I~lortgage ~h•rt interr+t on the Funds shall tx: paid to Borrowcr, and unless such agreemen~ is made or appticable law reyuires such interest to be paid, l~nJer shall ~ot be reyuir~~l ta pay Hor~ower any interest or carning~ un the Funds. LcnJer xhall gi~•~ to H~~rrower, w•ithuut charge, an annual accounting of the f~unJs show•~ng credits and dehits to the,Funds and the purposc for Nhich each Jebit tu the I=ands a•as n~adc. Thc Fund, are pledg~d as add?tiunal sec:urity for thc sums secured ~ by this Afortgage. ' I[ the amount of the Funds held by Lendcr, t~~Fcthcr with thc (uturc monthly instal(mcnls of Funds pa}'able pri~~r to the due dates of taxes, asscssments, insurance prcmiunu and gr~~und rents, shalf exceed ihe amount required ta pa~• said taxes, assessments; insurance premiums and ground rent~ as thc~• frll duc. such ~~cess shall be, at Borrower's option, either prompU~• repaid to Borrower or ctedited to Borru~ver on monthly~ installmcnts of Funds. lf the amount of the Funds held by Lrnder shall not be suflicier.t ta pay taxes, assec~ments, imurance prer.~iums an~ ground rents as they fall due, Bonower shall pay to Lende~ an~• amount nec:essan~ to niake up ~he deficiency wilhin 30 da~5 from the date notice is mailed by Lcnder to Borrower myucsting paymrnt ~hereal. Upon pa~•mcnt in full of all sums sccured by this M~~rtgagr. L~ndcr shall prompQy rcCund to Borroacr any Funds held by I.cnJer. !f under parag~aph 1R hereaf the Propeny ~s soW or thc Propcrt}~ is otherwicc arywrcd by I.ender, l.ender shatl apply, n~~ later th;~n immediatcl~• prior io the ~ale of thc Pro~xrty or its ~cquisition h~~ 1_cnder, an}~ Fu~Js heW by Lendcr at ~hr ~imc uf application as a crc~iit against the sumti sccured by thit \tortgagc. 3. Application of Pa}•menis. lJnlc~s appl~cable law pr<~~ides otherwi,c, all paymcnts re«iveJ b~• Lcnder unJ~r the \ute and par~graph. i and' herc+~f ~ii:~~0 ~ sNF~,«c! M• I.ender firct in p:l~mcex r! am.~unts pa}•:~bie to Lrn~cr b~~ 8orroHer under paragr:~ph 2 hcrcul, then to intrrest papahlc on thc \o~r. then tc. the principa! of the Nutc, and thcn to interest anJ E~nncipa! un an}• Futurc Advanccs_ 4. fharRes: t.iens. Borrrwer .h.~ll pa}' all ta~c~, acs~scments and other ~hargr.. fene. anJ imp.~.itians attribirtable to the Propert~• which may attain a prioriry over tfiis ?1lortgagc, and leasch~ld paymems or ground rcnts, if any, in the manrter provided unJer paragraph 2 hercot or, if not paid in such manner, b~~ Borrower making payment. .~hen dut, directh• to the payee then.*c~f. Borroµer shall promptly furnish to Lender all notices of amounts due onder this paragraph, and in the e~~ent BorraH•er shall makc paymcnt dir~tith, Borrawcr shall promptlp (urnitih to 1_cn~lcr rcccipts ~~idciuing such pa}mcnts. Borrower shall prompt!}~ discharbc an}~ lien which has prionty over this l~tortgage: pru.•i.IeJ. that Borrow•~r ~hal~ not be required to dsuharge an) ~uch li~n w lung :~s Bormw~r shall agree irt W riting to th~ pa~ment ut the obli~~ti~m ~ccured b}• ~uch 1?en 6n a n~anner aceeptablr to Lender. ur ~hall in gcx~ f•rith contr~t such lien hy, or .iefen~ enforcement of surh lien in, Iegal pr~kcedingc ~hi~h o{x~rate tu prc~ent thc cnf~~rc~mcnt of thc hen ~~r torfeiture ~~f thc Propcrt~ or :~m~ part ?hereof. 5. Hacard Imurance. l3orroHer ~hail keep the ~mprovrm~nt~ no.. r~i~ting un c~rcaftcr ~rr~tcJ on thc !'r.~~xrt~• imured .+gainst Ic•c, h~ fir~, hazard4 in.luJed wi~f~m tfie t~rm "c~tenJed ~ovrrag~". and ,ach .~ther hazards a~ Lender ms)~ reyu~re ~n.t ~n such amuimt. :ind for su~:h perii~dc ac 1_cnder may rcyuirr; pr~~~ idc~t, lhat LcnJtr ~hall not rcyuirc that thc :~ntc~iint .~f ~uch cu~•cr:~er e~~eed tha: amuunt of ~o~erage r~ywrcd t~~ pa~~ the wm. tic~urcd h~~ th~~ ~tortcage. "Il~e ~nsurance .ar~ier providing ~he insurance sh.ill t~e ~ho~rn by Borro~er subject to appro~~af h}• Lender, provided. th:~t wch appn»al .tialt nc~t Fx: unreasunably withhetd. Alf prcmium. on insura~re pulicies tihaU tx paid i~i the manner prav~drd under p:~r:~~raph 2 herco( ur. ;f not paid in such manner, b~ Borrower making payment, whcn due, d~rc~:tly to the inaur~nce carr~er. ~ All inturance poG~ic~ anJ rene~~als thereo( shall tx in forni a:cr^table to Len~irr and shatl inrludr :i .tandard mortg.~ge clause in fav~u ~~f and ~n form acceptable ro l.ender. l.~nder shaN have the right io hold Ihe p:~h~i~s and renewal~ thrre.~f. - and Born~Her ~ha!! pron~ptl~~ furnish to [_endcr all renc~al notices an~ ali receipts of paid prcmium~. In the e~ent of lotc, B~rru~ver ~hall ~i~•e prompt notice to the in~ur~n~e carrier :~nd Lender. Lender ma~ make pr.wt of io~~ it n.~t inade pmmptly b~ Burr~~w•cr. ~ Unless I_cndcr and Borruw•er athrrwise agrec in ~r+t~nk, insurance pr~xecds sh~U be applied to resturation or repair of the Property damaged_ prov~Jcd such re~torat~un ~~r repair is cconomi~aU~• fcasible and the se~urity uf this ~lortgage is not thereb~' impaired. 1t such restizr~h.~n ur repair is n~~t rcun.~micall~ fea~iMe or if the security of Ihis :1i~rlg:~gc w•o~ild be impaired, the insurance pra;ee~is shall bc aprlic~l to the sums secureJ b~ this Mortgage. H+th the excess, if an~~, paid t~ Borrow•rr. I( the Pro~rt} is xb:~t?doncd h}~ Rorrowe~. ~r if Borrow•er fnils m res~nd to t.endcr within 30 da~•s from the Jate notice ii mailed by 1_ender to BurroW~e~ that the ~nsurance rarricr ofTers to set~le a claim for insurance benefits, I_ender i~ a~thorizeJ ro collect and :,pply the ~pwranre pre~;eed~ at Lender's option either to restoration or repair o[ the Property ur to the sums ~crurcJ hy this ~turtgagr. - ~ntess I.~nder and Borruwer othen~ix agree in ~vr?ting. :,n~ such application af pn•ceeds to pnncipai ~hall not extend or rx~stpane the d~ie datc of the mnnthl}• installmen~s refcrred ta in paraeraphs 1~nd ? hcreof or change the amount of such installments. If un~ler paragraph 18 hereof the Propert~~ is acytured h~ Lender. atl rieht. titte and interest of Borre~wer in and to an~- in~~:ranre po(icies and in and to the proceeds thereut rc~ulting ir~~m damage to the Property prior ta the sale or acqetisition shafl pass to Le~det 1o the extent uf- the sunu securrd b} thi~ 1lurtgage immediately pnor to such sale or acquisition. 6. Presenalion and ~taintenance of Propert); Lgasehulds; Condominiums; P19nned Unit Developmenls. Borrouer shall keep the Property in good repair and shall not commit waste or permit impairment or detereoration of !he Propcrty and shali comply~ with the provisions of any leace if this A~ortgage ?s ur. a Irasehold. If this ~tortgage is on a unit in a condominium or a planncd unit de:clopmcnt, Borrower sh:+ll pcrform all o( Borrower's ohligations under the declaration or covenants crrahng or governing thr condommium or planned unit development, the b)'-(aws and regulations of the coniiominium or planned unit develvpment. and constituent dauments. It a con~lomineum or planned unit de~•elopment ° riJer is erecuted by Borrower and re~orded together with ihic Mortgage. the covenants and agreements ot such riJer shal! be uuorporated into and sh~ll amcnd anJ supplement thc covenants and agreements of this Mortgage as it the rider Here a part hereof. ' 7. Prolection oi i.enders Security. If B~rrowe~ faik to perfrrm the covenants anJ agreements c~~nta~ned in this Mortgag~, or if any action ur proceedmg +s commenceJ w•hich materia)ly atiects Lender's intcrest in the Propc:rty. includ?ng. but ni~t )imiteJ to. cm~nent domain. insi~l~ency, code enforcement, or arrangements or pmceedings im•oh~ing a bankrup~ or decedent, then t_enJer at f.ender's uption, upon notice to Borrower, may make such appearances, disburse such sums and take such action ~s is necescary to pn?tect Lenders interest. incl~~Jing, but not lim~ted to. d~cbursement of reasonahle attomej-'s fcc~ and cntry upun thc Property to make rcpair~. It 1_ender reyuired mortgage insurance as a :ortd?t~on of making thc loan secured b~ this Mortgage. Borrower shall pay the premium~ requireJ to maintain such insurance in etTect until such time as the re.~uirement for such msurance terminates ~n accordance with Bormwer's and ~ ~ _ . . Vl! ' ! ~ ~ ' ' dUUR O PACE ~ £ - - _ , ~ ~ e,~ ~ _ ~ ~ ' - ~ 4 _ ~`"'<rr',a~`''~-s~~ r _ ~ .f~ ._3~.:.. . ,~m. . .