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HomeMy WebLinkAbout0742 ~ ' ~ . UNIFORM COVEN~NTS. Borrowe~ and l.ender cuvenanl and ag~re as foUows: 1. ~tpl OI P1~IIt{MI !Od I1lltftil. &~~nwver .hall pr~~mpily p~y Hhrn duc the prinripal of and interest ~~n the +ndebtedness evidenced by the Note, ptepaymen~ and late ch:~rgc. pravided m ~he Nole, and the principal of and interest on any Futurc Advaoces secured by this Mortgage. 2. Frnds tor Tua aad lasaraace. Subject to appGrahlr law ~~r to a writ~en waiver by I.ender, BoROwer shaii pay to i.ender on Ihe day monthly installments of principal and ~n~rrr.t .~re p~yahlc unJr~ thc N~tc, unti! ~he Note is paid in full. a tum (here+n "Funds") equa! to onatweUth ~f Ihc ycarl~ t•r~~. anJ assessmcntc which may attain priority over th~c Mortga,ge, and ground renu on the Propcrty, it aoy, plus onc-tw•eltth ol yearly premium installments for hazard insurance, plus one-twel(th of yearly premium ins~allmrnis for m~r~gage ~nsurancc. if any, all a+ reaLOnahiy cstima~ed i~itiaHy and irom time to time by l.endcr on the basis o( a~sc;s~m~nts anJ hifls anJ r~awnaMtr estimates lhercot. The Funds shall t~e held in an inatitut~~~n ihe deEx,"t. or :,ccuunts ot which are insureJ or guaranteed by a Federal or state ageoey (including Lender if Lcoder is auch an instiwtion). Lender ~hall apply the Funds to pay aaid taxes, asseuments, insurance ptemiums and ground rents. I.ender may no~ charge lo~ so holding and apptping ~he Fundc. anal~•~ing said account. or verifying and compiling said asscscments arxi bilh, unless l.ender pay~ Borrower interest on the Funds and applicable iaw ptrmits Lender to make such a charge. &.rrower and LenJe~ may ~grce in writing at thc time of exerution of this Mortgage that intercst on the Fuods shall tu paid ta $orrower, and unless such agreement is made or applicable taw requires such interest to be paid. Lender shall nat be requirecl to pay 8arrowcr an~• interest or earnings on the Funds. 1_ender shall give to Borrower, without charge, an annual accounting o( the Fuods showing credits and del>i~s to the Fundi and thc purpose for which tach debit to the Funds w~s made. The f=unds are pledg~i as additional securit~• for the sums secured by this Mongage. ~ If the amount of the Funds held by Let?c1er, together with the luturc monthly installmenls of Fundc payablc prior to tbe due dates of laxes, ass~ssm~nts, insurance premiums and ground re~ts, shall exceed thc amount ~eyuircd to pay said taxes, assessments, insurance prcmiums and ground rents as they fall due, such excess shall be, at Bor~ower's option, either pranptly rcpaid to Borrower or crodited to Borrawer on monthly instalimcnts of Funds. If the amuunt of thc F~unds luld by L.~ader sha!! not be sufRcieat to pay taxes, asseuments, insurancc pmmiums 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 natice is mailed by I.ender to Borrower rcquesting payment thereo(. Upon paymtnt ia full o[ alt sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds htld by l.ender. If under paragraph 18 hereof the Property i~ sold or the Propcrty is othervvise acquired by l_ender, l.ender s6a11 apply, no later than immediately prior to the sale of the Property or its acquisition hy 1_ender, any Fu~ds held by L.ender at the time of application as a creJit against the sums secured by th~s Mortgage. 3. Application of Payments. Unless applicable taw providcs otherwise, aU payments received by l.ender under the Note and paragraphs I and 2 hereof shall be applicd by Lcnder first in payment of amounts payable to l.cnder by Bormwer under paragraph 2 hereof, then to inte~est payablc on the Note. ~hcn to the principal of the Note, and thcn to interest and principal on any Future Advances. 4• CbarEa; [3eas. Borrower shail pay atl ~azes. asses~ments and other ch~rges. fines and impositions attributable to the Property which may attain a priority over tbis Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid i~ such manner, by Borrower making par~nent, when due, directly to the payee thereof. Borrower shall promptly fumish to ~enJer aU notices of amounts due under this paragraph. and in the event Borrower shall make payment dircctly, Borrower shal! promptly furnish to lxoder receipls evidencing such payments. Borrower shall promplly discharge any tien which has priority over this Mortgage; provided, that Borrower shall not be req~irad to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to L.ender, or shall in good faith contest such iien by, or defend enforcement of such litn ire. Itgal pr~aceedings which operate to prevent the enforcement of the lien or totfeilure of the Property or any pan thercof_ S. Hazard lasyrance, Borrower shall keep the impra~•ements now existing or hereafter erected on the Property insured against lc~ss by fire, hazards included within the term "e~tended coverage", and such other haZards as Lender may reyuire and in such amounts and for such periods as Lender may require; provided, that LenJer shail not require that the amount of such coverage exceed that amount of coverage required to pay the se,ms seci~red ~by this Mortgage. 'I7~e iraurance carri~r providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, tbat such-approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the iasurance carrier. All insurance golicies and renewals thereo( shall be in form acceptable to LenJer and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewats thereof, and Borrower shall promptly furnish to Lender ali renewal notices and at~ receipts of paid premiums. In the event of loss. $orrower shal! give prompt notice to the insurance carrier and Lender. Lender may make proot of loss if not made promptly by Borrower. Unle~ Lender and Borrower otherwise agree in w•riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repa~r is economically leasible and the security of this Mortgage ic not ~hereby impaired. It such res~oration 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 secureJ by this Mortgage, with the excess, if any, paid to Borrower. If the Ptoperty is abandoned by Borrower, or i[ Borrower fails to respood to Lender within 30 days from the date ootice is maited by i.ender to Borrower that the insnrance carrier ofiers to settle a claim for insurance benefits, L.ender is authorizeti to collect and apply the insurance praceeds at Lender's option either to restoration or repa~r of the Prapem• or to the sums secured by this Morigage. Unless Ixnder and Borrower otherwise agree in wridog, any such application of prcx:eeds to principal sha11 not extend or postpone the due date ot' the monthly instaliments rcfcrred to in paragraph+ 1 and 2 hereof or change the amount of such installments. If under paragraph IS hereof the Property is acyuired by L,ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale or acquisition shall pass to L,ender to the eatent oi the sums secured by this Mortgage immediately Qrior to such sale or acquisition. 6. Preservation and Maintenaace of Pmperty; Leasehulds; Condominiums; Planned Unit De~elopments. Borrow~cr shall keep the Property io good repair and shall not comrpit waste or permit impairment or deterioration of the Property and sha11 comply with the provisions of any lease if this Mortgage is on a teaschold. If this Mortgage is an a unit io a coadominium or a planned unit developmertt, Borrower shall perform al! of Borrower's obligalions under the declaration or covenants creating or governing the condominium or planned unit develvpment, the tsy-laws and regulations of the condominium or planned unit development, and cons~ituent document~. If a condominium or planned unit development ~ider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such ridcr shali be incorporated into and shall amend and supplement the covenanls and agreements of th;s Mortgage as if the riJcr wen a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, ot if any action or proceeding is commenccd v?hich materially affects LenJer's interest in t6e Property, inctuding, but not limieed io, eminent domain, insc?lvency, code en(orcement, or arrangements or proceediogs involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sutua and take sueh actian u is necessary to protect l.ender's interest, including. but not limited to, disbursement af reasonabk attomey's fees and entry upon thc Propcrty to make rcpairs. If Lcnder r~yuircJ mortgage insurance as a condition of making the loan securecl by this Mortgage, 8<irrower shall pay the premiums req~iired to mainiaio such ~ iaturance in efftct until such time as the requirement for ~uch insurance termina~~ ccordance with Borrower s anJ 6uQK ~v~ PAGf ; - x~ ~ ~ ~ ~ i ~ ~ ~ - ~.x ~ ~,~y~ ~ ~ ~ ~ .