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HomeMy WebLinkAbout0414 . . . , UNIFORM COVF.N~NTS. Barrower and l.endc~ covcnant and aRrce a, follows: 1. hrltpl O~ P~IIt~I aOd IOItfKI. Borrowe~ ~hall promp~ly pay v?hen Jue the principal c~f and interest on the ~ndebtedness evidenced by the Note, prepaymenl and la~e ch:~rgc. pr~~vided m the No~e, and the p~incipal of and intercst on any Future Advanca securCd by this Mortgage. 2. Fdads tot Ta~[s~ ~ad lasrra~ce. Subject to applirahle law ur to ~ writ~en waiver by Lender. Borrower shall pay to l.ender on the day montbly i~stallments af principal anJ intrrr.~ .~rr payaMe undcr thc Note, until the Notc is paid in tull. i iUfll (11C(CIO ~~UQI~~~) ~yu.i lU UtIC'iNCl~tti lii~ j~:i:ii i3:~'. :iR:,~ ~i~.^.:,~n~c ~yl~irh fn~V auain ~l~Ip~1~Y over lflli Mortgage, and ground rents on the Property. if any, plus one•~w•c1(th ol yearly p~em~um ins~allme~ts tor hazard insurance. plus one-twtlfth of yearly premium installmen~s tor mortgagc insurancc. ~f a~y, all as reasonably estimated initially and from time to time by Lender on the basis of asscs.mcnls and hills and rrasonabir atimates thereuf. 71~e Funds shall be held in a~ institutie?n ~he dep~x~i. o~ arcounts oJ which are insured or guaranteed by a Federal or state agency (including l.ender it Lende~ ~s ~uch an institutionl. I.ender ahall apply the Funds to pay said taxes, assessments. ' insuranee prcmiums and graund rents 1 ender may n~t c6arge tor u~ halding and applying the Fundc. analyzing said account. or verifying and compiling said assessments anJ hilts, untcss i.ender pay~ Borrower interest on !hc Funds and applicable law permits Lender to make such a charge. Hc~rrov?•cr and l.endcr may agree in writing at the time of execution of this Mortgage that interest on the Fuods shall he paid to Borrower, and unless such agreement is made or applicable law rcquires such i~terest to be paid, l.ender shall not he requirec! to pay Borrower any inte~est or earnings on the Funds. 1_ender s6a11 give to Borrower, without charge, an annual atcuunting of the Funds showing credils and debits ta the Funds and the purpose fot which each debit to the Funds was made. 71~e Fund~ are pl~~lged as additional security for ~he sums secured by ~n~: ~or~~~. If tbe amount of the Funds held by Le~der, together with the futurc monthly installments of Funds payable prior to _ the due data of taxes, azsessmeats, insura~ce premiums and ground rent~, shall exceed the amount reyuired to pay said taxes, assesaments, insurance premiums and ground rents as they (all due, such excess shap be, at Borrower's option, either proa?ptly repaid to Bormwer ar crodited to Barrowe~ on monthly installments of Funds. If the amount of thc Funds held by Lender shati not ba su(~ciedt to pay taxcs~ asseumertls, insurancc premiums and ground rents as they fall due, Botrosver shall pvy to l.ender any amount necasary to make up the deficiency within 30 days from the date notice is mailed - ,'tlj:.»' ' . LJ L~.uu~.i ~v Lv.iv~Ci :~y::w: r` -.s• Upoa payme~t in full of all sums secured~by this Mortgage, t_ender shatt promptly refund to 8orrower any Funds - held by Lender. If under paragrsph 18 hereof the Property ia sold or the Property is otherwise acquired by l_ender, Lendcr s6d1 apply, no later than immediately prior to the sale of the Property Qr its acquisition by 1_ender. any Funds held by Lender at the time of application as a crcdit against the sums secured by th~s Mortgage. 3. Applicatio~ oE payments. Unless applicable taw pravides otherwise, all payments receired by Lender under the Note and paragcaphs 1 and 2 hereof shall be applied by Lender first in p:~yment ot amounts payable ta l.ender by Bormwer under paragraph 2 hercof, t6en to interest payablc on the I~ote, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Cbtr~e~ Liees. Borrower shalt pay all taaes, assessmcnis and othcr charges, fincs and impositians attributable to ~ the Pr~operty which may attain a priority over this Mortgage, and lessehold payments or ground rents, if any, in the manner pmvide~ under paragraph 2 hereof or, if ~qt paid in such manner, by Borrower making payment, whqt due, directly to the psyee Wereof. Bomower shall promptly fumish to Lender all notices of amounts due under this paragraph. and in t6e event _ Borrower shall malce payment directly. Borrower shall promptly furnish to Lender receipts evidenc+ng such payments_ Borrow~ shall prwnptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be ; required to discharge any such lien so long az Borrower shall agree in w~riting to the payment of the obligation secured by such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, or defend enforcement of such iien in. (egal proceedings which aperate to prevent the enforcement of the lien or forfeiture of the Property or any part thenof. S• HazaM insuraoee. Borrower sha!! keep the improvements now existing or hereafter erected on th~ Properiy insuted 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 requirc; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. TLe insararece carrier providing the insurance shall be c;~osen by Borrower subject to approval by Lender, provided, that auch approva! 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, directty to the inwranco carrier. Al! insurance policies and renewaJs_thereof shall be in. form acceptable to Lender and shal) include a standard mortgage clause in favor of a~d in forrn acceptable to l.ender. Lender shall have the right to hold the policies and renewals thereof, and $orrower shall prompt:y furnish to Lender all renewal notices and all receipts of paid premiums. In tht event of loss, Borrower shali give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Ualess Lender and Borrower otherw~se agree in w~iting, insurance proceeds sh~ll be applied to restoration or repair of ' the Property damaged, provided such restoration or repair is economicaily feasible and the securiry of this Mortgage ic not thereby impaired. If sueh restoration or repair is not ec~nomically 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 the exc~ss, if any. paid to Borrower. If the Propert~• is abandoned by Borrawer, or if Borrower fails ta respond to Lender within 30 days from the date notice is mailed by I,ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is autborized to co!lect and apply t6e insurance proceeds at !_ender's option either to restoration or repa~r of the Propert~• or to the sums secured by this Mortgage. Unless L.ender and Borrower otherwise agree i~ w•riting, any such application c~f prckeeds to principat shall not extend or postpone the due date of the monthly instatiments referred tc~ in paragraphc 1 and 2 hereof or change 1he amwnt oi such ir~stallmeAis. If under paragraph 18 hereof the Propeny is acyuired by Ixnder, all right, title and interest of Borrower in and to any insurance policies and in aRd to the proceecis thereof resuhing from damage to the Property prior to th~ sale or acquisition shall pass to I.ender to the extent of the sums secured by this Mortgage immediately prior to such saie or acquisition. 6. Pnservatlon nad Maintrnanct of Propedy; Leasehulds; Condominiums; Planned Uait Devebpments. Borrow•cr shall kcep the Property in good repair and shall not comcpit waste or permit impairment or deterioration of the Property ' s::a!! ~~:~r!; ~6?.h !hs grovicic~~+e ~f ~nv lease if this Mort¢a¢e ic on a leasehold. If this MortRaAe is on a unit in a condominium or a planned unit development, Borrower shall pcrform ali of Borrower s obligations under the declaration or coveoants creatiag or govtrning the condominic~m or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. I( a condominium or planned unit development rider is executed by Borrower 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 heroof. 7. Protectioo of Leode~'s Security. If Sorrower fa~ls to perform the covenants and agreeme~ts contained in this Mongage, or if any action or proceeding is commenceJ w hicb materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insoivency, code enforcement, or arrangements or proceedings in~olving a bankrupt or decedent, ihen l.ender at Lender s option, upon notice to B~rrower, may make such appearances, disburse such sums and take sueh xtion as is aecessary to protect Lender's interest. incluJing, but not limited to. disbursement of - reasonable attomey's fxs and entry upon the Propcriy to makc rcpairs. If Lender requircd mortgage insurance as a condition of making the loan secured by this Mortgage, Born?aer shaii pay the premiums required to maintain such insorance in ef~ect uni+l such time as the requirement for such msurance terminates ~n accordance wi~h Borrower s anJ ' ~~~K293 p~~E 414 ~ r _ 4 _ ' . . _ _ . _ ~ ' ~ ~ . .1 4 . ; . ~ `~`-,''.s`',s~'~~ s~ r ~ ~ ~ - ~=a~,w'~n-'~°.~-,:.~~~~ . ~_:~s ~ . ~-'.~n-.:w'~~''~.'