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HomeMy WebLinkAbout0711 . . . i ' ` .ai UNIFURM COYEN~NTS. BO(fOWC~ and l.endcr cuvenant anJ agr~~e a~ foUuws: i. Payment ot P~inclpd aad Inte~est. Horrow•er shall prumpdy pay when duc the principai ot and interest on the indebted~eu evidenctd by the Note, prepayment and late cha~ge~ a+ pruvided in the Note, and the principal of and interest on any Future Ad~ances secured by this Mortgage. 2. Rnnds fo~ Taxes aad lusucaace. Subject to applicable law cu to a writlen waiver by l.ender, Borrower shall pay to I.e~der on ~he Jay monthly installments of principal and interect arc payable undcr the Nate, until ~he Notc is paid in full. a sum (herei~ "Funcis") equal to one-twelfth of the yearly taxes anJ assessments vvhich may attain priority over this Mortgage, and ground rents on thc Property, if any, plus one-twel(th of yearly prcmium installmcnts for haz~rd insurance, plus one-twelfth of y,early premium installments for murtgage insurancc, if any, all as reasonably ~timatcd i~itially and from timc to time by Lender on thc basis of assessmcnts and hills and rea~onable cstimates thereof. 'il~e Funds stiall be held in an institution the dep~~sits or accounts of which are insured or guaranteeci by a Federal or state agency (including Lender if l.ender is such an instiwtion). I.ender shall apply the Funds to pay said taxes, ~ssessments. insutance premiums and ground rents. 1_ender may not charge far so holding and applying the FunJs, anal~•zing said account, or verifying and compiling said assessments and bills, unless l.enJer pays Borruwer interest on the Funds and appiicabte law permits Lender ta make such charge. Borrowtr and l.ender may agree in writing at the time ot execution o[ this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. 1_ender shall not be reyuireci to pay Borrower any interest ~r earnings on the Fuods. Lender ~hall give to Borrower, without charge..an annual arc~.unting of the Funds showing credits anJ debits to the Funds and the purpose for which each debit to the Funds was made. The Funds ~re pledged as additional security for the sums secured by this Mortgage. • _ If the amount of the Funds hcld by Lender, together vvith the future monthly installments ~f Funds payable prior to ~ the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxa, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either prompdy repaid to Borrov?•er or credited to Borrower on monthly installmcnts of Funds. lf the amount of the Funds held by Lender shall not be sufficient to pay ta~es, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender an}~ amount necessary to make up the defici~ncy within 30 da~•s from the date notice is mailed by Leader to Borrower requesting paymcnt thereoL . ~ Upon payment in full of all sums secured by this Mortgage. Lender shall prompt~y.r fund~,to Borrower any Funds held by Lender. If under paragraph 18 hcreof the Property ~s sold or the Property is oth~fwi~ acqwred by I_cnder, Lender shall apply, no later than immediately prior to.thc sale of the Propctty 'or its ~acqtlllitt~n =#ip [~nder, any Funds held by Lende~ :~t the time of application as a credit against thc sumc secure~ by this Mottgsge. '`~~i!'~ 3. Applicalion of Paymenls. Unlc~s applicable law~ provi~les otheswi'~e: all pc'a'qments'tecq~red by Lender u~der the ~lute and paragraphc 1 and 2 hcrcof shall be applicd by l.cnJer first in p~yment of amounts pay::ble to Lender hy Borrower under paragraph 2 hereot, then to intcrest payable on thc Note, then to the principa) of the Notc, and thcn to interest and principal on any Futurc Advances. ~l. ChnrRes; Liens. BorroK•er shall pay all taxes, asscssments and other charges. 6nes and ~mpositions attributable to the Property which may attain a priority over this Mortgage. and Ieasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such m•rnner, by Borrower making payment, when due, directly to the payee thereof. Barrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event ; Borrower shall make payment direcU~•, Borrower shall promptly furnish to Lender re~eipts evidencing such pa)•ments. Borrow•er shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien w long as Borrower shaN agree in w•riting to the pa~~ment of the oblibation secured by such lien in a manner acceptable to l.ender, or shall in gcwd faith contest such ~~en by, or ~efend enforcement o[ such lien in, legal procccdings which operate to prevent thc enforcement of the lien or forfeiwrc of the Property or any part thereof. S. Hazard Insurance. 13orrow•er shall keep the improvementt now e~i.ting ~r tiercaf~cr ererted on the Properry insured agai~~st loss h~• fire, hazards included w•ithin the term "e~tended roverage", anJ such ather hazards a~ Lender may reyuire .,n~ in such amounts and for such periocls as Lender may reyuire; provideJ, that Len~ler tihall not reyuire that the amount of i wch coveragr esceed that amount of coverage required ~o pa}• the wms se~ured by this Mortgage. ~ The insurance rarrier providing tM: insurance shall be chnsen by Borrower subject ro approval by Lender, provided, 4 that such approval ~hall not be unreasonably withheld. All premium~ on insurance policies shall be paid in the manner ~ provided und~r paragraph 2 hereof or, if not paid in surh manner, by Borrower making payment, when due, d~rectly to the insurancc carricr. ~ All insurance policies and renewals thereof shall tx~ in form acceptrblc to Lender and shall include a~~anJard morigage i clause in favc.r of and in Form acceptable to Lender. Lrnder chall ha~~e the right tu hold the Ewliries and rene~~als thereof, ~ and Bormw•er shall prompUy furnish to Lender all renew•al notices and all receipts of paid premiums. In the e~~ent of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make prouf of loss if not made prompUy ~ by Borrower. . ` Unless Lender and Barrower othen+•i.e agrec in H riting, insurance proceeds shall be applied to restoratian or repair of f ~ the Property damageJ, proviJed such restoration or repair is economically frasible and the security of this Mortgage is - not thereb~~ impaired. I( such resturation or repair is not ecunomirally feasihle or if the security of this ;4fortgage wouid be impaired, the insurance proceeds shall be applied to the sums securcd by this Mortgage, with the excess, if any, paid i to Barrower. If the Pmpert}~ is abandoned h~ Borrowcr, or i! Borrowcr fails to res~nd to I,ender within 30 da}s from the ~ date notice is mxiled by Lender to Borrower that the insurance carricr ofTers to setUe a claim for insurance benefits, Lender ~ i~ authorized to collect and apply the inwrsnrc proceeds at l.ender's option either to restoration or repair of the Property ur to thc sum> >rrurcd b~• this `fortgage. ' Unless I.ender and Borrower otherNise agree in writing, an~~ such app~ication ~~f pnxeeds to pnncipal shall not extend _ or postpone thc due date of thc m~~nthly~ in~tallments refcrred to in paragraphi I anJ 2 hereuf or change the amount of ~ such installment~. If under paragraph I8 hereof the Propert~- is acyuired h}• Lender, aU right, title and interest of Borrower k in and ro any insuran.e policies and in and to the proceeds thereof resuiting from damage to the Property prior to the sale F or acyuisition ahall pass to Lender to the extent of the sums secured hy this ::tortgage immediately prior to such sale or - acquisition. ~ 6. Preser~alion and ~taintenance ot Propert~; Leaseholds; Condominiums; Planned Unit Developments. Borrow~cr ~ shall keep thc Propert~• in good repair and shall not commi~ waste or permit impairment or deteri~ration of the Property = and shall comply a•ith thc provisions of any lease if this Morlgabc ic un a leasehuld. If thiti ~tortgagc is on a unit in a - condomimum or a planncd unit Jevclopmcnt. Borrower shall pcrform all of Borrowers obligations under the declarat~on ; ur covenants rrrating or buverning the cond~~minium or planned unit developmcnt, the by-iaws and regulations of the con~ominium or planned unit development, and constituent documen~s. If a eondominium or planned unit Jecelopment ~ riJer is executed hp Borrow•er and recorded tugether with thi. Mortgage, the covenants and agreements ot such rider shall be incorporated ?nto anJ sh:+ll amend :~rid supplcment the co~enants and agreements o( this Mortgage as if the ri~er - ..crc a part hereof. 7. Protection of Lenders Security. If Borrower fa~ls to perform tne covenants and agreements contained in this 4 Alortgag~, ur if any action ~~r proceeJing i~ ci~mmence~l wh~ch matcriall~• afTects LenJer's interett in the Propeny, = indud~ng, but rn~t lim~ted to. eminrnt dom~in, inti~~hency, c~xfe enf~~rcement, or arr.~~gements or prcxeedings inv«I~ing a bankrupt or de~~dent, then I_ender at I.ender'~ option, upon notice to B~rrowcr, ma} make such ap~x:arances, di~hurse such `~3 sums and take such acuon as is necestiar}~ to prutect Lender's interest. ~ncluding, bul not limite~ to, d~.bursemrnt ~~f - reasonable attorne~~'s ices and entry upon the Praper~y to m~kc rcpairs. If Lcnder reyuired mortgage in~urance a~ a condit~~n of making the loan secured b~ this Mc•rtgage. B~~rn~wer shall pay the premiums require~i to maintam such insurance in efiect until such time as the reyuirement for +uch insurance terminatc~ accadsnce w'~th Borrow~er's anJ 4t n ~ ~~01(~:~`t PA6f 71~ ~ . ~ - - s.,.. . - ~ ~ .