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HomeMy WebLinkAbout0223 UNIF(~tM COVENANTS. Borrower and Leader cove~ant and agree as tollows: l. P~,ynieat ot Pciecipd and l~ereq. Borrower sha~ll p~omptly pay when d~u the principal of and interest o~ the indebtedneu evidenccd by the Note. prepayment and late charges as provided in the Note, and the prin~ipal of and interest . o~ any Future Advances secure~t by this Mortgage. ~ 2. Fonds Ior Tua ~nd Inwrance. Stibject to applicablc law or to a written waiver by I.ender. Borrower shal! pay to I.ender an the day monthly installments of principal a~d inte~est are payable under the Note, until the Mote is paid in full, a aum (herci~ "Funds") cqual-to one-twelfth of the yea~ly taxes and assessments which may attain priority over this ' Mortgage. and ground renta ort the P~+operty. if ~ny. plta oae-twelfth o[ yearly pnmium installmenta for huard insurance, ! plus one-twelfth of yprly pnmium installments for mortgage insurance, if any. all as rcasonably estimated initially and from time to time by i.:nder on the basis of assessments and bills and reasonable tstimates thereof. 'i~e Funds shall be held in an institution the deposits or accounts of which are insured or guarantoed by a Federal ot , state agency (including Lender if Lender is such an i~stitution). Lendtr shall apply the Funds to pay said taxes. assessments. • insurance premit~ms and gmund rents. Lender may not charge for so holding and applying the Funds. analycing said account~ or verifying and compiling said assessments and bills. unless Lender pays Borrower interat on the Ftinds and applicable law perniits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution o[ this Mortgage that interest on the Funds shall be paid to Borrov?er, and u~less such agreement is made or applicable law ~ requirla such interest to be paid~ Lender shall not be required to pay Borrower any~interest or earni~gs on the Funds. l.ender 1 shall give to Borrower, without charge, an annual accounting of the Funds showi~g credits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds are pledged as additional security for the sums secOred • by this Mortgage. . If the amount of the Funds held by I.ender, together with the future monthly installments of Funds payable prior to the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount o[ the Funds held by Lender shall not be sufficieat to pay taxes. assessments, insurance premiums and ground rents as they fall due. Bornower shall pay to l.ender any amount necessary to make up the deficiency within 30 da}~s from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment ia full of all sums secured by this Mor~gage, Lender shall prompdy refund to Borrower any Funds . held by Lender. 1f under paragraph 18 hercof the Property is sold or the Property is othenvise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicstioa of Paymeats. Untess applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounu payable to Lender by Borrower under paragraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future AdvanCes. 4. C6arges; Lkas. Borrower shall pay all taxes, assessmcnts and other charges, fines and impositions atiributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, dirxdy to the payce thereof. Bonower shall promptly furnish to Lender al! notices of amounts due under this paragraph, and in the event Borrower shall malce payment directly, Borrower shall promptly furnish to Lender receipts evidencing such paymenu. Borrower shall promptly discharge any lien w~hich has priority over this Mangage; provided, that Borrower shall not be required 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 Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Insersnre. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured 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 require; provided, that Lender shali not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ~"It~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, , that 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 paymeot, when due, direcUy to the p insurance carrier. , All insurance policies and renewals lhereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. L.ender shall have the right to hold the policies and renewals thereof, ! and Borrower shall promptly furnish to Lander all renewal notices and all receipts of paid premiums. In the event of loss, ' Borcower 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 otherw~ise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propeny damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impair~d. 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 sum$ secured by this Mortgage. with the excess, if any, paid to Borrower. If the Propert~~ is abandoned b~• Borrower. or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by l.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender ~ is aut6oriud to collect and apply the insurance proceeds at Lender's optioa either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, anp such application of proceeds to principal shall not extend or postpone the due date of the inonthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installmenu. If under paragraph 18 hereof the Propeny is acquired by I.ender, all right, title and interest of Borrower in aod to any insurance policies and in and to the proceeds thereof resulting. from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Presen•ation and :~iainteaance of Property; Lraseholds; Condominiums; Planned Udt Developmeats. Borrower ~ shall keep the Property in good repair and s6a11 not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a „ condominium or a planned unit development, Borrower shall perform all of Borrower s obligatioas under the dedaration - ~ or covenants creating or governing the condominium or planned un~t development, the by-Iaws and regulaUOns of the ~ condominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ rider is executed by Borruwer 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 hereof. f ~ 7. Protection of Leade~s Security. If Borrower fails to perform the covenants anJ agreements contained in this ~ Mortgage. or if any action or proceeding is commenced which materially affects Lender's interest in the Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Leader at Lender's option, upon notice to Borrower, ma~~ make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender requircd mortgage insurance as a ~ condition of making the ban secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Bomower's and ~ : ~ ~ ~ ~ ' ~ E~~K2~5.rLE 223 - ~~=~s~-^ '~-Y~ ~ ~ ~l^+- ~ ~ u:' - ~ ~~~~~--''.~',~~;L ~ ~~z.