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HomeMy WebLinkAbout0258 ' - ~ ' , i. , . UNlFOlllrl COVBNANTS. Borrowe~ and LenJer covenant and a~rre as fallows: _ 1. hnae~! of Pti~clpl a~d IMerest. l3~irrowet shall p~ump~l> pay v?hen due the principal of and interest on the indebtednas evidenced by the Note. prepaymen~ and late charge~ ~c pr~~vided m the Note, and the principal ot and interest on aay Future Advances secured by this Mortgage. 2. Ih~~ds tor Ta~ta aad I~suraece. Subject to applk~hk law• ~~r ~o a written waiver by I.e~ier. Borrower shal) pay to Lender on Ihe day mot~thly installments of principal and nucrr.t arr ~yahle under the Notc, until the Note is paid in tull. a tum (herein "Funds") equal to one-twelfth of the yea~l~~ ta~r. anJ acsessmentc which may attain pnority over this Mort~age. and grou~d cents on the Pinperty, if any, plus ~e-twcltth of ~•early premium iostallments for hazard insurance. plus one-twellth of yearly premium installmen~s for mortgage insurancc. it any, all as reau?oably estimated initially and from time to time by I.ender on the buis ot asses~mcnts anJ hills anci re•r~onabk estim~tes thereof. 'lY~e Funds shall be held in an institution the de~i~~ or accou~us ot which arc insured or guaranteed by a Federal or . state aatncy (includin6 Lender if Lender is such an instilutionl. 1_ender ~hall apply the Funds to pay said uxes, asxssments. irtsuranee premiums and g~ound rents. I.ender may not charge for sc~ holding and qpMY~~S the Fn~dc. analyiing wid account, or verifying and compiling said asussments ~nd hills, unless t_ender pays Borr~ver interest on the Funds and applicable law pormits l.ender to make such a charge. Bc~~rower and t.ender may agree in writi~g a~ the time ot execution ot this Mortgage that interest on the Fu~ds shall be paid to Borrower, and unlas such agreement is made or applicable law requires such interat to be paid. Lender shall not be rcquircd ta pay Borrower any interat or earnings on the Funds. Lender shaU give to Borrrnrer~ witl~out charge, an annual accounting of the Funds showing credits and debits to the Funds and the ' pnrpose for which each debit to the Funds was made. The Funds are plodged as additional security for the sums secured by this Mortgage. . If the amount of the Funda held by Lender, together with ~he future monthly irtstallments ot FunJs payable prior to the due dates of taxa, assessments. insurance premiums and g~ound rents, shall exceed the amount required to pay said taxes~ asseaaments. insurance premiums and ground re~ts as they fall due, such eacess shall be, at Borrower s option, either pranptly repaid to Borrower or crodited to Borrovrer o~ monthly installmeots of Funds. It the amount of thc Funds held by Lender shall not be sul6cient to pay taxa, assessments, insurance premiums and gcound rents as they fall due, Borrower sball pay to Lender any amou~t necessary to make up the deficiency within 30 days trom the date notice is mailed by l.ender to Borrower requesting payment thereoL Upou paymeat• in full of all suttu securcd by this Mortgage, t_ender shall promptly refund to Borrower any Funds held by I.ender. If under puagraph 18 hereof the Property i~ sold or the Property is otherwise acquirrd by Lender, Lender shall apply, no latar than immediately prior to the sale of the Property oc its acquisition by Lender. any Funds held by I.ender at the time of application as a credit against the sums secured by this htortgage. 3. Applicatfoe of Paymeats. Unless applicable law provides othervvise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be appl~ed by I.cnJer first in payment of amounts payable to I_ender 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. ~1. C6sRa; Lient. Borrower shall pay all taaes. assessmenis and othcr charges, fines and impositions atttibuiable to the Propecty which may attain a prioriry over this Mortgage, and leacehold payments or grrwnd rents, if any, in the manner providad under paragraph 2 hercof or, if not paid in such manner, by Borrovrer making payment, when due, directly to the ; psyee tlieroof. Borrower s6all promptly furnish to Lencier all notices of amouou due under this paragraph, and in the event Borrower shall malce p~yment directly. Borrower shall promptly turnish to Lender receipts evidencing such payments. . Borrower shall prnmptly discharge any lien which has priority over this Mortgage; provided, that Borcower shall not be rcquired to discharge any such lien so long as Borrower shall agree in w~iting to the payment of t6e obligation securcd by ~ we6liea in a manner acceptabk to Lender. or shall in good faith contest siich lien by, or ciefead enforcement of such lien in. ~ legal procoedings which operate to prevent the _enforcement of the lien or forfeiture of the Property or any part thereof. S. Hsnrd Iewrawct. Borrower shall keeQ the improvements now• existing or hereafter crected on the Property insured again~t loss by 6re, hazards included within the term '`extended cove~age", and such other ha~rds as Lenaer may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require ihat the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mort6age. 'Ibe iasurance carrier providing the insurance shall be choscn by Borrower subject to apQroval by Lender. provided, that such approval st~all not be unreawnably withheld. All premiums an insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower malcing payment, when due, directty to the iasurance carrier. ~ All insuranee policies and renewals thereof shall be in form accep~able to Lender and shall include a standard mortgag~ elause in favor of and 'm form acceptable to Lender. l.ender shall have the right to hold the policies and renewals thereof, ! and Borrower shall proroptly furnish to l.ender all renewal notices and all receipts of -paid promiums. In the event of loss: ; Borrower shall give prompt notice to the insurance carrier and lxnder. l.ender may make proof of loss if not made prompdy ~ by Borrower. Unless Lender and Borrower otherwise agree in writmg, insurance procceds shall be applied to rcstoration or repair of 3 the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of ihis Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums socured by this Mortgage. with the excess,' if any, paid to Borrower. If the Propertq is abandoned hy Borrower. or i[ Borrower tails to respond to Lender within 30 days from the - date notice is mailed by Lender to Borrower that ~he insurance carrier ofters to settle a claim for insurance benefits, L.ender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of t6e Propert}~ or to tbe sums secured by this Mortgage. a Ualess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of - suc6 installmeuts. If under puagraph f 8 hereof the Property is acquired by [.ender, all right, title and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resuhing from damage to the Property prior to th~: sale ~ or acquisition shall pass to l.eader to the extent. of the sums securod by this Mortgage immediately prior to such sale or - acquisition. ~ 6. Yrrservatioa and Maintenance of PrapeAy; [.eaxhvlds; Co~ominin~ Waaoed Uait Devdopmeats. Borrower shall koep the~ Property ia good repair and shall not com~oit waste or permit impairment or deterioration of the Property • ~ and shall comply with the provisions of any leate if this Mortgage it on a leasehold. I[ this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform alf of Borrower s obligations under the declaration ~ or covenants creating or governing ihe condominium or planned unit develupment, the by-laws and regulations of the ~ condominium or planned unit development, and constituent Jocuments. If a condominium or planned unit development ~ rider is executed by Bonower and recorded together with this Mortgage, the covenants a~ agreements of such rider shall be incorporattd into and shall amend and supplement the covenants and agreements of this Mortgage as if the riJer were a part heroof. - ~ 7, protectjoo of I,eader's Security. If Barrower fails to perform ihe covenants and agreements contained in this Mortgage. or if apy action or proceeding ~s commenced which materially affects Lender's interest in tbe Properry, = ~ iacluding, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a > " bankrupt or decedent..t6ien Le~der at Leader's option, upon notice to Borrower, may make such appearances, disburse such ' sums and take such action as is necessuy to protect Lender's interest, including, but not limited to. disbursement of ' reasonabk attotrxy's [ees and enlry upon the Property to make rcpairs. If Lendcr requircd mortgage insurance as a condition of making. the loan secured by this Mortgage. Borrower shall pay the premiums requirui to maintain such ~ ~ insurauee in eBeet unti! sueh time as the requirement for such insurance terminates in accordance with Bormwer s and ~ . , ~~~r 2g5 " 257 a r ~ 2T'~~.