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HomeMy WebLinkAbout0376 . . , UNIFO~N COVEN~NTS. BOROWt~ aM1 l.eMief covtnanl and ag~Ct as (Ollows: 1, t~~nse~t ot hietipd a~d IMtnst. Bo~rawer shall promp~l~~ pay when due the principal of and interest an the indebtodneu evidenced by the Note. prepayment and late chargr. ac pruvided io Ihe Note, a~d the principal of and intercsl on aay Futuro Advances secured by this Martgage. 2. Ih~C tor Tua soa lawr~sce. Subjec~ ~a appli.~blc law ur ~a a written waiver by l.ende~, Borrower shall pay to Lende~ on !he day moolhly installments of p~incipel anJ mtc?cct arr payahle under the Note, until the Note is paid in full. a:um (herei~ "Fund~") equal to o~e-twelfth of the yea~i~ ta~~. anJ assessments vvhich may attain priority over ~his Mwi~aa~e. and ground rents on the Poopeny, if any. ~+lus i~nc-twelf~h of yearly promium i~stallments for hazard insu?ance. plus one-twelfth of yearly prcmium installments for mortgage insuraocc, it any, all as reaso~ably estimated initially and (rom dme to time by l.atder on the basis of assessmcnts and hills and reax~nable estimata thereof. The Funds shall be held in an institutio~ ~he deposit, or accounts of which arc insurcd or guaranteed by a Federal or state agency (i~cluding L.ender if Lcnder is such an ins~itution). I.cnder ahall •rpply the Fu~ds to pay said taxes. assessments. insurance premiums and ground reots. t.ender may not cha~ge tor so holding and apF+lying the Fundc. analyzing said acc~unt. or ve~fying and compilina said assessments and hills, unless I_ender pays Borrawer interest on the Funds and applicable law permits Le~der to make such a chargo. Botrower and l~nder may agree in writing al the time o( execution of this Mortgase that interest on the Funds shall he paid to Borrower, and unltss such agreement is made o~ applicablc law rcquires such interest to be pa+d. l.ender shall not be required ta pay Borrower any interest or earnings on the Funds. Le~de~ shal! give to Borrower. witlwut ~harge, an annual accauntin~ of the Fu~ds showing credits and debits to the Funds and the purpose for which eacA debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of tha Funds held by Lender, toge~he~ with ~he futurc monthly installments of Funds payabtc prior to the due dates of taxes, assessmeats, imurance premiums and ground rents, shall cxceed the amount requircd to pay said taxes, a:sasments. iasurance prcmiums and gr~und 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 of the Funds ; held by Lender shall not be suR'icieat to pay taxes. assessments, insurance premiums and ground rents as they fall due. Bormwer shall pay to Lender any amount nocessary to make up the deficiency within 30 days (rom the date notice is mailed by Lender to Borrower requesting payment thereof. ~ Upon payment in fu0 of dl :ums securod by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by [.ender. If under paragraph 18 hereof the Property i~ sold or the Propeny is otherwiu acquired by 1_ender, Lender sbdl apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by I.tod~r at the time of application as a credit against the sums secured by this hlorigage. 3. Application of Paymeets. Unless applicable law provides otherwise, all payments received by Lender unJer the Note and paragraphs 1 and 2 hereof shall be applied by I.endcr first in payment of amounts payable to Lender by Borrower under puagraph 2 hercof. t6en to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. ~ 4. Cbar`e~ Lieas. Borrower shall pay all tazes, assessments and othcr charges, fines and impcuitions attributable to the Property which may attait~ a priority over this Mortgage, and leasehold payments or gmund rtnts, it any, in the manaer pt+uvided uader paragraph 2 hereof or, if not paid in such manner; by Borrower making payment, when due. direcdy to the : payee theroof. Bormwer s6a11 promptly furnish tu l.ender all notices of amounts due under this parsaraph, and ~n the event Borrower shall make payment dirtctly. Borrower shall promptly fumish to Lender re~~eipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be roquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or ckfend enforcement of such lien in. 2 legal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part thereof. S. Hwrd I~rawce. .Boaower shall keep.the improvements now existing or hereafter erected on the Property insured against loss by firc, hazards included within the term "extended coverage", and such other huards as Lender may reguire and in such amounts and for such periods as Lender may require; 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 Mongage. - 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender, provided, that such approval shall not be unnasonably 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, direcdy to the i insuraQCe carrier. - . I All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgagc ' clause in favor of and in form acoeptabte to l.ender. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall prompdy furnish to Lender all renewal notices and alI receipts of paid premiums. In the event of loss. Borrower shaU give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompUy by Borrower. $ Unless Lender aad Borrower otherw~se agree in writing, insurance procceds shall be applied to restoration or repair of ~ the Property damaged, provickd such restoration or repair is. economically feasible and the .security of this Mortgage ic . k not thereby impairod_ If such restoration or repair is not economically feasible or if the security of this Mortgage wc?uld be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by L.ender to Bonower that the insurance carrier oRers to settle a claim for insurance bene6ts, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propert~~ or to the sums secured by this Mortgage. ~ Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend - or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of sucb installmeots. If under paragraph 18 hereof the Property is acquired by Lender, all right. title and interest of Borrower - in and to any insurance policies and in and to the proceeds thereof resul~ing from damage to the Property prior to thc sale 4~ or acquisition shalt pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sak or ' acquisition. ; 6. Prrservatb~ and Mainteaance of PropeRy; I.easehulds; Condomiuiums; Planned Unit Devebpments. Borrowcr shall kxp the Property in good repair and shall not comro~~ Waste or permit impairment or deterioration of the Property wd sha11 comply with the ptovisions of any lease if this Mortgage is on a leasehold. !f this Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under ihe declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planntd unit devetopment, and constituent documems. If a condominium or planned unit ckvelopment ~ rider is eaecuted by Bonower and reeorded together with this MoNgage, the covenants and agreements of such rider ~ shall be incorporated into and shall atnend and supplement the covenants and agreements of this Mortgage as if the riJer were a part heroof. 7, protettios ot Lender's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or proceeding is commenceJ which materially afiects Lender's interest in the Property, iocluding, but not limited to, eminent domain, insolvency, code enForcement, or arrangements or proceedings involving a _ ~ bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such suros and take such action u ia necessary to protect l.ender's interest, including, but not limited to. disbursement of ~ reasonable attomey's fees and enlry upon the Property to make repairs. If Lender required mortgage insurance as a condition of m~lcing tt~e loan secured by this Mortgage. Borrower shall pay the premiums requireei to maintain such • inwrance in efiect until such time as the requirement for such insuranee terminates in accordance with Borrower s and ~ aoo~ 2~'~ ?~~cf ' 375 ' ~ . = ~ - - _ _