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HomeMy WebLinkAbout0479 ~ • UNI/ORI~f COVtNANTt. /om,wsr and L.aode? covenant and ssra u tollaws: 1 h~wN ~ lA~c~i aM 1N~traf. 8orrower ihal) promp~ly p~y when due the principsl ot and intenst oo the ~nd~btedna~ evidenoed bp the Naa. prepayment snd I~te char`ea aa provided in the Note. and the principal of ~nd interat aa aoy Futuro Adv~nces ~ecurod ~r this Mortsa=e. - ~i tw T~ ~ Iaw~rree. Subject ~o applic~bk law ~~r ~o • writ~en waivtr by Leodsr, Borro~vsr shall p~Y to I.ender oo Ihe day monthly installments ot principal and ~mcrcu rrc parahk under the Note. until ~he Note is paid-in full. • ~um (Mrofn "Fund~'~ oqwl to one-tweltth of ~he yea~l~ ts*c. .nJ aisessmenti which may attain priotity ove~ ~his Morisa~e. and =rouad rooa on itle Property, if any. ~ius one-~welfih oi yearlr premium inuallmtnu for huard iatu~:r.:t. plus one-tweltth of yearly pnmium insullmen~s tor mon~a~e in:urance, it any, all as roasonably estim~~ed initially ~od trom tinte lo tjme by l.ende? on the basis o( aua~ments a~d hills ~nd reasonable eslimata Ihereot. The Funds shall be lield in an ins~itution 1he deposiu o? accounts of which are inwred or ~urrant~ by a Ptdtrat at •tate ~jency (includin~ Lender it Lender is such an ins~itutionl. I.eoder shall apply the Funds to psy said taxq. Wlsame~ts. irourat~ea ~emiums and =tound rcnt~. I.ender may not charse Ior so holdin~ and applyinj the F~~nds. analyzin~ said accoun~ or verityin~ ar~d comqlins said assasments and bills, unless Lender pays Bonowe~ interest on the Funds and spplieable law permits Leeder to make tuch a char~e. Bc~rrower and i.ender may a~ree in wntin~ at the time oi exau~ion of thi~ Mortpse that interat on the Funds shall be paid to Borrower, and unlas iuch a~reement is made o~ applicable law rtquiret wch interat to be paid. Lender shsll not be rcquircd to pay 8orrower anr interpt or earnin~s on the Fund:. l.ender ~all pve to Bonower. without char~e, an annual accountin` af ~he Funds showin~ crcdiu and debits to the Funds and the putpwe tor which each debit to tbe Fuods wu made. The Funds ~re plod~ed as addition~l security (or the sums secured by thia Mort~a~e. I[ the amount ot the Fund~ held by L.ende~, to~e~her with the future monthly installments ot Funds payable prior to tbe due data of tua. atseume~u. irourance prcmiums aod ~round rents, ihall exceed the amount required to pay said taxa. aaaane~ts. iruurar~ce premiums and ~round rents u they tall 'due, such excess shall be. at Bonower's opt~on, either pro~nptly repald to Borrower or credited to Borrower on monthly ins~allment: ot Funds. It the amount of ~he Funds l~eW by Lend~c shall not be wflicieot to pay taxa, asxumeots, insurance premiums and ground rents ss they tall due, Borro~rer shall pay to I.t.nder any amount necessary to make up ~he de6ciency within 30 days trom the d~te notice is mailed by l.eoder w Borrower rcquestin~ payment theroof. • Upon paymeat ia [nl! o[ dl ~urtu secuted by this Mortgage, t.ender ~ha!! promptly refund to Borrower any Funds field by Lender. It under pu~taph 18 hereot the Propeny ia sold o~ ~he Property ~s otherwise acquircd by Lender, Lender a6a11 ~pply. no later than immodiately prior to the uk of tF~e Propeny or i~i acquisition by Lender. any Fund . held bv I.~oder at the time of application u a crcdit aga~nst the •ums secured by this Mortsa~e. ~ 3. A~pik~tloa ot P~meab. Unleu applicable law provida otherwise, all paymenb received by Lender unde~ the Note aod par~~r~phs 1 and 2 hercof sAall be appl~ed by l.enJe~ tirst i~ payment of amounu payable to Cender by Borrower under Qan~raph 2 hereof, tben to interest payable on the Note, the~ to the principal of the Note. and then to intereit and pnncipal on any Future Advances. 4. C6~r=es; Lka~, Borrower shall pay all ~aaes, assessment: and other charges, flnes and impositions attributable to the Property which may attain a priority over this Martgage, and lezsehold payments or ~round rent~, it any, in the manc~er provided under para~raph 2 hercof or, if not pa~d in such manner, by Borrower makin~ payment, when due, dircclly to the payee thercof. Borrower ~hall promptly turn~sh to I.enJer all notices of amounts due under this para~raph. and in the event Borrower shall make payment directly, Borrower shatl promptly (umish to Ltnder receipts eviderxins such payments. Borrower shall promptly dixharge any tien which hu prionty over this Mon~age: provided, that Borrower shall not be roquired to discharge any such lic~ so long as Borrower shall agree in w~iting to the payment of the obligatiun secuted by such lien ~n a manner acceptab{e to Lender~ or shall in good faith contes~ such lien by, or defend enforcement ot such lien in. lega! proceed~n~s which operate to prevent she enfarcement ot the I~en or totfeiture of tht Property or any part thtrco[. S. Hazud Inqra~ee. Borrower shall keep tlx ~mprovement~ now existing or hereatter etected on the Property imured a~ainat loss by 6re: haurds included with~n the term "extended cavera~e", and such other hatards as L.ender may require aad in iuch amounts and for iuch periods as I.eoder may requirc; provided, that Lender shall not requirc that the amount ot such covera~e ezceed.that amount of coverage reqwred to pay the sums secured by this Mortta~e. 'ihe 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 insi~rance policiu sha11 be paid in the manner provided under para~raph 2 hereo( or, if not pai~ in such manner, by Bc~rrower making payment, when due, directly to the insurance curier. • II~ All insurance policies and renewals thereof shall be in torm accep~able to I.ender and shall include a standard mon~a~e ~ clause in favor ot and in form acce table to Lender. [.ender shal! have the ri ht to hold the ; p g policia and renewals thereof, i and Borrower shall promptly Eurnish to Lender all renewal notices and all receipts of paid premiums. in the event oE loss, Borrower shall gwe prompl notice to the insurance carner and l.ender. Lender may make proof of loss if not made promptly i by Borrower. ; Unlesa Lender and 8orrower otherwise agree in wnting, insurance proceeds shall be applied to ratoration or repair of ~ the Propeny damaged, prov~ckd such restoration or repair ~s economically feaiible and the security of this Mort~age is a not thereby impaired. I( such rutoraUon or tepair ~s not cconomically feasible or if the security of this Mort`age would be impaired, the msurance proceeds sha11 be applrcd to the sums secured by this Mort~a~e, with the excest, if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Bortower fails to respond to Lender within 30 daya trom 1he = date notice ~s maded by l,ender to Borrower that ~he ~nsurance carrier otTen to uule a claim for iniunnce benelits, I.ender is aut6oriud to collect and apply the insurance proceeds at 1_ender's option either to ratoration or repair ot the Property or to the sums xcured by this Mort~aga Unkss LenJer and Borrower otherwix agrce m wrihng, any such applica~ion of procads to pnneipal shall not extend or postpone the due date of the monthly installments refcrred ~c~ in paragraphc I and 2 hereo[ or change the amount of such installments. I( under patagraph 18 hereof the Pro f,erty is acqwred by I.,ender, ali nght, title and intereat of Borrower ~ ~n aod to any Ihsurance policies and in and to Ihc proceeds Ihereof rewlung from damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent ot the sums secured by this Mortgage immediately prior to such sale or ~ acquitition. 's' ~ 6. Prutrvation and 4fainfenance o( Propert~; I.casehulds; Condomfniums; Plsnned UNt Devtbpmenb. Borrower 9 shall keep the Property in good rep.ir and shall not comroii yvaste or permit impa~rment or deterioration of the Property r and ahall comply with ~he provis~ons of any lease if th~~ Mortgage n on a Icasehold. If Ihis Mortgage is on a imit in a ~ condomimum or a planned unit development. Borrower tihall pcrtorm all of Borrower's obbgations under the declaratiun - or covenants creahng or governing the cond~minwm or planned umt developmeM, the by-laws and regulationc of the ; conJominium or planned unit Jevelopment, and cons~itucm Ja:umrntti. !f a condominium or planned umt development ` r~der ~s eaecuted by Borrower and recorded u~gether w~th ih~e Mortgage, the covenants and agreements o( such rider ~ shall be incosporated ~nto and shall amend anJ cupplement the cover~an~s anJ agrcements of th~s Mongage as i( the rider - were a part hereof. ~ 7. Profectbn of I.endc~'s Secu~ity. It H~~rrowcr fa~l~ t~~ ~r!„rm the covenan~s and agreements conlained in this ~ Mortgage, or if any ac~?em ur proceeding <~~mmence~l wh~ch m~~erially e(Tects I.ender's interest in the Property. ~ mcludmg, hut n~~t lim~~ed ~o. eminent ~1om:un. im~~l~ency. ~udc rnfnrcement. i~r arrangementt or proceedings involving a ~ bankrupt or deceJent. thcn Lender a~ I ender', upu~~n, upm notice tc~ Borruwer, may m~ke such appearances, dnburse such ~ sums and Iake such ~cuon a~ n nece~tiar} tn pmtec~ Lendcr's mlerest. ~nclu~hng. but not lim~~ed to, disbursement ot ~ reasonablc at~omey'~ Icc~ and cniry uMm thc Prupcrty t~~ makc repa~rti. I( Lrnder reyuircd mortgage incurance as a ~ cunditinn ~~t making Ihc I~~an ~ccurcJ by ~h~~ MnrtkaKc. H~~rri~NCr sh.ill pay Ihc prcmiinnS requireJ lo mainlam xuch ~ insur~nCe in rtkct unl~l tiuch t?rnc a~ ~hc reyuircmcnt (~+r •,u~h in~urancc Icrm~natcs in uccordancC with Borrowcr'~ and : > ~ eooK 29fi f~acf 478 ~ _ ~ ' x ` ~ _ ~ ~~~~A~~,G~.s~ .