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HomeMy WebLinkAbout0848 UNIPORM CDVBNAItTS. Bormwer and l.ender covenant and a`ra u follows: • 1. T~t ot l~i~e}~1 asi We~at. Borrowe~ shall promptiy psy when due tbe priocipal ot and intercst on the indebtedna~ evideaced by the Note. prepayment and late charges as providod in the Note. and tl?e principal of and interest on any Future Advances se¢ured by this Mortsa~e. 2. 14~ tor Ta~s a~i L~weoca Subject to applicable law or to a written waive~ by i.er~der, Borrower shail psy to Lender on the day moathly instdla~eats of principal and interest aro psyable under the Note. until the Note is paid in [ull. a sum (hereln "Fuadt") equa! to one-twelfth of the yeady tues and as~asrnents wh~ch may a[tain priority ovcr in~s Mort=age. and jround renb oa the Pmperty. if sny. plus oaatwelfth ot yeuty prcmiwn iasWlment: for hazard insurance. plus oae-twellth of yearly premium installmei?ts for mortga~e insurance. if any. aU as reasonably atimated initiatly aad tc~om ~ time to time by Leoder on the buis of asxssmeata and bills and rcasoaabk atimates thereof. 'Ibe Funds shall be beld in a~ institution the depcui~ or accounts of which are insund or guannteed by a Foderal or state a~e~cy (iacludina Lender if Lender is such a~ institution). ~.,ender ~all apply tlwe Fu~i ta pay said taxes. assessmenb. . i~uranoe premiums aad around nnts. Lender may not chu~e for so holding and applying the Funds. analyziag said account, ' or verifying and rnmpiling uid asiessments and bil~. unias Lender pays Borrovve~ interest o~ the Funds aad applicabla law ; pernui~ Ltnci~r td ~nake sueh a elwrge. Borrirw~r and Lcnder may agree i~ writing at the time ot exceution of this Mortgage that i~terest on the Fuads shall be paid to Bonower. and unless such agreement is made or applicable law requires such intereit to be paid. Leader shall not be requirod to pay Borrower any intereat or earninga oa the Fuads. i.ender shall aive to Borrower. without charge. an annual accou~ting of tbe Funds showing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. The Funds are pledgod as additionat aecurity for the sums secured by this Mortaa~e. If tbe amount of We Fuadi heid by Lender. together with the future monthly installmenta of Funds payabk prior to t6e due dates of taua. asseasmenb. imurance premiums and ground rents, shaU exceed ihe amount ~oquirod to pay said taxa. as~ents. imurance premiums and ground rents as they fall due. such escess shall be. at Borrower's option. either ~ pranptly repaid to Borrovrer ot crodited to Borrower oa monthly installments of Fuads. If the amount o[ tfie Funds held by Leader shaU aot be w6~Cieat to pay tues. as~e.umenu, insurance premiums and ground rcnts as they fall due. Borrowcr shall pay to Lender any amouot aecessary to make up the deficiency within 30 days from the date notice is mailod . ~ by Lender W Borrower ~tyuasting payment theroof. ` Upoa paymeat in full of dl sums socured by this Mortgage, I.ender shall promptly refund to Bormwer any Funds ; held by l.eader. If under puagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender ~ shall apply. no later than immediately prior to the sak of the Property or its acquisition by Lender, any Funds held by L.ender at the time of application as a credit against the sums secured by this Morigaga 3. A~iicatioo ot Pa~aeels. Unlas applicable law provides otherwise, all paymenfs receivod by I.ender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by Lender first in paymenl of amounts payable to Lender by Borrower under paragraph 2 her+eof, tbea to inte~cst payable on the Note. then to the principal of the Note, and then to interat and principal o~ any Future Advanas: : ~ C~e~ Lkas. Borrower shall pay all taxes, assessments and other charges, fiaes .and impositions attributable to tbe Property which may attain a priority over this Mortgage. and leasehold payments or ground rents. if any. in th~ manasr provided under puagraph 2 hereof or. if not paid in such manner, by Borrower rosking jfayment. when due. directly to the ' paYee thereof. Borrower ahall promptly furnish to Lender all notias of amouats due under this paragraph~ and in the event = Borrower shall make payment directly. Borrower shall promptly (umish to Lender receipts evidencing such payments. i Borrower shall promptly ctischarge any lien which has priority over this Mortgage; provided. that Borrower shall not be T requircd to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obiigation securcd by ; such tien in a manner acceptabk to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in. ` lega! proceedings w6ich operate to Qrevent the enforcement of the lien or forEeiture of the Property or any part thereof. S. Hazard l~ra.ce. Borrower shall keep the improvements now existing or #~ereafter etected on the Property insured _ against loss by fire. hazards ineluded within the term "extendeJ coverage", and such other hazards as Lender may require and in such amounts and for auch periods as Lender may require; provided, that I.enckr shall not requirc that the amount of such rnve~age eaceed that amount of coverage required to pay the sums socured by this Mortgage. 'Ibe inwrance carrier providing tbe insurance sha11 be chosen by Borrower subject to approval by Lender, provided, t6at such approval s6a11 not be unnasonably withheld. All premiums on inwrance policia shall be paid in the manner providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. diratly to the insuranoe carriex. . ( All insurance policies and renewals thereof shall be in form accep~able to Lenckr and shall include a standard mortgage clause in favor of and in form acceptable to Lendu. . l.ender shall have the rigbt to hold the policies and renewals thereof. E and Borrower shall prompUy furnish to Lender all renewal notices and all receipts of paid prcmiums. . in the event of loss, ~ ~ Borrower shall give prompt notice to the insurance carrier and t~nder. Lender may make proof of bas if not made prompily by Borrower. ~ Unless Lender wd Borrower otherwise agrce in writing, insurance procceds shal) be applied to rastoration or repair of ~ the Property damaged. provided such restoration or rcpair is economically feasible and the security of this Mortgage is ~ not thereby itnpaired. If such restoration or repair is not economically feasible or if the security of ihis Mortgage would ~ be impaired, the insurance procxods shalt be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. lf the Property is abandonod by Borrower, or if Borrower fails to respo~d to Leoder within 30 daya from the date notice is mailed by L,enderto Borrower that the insurance carrier otiers to setUe a claim for insuraace benefits, Lender is aut6orized to collect and apply tl~e insurance procceds at Lender's option eitber to restoration or repair of the Property ~ or to the sunu securod by this Mottgage. : ~ Unless L,ender and Borcower 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 installments. If under p~aragraph 18 6ereof the Property is acquired by Lender, all right, titk and interest of Bonower ~ in aod to any insurauce policees aad in and to the procceds theroof resulting from damage to the Pmperty prior to the sale ' ~ or acquisition shall pus to I.eoder to the extent of tbe sums socured by this Mortgage immediately prior to such sak or s ~ acquisition. . 6, h~eservatfoe a~d Maieteoance ot Property; Le~dwlds~ Condomjniums; PhaAed Uait Devdopa~eots. Borrower ~ ~ shall fceep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Praperty : Y aad 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 atl of Borrower t obligations under the declarateon t ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned uait development. and constituent documents. I[ a condominium or planned unit development ~ rider is oxecuted by Borrower and recordod together with this Mortgage. the covenants and agrcements of such rider ; ~ shall be incorporated into and s6~11 amend and supplement the covenants and agreements of this Mottgage as if the rider ! ~ were a part heroof. ; prot~etb~ of Lewder's Sec~. If Borrower fails to perform the covenants and agraments contained in this ~ ~ r Mortgage. or if anr acUon or proceeding is commenced which materially affecta Lender's interest in the roperty. . ~ ~ including. but not limitod to, eminent domain, insolvency. code enforcement. or arrangements or proceedings invol"ving a f bankrupt or docedent, then Lender at Lender's option, upon notice to Borrower. may make such appearancts, Jisburse such f sums and take :uch action as is nocessuy to protoct Lender`s interest. including. but not limited to. disbursement of ~ ~ reuonabk attomey's fas and entry upon the Property to make repain. If Lender required mortgage insurance as a t ~ condition of making the loan secured by this Mortgage, Borrower :hall pay the premiwns required to maintain such ~ inswance in eHoct until such time u the requirement for such insurance terminates in accordance with Borrower's and ; ~ : ~ ~ r. a `f~38 v348 f ~ • ~ _ _ ~y _ - ~ 3 ..,~_s. _ , . . . . 2_.