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HomeMy WebLinkAbout0962 UNIPOIIM COV8NAN7s. Bormwor and Lender covenant and a~ree as follows: l. h~eat ot t~ciNl ai We~at. Bormwer ahall p~omptly pay when due tbe principal ot and interest on the indebtedneu evideaad by the Note. prepayment and late char~a as provided in the Note, and the principai ot and interest on wy Future Advanc~ aecurod by thu Mort~sse. , Z. Rtuds tor 7az~s ~i [~wn~te. Stibject to applicabk law or to a written waiver by Lender~ Bortower shsJl pay to~ l,ender on the day monthly installtnenb of principal and interest are payabk under the Note. until the Note is paid i~ tull. s ~um (herein "Funds'~ oqwi to onatweltth o[ the yearly taxes and asse:sments which may attain priorit~? over this Mort~a~e. and `round renb an the Pmperty. if any. plus ono-twelfth of yearty prcmium initallmeats for hazard inau~ance. ptua one-twelfth ot yeuly premium itutalltaenU tor mon~s,~e inwrance. if aay~ all as reasonably tatimated initially and from time to time by Lender on tbe baais of ~ment: and bil~ and reasonabk eatimata thetoof. 'llu Funds ahall be l~eld in an i~utitution the depai~ or accoun4 of which an insured or ~uarantood by a Federal or :tate a~ency (including I,ender if Lender i: auch an inscitution). Lender ahall apply the Fun~ to pay said taxa. asse:sments, insuru~ce premiums and ground rents. Le~der may not char~e for so holding and applying the Funds. analyzia~ uid aceount. or verifying and oomqling said auessmenb and billa. unlas Leader pays Borrower intercst oa tbe Funda and applicable law permiu Lender to make such a charge. Horrower and Lender may agree in writing at the time of eacceution of th~ Mortgage that interat on the Fuads shall be paid to Borrower. and unless tuc6 agr~ement i~ madt or applicable law n:yuira such interat to be paid. Lender shall not be rcquired to pay Borrower any interat or eamingi on the Fuada. i.eadcr . shall give to Bonower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose (or which each debit to the Funds was made: The Funds are pledged as additional aacurity for the sums aecurod by tbis Mortga~e. If the amount of the Funds held by [.ender, together with the future monthly installments of Funds payable prior to the due dstes of taxea~ asseuments, inaurance prcmiums and ground rents.:hall exoeed the amount required to pay said taxa. assesaments. infuranoe preiniums and ground rents as they fall due, such excess shall be. at Borrower's option. either promptly repaid to Borrower or croditod to Bornower on monthly installments of Fuads. lf the amount of the Fun~ held by Lender shall not be wl6ciaat to pay taxes. aaaessmenb; insurarx~e premiums and ground renta as they fall due, Borrower sbaU pay to l.ender any amount ne~easary to make up the.deficiency within 30 days from the date notice is mailod by l.ender to Borrower requestia~ wvment thereof_ Upon paymeat in fu11 of all :ums ucured by this Mongage. Lender shall promptly rcfund to Borrower any Funds held by Lender. If uncler puagraph 18 herco[ the Property is sold or the Propeny is othtrvvise acquircd by Lender. L.ender shall apply, no later than immediately prior to the sale of the Propeny or ita acquisition by Lender, any Funds held by Lender at the time of appiication as a credit against the :ums secured by this Mortgage. 3. Applic~tioa ot paymeeb. Unless applicable law provicia otherwise. all pay~t~ents receivod by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by l.ender first in payment of amounta payable to [.ender by Borrower under psragraph 2 hereof, tben to interest payabk on the Note. then to the principal of the Note. and then to interat and principal on any Future. Advancq. 4. ChaRes; Lkos. Borrower shall pay all taxes, asscssmenta and other charges, fines and impositions attributable to , the Property which may attain a priority over this Mongage. and leasehold payments or ground renta. if any. in the manne~ p[~ovided under paragraph 2 heroof or, if not paid in such manner. by Borrower making payment, when due. dirtcdy to 1he payoe thereoE. Borrowr.~ sball promptly furnish to Leader all notivcs of amounta due u~der this paragraph, and in t6e event Borrower shall make payment directly. Borrower shaq promptly furnish to Lender receipts evidencing such payments. ~ Borrower shall promptly discharge any lien which has priority over this Morigage; 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 ucured by such lien in a manner acceptablt to Lender. or shall in good faith contest such lien by. or defend enforcement of such lien in, legal proceedings which opetate to prevent the enforcoment of the lien or forfeiture of the Property or any part thereof. S. Aazard lasonace. Borrower shall kcep the improvements now existing or hereafter erected on the Property insured against loss by fite, hazards included wiihin the term "extended coverage", and such other hazards as [.ender may requiro and in such amounts and for such periods as I.ender may require; provided, that Lender shall not requirc that the amount of such coverage excced that amount of coverage required to pay the s~~ms xcured by this Mortgage. The inauraace carrier providing tbe insurance shall be chosen by Bonower subject to approval by Lender. providod. that auch approval shall not be unnasonably withheld. All premiums on insurance policiea shall be paid in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due. dirccUy to the insurance carria. , ; All insurance policies and renewals thereof shall be in form acceptable to I.ender and shall include a standard mortgage . ! clause in favor of and in form accxptable to i.ender. Lender shall have the right to hold the policia and renewals thereof. f and Borrower shall prompUy furuish to Leader all renewal notices an~ all receipts of paid premiums. In the event of loss. I Borcower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. E Unless Lender aad Borrower otherwise agree in writing, insurai~ce procoeds ahall be applied to restoration or repair of ~ the Prnperty damaged, provided such restoration or repair is economically fcasible and the security of this Mortgage is ~ not ~hereby impaircd. If such rcstoration or rcpair is not economicaQy feasible or if the security of this Mortgage would ~ be impairod. the inaurance praceeds shall be applied to the sums secured by this Mortgage, with the excesa, if any, paid ~ ~ to Borrower. I[ the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower tha! the insurance carrier offen to setUe a claim for insurance benefits. i.ender is authorized to collect and apply the insurance Proceeds at Lender's option eithet to restoralion or repair of the Property _ ~ or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such applica~ion of proceeds to principal shall not extend ~ or poatpone the due date of the monthly installments referrod to in paragraphs I and 2 hereof or change the amount of ~ such installments. If under ~ragrap6 18 bercof the Property is acquired by Leoder, all right, tiUe and interest of Borrower = in and to any insurance policies and in and to the proceods thereof resulting from damage to the Property prior to the sale g or acquisition shall pass to Lender to the extent of the sums securod by this Mortgage immodiately prior to such sak or ~ acquisition. . ~ ' 6. Prrser~ratba aod Mafatenaace of Property; LtsltllOl~ COOlIOW%IIjU~ PISOIIld UON DlYtIOpO1tA1l. Borrower . j ~ shall keep the Property in good repair and shdl not commit waste or permit impairment or deterioration of the Property ~ ;y and shall comply with the provisions of any lease if thic Mnrtgage ic ~n a Iravhnlrl_ If rhie M.,n~gP sa nn ~~~~~r a ~ condominium or a planned unit development, Borrower shall perform all of Borrowei s obligationt under the doclaration ~ = or covenants creatiag or governing the condominium or planned unit development, the by-lawa and regulaUOns of the ~ ~ condominium or planned unit development, and constituent documents. If a condominium or planned unit ckvelopment ~ - rickr is executod by Borrower and recorded together with this Mortgage, the covenants and agreements o( such rider = shall be incorporated into and shall amend and supplement the covenanta and agreemtnts of this Morigage as it the rider ~ were a part hereof. i. 7. Profectioa ot Leader's 3ec~. Tf Borrower fails to perform the covenants and agreemtnts contained in this : Mortgage, or if ury action or proceeding is commenced which materially atfects Lender'a interat i~ lhe Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ ~ bankrupt or docedent, then Leader at LeadePs option. upon notict to Borrower, may make auch appearances, disburse such ~ sums and take such action u is nocessary to protect L.ender's interest. including, but not limited to. disbunement oE reasonable attomey's [us and entry upon tbe Property to make repairs. It Lender requircd moAgage insurance as a ~ condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ~ ir~urance in eftcet until such ti~tu as the requirement for such inaurance terminates in accordance with Borrowei s aad ~ , ~ ~ ~~~`r ~~c;~ ~ ; ~ ~ _ _ . _ - _