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HomeMy WebLinkAbout0696 UNIPORM COVENAl1T:. 9orrewer and l.ti?de~ coveoant and asres u follows: ~t o~ hi~elNi ~N liMenN. 6orrovv~r shall Momp~l) psY whca due tbe principal ot and iatcrdt on the it~debtedness evidenoed br the NW0. p~WY~~t aod late chargec a.c provided in ~he Nwe. and the pri~cipd ot and intaesl on my Future Advances sec~ued by this Mortsa~e. 2. Fti~i ter T~zN a~i IweMa~e. Subject to applicabk law ~,r to a written waiver by I.eoder. eo~o.~ wr . to Lender on the day monthly installme~~s of principal and intercc~ arc payst+le unde~ the Nde. until the Note is paid ~n tull. a sua~ (herein ••Funcb•~ eqwl to one-twelfth ot ~he yearl~• ~as~~ ancl assasments which raay attain priority over this - Mortsaje• and jround rena on ~be ProF+eny, if any. ~lus one•tweitth of yearlY Premium installmentt for haurd iesurance. plus ot~-twelfth ot yeuly premium installments tor mortgate insunncc. iI aoy, all as reasonably atimated initialiy a~ t~+oan time to time by Lender oa the bua ot assessments and hilh and reasooabk atimata thereof. The Funds sha~l be beld in an institutic~n ~he deposia or accounts of ~rhich arc insurcd or ~wnnteed by a Fedenl ot state asency (i~ludina I.snde~ if I.ender is such an inslitutionl. 1_ender shall apply Ihe Fuods to psY uid laxa. asxssmeMS. inwrance premiums and ~ound rcnts. l.ender may na charge for sc+ holdins aod applyinj the Fnnds, analyzin= said accoun~ or verifyint and comqlinj said assessments and bills, unless Lender pays Borrower interat on the Funds a~d applicabk law pemu~ Lender to make such s cha~ge. Borrowe~ and Lender may asree in writint at the time of ezecution of this Mongsse that intercst o~ the Funda shall be paid to Borrower, and uakss such" asroement is made or applicable law requira wch i~terat to be paid~ Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. Lendec shall =ive W Borrowe~. without charge, an annual accountinE of the Funds showina credits and debits to the Funds and the purpose for which each dabit to tbe Funds was made. Tbe Funds arc pledged u additional security for the sums securod by this Mort`a~e. . If tbe amount ot the Fuad~ held by l.ender, together with the future monthly installmenta oE Fu~ds payabk prior to the.due dates of tua, asussments. insurance premiums and gro4nd rents, shall exceod the amount required to pay uid tua. a~anents, iasurance premiums and ground rents as they tall due, such excess shall be, at Bonower s option. either prompUy repaid to Borrower or ~credited to Borrower oe monthly installments of Funds. It the amou~t ot the Funds ; heW .by I,eoder sl~dl ~ot be wt6ciwt to pay taxes. assesstne~ts, iosurance premiums and ground rcnt~ as they fall due. , 8otro~ver sball pay to I~eode~ any amount necessary to make up the deficiency within 30 days from the date notice is maikd , by I.eader W Bomower tequatina WYment thereof. Upoa payaaeat in full of all swns socurod by this Mortgage, 1_ender shall promptly refund to Borrowe~ any Funds held by Leader. If under puaaraph 18 hereof the Property ia sold or the Propeny ~s othenvise acquircd by Lender. : ender shatl apply. no later than immed'utely prior to the sal~ of the Property or its acquisition by Lende~. any Funds held bv I.eader at the time of applicatan as a credit against the :u~s secured by this Mortgage. 3. ' A~Ikatim d P~se~b. Unless applicable law provida otherwise. all payments receivcd by Lender under the Note and puagnphs 1 az+d 2 hereof shall be applied by Lender 6rst in payment of amounts payable to Lender by Bo~rower under paragraph 2 heroof. thea to interest payabk on the Note, then to the Qrincipal of the Note. and ihen to interest and principal on any Future Advances. - 4. CdaRes; IJews. Borrower shall pay all ~axes, assessments and other charges, fines and impositions attributable to tbe property which nnay attain a priority over. this Mortgage, and leasehold payments or ground rcnts, if any. in the manner pmvided u~der paragraph 2 hercof or, if not paid in such manner, by Borrower making payment. when due, dirccdy to the payee thereof. Borrower shall promptiy furnish to Lender all notices of amounts due under this parasraph. aod in tbe event Borrower st~all make payment dir~ctly. Borrower shall promptly fumish to Lender rcceipts evideecing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided, that Borrower shal~ not be required to dixharge any such lien so bng as Borrower shall agree io writing to the payment of the obligatiun socured by such lien in a ma~ner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien io, legal proceedings which operate to prevent the enforcement of the lien or forfeiturc of the Property or any part thereof• S. Hazard lawra~ce. Borrower shall keep the improvements now cxisting or hereafter erected on the PropertY insured againat loss by 5crc, hazuds inclu~d with~n the term "extended coverage", and such other hatards u Lender may require and in suctr amounu and [or such periods as Lender may requirc: provided, that Lenckr shall not require that the amount of ; such coverage exceed that amount of covorage required to pay ~he sums securcd by this MonEage. ~ Tbe insurance carrier providing tbe insurance shal) be chasen by Bonower subject to apQroval by Lender. provided, that wch approval shall not be unrcasonably withheld: All premiums on -insurance policia shail be paid in the manner ~ provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due. directiy to the j imurance carrier. ' All insurance policies aod renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage I clause in favor of and in form acceptable to l,ender. Lender shatl have the right to hold the policia and renewals thereof. ; ~ and Borrower shall promptly furaish to Leoder all renewal notices and all receipts of paid p[emiums. In the event of loss. - ~ Borrower shall give prompt notice to the insurance canier and Lender. Lender may make prooi of bas if not made promptly _ by Borrower. . ` ~ Unkss Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Prope~ty damaged, proviJed such restoration or repair is economically feasibte and the security of this Mortgage is ~ not thereby imQaired. If such rcstoration or repair is not economically fcasible or if the security of this Mortgage would ; ~ be impaired, the insuranct proceeds shall be applied to the sums secured by this Mortgage, with the eaccas. if any, paid ` to Borrower. If the Property is abandoned by 8orrower, or if Borrower tails to respond to Lender within 30 days from the ' date notice is mailed by Lender to 8orrower that the insurance carrier offers to settle a claim for insurance benefits. Lender i is authorized to collect and apply ttie insurance procoeds at Lender's option either to restoration or rep~ir of the Property ~ or to tik ~ms secured by this Mortgage. ~ Ualess Lender and Borrower otherwise agree in writing, any such application of proceeds to prineipal shall not extend ~ or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereot or change the amount of ' snc6 installmeots. If under paragraph 18 hereof the Prof,erty is acquired by l.ender, all right, tide u~d intercst of Borrower _ in and to any insurance policia and in and to the proceeds therooE resulting from damage to the Propecty prior to thc sale or acquisition shall. pass to Lender to the extent of the sums securod by this Mortgage immediately Prior to such sak or ~ acquisition. - f, hrservatbo and Maiateaance of Prope~ty; Leaset~ulds; Condominiums; Pfa~oed Uuit Devebpa~eats. Borrower ~ shalt koep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration ot the Propeny and 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 pertorm all of Borrowet s obligations under the declaration ' or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the ' R condominium or planoed unit development, and constituent documents. It a condominium or ptanned unit development ~ rider is executed by Borrower and recorded together with this Mortgage. the covenants and agrcements of such ridcr F shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage u if the ricier ^ were a part hereof. ~ 7. Protectioa ot Leade~'s Securfty. I( Borrow~er fails to perform the covenants and agreements contained in this ` ~ Mortgage, or if any action or proceeding is commenced wh~ch materially afTects Lender's interest in the Properry, ; including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, ~hen Lender at Lender's option, upon nolice to Borrower, ma~~ make such appearances, disburse such sums and take such action as is necessary tu prrnect Lender's interest, including. but not limrted to, disbursement of reuonable at~omey's tecs and entry upon the Prope~~y co make repairs. lf Lcnder rcqoircd mortgage insurance as a : condnioo of making the loan secured by this Mongage. Borrovrer shall pay the premiums requiral to maintain such imurance in eBect until such time ~s the reyuirement for such msurance terminates in accordance with Borrowers and F . . `K 299 P~~E 696 ~ ~ ~ ; ~ f~ ~`ti^ ~ - - L, - - .~n.. , . _ .