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HomeMy WebLinkAbout0795 UNIFORM COVBNANT3. 8ormwer and Lender covenant and agree as followa: 1: Ps~meat ot P~incipd ~ad laterat. Borrower shall promptly pay when due the principal ot and interest on the indebtednesa evidenced by the Note. pnpayment and late charges as provided in the Note. and the principal of and intercst on any Futuro Advances sccured by this Mortgage. ~ 2. Frads to~ Tua sad Immr~nce. Slibject to applicable law or to a written waiver by Lende~. Borrower shall pay ' to I.ender on the day monthly instaltments of principa! and intcrcst are payabk under ihe Note. until the Note is paid in full. , a:um (herein "Funds") equal to onatwelfth of the yearly taxes and assessments which msy attai~ priority over this Mongage, and ground re~u on the Pmperty. if any, plus onatweltth of yearly pnmium installments for haurd insurar~ce. } plus one-twcifth of y~arly pnmium installme~ts for mongage insurance. if any. all as reaso~ably estimated initially and from ~ time to time by Leoder on the basis of assessments and bills and rcasonable estimates thereof. 'tl~e Funds shall be t~eld in an institution the deposits or accounts of which are insurod or gua~anteed by a Federal or , state agency (including Lender if Lender is such an institution). Lender shall apply the flmds to pay said taxa. asieuments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing uid account. or verifying and compling said assessments and bills. unless Lender pays Borrower interest on the Funds aad applicabl~ Iaw ~ permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of eacceution of this Mortgage that interat on the Funds shall be paid to Borrower. and unless such agrcement is made or applicable law requires such interat to be paid. Lender shall not b~ requircd to pay Borrower any intereat or earnings on the Funds. Lender shall give tp Borrower, without charge. an annual acxounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are plodgod as additional security for the sums secured by this Mottgage. ' If the amount of the Funds held by i.ender, together with the tuture raonthly installments of Funds payable prior to : tt~e due dates of taxes. as.ussments. insurance premiums and ground rents, shall exceed the amount required to pay said taues, assessments, inaurance premiums and ground rents as they [all due, such excess shall be. at Borrower s option, either protnptly repaid to Botrower or cn~ited to Bc~rrower on monthly, installments of Funds. If the amount of the Funds ~ held by Lender shall not be sut6cieAt to pay taxes, assessments. insurance premiums and g~+nund rents as they fall due. Borcowe~ shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed ~ by Lender to Borrower rcquesting payment theroof. 4 Upon payment ia full of a~l sums secured by this Mortgage, 1_ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 1R hcreof the Property is sold or the Propeny is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by L.ender. any Funds held by Lende~ at the time of application as a credit against the sums secured by this Mortgage. 3. Applic~Ion of Paymenta. Unless applicable lav? provides otF?erwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ertder first in payment of amounts payable to Lenckr by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and ` principa) on any Future Advances. ~ 4. Cl~arfes; Lien~. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground ronts. if any, in the manaer provided uader paragc~ph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. direcdy to the ; payee thereof. Borrower shall prompUy furnish to Lender all notices of amounts due under this paragraph, and in ihe event . ~ Borrower shall make payment directly, Borrower shatl promptly furnish to L:ender receipts evidencing such payments. 4 Borrower shali promptly discharge any lien which has priority over this Mortgage; provided, that Borrowtr shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by = such lien in a manaer acceptable to [.ender, or shall in good faith contest such lien by. or defend enforcement of sush lien in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof. . t S. Huud lasnnace. Borrower shaU keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage and such other hazards as L.ender may require 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 Mortgage. The insurance carrier providing t6e insurance shall be chosen by Borrower subject to approval by Lender, ptovid~d, that such approval shall not be unreasonably 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 insurance carrier. ' - All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in fotm acceptable to Lender. Lender shal: have the right to hold the policies and renewals thereof. and Borrower shall prompdy furniah to Lender all renewal notices and all rece~pts of paid premiums. In the event of loss. . ' Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly I by Borrower. ~ ; Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economicatly feasible and the security of this Mortgage is not thereby impaired. If such ratoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procoeds 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 l.ender within 30 days from the date notice is mailcd by I.eader to Borrower that the insurance carrier offers to se~tle a claim for insurance benefits~ Lender is authoriud to collect and apply the insurance proceeds at Lender's optioa either to ratoration or repair of the Property or to the sums securod by tt?is Mortgage. • Unless Lender and Borrower otherwise agrce in writing, any such application of procetds 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 such installments. If under paragrap6 i8 hereof the Property is acquired by Leader. all right, title and interest of Borrower in and to aay insurance policies and in and to tt~e proceeds thereof resulting from damage to the Property prior W the salt or acquisidon shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to. such sale or , acquisition. 6. Preservadon and Mainteoance of Property; I.ease6oldS; Condomfolums; Pfanned Uait Derelopmeots. Borrower - shall keep the Property in good repair and shall aot commit waste or perntit impairment or deterioration of the Property and shall comply with the provisiona of aay le.ise if this Mortgage is on a lease6old. If th:s Mortgage ia on a unit in a condominium or a planned unit developmeat, Borrower shall perform alt of Borrower a obligations undcr the declaration or covenants creating or governing the condominium or plannod unit development, the by-laws and regulations of ihe condominium or planned unit development. and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with ihis Mortgage, the covenants and agreements of suc6 rider i shall be incorporated into and shall ameod and supplement the covenants and agreements of this Mortgage as if the rider } were a part het~eof. 7. Protectfoo of Leoder's Sec~. If Borrower fails to perform the covenants and agreements contained in this Mongage, or if any action or procoeding is commenced which materially affects [.endePs interest in the Property, including. buc not limitad to, emiaent domain, insolvency, code enforcement. or arrangements or proceedinga involving a banlcrupt or decedent, then Leader at Lender's option, upon notioe to Borrower. may make such appearances, disburse such swns and take :uch ution as is necessary to protect Lender s interest, including. but not limited to, disbursement of ` reasonable attomey's tea and entry upon the Property to make • repairs. If Lender required mortgage insurance u a ' condition of making the loan secured by this Mortgage, Borrower shall pay the premiums rcquired to maintain such insurance in effect untif such time u the roquiremeot for such insurance terminata in accordsnce with Borrower's and . ~ . : : ~ . ~~;.K299 o.~~E 795 ~ ~ - - ~ ~ ~~r ~ ~ ~ _ _ _ ~ '