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HomeMy WebLinkAbout0113 UNiP~R[H CovEtv~NTS. Borrower and LenJer covenant and agree as follows: 1. Paymeat ot Princlpal aad latenst. Borrower shall promptly pay when due the principal of and interest on the indebtedneu evidenced by the Note, prepayment and late charges as pravided in the Note, and the principai of and i~tercst on aay Future Advances secured by this Mortgage. 2. Fbads for Ta~[a aad lc~uraace. Stibject to applicable law or to a written waiver by I.ender. Borrower shall pay to Lender on the day monthlx installments of principal and intercst are payable under the Note, until the Note is paid in full. s aum (herein "Funda") equal to ono-twelfth ot the yeady taxes anJ assessments which may attain priority over this Mortgsge. and ground renta on the Pc~operty. if ar?y, plus oao-twelith of yearly premium ins~allments for hazard insurance, plus one-twel[th of yearly premium installments for mongage insurance, if any, all as reasonably estimated initiaqy and from time to time by Lende~ o~ the basis of assessments and bills and reasonablc estimates thereof. 'R~e Fu~ds shall be held in an institution the deposits or accounts of which are insurcd or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, ~r verifying and compiling said assessmenis and bills, unless Lender pays Borrower interest on the Fu~ds and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in writing at the time of ezecution ot this Mo~tgage that interest on the Funds shall he paid to Borrower, and unless such agrcement is made or applicable law requira such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. I.ender shall give W Borrower, without charge, an annual accaunting 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 pledged as additional security for the sums secured by this Mortgage. ~ If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable pnor to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance ptemiums and ground rents as they fall due, such excess shall be, at Borrower s option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficieat to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrowec shall pay to Lender an~ amount necessary to make op the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upo~ payment in full of all sums secured by this Mortgage, I.ender shall promptly refund to Borrower any Funds held by Ixnder. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Propeny or its acquisition b}~ Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. ApplicAtion of Payments. Unless applicable law prov~des otherM•ise, all pa}•ments received by Lender unJer the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment o( amounts payable to Lender by Borrower under paragraph 2 hereof, the~ to interest payable on the Note, then to the principal of the Note, and then to interest and ~rincipal on any Future Advances. ~ 4. C6arges; Lkns. Bonower shall pay all taxes, assessments and other charges. 6nes and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Bortower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly,- Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrow•er shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enfon.ement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard lnsurance. Borrower shall 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 Lender 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. 'I~e inturance carrier providing the i~:~~•rance shall be chosen by Bonower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on.insurance policies shaU be paid in the manaer provided under paragcaph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ' insurance carrier. ~ ; All insurance policies and renewals thereof shall be in form acceplable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ` and Borrower shall promptl~~ furnish to Lender all renewal notices and all receipts of paid premiums. In the e~~ent of loss, ; ' Borrower shall give prompt notice to the insurance carrier and Lender. Lender map make proof of loss if not made promptly F by Borrower. ~ ~ Unless Lender and Borrow•er otherwise agree in w~riting, insurance proceeds shall be applied to restoration or repair of ; the Property damaged, proviJed such restoration or repair is economically feasible and the security of this Mortgage is 5 not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ ; be impaired, the insurance proceeds 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 Lender within 30 days from the ~ date aotice is mailed by l.ender to Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits, Lender k is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property " ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower othen+~ise agree in w•riting, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthl} instailments referred to in paragraphs I anJ 2 hereof or change the amount of such installments. If under patagraph I8 hereof the Property is acyuired by Lender, all right, title and interest of Bor~ower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Properiy prior to the sale ~ or acquisidon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6. Preservat~on and ~taintenance of Properiy; I.easeholds; Condominiums; Planned Unit De~•elopments. Borrower ~ shall keep the Property ia good repair and shall not commit waste or permit impairment or deterioration of the Property A and shall comply with the provisions of any lease if th~s Mortgage is on a leasehold. 1f this Mortgage is on a unit in a ~ condominium or a planned unii development. Borrower shall perform all of Borrower's obGgations under the declaration - or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the = condominium or planned unit development, and constituent documents. If a condominium or planned unit development - rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider " shall be incorporated into and shall amend and supplement the co~~enants and agreements of this Mortgage as if the rider w•ere a part hereof. . = 7. Protection of Lende~'s Security. If Borrow~er fails to perfarm the covenants and agreements contained in this Mortgage, or if any action or proceeding ~s commenced which materially aftects Lender's interest in the Property, - including, but not limited to, eminent domain, insolvenc}~. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at 1_enJer's option, upon notice to Borrower, may make such appearances, disburse such - sums and take such action as is necessar~• to protect Lender s interest, induding. but not limited to, disbursement of j~ reasonable attomey's fees and entry upon the Property to makc rcpairs. If Lender required mortgage insurance as a condition of mal:ing the loan secured b~• this Mortgage. Borrower shall pay the premiums required to maintain such ~ insurance in efItct until such time as the requirement for such insurance terminates in accordance with Borrower s and , - t1 K ~U1 s~~~ .~~~E 1:~~ ~ _ ~r ~ z~~,~:° c i ~ t~'~"'~ . ~~s°s~ j c s k . . , . . . ~~'z°~' _ s . . _ _ .