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HomeMy WebLinkAbout0219 UNIFORM COVBNAIiT3. Hort+ower aed l.e~der covensnt and ssra u[ollows: L T~nwe~t of hi~c1M1 ri IMereM. 8orrower shall p~omptly pay when due tl~e principal of and interat on the indebtednat evideaoed by tbe Note. prepayment and late chargec a.c provided in the Note. and the principal ot and inte~eal on aay Futute Advanas secut~ed by this Mo~a~e. 2. lhni fot TaM a~i U~wea~ce. Subject to applicahk law ~.r ~o a written waive~ by Lender. Borrovre~ sha~l psy to Cender on the day motithly installments of principal and intcrcct rn~ payable under the Note, until the Note is paid in tull. a sum (herein "Fu~'7 eqwl to one-twelfth ot the yeari~~ ~a~c. and assasmeots which may attain' priority ovet this Mortjaje. and ~round rents on tbe Propeny, if a~y. Flus one-~welfth of yearty premium instsllments tor hazard inwrance. plus oae-twelfth oE yearly prcmium installments for mortgage insunncc, if any, all u rcawnably estimated initially and from time to time by Leader on tbe buis ot assescmcnts and hills and rtasonabk atimstes thereof. The Funds shatl be heid in an iostitution the depdsiu or accounts of which arc insured or guaranteed by a Federal~ot state aje~cy (including Lender if Lender is such an inslitution). 1_ender shall apply the Funds to pay said tues. assasments. inturanoe premiums and ~round rcnts. I.ender may oo~ charge for u+ holding and applying Ihe F~~nds. analyzin~ said account. or verifyin~:~d comqling said assessments and bills, unkss Lender pays Borrower intercst on the Funds and applicable law permib Lee~der to malce suth a charge. Borrower and Lender may agree in writing at ~he time ot execution ot this Mottsaae that interat on the Funds shall be paid to Borrower. and unlas such agrcement a made or applicable law requira such interest to bt paid. Lender shall not be rcquired to pay Borrower any intercst or earnings on the Funds. Lender sha11 sive to Borrower, witlwut charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds arc plodgod u additional security for ~he sums secured by W~ Mortsa`e. If tbe amount o[ the Fuads held by Lender, together with the futur~ monthly installmcnts of Funds payabk prior to the due data of uxes. asxssmeats, ir~wrance prcmiums and ground rcnts, shall exceed the amount requircd to pay uid taxa. asseuments. insurance premiums and ground rents u they tall due. such excess shall be. at Borrower s option, either pt~omptly repaid to Bormwer or credited to Borrower on monthly insullments of Funds. If ihe amount of the Funds held by Leoder shall not be suiScient to pay taxa. assessments. insurance premiums a~d ground rcnts ss they fall due, Borro~re~ shall pay to Lender any unount nocessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting paymeat thereof. Upoo paymeat ia fuU of dl :uma secutcd by this Mortgage, t.ender shall promptly refund ~to Bormwer any Funds held by Lepder. If under paragraph 18 hereof the Property ia sold or the Propeny ~s othenv~se acquired by Lender, Lender s6a11 apply. ra later than immediately prior to the sak of the Property or its acquisition by Lender, any Fundc held bv I.eader at the time of application as a credit against the :ums ucwrd by this Mortgage. ? 3. A~piicatio~ oE P~me~tr. Unless applicable law provides otherwise, all payments received by Lender under the ; Note and pangraphs 1 and 2 hereof shall be appliod by Lender first in payment of amounts payable to Lender by Borrower under parsgraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advance.s. 4. C~arEcs; Lkas. Borrower shall pay all taxes, assessmenu and other charges. fines a~d impositions attributable to the Property which msy attain a priority over this Mortgage, and leasehold payments or ground rtnts, if any, in the manoer provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee theroof. Borrower shall promptly furnish tu Lender all notices of amounu due under this paragraph. aod in the event Borrower shall malce payment direcUy. Borrower shall promptly turnish to Lender receipts evidencing such payments. , Borrower shdl pt~omptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be rcq~ired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securcd by suc6lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, Iegal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan thereof. - S. Huard IKnraece. Borrower shall ktep the improvements now existing or hereafter erected on tho Property insurod against loss by 6re, hazatds 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 requirc that the amount of such coverage exceed that amount of coverage required to pay the sums socured by this MortEage. 'It~e insurance carrier Froviding the insurance shall be chosen by Borrawer subject to approval by Lender. provided, that such approval shall not be unreasonably withheld_ All premiums on insurance policies sha11 be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the 'i iowrance carrier. f All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ctause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall prompfly furnish to Lender all renewa) notices and all receipts of paid premiums_ In the event of loss, Borcower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower_ ~ ~ Unless Lender anJ Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, proviekd such restora~ion or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insu~ance procceds 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 notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repair of the .Propertv or to the sums secu~ed by this Mortgage. Unless Lender and Borrower otherv?ise 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 pa~agraphs 1 and 2 hereof or change the amount of suc6 installmeats. If under paragraph 18 hereof the Property is acquired by l.ender, all right, title and interest of Borrowcr in and to any Auurance policies and in and to the proceeds thereof result~ng from damage to the Propeny prior to thc sale or acquisition shall pass to Lender to the eatent of the sums secured by this Mortgage immediately priot to such sale or acquisition. ~ ~ 6. Pusenatioa and Maintenance of Property; Leasehulds; Condominiums; Planned Unit Developmeats. Borrower shall keep the Property in good repair and shall not comroit yvaste or permit ~mpairment or deterioration of the Property ~ and shall compl~• with the provisions of any lease if this Mortgage ~s on a leaschold_ !f this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration =Y or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planoed unit development, and constituent documents. lf a condominium or planned unrt development ~ rider is eaecuted by Borrower and recorded together with ~his Mortgage, Ihe 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 ~ were a part hereof. ~ 7. Protectioo of I.ender's Stcurity. If Borrower fail~ to perform the covenants anJ agreements contained in this Mortgage, or if any action or proceeding is commenceJ wh~ch materially afiects l.ender's interest in the Pmperty, ~ including, but not lim~ted to, eminent domain, insolvency, cocfe enf~~rcement, or arrangements or proceedings invoh•ing a ~ bankrupt or decedent, then Lender at I.ender'~ option, upcsn nouce to Borrower, ma~ make such appearances, disburse such ~ sums and take such actiun as ~s nece~tiary tu protect l.ender's interest, inchiding, but not limited to, disbursement of reasonable auomey's (ces and emry upon ~hc Property to makc rcpairc. If Lrndet rcyuireJ mortgage insurance as a condi~ion of making thc loan secured b~• this Mongage, B~rruwrr shall pay the premiums requireJ to maintain such uuurance in etiect until such time as ~he reyuirement for wch msurance termmates in a~cordance with Borr~~wer's and ~ ~ ~ ' . ~ F~!;r i:4f,E ~ ~ 3U1 219 , , . - - - - = . r~== ~~g, ~ 5 . r~ 3 .;z : ~ . ~~~'.r"~~~.~ k r =-~.zs..,~_' e_ _s. .