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HomeMy WebLinkAbout1715 UNttratut CovENANTtt. Horrortrer and Lender covetunt and agree as follows: 1 IT~eat et Psiaefpttl tn¦d Werest. Borrower shall promptly pay when due the principal of and intereN on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principd of and interest oa any Future Advances sxured by this Mortgage. 2. >I<tsMs ter Taatas anti Iawraace. Subject to applicabk law ~~r to s written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a rum (herein "Futrds'~ egwl to one-twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage, and ground rents on the Property, it any, plus one-twelfth of yearly premium installments for hazard insurance. , plus orx-twelfth of yearly premium inuallments for mortgage inu~rancc, if any, all as reasonably estimated initially and from time to time by Lender on the basis of rise:cments and hills and reasonable estimates therYOf. The Funds shall be bell in an institution the deposits or accounts of which are insured or gwranteed by a Federal of state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay uid taxes. assessments, inturatroe premiums and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law rcgtriees such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting 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 heW by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they tall due, such excess shall be, at Borrowers option, either prampUy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds hdd by Lender shall not be sut6citat to pay taxes. ssst~sments, insurance premiums and ground rents ss they tall due, Borrower shall pay to lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender a Borrower requesting payment thereof. Upon payment is full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds heW by [.cadet. If untkr paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender :ball apply. rte later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. A~ikatioe of Ps4yttoetNs. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender-first in payment of amounts payable to Lender 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 principal on any Future Advances. 1. Charges; Lkws. 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 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. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and is the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lied which has priority over this Mortgage: 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 secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forteiture of the Property or any part thereof. S. Hatrard lssrrraaee. 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 rtquire 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. 'Ilre insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid iq the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. i 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 form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shalt give prompt notice to the insurance carrier and Lender. Leader may make proof of loss if not made promptly , by Borrower. ~ Unless 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 economically feasible and the security of .this Mortgage is I not thereby impaired. It such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance 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 Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender - is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property j or to the sums secured by this Mortgage. _ Unless Lender and Borrower otherwise 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 paragraphs 1 and 2 hereof or change the amount of such installments. U under paragraph 18 hereof the Proferty is acquired by Lender, all right, title and interest•of Borrower in and to-any htsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale er acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 1 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Properly in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property 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 perform all of Borrower's obligations 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 emit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider 3 shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rifer were a part hereof. J 7. Protection of Lender's Security. If Borrower (ally te. perform the covenants and agreements contained in this Mortgage, or if any action ur proceeding ~ti commenced which materially affects tender's interest in the Property, including, but not limned to. eminent domain. involvency, axle enforcement, or arrangements or proceedings invoh~ing a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such ~ sums and take such action av is necevvary to protect Lender's interest, including. but not limited to, dabursement of reasonable auomey'v fees and emry upon the Property to make repairs. I( Lender required mortgage insurance as a condition of making the loan vecured by thii Mortgage, Borrower shall pay the premiums required to maintain such ~ insurance in rliect until such dine as the requirement for wch insurance terminates m accordance with Borrower's and V f 1 1171 a S~kK ~Fi • i0 e f7 - ~r k ~ f~ _F _ tea-: _ . - - _