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HomeMy WebLinkAbout1974 UNtt'ORM CovtaNANis. Borrower and !.ender covenant and agree as follows: Irayareat et )ntiadpal ari 1Metrett. Borrower shall promptl~• pay when due the principal of and interest on the indebtetlnat evidenced by the Note. prepayment and late charges as provided in the Note, and.the principsl of and interest on say Future Advances secured by this Mortgage. 2. >t<t~ni tK Taaea ant! lawtaace. Subject to applicable law ur to a written waiver by Lender. Borrower shall pay to Lender on the day monthly inuallrttents of principal and intcrcct arc payable under the Note. until the Note is paid in full, a rum (herein "Ftutdt'7 equal to one-twel[th of the yearl~~ taxr:. and assessments which may attain priority over this Mortgage. and ground rents on the Property, if any. plus one-twelfth of yearly premium installments for hazard insurance. plus orx-twelfth of yeuly premium installments for mortgage insrtrartec, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. 7Ue Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply thetrFu ~ Frtndc, anraltama~caia d a coo insurance premiums and ground rents. 1_ender may not charge for so holding and apply g Yz t or verifying and rnmpiling 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 Futrds shall be paid to Borrower. and unless such agreement is made or applicable law txquir+ea 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 eatdr debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. ' If the amount o[ the Fund: held 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. auettraents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the FFunds held by Lender shall not be wf5cieat to pay taxes. assessments, insurance premiums and ground rents as they Tall due. Borrostrer :ball pay to Lender any atrrount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all stturts secured by this Mortgage, !.ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereo[ the Property is sold or the Properly rs otherwise acquired by Lender, Lender shall apply. rto later than itnntediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the tune of application as a credit against the sums secured by this Mortgage. 3. Application et Pt~ytnetttts. 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 Futttrc Advances. Charges; Liens. 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 furntsh to Lender all notices of amounts due under this paragraph, sad 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 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 proctedings which operate to prevent the enforcement of the Iren or forfeiture of the Property or any pan thereof. S. Hatrard irrsnraaee. 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 Brims secured Eby this Mortgage. 'Ihe 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 in the manner provided under paragraph 2 hereof or, i[ not paid in such manner, by Borrower making payment, when due, directly to the insurwce 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 form acceptable to Lender. lxnder 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 Ions. Borrower shall give prompt notice to the insurance carrier and tender. Lender may make proof of loss if not made promptly g by Borrower. Unless Lender and Borrower otherwise agree in wrrtrng, 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 not thereby impaired. If 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 it Borrower fails to respond to Lender within 30 days from the date notice rs 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 L_cndcr's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless fender and Borrower otherwise agree in venting, 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 y such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Presen•ation sad Mrttintcnance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit yraste or permit impairment or deterioration of the Property ~ and shall comply- with the provisions of any lease if thn Mortgage is un a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers 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 dor:uments. I(a condominium or planned umt development rider is executed by Borrower and recorded together wrth thn Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supphment the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of [.enders Security. If Bom~veer f:uls a• perform the covenants and agreements contained in this . Mortgage, or if any action ur pra:eeding is armmenced vehtch materially slicers Lender's interest in the Property. including. but not 6mrted to, eminent domain, nrs~~lsency. crxle enforcement, ur arrangements or proceedings involving a banknrpt or decedent, then 1_ender at Lender's option, upon notice to Burrower, mad make such appearances, disburse such sums and take such action ac rs necessary to protect Lender's interest, rnclud~ng. but not limned to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. If Lender reyuircJ mortgage insurance ac a condrUun-of making the loan secured by this Mortgage. Borrower shall pay the premiurns required to maintain such. insurance in elfect until such time as the requirement (or such insurance tcrmmates to accordance with Borrower's and . ~ ~ kr 301 E•..rc 1969 ~ - _ - _ ~ „ ~ 3