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HomeMy WebLinkAbout0563 r i UNIrOR1~1 COVBNANTt. Bo~mwer and L,ende~ covenant a~d asres ss folbws: !~N ot hl~eiMl ri 1M~a~p1. Borrower shall prompd~ paY when due the principal ot aod i~terest on the it~dobtedt~est evidenoed by the Nd0. Pnpj~t and late chargcs ac ~ovided in Ihe Note. and the principal of and ioterest oa my FWure Adva~ces socwed by this Mottsase. 3. 14~is ter Ta~s a~i i~ar~sc~. S1~bjoct to applicabk law ~u to a written waiver by Lende~, Borrower shaQ paY to Leader on the day mw~thly installments of principal and intcrest arc paysMe undu the Note, until the Note is paid in tull. a unn (herein •'Fundt'~ eqwl to o~e-twelfth of the yea~iy tax~~ an~! assessments which may attain priority ove~ this ~ 1?lorttase. and fround rents on tbe Propeny. if any, plus o~e-tweltth of yearly~ prcmium instdlments for huard inwrance. plus oae-twdtth of yq~ly premium iostallmen~s for mongage insurance, if any, all as rcasonably estimated ioitially and trom _ ~ ~dme to time by Lender on tbe basis ot assasmcros and hills and rcasonabk atimata thereof. f 7Le Fu~di shall be beld in an instituticm the deposita or accounts of ~rhich are i~nured or ~ua~antad by a Federal ot =tate asency (includina Lender if Lcoder is such an institutionl. Lender sha!! apply the Funds to pay said taxes. assessments. ' iawraooe ptemiums and ~ound rcnts. I.ender may oot charge tor so holding snd applyins the Fund~. analyzin~ said account, ~ or vetifyin~ snd compling uid assessments and bills, unlas Lender pays Borrowe~ interest on the Funds and applicabk law permits L.ender to make such a charse. Borrower and Lender may agrce in writing at Ihe time ot execution of this Monpse tlut interat on the Ftinds shall be paid to Horrower. and unlas such agroement is made or applicable law requi~+a such interat to be paid. l.ender shall not be rcquircd to pay Borrower any interat or earnings on the Funds. Lende~ ; s6al! pve to Borrower. witlwut charge, pn aonwl accounti~g of the Funds showing crcdita and debits to the Funds and the purpose for which each debit to tbe Funds wu made. The Funds are plodgod u additional socurity for the surtu secured by t6is Mott~se. If the amount o[ the Fuads held by Lende~, together with the future monthl; installmenta of Funds payabk prior to tbe due data of taxes. asseuments. inwrance premiums a~d ground rcnts, shall excad the amount required to pay uid taxa, ass~ments, i~unnoe premiums and gmund rents as they fall due, such excess shall be, at Borrower's option, either Premptly repaid to Borrower or crodited to Bormwer on monthly installments of Funds: If the amount of the Fun~ hdd by I.ender shaA not be sut6cieat to pay taxa. asxs.unents, insurance prcmiums and ground rcnts as they fall due, Borm~?er sball pay to Lender any amount rnecasary to make up the deficiency within 30 days from the date notice is maikd by Leoder W Borrow~r eequating payment thereof. Upoa paymeat ia fuU of dl suma secu~ed by this Mortgage, I_ender shall promptly refund to Borrower any Funds I~dd by Leoder. If under puagraph 18 hereot the Property i~ sold or the Propeny ~s othervvise acquired by Lender, [.ender :ball apply. no later than immediately prior to the sale of the Propeny or i~s acquisition by Lender. any Funds held" bv Leader at the time of application as a crcdit against the sums secured by this Mortgage. - 3. A~iicaNo~ ot Pa~eds. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be appliod by Lender Srst in payment ot amounts payable to Lender by Borrower • uodet paragnph 2 hereof. then to interest payabk on ihe Note, then to the principal of the Note, and then to interest and principd on any Future Advanoes, 4. C~a; Lieas. Borrower shall pay all taxes, assessmcnts and ather charges, fines and _impositions attributable to t6e PropeRy which may attain a priority over lhis Mortgage. and leasehold payments or ground rents, if any. in the manner pmvided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, whp~ due. direcdy to the payee theroof. Borrower shall promptly furnish to Lender a11 notices of amoupts due ~nder this para~tsph. and in the event - Bornower shall make payment directly. Borrowe~ shall promptly tumish to Lender receipts evidencing such payments. Borrower shall promptly dixharge any lien which has priority over this Mongage; provided. Ihat Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writi~g to the payment of tht obligatiun 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 prcvent the enforcement of the lien or forfeiture o[ the Property or any part thereof. S. Hassrd /nsvraoce. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod agtinst loss by firc, hazards included within the term "extended coverage", and such other hazards as Lender may requirc and in wch amounts and for such periods as Lender• may rcquire: provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums securcd by this Mortaaga I 'Ibe insurance carrier providing the insurance shall be chosen by Borrov~er subject to approval by Lender, provided, t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner I providod under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due. directly to the ; insutance curier. ~ • ~ All insurance policies and renewals ther~ot shall be in form accep~able 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, . j and Borrower shall promptly furaish to Lender all renewal notices and all receipts of paid premiums. In the event of 1oss, ; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof oE loss if not made prompdy y by Borrower. " E Unless Lender and Borrower otherwise agree in writi~g, insurance proceeds shall be applitd to rcstoration or repair of ~ the Property damaged, provided such restorat~on or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired_ If such restotation 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 Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is maHed by Lender to Borrower that the insurance carrier offers to seule a claim for insurance benefits. L.ender is aut6orized to collect and apply the insurance Qroeeeds at Lender's option either to restoration or repaer of ihe Properiv or to t6e sums secured by this Mortgage. ~ Unless I~nder and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ o~ postpone the duc date of the monthly installments rcferred to in paragraph~ I anJ 2 hereof or change the amount of such installments. IE undet paragraph 18 hereof the P~o~,erty is acquired by l.ender, all right, title and interest o[ Borrower in and to any ihsurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale ~ or acquis~tion shalt pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6. Preservation and :~faintenann of Property; Leasehulds; Condomiaiums; Planned Unit Devebpments. Borrower ~ shall keep the Property in good repair and shall not comroit ~vaste or permit impairment or deterioration of the Properry : and shall comply with the provisions of any lease if lhrs Mortgage ic i~n a leaschold_ If this Mortgage is on a unit in a 3 condominium or a planned unit developmenl, Borrower shall per(orm all of Borrower s obligations under the declaration ~ or covenants creating or governing the condommium ar planned unit develupment, the by-laws and regulations of the ? condominium or planned unit development, and constituent documemc. 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 bc incorporated into and shall amend and supplcment the covcnants and agreements of this Mortgage as if the riJer were a part hereof. _ 7. Profection of Leader's Securfty. 1( Borrower failc m pert~~rm the covenants and agreements contained in this ~ ; Mortgage, or if any action ur proceed~ng ic cummenced xhich ma~erially affects Lender's interest in the Property. includmg, but not limited to, em~nent domain, inu.l~ency. cude enforrement, c~r arrangemrnts or proceedings invol~•ing a ~ bankrupt or deceden~. ~hcn Lender a~ I.ender'~ option, upon notice to Borrower. may make iuch appearances, Jisburse such ~ sums and take such ac~ion as is necescary w prutect l.ender's interest. ~ncludmg. but not limited to, disbursement of ~ reasonable at~omey's tces and entry upon thc Propeny~ to makc repair~. I( Lendcr rcyuireJ mortgage in~urance as a ~ condition o( mak~ng thc loan cecureJ• b~ ~hia M~?ngagc. B~.rmHCr shall pay thc prcmiums requireJ to maintam such ~ insurance in etiect until such time as the reyuirrment for' tiuch ~nsurance terminate~ in accordanee with Borrower's and ~ ~ g~~K 3U3 ~~~E ~ 562 ~ ~ . ~ ~ , _ _ _ - - - . _ ~ ~ - ~ - ~ ~ - ~ ~ ~ I , ~ ~ _ . . .