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HomeMy WebLinkAbout0595 UNIfORM COVBNAIiT~. Horrower aed L.eader covenant and at~a ss tollows: ~ 3. ~q~eal dt hi~e~l a~i tMete~A. 8ormwer shatl promP~~f WY when due the priocipsl of and interat on the indebted~as evidenoed by the NWe. aepayment and late char~ec aa ~xovided in the Note, and the p~~cipal ot and interat . on wy Future Advances secured ~b~r this Mort~a~e. 1 lhi~i for Taaut a~i iawe~ee. Subject to applicabk law to a w~itten waivet by I.eoder, soRO~ ~n~~ wr to Lee~der on ~he day monthly installme~ts of principal aod intcrca~ arr payshk under the Note. uMil the Note is psid in (ull, s swn (herein "Funds") eqwl to one-twelfth ot the yea~ly asc. anJ assasmeots which may attain prioritr over this Mortiase. and ~mund rena on the Property. it any, plus one-twelfth of yearly premiwn inuallments tor hazard inwrance. plus oae-tweltth of yea~ly premium i~stallmeri~s (or mohsate inuinncc, it any, all u rcasonabty astimated initially and t~+au time to time by Lender on tbe basis of aua.sments and hills and rcasonabk atimata thereot. 'lUe Funds sha!! be htM in an iostitu~ion the deposiu or accounts of ~vhich sre insured or ptaranteed by a Fodenl ot ' state a~e~cy (includin~ L,ender it Lcnde~ is such an ins~itution). 1_ender shsll apply the Funds to pay uid taxa. assasrt~ents. iawr~noe premiums aed ~ound rcots. t_ender may na~ charge for sc~ holdina and spplyint ~he Fnnds: analyzins uid account, or verifyint snd complin~ uid assessments and bilh, u~kss ~ender pays Borrower imercst on the Funds and applicabk law pecmits Le~der to make such a charge. Borrower and Lende~ may a~ree in writin~ at the time of execution ot this Mortpja that i~tera! on the Funds shall be paid to Borrower. and unlas such strcemenl a made or applicabk law requira such intercst to be psid. Lender shall na be required to pay Borrower any interat or earnings on the Funds. Lende~ shall pve to Borrower, witlrout chuge, an annual accounting of the Funds showina credits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds are plodged as additional socurity [or ~he sums secured bY t6i: Mortp~e• If tbe amouM of the Fuad: hdd by l.ender, togaher with the future monthly installments ot Funds payabk prior to tbe due dates of lues~ assessmeats, inturance prcmiums and grou~d rents, shall excc~d the amount required to pay said tua. a~saaaents. iiuunnce premiwns and arou~d rcots u they fall due, such excess shall be. at Borrower's op~ion. either protnptly repaid to Borrower or croditod to Bormwer on mon~hly installments of Funds. If the amount ot the Fu~ds !xW by. Lender shall uot be wlScieat to pay tues. ass~tsments, insurance premiums and ground rents as they fall due. Bormaer shall pay to L.ender any amoant nocessary to make up the de6ciency within 30 days from the date notice is mailed by Lender to Borrower requatiag payment thereof. Upoa paymcnt in full of all sums secured by this Mongage, I.ender shall promptly retund to Borrower any Funds held by Lender. If under paratraph 18 hereof thr Property is sold or the Propeny ~s aherwise acquired by Lender. [.ender s6a11 appfy. no later than immodiately prior to the sak of the Propeny or its acquisition by Lender. any Funds held bv I.ender at the time of application as a ceedit against the sums seeurod by this Mortgaga _ 3. A~piicatio~ ot Payeeds. Unless applicable law provida othe[wise, all payments received by Lender under the Note aad pangrapt~s 1 and 2 htreM shall be applied by t_ender first in payment of amounts payabk to Lender by Borrower under pusaraph 2 hereof. then to interest payabk on the Note, then to the principal of the Note, and then to intercst and principal on any Future Advsnces. CLar~a; I.kai. Borrowtr shall pay aU taaes, assessments and other charges, fines and impositions attributabk to _ the Property which may attain a priority over this Mortgage, and lea,ehold payments or ground rents, if any. in the manaer provided under paragraph 2 hercof or, if not paid in such manner, by Borrowcr making payment. wheo due, diroctly to tbe payee thereo(. Borrower shall promptly furnish to Lender all notices of amounts due under this paraaraph. aod in the event Borrower shall make payment directly, Borrower shall promptly (umish to l.ender receipts evidencing such payments. Borrower shall promplly discharge any lien which hu priority over this Mongage; provided, that Borrower shall, not be rcquired to discharge any such liea so long as Borrower shall agree in writing to the payment of the obligatiun securcd by such lien in a manner aeceptabk to Lender, or shall in good faith contes~ such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enfurcemen~ o( the lien or forfeiture of the Property or any part thereof. S. Kuud Insnnwce. 8orrowe~ shall kcep the improvements now existing or hereafter erected on the Propetty insured against loss by fire, ha-rards included withm the term "extended coverage", and such other hazards as Lender may requirc aod in such amounts and for such periods as Lender may require; provided, that Lender sha11 not requirc that the amount of such coverage exceed that amount of coverago required to pay the sums secured by this MortaaEe. 'Il~e ituurance carrier providing thc insurance shall be chosen by Borrowtr subject to approval by Lender. provided, that such approval shall not be unrcasonably withheld. All premiums on insurance polici~s shall be paid in the manner pcovidod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the inwrance carrier. ~ i All insurance policies and renewals thereof shall be in form~acceptable to LenJer and shal) include a standard morigage ~ clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. ln the event of loss, f Borrower shall grve promp~ notice to the insurance carrier and l_ender. Lencier may make proof of loss if not made promptly i by Borrower_ ~ . Unless Le~der and Borrower otherwise agree in wridng, insurance proceeds shall be applied to restoration or repair of the Property damaged, provickd such restorat~on or repair is economically feasible and the socurity of ihis Mongage is not thereby impaired. If such restoration or repair is n~t ~conomically feasible or i( the security of this Mortgage would be impaired, the insurance pracceds.shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. If the Properry is abandoned by Borrower, or if Borrrnver fails to rapond 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 proceeds at Lender's optiun either to restoration or repalr of the Propertv ~ or to the ~ums secured by this Mortgage. Unleu Lender and Borrower otherwise agree m w~riting, any such application of proceeds to principal shall not exfend ; or postpone the due date of the monthly installments rcferred to in paragraphc 1 and 2 hereof or change Ihe amount of such installments. I( under paragraph 18 hereof the ProE,erty is acyuired by l.cnder, all right. title and interest of ~orrower in aod to any Insurance policies and in and to the proceeds theroof resulnng from damage to the Property prior to th~ sale ' or acqwsition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or ` acquisition. i 6. Preservatioa and Maintenance. of Property; Leasehulds; Condominiums; Planned Unit Deve{opmenl~. Borrower shall keep the Property in good repair and shall not comroit ri•aste or permit impairment or deterioration of the Property - and shall comply~ with the provisions of any lease if th~s Mortgage i~ un a leasch~~ld. !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 ~ or covenants creat~ng or governmg the condommium or planned unit development, the by-laws and rtgulations of the condominium or planced unit development, and constituent Jocumem~. If a cundominium or planned unit clevelopment ~ rider ~s executed by Borrower and recorded together w~th th~s Mortgage, the covenants and agreements of such rider . : ~ shall bs incorporated into and shall amend anJ supplement the covenan~s anJ agreements of this Mortgags as it the rider ~ ~ were a part hereof. ~ 7. Prolection of I.ender's Securfty. If Borrower (a~lc a+ ~xr(~rm the covenantc anJ agrcements contained in this ~ Mor~gage, or if any actiun ur proceeding i~ cummence.l which materially afircts I.ender's mterest in the Property, ~p including. but not lim~ted to, em~nent domain. ins~.lvencq, code en(orcemenl, ar arrangementc or proceedings imolving a bankrupt or decedent. ~hen 1_ender at Lender'~ option, up~.n notice to Borrower, may make such appearances, dishurse such t I sums and take such action ac ~s nece~sar~~ tu pratecl Lender's interest, incluJing. but not limited to, disbursement of - ' I reasonable at~omey's fces and cntry u~x~n the Propcrty to makc rcpairti. If I.enJer .reyuircd mortgage insurance as a • ~ condition of making the loan ~ecureJ by thu Mortg:~ge. B~.rr~~wer shall pay the premiums reqtured to maintain such insurance in eftecC uMil such time as the rcyuiremem (or wch insurance lerminatrs in :~eeordanee with Borrower s and ~ BOOK ~UJ ?~r,f 594 ~ _ - ~ ~ .r ~ ~ - ~ _ ~ ~,T_~ ~ .