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HomeMy WebLinkAbout0645 . ~ ? UNtFOnnt CovEN~Nrs. Borrower and Le~de~ covenant and agree as follows: 1. Payment ot Pdaclpal snd lotersst. Borrower shall promptly pay whe~ due tl~e principal of and interest on the indebtednesa evidenced by the Note, prepayment and late charges as provided in the Note..and the principal of and intercst on any Futurc Advances socured by this Mortgage. ~ 2. Ftindi for Ta:a aui lasensce. S1~bject to applicable law or to a writteri waiver by Lender. Borrower shall pay to Lender on the day monthly instaliments of principal and interest are payabie under the Note. until the Note is paid i~ fuil. ; a sum (hercia "Funds") equal to one-twelfth of the yeady taxes and assessmcnts which may attain priority over this ~ Mortgage. and ground rents on the Property, if any, plus ono-twelfth of yearly premium iastalimeMa for hazard insurance. ; plus one-twel[th of yearly premium installmenta for mortgage insurance: if any. all as ressonably estimated initially and f[om time to time by Lender on the basis of assessments and bills and rcasonable estimates thercof. . 'Il~e Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Leader if Lender is such an institution). l.ender ~hall apply the FLnds to pay said taxes. assessmenta. ? insurance 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 s 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, a~d unlas such agrcement is made or applicable law ; requires such interest to be paid~ L.ender shall not be required to pay Borrower any interat or earnings or? the Funds. Lender I shall give to Borrower, without charge, an annual accounting of the Funds showing crcdits and debits to the Funds and the i purpose !or 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 held by Lender, together with the future monthly installments of Funds payable prior to ` the due dates of taxa. assessments, insurance premiums and ground renu, shall exceed the amount rcquired to pay said taxa. ; assessments, insuranet premiums- and ground rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Leader shall not be sul6cient to pay taxes. assessments, insurance premiums and gr~ound rents as they fall 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 to Borrower.requesting payment thereof. ~ Upon payment in full of all sums secured by this Mortgage. l.endcr shall promptly refund to Borrower any Funds held by I.enJer. I[ under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender _ shall apply, no later than immediately prior to the 3ale of the Pcopeny or its acquisition by [xnder, any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Appllestion of Payments. Unless applicable law provides otherwise. all payments received by Lender under the _ Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in pa~•ment 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. 4. C6arga; Lkas. Borrower shall pay all taxes, asscssments and othcr 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 manoer provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payce the~+eof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender 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 Kriting 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 ot the lien or fodeiture of the Property or any part thereof. ; S. Huard I~urance. Borrower shall keep the improvements now• existing or hereafter erecled on the Property insured ~ against loss by fire, hazards induded within the term "extended coverage", and such other hazards as Lender may require ; and in such amounts and for such periods as Lender may reyuirc; provided, that Lender shall not r~quire that the amount of ~ such coverage exceed that amount of coverage required tu pay the sums secured by this Mortgage. The insurance carner providing the insurance shall be chosen by Borrower subjeM 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, if not paid in such manner, by Borrov?er making payment, when due, direcdy to the ~ ~ insurance 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. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrow~er shall promptly furnish to L,ender all renewal notices and all receipts of paid premiums. In the event of loss. F Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. s < Unless Lender and Borrower otherwise agree in w•riting, 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 proceeds shall be applied to the sum~ secured by this Mortgage, with the excess. if any, paid ~ to Borrower. lf the Propertp is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the _ ~ date notice is mailed by I.ender to Borrower that ti~e insurance carrier offers to settle a claim for insurance benefits, I.ender ~ is authoriud to collect and apply the insurance prooeeds at Lender's option either to restoration or repair of the Property ~ 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. If under paragraph l8 hereof the Property is acquired by Lender, all right, tiUe and interest of Borrower r 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 l,ender to the extent of the sums secured by this ~tortgage immediately prior to such sale or ' acquisition. - 6. Presen•atioo and 1laintenance of Properl}~; Leaseholds; Condominiums; Planned Unit Developmeats. Borrower shall keep the Property in good repair and shall not commit waste 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 Morlgage is on a unit in a condominium or a planned unit ~ievelopment. Borrower shall perform all of Borrower s obligations under the declaration - or covenants creating or governing the candominium or planned unit development, the by-laws and regulations of the 4 condominium or planned unit development, and constitnent Jocuments. If a condominium or planned unit development rider is exesuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider : ~ " v?~ere a part hereof. - Protection of I.ender's Security. If Borrower fails ro perform the covenants and agreements contained in this - j ~ Mortgage, or if any action or proceeding is commenced w~hich materially affects Lender's interest in the Property, ~ including, but not limited to. eminent domain. insolvency, code enforcement, or arrangements or proceedings involving 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 as is necessary to protect Lender s interest, induding, but not limited to, disbursement of `I ~ reasonable attorc~ey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a i~ condition of making the loan secured b~ this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowei s and ~ ~n~r,~VS ~ ~ _ 6~4 _ ~