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HomeMy WebLinkAbout0202 UNIFMtM COVENANTS. Borrower and Lenckr covenant and ag~a as followa: 1. ti~eM ot T~iocipal ~ lahraf. Borrower shall promptly pay whcn due the principal of and interest on the indebtedr~ evidenced by the Note, pnpaynnant aad late chargea aa providoi in the Note, and the pri~cipal of and interat on any Future Advaaces sxured by thii Mort~a~e. 3. Fwi Mr TuM a~d taaeucs. S1~bjcet to applicabk law or to a~ writtaa wuver by L.ec~der. BotTOwer sh~U pay to L.ender on the day monthly inst~tlments of principal and intercst arc paysbk unde~ the Note. until the Note is paid in full. a:um (herein •'Funds'~ equal to one-twelfth of the yearly taxes and assessments which msy attain priority over this Mortgage. and ground rents on tl~e Property. if any. plus onatwelfth o[ yeuly premium installmonts for haaard insurance. plus ono-twelfth of yearly premium iastallments for mongag~ inaur~nce, if any, all u rcasonably estimated initially a~d from time to time by Lender oa the basis of aasessments and bills and reasonabk estimates thereof. 'Il~e Fbnds shall be held in an institution the deposits or accounts of which are insured or guannteod by a Federal or atate agency (including l.~nder if Lender is auch an iastitution). Lender shall apply the Fu~ds to psy said taxa~ at~ssments, insuranoe pnmiums and ground rents. Lender may not chuge for so holding and applying the Funds, anslyzing said account, or verityin~ and compiling said aasessme~ts and bills. unle.xu Leader pays Borrowe~ intenst on the fl~nds and applicaMe Isw permits Lende~ to make such a charge. Borrower and Lender may agrce in writing at the time of execution of ihis ~ Mortga~e that interat on the Funds shall be paid to Bonower. ~a~d unless such agrcement is made or applicabk Iaw requires such interat to be paid. l.e~de~ shall not be requincl to pay Borrower any interest or earnings on the Funds. Lender s6all give to Borrower. without charge, an an~ual accounting of the Funds showing credits and dtbits to the Funds and the purpcue for which each debit to the Funds was made. 'I'he Funds are pledged as additional security for the sums secured by this Mortga~e. If the amount of the Funda held by Lender. together with the future monthly installments of Funds payabk prior to the due dates of taxes, auessments, insurance pnmiums and ground rents, shall exceed the amount rcquirtd to pay said taua, sssessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower or croditod to Borrower on monthly installments of Fuads. If the amount of the Funds held by Lender shall aot be sut6cient to pay taxes. assarments, insurance prrmiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency withi~ 30 days from the date notice is mailed by I.~nde~ to Bonower requesting payment thereof. Upon paymeat in fuU of all sums secured by this Mongage, l.ender shaH promptly refund to Borrower any Funds held by l.ender. If under paragraph 18 hercof the Property is so~d or the Property is otherwise acquired by Lender. Lender s6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by Lender at the time of application as a credit against the sums stcured by_ this Mortgage. 3. App~ie~tlon of P~ments. Untess 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 I.ender by Borrower under paragraph 2 hereof. t6en to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. - 4. Cl~ar~es; Lkms. 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 leatehold payments or ground rents, if any, in the maaner F provided under paragraph 2 hereof or, if not paid in such manner, by Bonower making payment, when due, dirocdy to the ` payee thet+eof. Bortower 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 furnish to L.ender receipts evidencing such payments. Borrower shall promp0y discharge any lien which has priority over this Mortgage: provided, that Borcower shall not be reoi~ired to dischar~e any coch lien sc~ long as Aorrower chall agree in writin¢ to the nayment of the obliaation secured by such liea 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 forfeiture of the Property or any part thercof. S. Huud Iasvrance. Borrower shall keep the improvements now existing ~r hereafter erected on the Property insured against loss by 6re, hazards included within the t~rm "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 rnverage eaceed th~t amount of coverage required to pay the sums secured by this Mongage. The insurance cartier providing the insurance shall be chosen by Borrower subjeet to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the raanner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making paymeat, when due, direcdy to the fi insurance carrier. _ ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage claust in favor of and in form acceptable to l.ender. 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. f Borrower shall give prompt notice to the insurance catrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ! Unltss Lender and Borrower otherwise agree in writing, insurance procceds sfiall be applied to restoration or repair of ~ the Property damaged, provicied such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or ~epair is not economically feasible or if the security of this Mortgage would ~ be impaired, the iasurance procceds shall be applied to the sum~ 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 i ~ date notice is mailod by Lender to Borrower that the insurance carrier ofiers to settte a claim for insurance benefits. I.ender ~ ~ is authorized to collect and appfy the insurance procceds at Lendei s option either to restoration or repair of the Property ~ or w the sums securod by this Mortgage. ~ ~ Unkss I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ ~ or postpone the due date of the monthly installmcnts referred to in paragraphs 1 and 2 hereof or change the amount of ~ ~ such iastallments. If under paragraph 18 hereof the Property is acquired by Lender, all right, tide and interest of Borrower ~ ~ in and to any insuraace policies and in and to the proceods thereof resulting from damage to t6e 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 sak or acquisition. ~ ; 6. Preservatbn and Mainfenance of Properiy; Leaseholds; Condominiums; Planaed Uait Developments. Borrower ~ shall keep the Property in good repair and sball not commit waste or permit impairment or deterioration of the Property a 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 i ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declazation ~ or covenants creating or governing the-condominium or planned unit development, the by-laws and regulations of the x condominium or planne~ unit development, and constituent documents. If a condominium or planned unit development ~ rider is eaecuted by Borrower and recorded together with this Mongage, the covenants and agreements of sueh rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part heroof. i 7. Protectaa of Leoder'a Security. If Borrower fails to perform the covenants and agreements contained in this ~ ; Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, , ~ ~ induding, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ s 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 Qrotect Lender s interest, including, but not limited to, disbursement of s reasonable attomey's fees and entry upon the Property to make repairs. If Lender required moRgage insurance as a ~ condition of making the loan secured by this Mortgage, Borrow•er shall pay the premiums required to maintain such ; insurance in eHect until such time as the requirement for such insurance terminates in accordance with Borrower s and ~ z ~ t ~ ~ ~ • _ . . . . : `~U~j ~0z ~ . ~ ~.y . - r.,s : ~ .~-M1•,. i ~ e~~"'~- ~ x'~~,t„„ « 4,^ rk ~ . ~;t-~ - . . . . . . _«~~~~-^.-')"_.=2 - , .