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HomeMy WebLinkAbout0877 UNtroRw Cover~enTS. Borrower ud Leade~ covenant and a~roe as folbws: ' 1. ~4~~ ~ 1~1a~eN. 8otrowe~ shail prom~~~ PaY wheR due tbe principsl ot and interat on the indebtod~ evideaoed b~? tbe Note, prepayn~t and late cha?~e~ ac ~xovided io the Note, and the principal of ~nd iatt~at aa mr Future Advanccs securod by this Mort~a~e. 1!ri ter Tat~s s~i I~w~a~ee. Stiibject to applicabk law ~.r to a written waiver b~? Lender. BoRO~e~ s~~ P~y to Lender on the day monthly installments of principal a~d intcrcu uc payaMe unde~ the Note. until the Note is paid io tul~• a wm (hercir~ "Fund~'y equal to one-twelfth o( the yea~l~~ ta~~~ aml usaunents which may attai~ ~io~~l? ove~ this Moruase, and ~round Kna on cbe Propeny. if any. plus one-twelf~h of Yea~tl? Premium iasallments for hazard inw~ance. plus oae-tvvtlfth of YeulY premiuat installments for mortaaje inuirancc. it any. a l l u reasonably atimated initially and trom time to time by l.oodet on the buis of assessments and hills and rcasonabk estimata thereof. The Funds shall be held in an institutic+n the dep~sia or accounu of ~rhich aro i~uured or auannteed by a Fedenl ot state ajency (includina L.ende~ if Lender is such an institutionl. I_ender shall apply tbe ~nds to pay said taxes. assessments. iawrance premiums and ~round rents. 1_ende~ may not cha~ge fo~ s<+ holdina snd applyios the F~mds. analyzina said accoun~ or verifyinjand oompilinj uid assessments a~d bills, unlas Lender pays Borrower irtterost on the Funds and applicabk law permits Lender to make such a charae. Borrower and Lender may agroe in writin` at the time ot execution ot ihis Mo~tta~ tbat interat on the Funds shall be pvid to 8orrower. and ualas such aareement is made or applicabk law requit+es wch interat to be p~id. Le~der shsll not be requir~d to pay Bonrnver any interat or arni~gs on the Fu~ds. L.ender :6aU pve W Borrower. without charge, an annwl accounting of the Funds showi~g credits and deb~ts to the Funds and the p~rpase for which each debit to t6e Fur~ds was made. The Funds are plodged as additional security for the sums secnrcd by tbis Mortjase. If tl~e amount o[ the Fua~ held by Lende~. together with the future monthly installments of Fu~ds payabk prior to t6e due datss of tues. auessrnents. iasuranoe pcemiums and ground rents, shall exceod ~he amount roquiced to pay said tua. asseameats. iiuurance prtmiums and ground rents u tl~ey fall due, such excess shall be. at Borrower s option. either r m~ promptly rcpaid to Borrower or credited to Borrower on monthly i~tallments of Funds. It the amount ot the Funds bdd by Lender shall not be su~cheat to pay taxes, asxs.unents. insurancY premiums and gmund rcnts ss they fall due. Bocro~rer s6a1) pay to L~ender any amount necessary to make up the deficie~cy within 30 days from the date notice is maikd i br I.eader to Borr+ower iequatin8 WYment thereof. ~ Upon paymeat ia fuU of all suma secured by this Mortgage, i.ender shall promptly rcfund to Borrower any Fu~ds : held by Leoder. If under puazraph 18 hercof the Property n sold or the Propeny ~s otherwise acquired by Lender. Lender ' i slWl spply. no later than ima~ediately prior to the sak of the Pmpeny or its acquisitioo by Lender. any Funds held bv I,ender at the titne of application as a cr~dit against the sums secured by this Mongage. 3. A~licatiow oE laareNs. Unless applicable law provida otherwise. all payr?xnts received by Lender under the Note and paragnphs 1 and 2 hereof shall be applied by Lender first in payment of amounls payable to Lender by Borrower under puagraph 2 heroof. then to interest payable on the Note,_ then to the principal of the Note. and then to interest and principal on any Future Advanoes. 1. ChaRes; t3e¦s. Borrower shall pay all taxes, assessments and otF~er charges. fines and impositions attributable to tbe property which may att~in s priority over this Mortgage, and leasehold payments or ground rtnts, if any, in the manner _ pcovided 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 furnish to Lender all notices of amounts due under this parasrsph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender recoipts evidencing such payments_ Bonower shall promptly dixharge any lien which hu priority over this Mortgage: provided, that Borrower shall rat be rcquired to dischargt any such lien so long as Borrower shall agree in writmg to the paymeM of the obligaliun xcured by such lien in a manner acaptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the I~en or forfeiture of tha Property or any part thereof_ S. Hazud l~r~wce. Borrower shall keep the improvements nov?• existing or hereafter erected on the Pro(xrtY ~mured against loss by firc, haurds included within the term "extended coverage", and such other haurds. u[.ender may require wd in such amounts and for such periods u Lender may require; provided, that Lender shall not requirc that the amount of i such coverage exceed that amount of coverage required to pay the sums sec~ired by this Monaaae. ~ ; 'Ibe iasurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, pro~ided. ~ t6at such approval sha11 not be unreasonably withheld. All premiums on insurance policies sha1~ be Wid ~n the manner ; ; providod under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment. when doe, directly 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 L.ender. Lender shall have the right to hold the policies and rcnewals ihereof, j ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the e~•ent of loss. ! j Borrower shall gi~•e prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ ~ by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or rcpair of ~ the Property damaged, provided such restorauon 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 ihe security of this MortEage would ~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage. with the eacess, if any, Paid ! to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from ihe ~ date notice is mailed by l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits. Lender i is aut6orized to collect and apply the insurance proceeds at Lender's option either to rest~ration or repaer of the Propen~• or to the sums secured by this Mortgage. ~ ; Unless Lender and Borrower otherwise agree in writing, any such appiication of prcxeeds to principal shall not extend ; ~ or postpone ~he due date o[ the monthly insta~lments referred to in paragraphs 1 and 2 hereof or change the amount of ' wc6 installments. If under paragraph IS hereof the Property is acyuired by Lender, all right, title and intertst of Borrower in and to any insurance policies and in and to the proceeds thereof resultmg from damage to the Prop~rty prior to th~ sale ~ or acquisiUOn shall pass to Lender to the extent of the sums secured by ihis Mortgage immediately prior to such sale or acquisition. ~ 6. hesenatioa and Maintenaace of Propert~; Leasehulds; Condominiums; Planned Uait Devebpments. Borrovver ? shall keep the Property in good repair and shall not comro~t K~aste or permit impairment or deterioration of the Property and shall comply- with the provisions of any lease if this Nortgage is on a leaschold. If this Mortgage is on a imit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligat~ons under the declaration ~ or covtoants creatmg or govern~ng the condom~nium or planned unit development, the by-laws and regulations of the : condominium or planned unit development, and constituem document~. If a condominium or planned onit development ~ rider ~s executed by Borrower and recorded together wi~h th~~ Mortgage, the covenants and agreements ot such rider € shall be incorporated ~nto and shall amend and supplement the co~enants and agreements of this Morigage as if the ri~fer ~ were a part hereof. ~ 7. Protection o[ Leade~'s Securiry. If Borra~er (a~k t~• perf~~rm the covenants anJ agreements contained in this ~ Mor~gage, or if any acUOn ur proceeding ~s rummrnced which materiall}• afirctc LenJer's ~nterest in the Propert}. ~ includmg, but n~~t limi~ed to. em~nent doma~n, inu~l~enr}~, c~xie cnf~.r~ement. ~~r arrangements or proceedings invoh•ing a ~ bankrupt or decedent. then l.ender at I.ender's option, uEx~n not~ce tc, Borrower, ma~ make wch appearances. dishurse such . sums and lake such action as ~s necectiarp t~~ pmtect l.ender's interest. ~nclud~ng. but n~.t lim~ted to, disbursement o( ~ reasonable auomey's (ecs and entry u~n thc Propcrty lo makc rcpairs. If I_cndcr reyuircd mortgage inwrance as a - ~ cond~tion mak~ng the loan cecureJ b}~ th~~ :Nurtgage. B~~rmNCr sh:~ll pay the premiums required to maintaio such ~ , insurance in rfiect umil wch time as ~he rcyuirrmen~ for .uch msur•rnce tcrmmatr~ in accordance with Borr~•wer's anJ ; ~ , r< ' , ~l D ~ . : . , ~U6 .,,1;~ ~ /6 ' _ ~ _ ~ .