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HomeMy WebLinkAbout2697 • UNtronH Covtu+at~tts. lorr+owsr atnd Lender covenant and agree as (olbws: L TtgwstM et hlntipstl aoi 1sNssal. Borrower shall MomMIY wY when due the principsl of and interest on the :ttdsbtedrtas svidanoed bl? tbs Note. prspayttnent and fats charges u provided in the Note, and the principal of and intereta oa soy Futtue Advances ttecursd by the Mtxtgags. Z ltisttis ter Titres strati Irtstrsscs. Subject to ttippNcahk law cx to a written waiver by Lender. Borrower shall p:y _ to Lander on the dsy monthly installments o[ principal and interest ~rc paysbk under the Note. ut:'il the Note is paid in full. a start (httrein "Funds' equal to nee-twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage. and ground rents on the Property. it any. plus one-twelfth of yearly premium installmenb for hazard insurance. plus otte•twel[th of yearly premium installments for mortgage inuirattct:, i/any. all u reasonably estimated initially and (roan rims to tuns by Lander on the basis of assessments and hills and reasonable estimates thereot. '1<1re Funds shall be bald in an institution the deposiu or accounts of which are insured or gwranttxd by a Federal or state agency (including Lender it lender is such an institution). I~nder shall apply the Funds to pay said rues. assessments. inwrance premiums and ground rents. Lender may not charge for so holding and applying the Fttnds. analyzing said account. . or verifying snd compiling said assessments and bills, unless Leader pays Borrower interest on the Funds and applicable law permits Lstnder to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Ftutds shall be paid to Borrower. and unless such agreement is made or applicable law requites such inteteu to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without clurge; an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds aro pledged u additional security for the sums secured by this Mortpge. If the amount oI the Funds heW by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes. assasmeats, ittwnnce premiums and ground rents. shall extend the amount required to pay said taxes. assasnteats, insurance premiums and ground rents as they fall due, such excess shall be. at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. It the amount of the Fund: held by Lender shall not be att6eieat to pay taxes, assessments, insurance premiums and ground rents ss they fall due. Borrower shall pay to Lt:ader any amount necessary to make up the deficiency within 30 days from the date notice is mailed i by Lender to Borrower trequtxtiag payment thereof. Upon payment is full of sll sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Lender. If under puagraph 18 hereof the Property is soW or the Propeny~ rs, gtheryrise acquired by Lender, Lender shall apply. ra later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application a: a credit against the sums sceirrcd by this Mortgage. 3. A~iicatisrt of l~yaseMs. Unless applicable law provide: otherwisei all payments received by Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower trader paragraph 2 hereof, rhea to interest payable on the Nwe, then to the principal of the Note, and then to interest and principal on any Future Advance. 4. Crsrges; Lleas. 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 leasehold payments or ground rents, if any. in the mantxr , provided 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 paragraph, and is the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage: provided, that Borrower shall not be . required to discharge any such lien so long as Borrower shall agree in writing 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 of the lien or forfeiture of the Property or any part thereof. S. Hazard laarrawee. Borrower shall koep the improvements now existing or hereafter erected on the Property insured , against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may rcquirc and in such amounts and for such periods as Lender may rcquirc; provided, that Lender shall not rcquirc that the amount of such rnverage exceed that amount o[ coverage required to pay the sums secured Eby this Mortgage. The inwrance curter providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that Much 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 Borrower making payment, when due, directly to the inwraace curler. ' 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, sad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give 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 repair of the Property damaged. provided such restoration or repair is tconomically feasible and the security of this Mortgage is ~ rat thereby impaired. it such restoration or repair is not economically feasible or it 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 Property is abandoned by Borrower, or if' Borrower fails to respond to Lender within 30 days from the . ! .date ratite is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property . ~ or to the sums secured by this Mortgage. Unless [.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 installments referred to in paragraph. I and 2 hereof or change the amount of , s such installments. If under paragraph 18 hereof the Pro forty is acquired by Lender, all right, title and interest of Borrower E in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale i or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. . 6. Q'reservation sad Maintensnce of Property; Ltasehulds; Condominiums; Planned Unit Devebpments. Borrower shall keep the Property in good repair and shall not comrvit Waste ur permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage c?n a leasehold. If 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 creating or governing the condominium car planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider n executed 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 anJ agreements of this Mortgage as if the rider were a part hereof. 7. Protectbn of Lender's Security. If Borrower fads t.? perform the covenants and agreements contained in this Mortgage, ur if any action or proceeding is commenced which materially attecK Lender's interest in the Property. A including. but not limited to, eminent domain. inu.lvency, axle en(arcemem, ur arrangemenK or proceedings involving a i bankrupt or decedent, then Lender at 1_ender ~ option, ulx?n notice to Burrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's tees and entry upcm the Property to make rcparcs. II Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. B.?rn?wer shall pay ~thc premiums required to maintain such insurance in effect until such time as the reyuiremem fur tiuch insurance terminates in accordance with Burrowers and 3 n ~ ~ 600K 3O6 PAGE2U~ _ t x 3r^'-