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HomeMy WebLinkAbout0218 . 1 / ' t i+ jJ f ~ ~ i, I , • • . UNIF(UtM COVBNANTS. Borrower and l~der cove~ant and ag~a as followt: 1. tqmeat ot Pdoclpd aod 1M~e~at. Borrowe~ shall proropqy pay when due tlu principal of and interest on the indebtednas evidenced by the Note. propayment Rad iRte charges as provided in the Note, and the principal of and interest on say Future Advances secwnd by this Mort~ate. Ftiud~ tor'fiua ani Irrr~ce. Stibject to appiicabla law or to a written waiver by I.ender. Borrower ahall pay to Lender on ~Fk day monthly installments of princlpa! and interest aro payable under the Note. until the Note is paid in full. a sum (hercin "Fuads'~ equal to o~o-twelfth of the yea~ly taxes a~d assessmeets which may attain priority over this Mort~age. aad ~round nnts on the Property~ if any. plus ons-twelfth of yearly premium installments for huard inauraace. plus one-twelfth of ycarly promium installmsnts tor mortgsge inaurance. if any. all as reuonably estimated initially aad from ; time to time by Lender on the basu of assessments and bills and rcasonable estimates the~eof. ' ' 7?~e Funds shall bc held in aa institution the depcuits or accounts of which are insured or guaranteed by a Fe~enl or 1 state agency (including Lender if Leade~ a such an iastitution). ~ender shall apply ihe ~nds to pay aaid t~uces. assessments. ~ insurance prcmiums and grcwnd rents. Lender may not chuge tor so holding and applying the Funds, analyzing said account, or verifying and compiling said assessme~ta and bi1Fs. unless Leader pays Borrower interat on the Funds and applicable law f permits Lender to make such a char~e. Borrower aad I.ender may agrce in writing at the time of execution of this ~ Mongage that interest on the Funds shall bc paid to Bonower. and unless such agretment is made or applicable law i requires such interat to be paid, Lender s6a11 not be required to pay Bo~rower any interest or earninga on the Funds. I.ender shall give to Borrower. without charge. an annual accounting of the Funds showing credits and debits to the Funds and the j purpose for which each debit to the Funds was made. The Funds arc Pledged as additional security for the sums socured by this Mortgage. ~ If the amount of the Funds held by Lender. together with the future monthly initallments of Funds payable prior to ~ the due dates of taxa. assessments. insurance premiums and ground rents, shall exceed the amount requirod to pay said taxes. ^ assesaments, insurance premiums and ground rents as they fall duc, such excess shall be. at Borrower's option. either ' pranptly repaid to Bormwer or crodited to Bornower on monthly installments of Funds. If the arnount of the Funds ~ held by Lender shall not be sufHcient to pay ta~ces, assessments. insurance premiums and ground 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 dl aums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds i held by Lender. If under paragraph 18 hereof the Propeny is sold or thc Propeny is otherwise acquired by Lender, Lender ~ sball apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by r Lender at the time of application as a credit against the sums secured by this Mortgage. ' 3. Applicstion of P~ments. Unless applicable !aw provides othenvise, all payments received by Lender under the Note and paragraphs 1 aad 2 hereof shall be applied by t_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of thE Note, and then to i~terat and principal on any Future Advances. 4. C~artex Lkos. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to ' the Property which may attain a priority ov~r this Mortgage, and leasehold payments or ground rents, if any. in the manner ~ pmvided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. dic+ecdy to the ~ payee thereof. Borrower s6a11 promptly furnish to Lender all notices of amouats due under this paragraph. and in ihe event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. ~ Borrower shall promptly discharge any lien which has priority over this Mongage; provided, that Borcower shall not be ~ required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation ucured by j 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 preveat the enforcement of the lien or forfeiture of the Property or any part thereof. . ~ S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured r against loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Le~der may require; provided. thai Lender shall not require that the amount of ; such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. % 'Ibe insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided. ' that such approval shdl not be unrtasonably withheld. All premiums on insurance policiea shall be paid in the manner provided uncler paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the i insurance carrier. t Alt insurance policies aad 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 Borrower shall promptly furaish 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 promptfy by Borrower. E Unless Lender and Borrower otherwise agree in writing. insurance procceds 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 f nut thereby impaired. If suc6 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 sums secured by this Mortgage, with the excess, if any. paid ; to Borrower. If ihe Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender 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 option eiWer to restoration or repair of the Properfy ~ or to the sums secured by this Mortgage. Unless L.ender and Borrower otherW ise agree in writing, any such application of proceeds to principal shall not extend ~ or pcutpone 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 18 hereof the Property is acquired by I.ender, all right~ title and intereat of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sak ~ ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or ~ ~ acquisition. _ 6. Preaervation and Maintenance of Property; Leaseholds; Condominiumr, Planned Unit Ikvelopments. Borrower ~ shall keep the Property ia good repair and shall not commit waste or permit impairment or deterioraUon of the Property ; and shall compty with the provisions of any lease if this Mortgage is on a lcasehold. If this Mortgage is on a unit in a = condominium or a planned unit ckvelopment, Borrower shall perform all of Borrower's obligations under the dectaration or covenants creatiag or governing the condominium or 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 - riekr is executed by Bonower and recorded toge~her w;th this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amead and supplement the covenants and agreemeots of this Mortgage as if the rider , were a part hereof. t ; Protectioa of Lende~s 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 Propeny. $ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangeme~ts or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make sbch appearances, disburse such - ~ sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of € rcasonable attorney's fces and entry upon the Property to makc repairs. If Lender required mortgage insurance as a s c~ndition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ' insurance in efTect until such time as the reyuirement [or such insurance terminates in accordance with Borrower s and ~ ~ ` ~ b~~~U7 F~ 2~.8 ~ ~ ~ ~ ~ - - _ - . ,