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HomeMy WebLinkAbout1195 ' l,)NIFORM CovENaxrs. Borrower and Lender covenant and agree as follows: 1. Paytneat of Principal aad lateecat. Borrower shall promptly p:y when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note. and the principal of and interest on any Future Advances secured by this Mortgage. Z. tii'aae4 lot Ta:a and tnwraoce• Sltbject to applicable law or to a written waiver by Lender, Borrower shag pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full. a sum (herein "Fund:'? equal to one•twelfth of the yearly taxes and ~smremium tinstalltnents for phszard insurance, Mortgage, and ground rents on the Property. if any. plus one-twelfth of yearly p plus one-twelfth of yearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. ranteoed by a Federal or The Funds shall be held in an institution the deposits or accounts of which are F ~°t ~y mid taxes. assessrttents, state agency (including Lender if Lender is such an institution). Lender shall apply insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing sal ~abjA law or verifying and compiling said assessments and bills. unless Lender pays Borrower interest on the Funds aad appl 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, Borrower any inlegest or ears ngs on the FundsabLender requires such interest to be paid, Leader shall not be required to pay shall give to Borrower, without charges, an annual accounting of the Funds show adrdi~tional sexdurity for the sums secured - purpose for which each debit to the Funds was made. The Funds are pledged 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 taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rents as they fall due, such excess shalt be, at Borrowers option. either promptly repaid to Borrower-or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, 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 all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Funds held by shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Lender at the time of application as a credit against the sums secured by this Mongage•nts received by Lender under the 3. Applicatio6 of Payments. Unless applicable law provides otherwise, all payme Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal ~f the Note, and then to interest and principal on any Future Advances. 4. Cbar6ex; Gkas. 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 groune n hen due, directly to the provided under paragraph Zhereof or, if urniph,torLender all not ces oBamounts due~under this paragraph, and in the event payce thereof. Borrower shall pro~ntprtY-f Borrower shall make payment directly. Borrower shall promptly furnish to Lender o e~ ~hatd Borrowereshall notnbe Borrower shall promptly discharge any lien which has priority over this Mortgage; p 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 art t ereof~ legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any p S. Hazard Insurance. Borrower shall keep 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 require i and in such amounts and for such periods as Lender may require; provided, that Lender shalt-not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgageoval by Lender. provided, The insurance carrier providing the insurance shall be chosen by Borrower subject to app that such approval shall not be unreasonably withheld. All premiums on insurance Polta ment~wheo due,tdirectly to the provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making p y insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a stands 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 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.'sneconomicallCe feasibleland tl et secur'ty of t is Mortgage is the Property damaged, provided such restoration or repast Y k not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would _ aid be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any p `d to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days fr~nahe date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, 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 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 18 hereof the Property is acquired by Lender, all right, title and interesor to the sale ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property p or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. Planned Unit Developments. Borrower 6. preservation and Maintenance of Property; Leaseholds; Condominiums; lc shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the roperiy and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit rn 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 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 rider is 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 and agreements of this Mortgage as if the rider were a part hereof. 1 7. Protection of Lender's Security. If Borrower fails m 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 roperiy, including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or pr an~c~gdisburse such bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appe sums and take such action as is necessary the Pro~rti to makenrerairs~ntf dLenderurequired mortgagedinsu ancenasoa reasonable attorney's fees and entry upo Pe Y p condition of making the loan me ~ they re ~uirefinentafor Buch assurance fermi ales in ac ordance with Borrowerssand insurance in effect until such t q tti~nn l e~ p ~ - gpGM. JV~ ~aGE 1.95 sxs 3O8 ?AGr