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HomeMy WebLinkAbout2976 i UNIFOgNIt COVENANTS. parrpwer and Lerner covenant and agree as:follows: 1. Paxmentof Prlttclp~l and lntaraet. 8orro~t;hall prorrFptly pay whQn clue the principal of and interest on the indebtedness evidenced by the Note, prepayment and bate chargeS.aS provided in th8.(~ote, and the p(~nciral of grvi intAlASt on any Future Advances secured by this Mortgage. ~ ~ ~ t 2. Fuads for Taxaa and Insurance. Subject to applicable IaK~ ~r to a written waiver by lender, Borrower shall pay to Lender on the day monthly installrrl~nts of'prinpi land interest oral payable under the Note, until the Note is paid in full, ~ a sunk (herein "Funds' equal to one-twelfth o1 the yearly taxes and assessments which may attain priority over this Mortgage, and 9round~ents on the Property; if any, plus one-twelfth'oi yeary premium installments for hazard insurance, plusdne~tweltthofyeariypremiuminstallntenlsfarnloirt~agsinsurance,Reny,allasreasaonabtyestimatedinitiallyandfrom time to time.by Lender on the basis of~assessments and bills and reasonable estimates thereof. ~ - The.Funds shall be held in an insttution~the deposits a accounts of which are insured qr guaranteed by a Federal or state agency including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents.~Lender may not charge for so holding and applying the Funds, analyzing said account. ' or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law 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 shaft ba paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid Lender shat! not be required to pay Borrower any interest oreamings on the Funds: Lender shall give to Borrower. without charge,'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 are pledged as additional security for the sums secured 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 shall be, at Borrower's option, either ' promptty repaid to Borrower or credited to Borrower on monthly installments of Funds. tf the amorint t)f the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they tall 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. It under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no 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 as a credit against the sums secured by this Mortgage. 3. AppllCatlon Of Payments. Unless 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 Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal orl~any Future Advances. 4. ~ t~haryas; flans. Borrower shall pay all a~c~g~~9nli3i~t r~s,~fines and impositions attributable to the Property which may attain a priority over this Mt orTgage, and tea its or ants, if any, in the manner provided under paragraph 2 hereof or, if not paid in such mann r gtl~ttl~d n due, directly to the payee thereof. Borrower shall prompty furnish to Lerlitl~6'll o am~g raph, and in the event , Borrower shall make payment directly, Borrower sh .pfga~ptyiur4ais a der ~ mg such payments. Borrower shall promptry discharge any lien which h~ n over-this'Nibr""tgeEj~rort at Borrower shall not be required to discharge any such lien so long as BorroJrt~~~fialf agree i0 etritirtg to the payment of the obligation secured by _ such lien i manner acceptable to Lender, or shall in good faith contest suchlien by, ordefend enforcementol such lien in, legal proings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Harald Inaumnotl. 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 and in such amounts and for such periods as Lender require; provided, that Lender shall not require that the amour•.t of such coverage exceed that amount of coverage required to pay the sum secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval shall not be unreasonably withheld. Alt premiums on insurance policies stroll 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 insurance carrier. ~ All-insurance policies and renewals thereof shalt be in form acceptable to Lender and shall include a standard moitgaQe ~ } clause in favor of and inform 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 grQmiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not matte-promptry 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 economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair ~s 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 tails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier otters to settlga 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 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 interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the 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 sale or acquisition. a. Pressrvation and Maintenance of Proparttr; Leaseholds; Condominlums; Planned Unft OavelopmeMs. Borrower shall keep the Property in good repairand shat) not commitwaste or permit impairment or deterioration of the Pro- perry and shalt corr~~ly with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers 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 i:,e incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender'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 Lenders interest in- the Property, ~ ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lenders option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest, including, but not limited to, disbursements of reasonable attorneys tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by thi$ Mortgage,;BOrtower,"shal(:pay the premiums required to maintain such insurance in effect until such time as the requirementYOr such insurance'terminates in accordance with Borrowers and _ .