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HomeMy WebLinkAbout1549 ~ UNIFORM COYEN.+NTS. Borrow•et and (.ender covenant and agrt.~C as follows: 1. Payment of Principal aad lalerest. Burrower shall promptly pay when due the principal of and interest un the indebtedness evidenced by the Notc, prepayment and late charges a+ provided in the Note, and the principal of and interest on any Future Advances secured by Chic Mortgage. Z. Fuatk for Taxes and Insurance. Subject to applicable law or to a written waiver by lender. Borrower shall pay to Lender on the day monthly installments of principal and interest are payahle under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the year(}• taxes and assessments which may attain priority over this Mortgage, anJ ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments fur ntartgage instrrat?cc, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. 'the Funds shall he held in an institution the de)xuits ar accounts of which arc insured or guaranteed b}' 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. 1_ender may nut charge for su holding and applying the Funds, analyzing said account, ur verifying and compiling said assescntenu and hills, unless lender pays Borrower interest un the Funds and applicable law permits Lender to make such a charge. Borrower and (.ender may agree in writing at the time of execution of this Mortgage that interest ~+n the Funds shall he paid to Burrower, and unless such agreement is made or applicable law requires such interest to he paid, Lender shall not Ix: reyuired t+. pap Borrower any interest or earnings on the Funds. Lender ,hall give to Sorrawcr, wlthUUt charge, all ai1nIG11 :il`l'UUIIt11?g of the Funds showing credits and debits to the Funds and the purpose far which each debit to the Funds was nr,?de. •Thc funds arc pl+~iged as additional security for the sums secured b}• This Mortgage. If the amount of the Funds held by Lcndrr, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessmenh, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Harrow•er's option, either promptly repaid to Borrower ur credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lcndrr shall not be sufTicient to pay taxes, assessments, imurancc prer.tiums and ground rents as the}• fall due, Borrower shall pa}• to 1_ender any anrount necessary to-make up the deficiency within 30 days tram the date notice is mailed by Lender to Barrow•er rcyuesting payment therrnf. Upon pa}mcnt in full of all sums sc~:ured by this Mortgage. Lender shall promptly' refund to Borrower any Funds held by Lender. If under paragraph I R hereof the Property is satd ur the Propcrt}• is uthenvise acgwred by Lender, Lender ,hall apply, no later than immediately prior ro the ,ale of the Property ar its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by thrs Mortgage. 3. Application of Payments. Unless applicahle.law provides otherwise. all payments received by Lender under the `ate and paragraphs 1 and 2 hereof shall be applied by Lcndrr fins in pa}ment of amounts payahle to Lender by Harrower under paragraph 2 hereof. then to interest payable nn the ivote. then to the principal of the Note. and then to interest and principal un :u1y Future Advances. ~i. Chartres; [.ions. &~rru~cer ,hall pay :111 taxes, assessments and other charge,, fines and imlx+,itiuns attributahle to the Property, +shich may attain a priority aver this \lortgage, and leasehold payments ur ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Burrower making payment, ++•hen drre. directly to the payee thereof. Bnrrower shall promptly furnish to Lender all notices of amounts due under this paragraph. •rnd in the event Horrower shall make payment d~rcctlr, &?rrowrr shall promptly furnish to Lender receipts e+idencing such payments. Burrower shall promptly discharge any lien ++hrch has priur:ty oser this Mortgage: pn,viJed. that Borrower ,hall nut be required to discharge ar.}• such lien sa long as Horruwer shall agree in writing to the payment of the obligation secured by ,uch lien in a manner acceptahle to (.ender, or shall in g.wd faith cont~,t such lien hy, or defend enforcement of such lien in, legal pn•.redings which aper,?tr to pre+•ent the cntorcement of the hen ur forfcihrre of the Property or any, part thereof. 5. Nazard Insurance. Borrower shall keep the Impnn•emenh no++ existing ar hereafter erected on the Pn~perty imured .Igainst loss h+• fir, hazards irrludcd within Ihr term "extended covrr.?ge". and such other hazards as Lender may reyrrire ,+nd u1 such amlaln?s and fur su:h period, as Lender inns rryuire; procidcJ. that Lcndrr shah alai require that the amount of ,:ICh cavera~~e exceed shat amount of coverage reyuired to pay, the .Ilnn secured by this Mortgage. The insurance career providing the imurancc shall he chosen by Barrow•er subject to approval by Lender, provided, that such approval ,hall nut be ~?nrea,unahiy withheld. All premiums +,n insurance policies shall he paid ra the manner arovided under paragraph 2 i~ereo' ur, if not paid in such ??anner, b} Burrower making payment, when due, Directly to the -?wrance career. G All insurance pulrcies an.t rene~tah thrrerf sh:di i+e m lorm acceptable to I.rnder and shall include .1 standard mortgage . nose In f;nor of and m form :I000ptahic t++ 1_endcr. Lender ,hall ha,e the right U? hold the palicic, and renewals thcrert. .,rid Bornx+er shall prumpth funlah to Lender all renewal notices and all receipts of paid premium.. lr. the event of loss. ~ H+urower sh:+11 gee pr++:npt noose to the insurance career and 1_ender. Lender ma} make pn.of of loss if nut made pmmpth r~s Hurrowcr. Unless I.endcr and Borrower Mherwise agrcr in writing. imur.?nce proceeds shall be applied to restoration or repair of file Property damaged, pru,•Llyd such re,torauun or repair rs ecunumlcally feasible and the securiq• of this Mortgage is nut thereby impaired. It suci; restur:,tirr ar repair is eat r~onomiwlly feasible or i( the securit}' of this Mortgage would he impaired. the insurance procee.i• sh.111 he appli~~.l to the sums secure) by this i`tortgage, with the excess, if any. paid r :r Bornower. If the Property is ahandoned M Harrower, or if Harrower fails to respond to Lender within 3U days from the .late notice is mailed by Lender t+~ Borrower that the insurance carrirl otTers to settle a claim for insurance benefits, Lender authorized to collect and apply, the insurance proceeds at Lender's option either to restoration or repair of the Propert}• j ~+r to the Burns secured by this 1lortgaec. - Unless (.ender and Borrower otherwise agrcr in writing. am such .?pplication of pn.ceeds to prrncipa) shall not extend t ~r postpone the due date of the nuonthls imtallments referred to in paragraphs I and ?hereof or change the amount of such instalhnrnts. If under paragraph IK hereof the Property is acyurred by Lcndrr. all right, title and interest of Borrower 1 in and to am Insurance policies an.l in and to the proceed, thereof resulting tram damage to the Property prior to the sale or acyuisitio? shall pass to Lender to the extent of the sum, secured by this Mortgage immediately prior to such sale or acquisition. 6. Preser+alion and Maintenance of Property'; Leaseholds; (-ondominium+; Planned ('nit Des•elopments. Horrow•er ,hall keep the Property in good repair and shall not commit waste ur licrmit impairment or deterioration of the Property - .,nd shalt comply with the provisions of any lease if this :Mortgage is on a leasehold. 11 thi, Mortgage is on a unit in a a condominnlm ur punned urrit Je+el.+pment. Borrower ,hall perform all of Borrower's ubligauons under the dcclaratron ur covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~undomill~um or planned unit devrl++pmcnt, and constituent do+:umcnts. If a condominium or planned unit develapmcnt - rider r, executed b}~ Borruw•er and recorded tobether wrth this Mortgage, the covenants and agreements of such rider shall be Incorporated uito and shall amend and supplement the a~scnams and agreements of this Mortgage as if the rider were a part hereof. a 7. Protection of Lenders Security. If Bnrrower fails to perform the covenants and a^reements contained in this { Mortgage. or if any action or proceerling I, cummenccd which materially affects lender's interest in the Property, ,s including. but not Irmlted to. eminent domain. insolvency, code enforcement, ar arrangements or proceedings involving a hanknlp+ ar decedent, thin 1_cnder at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action. a, is necessary to protect Lender's interest. rncluding, but not limited to, disbursement of reasonable attorney s fees and retry upon the Properly to make repairs. It Lcndrr require) mortgage insurance as a candrtion of making the loan ,ecured he the, Mortgage, Rorro:+er shall pay the premiums require) to maintain such insurance in effect until ,uch time as the requirement far such Insurance terrninates rn accordance with Borrower's and g~~~319 Pa~E~54fi ~ .