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HomeMy WebLinkAbout2909 ~ .r. I i s UNIFORM COVENANTS. Borrower and Lender COVCnanl and agrcc aS fO110WS: 1. Payment of Principal aad Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and fate charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Ibnds for Tastes and lnsunace. 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 yearly taxes and assessments which may attain priority over this ~ Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, r plus one-twelfth of yearly premium installments far mortgage insurance, 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 be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). !.ender shall apply the Funds to pay said taxes, assessments. i insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, anal}•zing said account, j 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 shall be paid to Borrower, and unless such agreement is made or applicable law r requires such interest to be paid, lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ~ shall give to Borrower, without charge, an annual aca~unting of the Funds showing credits and debits to the Funds and the t purpose for which each debit to the Funds was made. The Funds are led $ p ged 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 rent, shall exceed the amount reyuired to pay said taxes. assessments, 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. 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 an}• amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower rcyuesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds i held by Lender. If under paragraph IR hereof the Property is sold or the Property is otherwise acquired by lender, Lender ~ shall apply, no later than immediate!}• prior to the sale of the Property or its acquisition by I.cnder, any Funds held by Lender at the time of application as a credit against the sums secured by this hfortgagc. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by 1_cndcr first in payment of amounts payable to Lender b}• 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 on an}• Future Advances. 4. Charges; Liens. Borrower. shall pay aN taxes assessments and other charges. fines and imlx~sitions attributable to the Proper!}• which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner 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 alf notices of amounts Juc under this paragraph, and in the 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 Mortgage; provided, that Borrower shall not be required t~ discharge an}• such lien so long as Borrower shall agree in writing to the pa}•ment of the obligation secured by such lien in a manner acceptable to Lender, or shalt in go~xf faith contra such lien by, or defend enforcement of such lien in, a legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. 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 ac Lender ma}• reyuire and in such amounts and for such periods as Lender may reyuire; provided, that Lender shall not reyuire that the amount of such coverage exceed that amount of coverage required to pa}• the sums secured b}• this hfortgagc. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonahly 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 insurance carrier. All insurance policies anJ renewals thereof shall he in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable tt• 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 premium.. 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 prompt)}• by Borrower. Unless Lender and Borrower otherwise agrcc in s+riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economicatly feasible and the security of this Mortgage is not thereby impaired_ If such restoration or repair is not econumicall}• feasihfe or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secure) by this Mortgage, with the excess, if any, paid to Borr~~wer. If the Property is abandi•ned M' Burrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed b}• Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to rnllect 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 othersviu- agrcc in writing, any such application of proceeds to principal shall not extend ~ or piutpone the due date of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph !t; hereof the Propert}• is acquired h}• Lender, all right, title and interest of Borrower j in and to anv 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. i 6. Presersation and ~faiolenance of Property; leaseholds; Condominiums; Planned Unit Der•elopments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property 5 •and shalt comply with the provisions of any lease if this Mortgage is on a leasehold. If thic`Mortgage is bn 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 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. 7. Protection of Lender's Security. If Borrower tails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or pra:eeding is commenced which materially afTeets Lender's interest in the Property, including, but not limited to, eminent domain. insoh•enc}•, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma} make such appearances, disburse such sums and take such action ac is necessar}• to protect lender's interest. including, but not limited to, disbursement of reasonable attorne}•'s fees and entry upon the Property to make repairs. It Lender required mortgage inwrance as a cundhii~n of making the loan secured b} this Mortgage. Born•wer shall pay the premiums required to maintain such insurance in ctTect until such time as the reyuirement for such insurance terminates in accordance with Borrower's and t