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HomeMy WebLinkAbout1751 ~ w • • ~ , Y ~ ~ UNIFOtII~t COVEN~NYS, Borrower and Lender cover±ant artd agree u [olbvrs: 1. >rttywest of hittclMl atw laterast. Borrower shall promptly pay when dun the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges u provided in the Note, and the principal of and interest on say Future Advances secut+ed by this Mortgage. ' 2. Fiords for'lt5ncas tuts ittwrart~Y. Stitbject to applkabk law or to a written vraivet by Leader. Borrower shall pay to Lender on the day monthly installments of principal and interest arc paysbk under the Note. until the Note is paid in [ull, - a sum (herein ''Funds") egos! to one-twelfth of the yearly taxes and asseumenu which may attain priority aver this Mortgage, and ground rent: on the Property. if any, plus one•twelfth of yearly premium installments for haurd insurance. plus onatwelfth of yeuly ptemitun iasta!lrrtents fpr mortgage inwrsna. it any. all as reasonably estimated initially and from • lima. to time by Lender on the bass of assessments and bills and reasonable estimates tlttreof.- ' 'Ilte Funds shall be held in an institution the deposits or accounts of which arc insured or gwranteed by a Federal Rr state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said lazes. assessments, insursnce premiums sad ground rents. Lander may not charge for so holding and applying the Funds. analyzing said account. or verifying and compiling said sssessments and bills, unless Lender pays Borrower interest on the Fund: and applicable law permits Lender to make such a chuge. Borrower and Lender may ague in writing at the t.+me of execution of thu Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement a made or applicable law requites 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 sccounting of the Funds showing crodits and debits to. the Funds and the purpose for which each debit to the Funds wu made. The Funds are pledged u additional security for the sums secured by this Mortgage. - - . Tf the amount of the Funds bold by Lender. togesther with- the future monthly installments of Funds payable -prior to the due dates of taxes, assessments, imurance~premiums and ground rents, shalt exceed the amount required to prey said taxes. assetstrtents, inuurance premiums and ground rents as they fall due,. such excess shall be, at Borrower's option. either promptly rcs~aid to- Bcxrower ar credited tQ Borrower on monthly installments of Funds. If the amount of the Funds held by Lester shall not be sufficient to pay taxes. assesurtents, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount ttecesaary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. - - _ - - Upon payment is full of a!1 sums secured by this Moriga~e, Lender shall promptly refund to Borrower any Fund: _ heW by Lender. If utsdet 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 u a credit against the sums secured by this Mortgage. 3. Appiicatioa of rtgrtaea~s. Unless applicable law provides otherwise, a!1'-payments received by Lender under the Note sad 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 on any Future Advances. - - 4. Charges; Ijeas. Borrower shall pay all taxes; assesstnenta and other charges. lines and impositions attributable to the Property which may attain s priority over this Mortgage. and kaxhold payments or ground rants, 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 !o Lender al! notices oaf amounts due under this paragraph, and io the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing -such .payments. Borrower shall proomptly discharge. any lien which -has priority over this Mortgage; provided, that Borrower s1ia11 not be required to discharge any such lien so brag 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 such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. - S• -Hazard Iwsorattce. Borrower shall keep the improveme~ets now existing or hereafter erected on the Property insured against loos by fire, hazards included within the term "extended rnverage and such other hazards as Lender may require sad in such- amounts and for such periods u lender mar require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the stems secured by this Mortgage. 1be inwrattce carrier providing the insurance shall be chosen by Borrower subject to spproval by Lender. provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid is such manrxr. by Borrower making payment, when due, directly to the insurance carrier. - All inwraace policies and 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 nncwah thereof. sad Borrower shall promptly furnish to Lender all renewal notices and all rectiipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier-and Lender. Lender may make proof of lass if not made promptly by Borrower. - - - _ Unless Lender and Borrower otherwise agrce in writing, insurance proceeds shall be appljKd to restoration or repair of the Property damaged. provided such restoration or repair is economically kasibk-and the security of this Mortgage is. not thereby impaired. If such 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 stuns secured by this Mortgage, with the excess, if any. paid to Borrower. If the 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 offers to settle a 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 rho sutras secured by this Mortgage. - - - Unless Lender and Borrower otherwise agree in writing, any such application of proceals 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 sad to any iawrance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall piss to Lender to tlx extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. 6.. P~aenstiois sad iNaiateraance of Property; Leasehohis; Condomiaier~ Waened [.'sit Dereioprneats. Borrower shall keep the Property is good repair and shall not commit evaste or permit impairment or deterioration of the Property and shall comply with the provisions of any kale if this Mortgage is on a leasehold. U this Mortgage is on 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. !f 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 prrt hereof. - - 7. Prohctlow of Leader's Security. If Borrower fails to perform the covenants and agretmenb contained in this Mortgage. or if any action or proceeding is commenced which materially affects Lender's interest in the Properly. including, but not limited to, eminent domain,. insolvency, code enforcement. or arrangements ur proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such ' stuns and take such action as is necessary to protect Lenders interest. itxluding, but not limited to. -disbursement of reasonable attorney's fees and entry upon the Property to make repair. If Lender required mortgage insurance as a condition of making the ban secured by this Mortgage, Borrower shall pay the premiums required to maintain such insuuanoe in dfoct until such time as the requirement for such insurance terminates in accordance with Borrower's and