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HomeMy WebLinkAbout0674 ~ i~F ~JV x .UNIFORM COVENANTS. borrower and Lender covenant and agree as follows: 1. Payrtnent of PHnclpal and Intefrat. Borrower shall promptly pay when due the principal of and interest on the indebtedneati evidencec>) by the Note, prepayment and late Charges as provided in the N ote, and the principal of and interest on any Future Advances secured by this Mortgage. " Funds forTaxee and Insuance. 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 payable under the Note, until the Note is paid in full, a sum (herein '~Funds'1 equal to onetwelfth of the yearly faxes and assessments which may attain priority over this Mortgage, and -groUtxl rents on the Property, if any, plus one•Nvelfth o1 yearly premium installments for hazard insurance, plus one-Mreltth of yearly premium installments for mortgage insurance, if any, all as reasaonably estimated initially and from time to time by Lender on the basis of assessments and bills and-reasonable estimates thereof. The Funds shall be held in an institution the d'epoSits or acctlunts of which are insured or guaranteed by a Federal or state ageni:ytincluding Lender i1 Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. .J .en1n 1 e...~e. wne,• nwf w1.~a.e fn. cn MnW inn ,riff 7nnlvinn IFw F„rviC 9nArV71M CAi11 Af`(:N Inc i,iVYi Yi,VG~/~~i.iiiYiiiV Zii~j ~i~iJ[iii iLlLti.V.Li:a,{Li:::ujt,Ul ~~:L:~i•:~~~ti ::~:ia:: :.3 u~:-~ur r"s"'3 •"z' 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 requires Such interest to be paid, lender shall not be~required to pay Borrower any interest or earnings pn the Funds. Lender shall give to Borrower, without charge, an annual accounting of the funds showing credits and debits to the Funds a>1d the purpose for which each debit to the Funds was made. The Funds are pledged as additional security toy the sums secured by this Mortgage. - If the amount of the Funds held by Lender, together with the future monthly installments of Funs payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said fazes. 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 ba sufficient lo~pay taxes, assessments, insurance premiums anti ground rents as they tall due. Borrower shall pay to Lender any amount necessary to makeup the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment.ther@of. Upon payment in full of all sums seGUred, 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 Propertyis otherwise acquired by Lender, Lender shalt apply, no later than immediately prior to the sate of the Property or its acquisition by Lender, any Funds held by lender at the time of~apptication-as a credit against the sums secured by this Mortgage. - 3. Appllcatfon 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 on any Future Advances. . 4. Charges; LJens. Borrower shall pay all taxes, assessments andbthe'rchi`irge3;'~ne'~arib iiYtipoGitioti~'attributable to the Property which may attain a priority over this Mortgage, and leasehold payments t~rg~nd.ren~: It any; in jhe manner provided under paragraph 2 hereof or, if not paid in such manner, by Bo1ro+~srv~l~n~p~tYr~gn>, ~o dyes dire~lly to the payee thereof. Borrower Shall promptly furnish to Lender all notices of amounts ~p .under t ;;~p~~ra~ ash,, a(~d ir~ing Qvent Borrower shall make payment directly, Borrower shall promptly furnish'toy'en~~~~ei~'~-LvrAan~irig-suCft payments. Borrower shall promptly discharge any lien which has priority over this•tilextc~age: p~0~edlfi3!'Bl3tllbwer s11a11 rfvt be 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 such lien in. legal proceedings vrhich operate to prevent the enforcement of the Lien or forfeiture of the rroperty or anx pari ihereoi. 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 as Lender may require and in such arfiounts and for such periods as, Lender require; provided, that Lender shall not require that the amount of such coveragQ exceed that.amount of coverage required to pay the sum secured by this Mortgage. The insuranpe carrier providing the'insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval, shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ~ provided.urider paragraph 2 hereof or, it-nOt.peid u~ such manner. by Bortower'making payment, when'due, directly to the insurance carrier. ~ All insurance 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 renewals thereof. and Borrower shall promptly fumish 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 arxf Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repairof 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 is not economically feasible or ;f 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 !ails to respond to Lender within 30.days from the I date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lenders 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 b_y this Mortgage immediately prior to suct~ sale or acquisition. - 8. Prsservstion and Malntenancs of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not Commit waste or permit impairment or deterioration of the Pro- perty and shall comply with the prov~s~ons of any lease if this Mortgage is on a leasehold. If this Mortgage is on a and 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 i condominium Or planned unit development, and constituent documents. If a condominium or planned~unit development a rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider E shall fie incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. - i 7. Pro~ectlonof Lenders Security.: if Borrower fails to perform the covenants acid agreements contained m this Mortgage. or if any action or proceeding is pommenced wbich 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 ~s necessary to protect Lenders interest, including. but not limited to. disbursements of reasonable attorneys fees and entry upon the Property to rr>ake repairs, It Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower-shall pay the premums requires to maintain such ~ns?,rance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and I k . • . BOOII~7G0 PAGE ~4 2Z- ':,t'a - _ , _ <<.~ .