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HomeMy WebLinkAbout2705 . - - . , T' >''I ~ ti UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of PMnclpal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds forTaxes 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 payable under the Note, until the Note is paid in full. a sum (herein "Funds"1 equal to one-twelfth of the yearly taxes and assessments which may attain priority over th+s Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, ` plus one•twettth of yearly premium installments for mortgage insurance, if any, all as reasaonablyestimated 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 deposits or accounts of which are insured or guaranteed by a Federal or state agency including Lender if Lender is such an insUtution?. Lender shall apply the Funds to pay sa+d 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 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 or 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. ~~t s, K r~Trt~~~~~ If the amount of the Funds held by Lender. together with the future mo y ~iable prior to the due dates of taxes. assessments, insurance premiums and ground rents, shall exceed t111~i~d to.pay said taxes. assessments, insurance premiums and ground rents as they fall due. such exeg9s~slitl{~ jfe~,atQ~~QgQQn, either promptly repaid. to Borrower or credited to Borrower on monthly +nstallmenjS~ of funds. ff ti~~rr~To'"u``n bbNN4~~ Funds held by Lender shaft not be sullicient to pay taxes. assessments. insurance p`r~th'~~~r~en~1t~1M914aghAil~iue. Borrower shall pay to Lender any amount necessary to make up the def+bi~l+~yYAtffirt 30VayS4r'om i~ +ted 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 shalt apply, no later than immediately prior io 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. Applleatlon 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 +nterest and principal on any Future Advances. 4. Charyss; Uens. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or gound rents. it any. in the manner provided under paragraph 2 hereof or, it not paid in such manner. by Borrower making payment. when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices otamounts-due 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 shaft not be required todischarge any such lien so tong as Borrower shall agree in writ+ng to the payment bf 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. 5. Hazani !nsurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against toss by tire, hazards included within the term'~exlended 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 amount 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. 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 +nsurance 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 promptlyfurnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrie? and Lender. Lender may make proof of loss if not made-promptly by Borrower. Unless lender and Borrower otherwise agree in wnting. insurance proceeds shall be applied to restoration or repair of I the Property damaged, provided such restoration or repair is economically leasible 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 +nsurance proceeds shat) 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 offers to settle a claim for +nsurance benefits. Lender t is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or reps+r of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in wnting. any such application of proceeds to pnncipa! shall not extend or postpone the due date of the monthly insiaitments referred to in paragraphs t and 2 hereof or change the amount of such installments. If under paragraph t 8 hereof the Property is acquired by Lender. aft right. title and +nterest of Borrower t in and to any insurance policies and in and to the proceeds thereof resulting from damage to the P?operty 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 acgws+tion. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property m goad repair and shall not commit waste or permit impairment or deterioration of the Pro- party and shall comply with the provisions of any lease ii this Mortgage is on a leasehold. If this Mortgage is on a urnt in a condomirnum of a planned urnt development. Borrower shall perform alt of Borrower s obligations under the dectarat+on ~ or covenants creatrng or governing the condominium or planned urnt 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 th+s Mortgage. the covenants and agreements of such rider shall be incorporated into and shaft amend and supplement the Covenants and agreements of this Mortgage as +f the rider were a part hereof. i 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage. or it any action or proceeding is commenced which materially affects Lenders +nterest 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 timrted to. disbursements of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage +nsurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such .nsurance ,n effect until such time as the regwrement for such insurance terminates in-acco4daniji?Qwt/i Borrowers and ~Y „ . r 3f1~k,,~J P~GE~~VJ