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HomeMy WebLinkAbout1306 ~ - { ~~t+• UNIFORM WvBNANTS. Borrower and lender covenant and agree u follows: 1. lrtyoreM at lrMellal atN Istleresf. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and Tate charges as provided in the Note, and the principal of and interest an aoY Future Advances secured by this Mortgage. - !tt>ws for Taaas aai lawnoee. Subject to applicable law ar to a written waiver by Lender. Borrower shall pay to Leader on the day monthly installments of principal and interest ue payabk under the Note. until the Note is paid in full. a sum (herein "Funda'q equal to one-twelfth of the yearly taz~~ and assesstrtents which may attain priority over this Mortgage. and ground trots on the Property, it any, plus one-twelfth of yearly premium installments for hazard inwrartce. plus one-twelfth o[ yearly premium installments for mortgage instirattcc, if any. all u ressotubly estimated initially and from lima to time by Lender on the buffs of assessments and hills and reasonable estimates thereof. 'Ilse Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by~a Federal or Rata agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. iasuraaoe premiums and ground rents. lender may not charge for so holding and applying the Fttnds. 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 on 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 arc pledged u 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 payabk prior to the due datesAf taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes, asseatmtents, insurance premiums and ground rents u they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower ar credited to Borrower on monthly installtents of Funds. if the amount of the Funds Add by Lerder shill not be sttfficieat to pay taxes, assessments, insurance premiums and ground rents ss they [alt due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader 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. If under paragraph 18 hereof the Property is sold or the Property rs 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 i Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Aplilcatioa of layoeds. Unless applicable law provides otherwise, all payments received by Lender under the Note sad paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payabk to Lender by Borrower under paragraph 2 hereof, then to interest payabk on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. . 4. Cbar~es; Lliens. Borrower shall pay all razes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the mantxr 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 all notices of amounts due under this paragraph, and is the event Borrower shall make payment directly, Borrower shat) 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 to discharge any such lien so long as Borrower shall agree in writing to she 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 Iren or forfeiture of the Property or any part thereof. S. Hazard Irtsurnace. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured against loss by.firc, hazards included within the term "extended coverage", and such other hazards as Lender may require sad in such amounts and (or such periods as lender may require: provided, that Lender shall not require that the amount of such`coverage exceed that amount of coverage required to pay the arms sectrrcd 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 insurance carrier. All insurance po6ciec 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 [urnish 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 and Borrower othen+iu agree in writing, insurance proceeds shall be applied to restoration or repair of the Property Damaged, provided such restoration or repair is econorr:ically feasible and the security of this Mortgage is i not thereby impaired. 1f such restoratron or repair is not economically feasible or if 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 it Borrower fails to respond to Lender within 30 days from the date notice is marled by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender 'is authc+rized to collect and apply the mwrance; proceeds at Lender's option either to restoration or repair of the Property or to the sums secureD by this yortgage. • Unless !.ender 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 chs3nge the amount of such installments. If under paragraph t 8 hermf the Property is acquired by Lender, all tight. title and interest of Borrower in and to any krsurance policies and in and to the pra:eeds thereof resulting from damage to the Properly prior to the sale or acquisition shall pass to Lender to the extent of the sums secured b~• this I?tortgage immediately prior to such sale or acquisition. 6. Presenation sad ~taiatenance of Property; I.easehulds; Condominiums; Plantxd Udt Devebpments. Borrower z shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any (ease if this Mortgage n on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit Desclupment, 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 condominium or planrred 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 rnco:porated rnlo and shall amend and wpplement the cosenants and agreements of this Mortgage as if the rider 4 were a part hereof. 7. Protection of Lenders SecurfrY. If Horn+wer tarp tr• perform the covenams and agreements contained in this Mortgage, or i( any action or prixeeding n commenced which materially affects Lender's interest in the Property. including. but not limited to, eminent domain. nrWlvericy. axle enforcement. or arrangements or pnueedings involving a bankrupt or decedent. then l.enderat Lender i option, upon notice to Borrower, may make such appearances, disburse such wins and take such action as is necessary t~~ protect Lender's interest, including. but not limbed to. disbursement of reasonable auomey i fees anD entry upon the Pmpcrty to make repairs- If Lender rcyuircD mortgage insurance as a condition of making the loan secured b} this Mortgage Borrrwcr shill pay the premiums required to maintain such insurance in effect until wch time as the requirement for wch insurance terminates m accordance with Borrower's and - -