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HomeMy WebLinkAbout1343 , UNIFORM OovaNArm, HOrrower and Lrrnder covenant and agree a: folk+ws: 1~ )!su'asstN N Maul stsi Inta~al. Borrower shall promptly pay when due the principal of and interest on the ittdebtedaps eviderrocd by the Note. prepayment and late charges as provided in the Note. and the principal of and intertar on any Futttro Advances secured by this Mortgage. ltirni tK'Itnua tttttl Irtsnaace. Subject to applicable law cN to a written waiver by Lender. Borrooret shall pay to Leader on the day monthly itstallments of principal and interest are payable under the Note. until flee Note is paid in full. a stns (herein "Fttrtds") egwl to one-twelfth of the yeari~~ taxc~ and assessrrrents which tray attain priority over this j Mortgage. and ground rents on the Property. if any. plus one•tweltth of yearly premium installment [a hazard irrwrance, plus otte~twelith o[ yearly premium installments for mortgage insttratrcc. if any. all as reasonablyestimated initially and (roar time to tints 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 gwranteed by a Federal of state agency (including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessrrrettls. ittsuranca premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account, or verifying soil 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 Mortpge that interat on the Funds shall be paid to Borrower. and unless such agreement a made or applicable law ` requirtx such interest to be paid. Lender shall act 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 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 rents, shall exceed the amount required to pay said taxes. assrataents, ia:urattoe premiums and ground rents as they fall due. such excess shall be. at Borrower's option. either pranptiy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds bttW by Leader shall twt be wfficieat to pay taxes. aasasstrtents. insurance premiums and ground rents as they fall 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 Leader. If under parsgraph 18 hermf 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 Leoder at the time of application as a credit against the :ums secured by this Mortgage. 3. A~iieatioa of lrgmeMs. Unless applicable law provides otherwise. all payment: 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. 1. Cturge~ Liietts. 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 ground rents. if any. in the manner provided under parsgraph 2.hereof or, if not paid in such manner, by Borrower making payment. whoa due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts 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 shall not 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 ia. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Harsrd lawrartee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "e;tended coverage", and such other hazards as Lender may require sad in such amounts and for 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 sums secured by this Mortgage. - 'Ibe 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 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 furnish 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 otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. It such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procceds 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 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 betxfits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to ratoration or repair of the Property of 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 I and 2 hereof or change the amount of I such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right. title and interest of Borrower i in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tlt~ sate or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. 1•t+aervatioo soil Maintenance of Property; Leaseholds; Condominiums; Planned Unit Devebpmeats. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration [ or covenants creating or governing the condomrmum or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominitun or planned unit development rider rs 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 cosenarits and agreements of this Mortgage as if the rider - were a part F~ereof. 7. Protection of header's Security. If Borrower fads a+ perform the covenants and agreements contained in this Mortgage, or if any acUun .+r proceednnK n rummenced wh;~h materially atTects Lender's interest in the Property, including. but not bmrted to. eminent domain. insolvency_ axle enforcement, or arrangements or proceedings involving a banknrpt or dccedenl. then Lender at 1 ender's option, up~in notice to Borrower, may mike such appearances, disburse such sums and take such action as is necessary to protect lender's interest, including. but not limited to, disbursement of reasonable attorneys' tees and entry ulr+n the Property to make repairs. If Lender required mortgage insurance as a condrtuin of making the loan secured by this Mungage. Borrr~wcr shall pay the premimns required to maintain such inurance in effect until such ritm as the requirement for arch m;uran:e terminates ni accordance with Borrower's and • BUOK c~i PbGE~ . •