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HomeMy WebLinkAbout0114 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: . 1. >h~mest of lriactpl sad lattrat. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, propayment and late charges as provided in the Note. and the' principal of and interest on any Future Advances secured by this Mortgage. 2. Freda for Ts:ea asi Isatrasce. Subject to applicable law or to a written waiver by Lender, Borrower shztl pay to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full. s sum (herein "Funds") egwl to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property. if any, plus one-tweltth of yearly premium installment for hazard insurance. plus one-twelfth of yearly premium installments foe mortgages insurance. if any, all as reasonably estimated initially and from. time to time by Lender on the basis of assessments and bills and rersorsabk estimates thereof. - Thee Funds shall be held in an institution the deposits or account of which are insured or guaranteesd by a Federal or states agency (including Lender if Lender is such an institution). !.ender shall apply the lends to pay said taxes, assersment, insurance premiums and ground rent. Lender may not charge for so holdi~g and applying the Funds, analyzing acid account, or veri[ying and compiling said assessment and bills, unless Lender pay>~Borrower interest on the Funds and applicable law permit Lender to makes such a charge. Borrower and Lender may agree in writing at the time of e.xexution 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 interesat or earnings on the Funds. Lendsr shall give to Borrower, without charge. an annual accounting of the Funds showing credit and debits to the Funds sad the purpose for which each debit to the Funds was made. 'ilre Funds are 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. asseeSment, inwrance premiums and ground rent. shall exceed the amount required to pay said taxes. . assesarrtent, insurance premiums and ground rents as they tall due. each excexs shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthy? installments of Funds. if the amount of the Fund: held by Lender shall not be sufficieat to pay taxes. assessment. insurance premiums and ground rents as they fall due. Borrower stall pay to-Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leander to Borrower requesting payment-thereof. - Upon payment in full of all sums secured by this Mortgage, tender shall promptly refund to Borrower any Funds held by Lender. If under 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 as a credit against the sums secured by this Mortgage. 3. Applkatbe cell Payrreets. Unless appticabk 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 parsgraph 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; Lko:. Borrower shall pay all taxes, assessment and other charges. fines and impositions attributable to the Property which may attain a priority over this Mortgage, and ksschold payments or ground rents, 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 to Lender allpotices of amount due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to. Lender receipts evidencing such payment. 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 sexured 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 Inssrasce. Borrower shall keep the improvement now existing or hereafter erescted on the Property inwred against loss by 8re, hazards included within the term "extended coverage". and such other hazards as Lender may require and in such amount 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 sceured 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. Alt 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 receipt of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make pKOOf 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 f the: Property damaged, provided such ratoration or repair is economically feasible. and the security of this Mortgage is not thereby impaired. If such ratoration 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 if Borrower fails to respond to Lender within 30 days from the date notice is mailesd by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefit, Lender is authorized to collect and apply the insurance proceeds at Lender s 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 installment. 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 raulting from damage to the Property prior to the sale or acquisition shall pau to Lender to the extent of the sums secured- by this Mortgage immediately prior to such sale or acquisition. - 6. Irirezservatios asd Maistceasce of Property; I.ease6olds; Coodordeiuet~ Plaesse~ Veit 1Devdopexeb. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property wd shall comply with the provisions of any kale 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 Borrower': obligations under the declaration or covenant creating or governing the condominium or planned unit 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 this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenant and agreement of this Mortgage as if the rider were a part hereof. - . 7. Proteatiioo erf Leader's Security. If Borrower fails to perform the covenant. and agreements contained in this ~ Mortgage, or if any action or proce~ing is commenced which materially affect Lender's interest in ,the Property. including, but not limited to, eminent domain, insolvency. code enforcement, or arrangement or proceedings involving a bankrupt or decedent; then Lender at Lender's option, upon notice to Borrower, may make such appearances. disburse such _ sums and take such action as is necessary to prwext Lenders interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender resquired mortgage insurance: as a condition of making the loan secured by this Mortgage, Borrower deal! pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in aocordanoe with Borrower's and ~ 8~3~1 11~ -