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HomeMy WebLinkAbout0118 - ! - • UNIFORM COVRNANTa. Borrower and Lender covenant and agree as follows: 1. paymeaf of !rlacl~W sett Lteraf. Borrower shall promptly pay when due the principal of and-interest on the indebtedness evidenced by the Note, prepayaxnt and late charges as provided in the Note. and the principal of and interest ern any Futuro Advances secured by this Mortgage. ltisds tetr 71a:ets seal Iawrak~e. Stitbject to applicable law or to a written waiver by tender, Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Note,. until the Note is paid is full. a sum (herein "Fuada'~ equal-to orte-twelfth of the yearly taxes and assessment: which may attain priority over -this Mortgage, and ground seats em the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insuraacx. if any, all as roasonably estimated initially and from - dme to time by lender oa the basis of assessments and bills and nasonabk estimates thereof. The Funds shall be held in as institution the deposits or accounts of which are insured of guarantexd by a Federal or state agency (including Leader if Lenckr is such an institution). Lender shall apply the Funds to pay said taxes, assessmeau, insurance premitms and ground rents. Lender may rat charge for so holding and applying the Funds, analyzing said account, or verifying aad compiling said assessments and bills, unless Leader pays Borrower interest on the Funds and applicable law - permit: Leader to malts such a- charge. Borrower aad Leader may agree in writing at the time of e;xeecution of this - Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement• is made or applicable law rexluires such interest to be paid. Leveler shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge..aa aaaual aex:ottnting of the Funds showing crexlib aad debits to the Funds rod the purpose: for which each ekbit to the Funds roar made. The Funds are pkdge~d as additional security for the sums secured by tba Mortgage. If the amount e>f the Funds held by Lender, together with the future monthly iratallmeab of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground nets, steal! excxed the amount required to pay said taxes, a:se;ssaueats, irt:uraaex prexaiums aad ground rents as they fall due. such excess shall be. at Borrower's option. either ptanpdy repaid to Borrower or credited to Borrower oo monthly installment: of Funds. If the: amount e>f the Funds held by Leudec shall not be suAicient to pay taxes. aasessrttents. insurance premiums and ground rents at they fall due, Borrower shall pay to Leader say amount necessary to make up the: deficiency within 30 days from the date noticx is mailed by Lender to Borrower requesting payment thereof. Upeau payment in full e>f all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Leader. If under panigrapb 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 erf_ the Property or its acquisition by tender. any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. - 3. A of pay~ertb. Unlexs applicable law provides otherwise. all payments received by Lender under the Note aad panigraphs 1 aad 2 hereof shall be applied by LendeE first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. thin to interest payable on the Note. then to the principal of the Note, and then to interest and principal oa say Future Advances. 4. Chargteq I3eas. Borrower shall pay all taxes. assessments and other charges. fines and impositions attributable to the Property which may attain a priority over this Mortgage, aad leasehold payaienta or ground rents, if any, is the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when doe, directly to the payee thereof. Borrows shall promptly furnish to Leader allpotias of amounb due under this paragraph, and in the avast Borrower shall make payment eWncdy. Borrower shall promptly furnish to Lender rexeipts evidencing such payments. Borrower shall promptly discharge: any lien which ha: priority over this Mortgage; provided, that Borre~wer shall rat be - required to discharge any such Ikn so long a: Borrower shall agree in writing to the payment of the obligation secured by such lies in a manner acceptable to Le:oder, or shall in good faith contest such lien by, or defend enforexment of such Next iq legal proceedings which operate; to prevent the enforcement of the lien or forfeiture of rite Property or any part thereof. S. Hararei Iawraesce. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred against loss by fine. hazards included within the term "extended coverage", and such other hazards ss Lender may require and in such amounts and for such periods as Lender may regain; provided. drat Leader shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums sexured by this Mortgage. The inwranexi carrier providing the insurance shall be chorea by Borrower :object to approvsl by Lender, provided, that such approval shall not be uarrasonably withheld. All premiums on insurance policies shall be paid iri the maaaer provided under paragraph 2 hereof or, if sot paid is such manner, by Borrower making payment, when due, directly to the inwrance carries. - 'i AU insurance policies and rextewvab thereoof shall be in form acceptable to Lender aad shall include a standard mortgage ' clause: in favor of and in form acceptable to Leader. Leader shall h:ve the right to hold the policies and renewals therewf, aad Borrower shall promptly furnish to Lender all renewal entices and all reexipts of paid premiums. In the event of loss. Borrower shall give prompt aotiex to the ia:uranex carrier aad Lender. Lender may make proof of fora if not made promptly by Borrower. Unless Lextder aad Borrower otherwise agree in writing, insurance procexds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is exonomically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not exonomically feasible or if the security of this Mortgage would be impaireod, the insurance proceeds steal! be applied to the sums sexurcd 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 Leader within 30 days from the date notice is msilexl by Lender to Borrower that the insurance carrier otfexa _to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance prexxeds at -Lender's option either to restoration or repair of the Property or to the sums aecureed by this Mortgage. Uaksa Lender and Borrower otherwise agrex in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly iastallenents referred to in paragraphs 1 and -2 hereof or change the amount of such installments. If under paragraph l8 hereof the Property is ae~quireod by Leader, all right, dtk and interest of Borrower in and to say insurance policies aad in and to the proexexls thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums encored by this Mortgage immediately prior to such :ale or acquisition. _ f. lrtserradoti awl l4laiateoaaee of Property; Leaseholds; Coaebedaiuteas; Manned Uait IUevedopateats. Borrower g shall kexp the Property in good repair and shall not commit waste or permit impairment or deteriontioa of the -Property and shall comply with the provisions e>E soy kale if this Mortgage is oa a leasehold. -lf this Mortgage is on a unit in a . condominium ex a planed unit devebpntent, Borrower steal! perform all of Borrower's obligations under -the dexlaration_ ~ or covenants creating or governing the condominium or planned unit developaent, the by-laws and regulations of the ~ concbntiaium or planned unit development, aad constituent documents. If a eoadornintum or planned unit development rider is executexi by Borrower and recorded together with this Mortgage, the covenants and agreement: of such rider shall be i»earpotreted into aad shall amend aad supplement the eavenaats and agreements of this Mortgage as if the rider were a part bere#. _ 7. protection ed I.eadee~s Secerriq. If Borrower tails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materiapy afiexts Lender's interest in the Property. including, but not limitexf to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or dooedeat, then Leader at Lextders option, upon notice to Borrower, may make such appearances, dhburse such sums aad take such action as is necessary to protest Lenders interest. including, but not limited to, disbursement of rea:ortabk attorney's fees aad entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay rite prehaiurra required to maiataia such inauaaee in effect until such time ss the requireatent for such insurance termiaa[es in aooordanoe with Borrowers and - 800K J`t1 PbGE _y ~ _ _ _ t . ~z -