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HomeMy WebLinkAbout1611 t t .+j . t~ r UNIFORM QOVBt'tANTi. BORCWer and Lender covenant and agree as follows: 1. lTg7twewt of hioeiNl tttai ItNt:reN. Borrower shall promptll• pay when due the principal of and interest on the ;ndebtedneat< evidenced by the Nae. prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. ltirtia tot Ta:aa taxi lrtwrace. 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 ,tee payable under the Nae. until the Note is paid in full, a sum (herein "Funds"1' egwl to or-e-twelfth of the yearly ta>.es and assessments which may attain priority over this Mortgage. and ground rents on the Property. if any. plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as rcttsonably atimi!ed initially and from time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. 7Le Funds shall be held in an institution the deposits orrccounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institutionl. Lender shall apply the Funds to pay said 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 interat on the Funds shall be paid to Borrower. and unless such agreement a made or applicable law requires wch interest to be paid. Lender shall not be required to pay Borrower any interat 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 [or 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 data of taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. asset>unents, insurance premiums and ground rents as they fall due, such excess shall be. at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes. assessments, insurance premiums and ground rents as they tall 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 :afro secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property ii sold or the Property rs aherwise acquired by Lender, Lender shall apply. rte later than immediately prior to the sale of the Properly 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. Applkatiort of Payttoteats. 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 Nae, and then to interest and principal on any Future Advances. 4. Charges; Liens. 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 paragraph 2 hereof or, if na 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 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 tc• the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in goad faith contest such lien hy, or DefenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the I-en or forfeiture of the. Property or any part thereof. S. Harard Irtstrrawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", anJ such other hazards as Lender may require and in such amounts and for such periods as Lender may require: provided, that i_ender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured Eby 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. Al! 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 gwe 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 ague 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. If such restoration or repair is not economically feasible or it the security of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secure) by this Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower, or it 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 insurance benefits. 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 [_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 change the amount of such installments. 1t under paragraph 18 hereof the Property is acywred by Lender, all right, title and interest of Borrower in and to any Assurance policies and in and to the proceeds thereof resulting from damage to the Property 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 acquisition. 6. Preservation sad 11aintenance of Property; Leaseholds; Condominiums; Planned Uuit Developments. Borrower shall keep the Property in good repair and shall not comrpit y-aste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage ~~ un a leasehold. If this Mortgage is on a unit in a condominium or a planned unit Development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development. anJ constituent Jcxuments. It a condominium or planned unit Development rider a executed by Borrower anJ recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporateD into and shall amend and supplement the covenants anJ agreements of this Mortgage as it the rifer were a part hereof. 7. Protection of Lender's Security. If Born,wer fads to perform the covenants and agreements contained in this Mortgage, or if any action or proceeJing -c commenced which materially a(Te~ts Lender's interest in the Property, including. but not limned to. eminent domain. insolvency. axle enforcement. or :crrangements or proceedings -nvolving a bankrupt or deceuent, then Lender at Lender's option, upon notice to Borrower, ma} make such appearances, disburse such sums and take such action a; is necessary to protect Lender's interest, including. but not lim-ted to, Disbursement of reasonable anorney i fors and entry up~m the Property to make repairs. If Lender reyuircJ mortgage insurance as a condition of making the loan secure) by this tlartgage. Born:wer shall pay the premiums require) to maintain such inuurance in effect until such time as the requirement for wch in~uran;c terminates in accordance with Borrower's and ~~ .~ __ . . ~~3~4 paGFiE~i .~ .~, ~~~~~.