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HomeMy WebLinkAbout1070.,. 8''~~~3~~ !'''`7(k'.~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Paym~nt of Prlncipal ~nd I~t~nst. Borrower shall promptly pay when due the pnnc~pal ot and interest on the ~ndebtedness evidenced by lhe Note, prepayment and late charges as provided in the Note, and ihe principal of and interest on any Future Adva~ces secu~ed by this Mongage. Z. Funds fo-TaX~s and I~suaflc~. SubjeCt to applicable law or to a wr~tten waiver by Lender, Borrower sha11 pay to lender on Ihe day monthly mstallments of principal and interest are payable unde~ the Note, until the Note ~s pa~d m tult, a sum (herein "Funds'7 equal to one-twelfth oi the yearly taxes and assessmenis which may attain priorlry ove~ this Mortgage, and g~ound ~ents on the Property, if any, plus one~Nvelfth of yea~ly premium mstallments for hazard insurance. plus on~Mreltth ot yeary premium installments for moAgage insurance, it any, all as reasaonaDlyestimated init~altyand trom t~me !o time by lender on the basis of assessmenls and bills and reasonable estimales thereot. The Funds shall be held in an institution the deposits or accounts of which are ~nsured or guaranteed by a Federal or state agencylincluding Lender if Lender is such an institution). ~ender shall apply the Funds to pay sa~d taxes, assessments. ~nsurance premiums and ground rents. lender may not charge fa so holding and applying the Funds, analyzing said account, or veriying and compilir-g said assessments and bills, unless Lender pays Borrower interest on the Funds and applicabte ~aw permits Lender to make such a charge_ 8orrower and Lender may agree ~n wr~ting at the t~me o~ execution ot this Mortgag~ that interest on the Funds shall be paid to Bonower, a~d untess such agreement is made or applicable law reqwres such interest to be paid. Lender shall not be requued to pay Bor~ower any interest or earn~ngs on the Funds. Lender shall give to Borrowe~, without charge, an annual accounting of the Funds showing c:edits and debits to the Funds and the purpose for which each debit to the Funds was made. The Furds are pledged as addit~onal security fo: lhe sums secured by th~s Mortgage. It the amounl ot the Funds held by Lender, together w~th the luture monthly installments ot Funds payable pnor to Ihe due dates of taxes, assessments, insurance -xemiums and g~ound rents, shall exceed the amount required to pay sa~d taxes. assessments, ~nsurance premiums and ground rents as they (all due, such excess shall be. at Borrowers opt~on, e~the- promptly repaid to Borrowe~ or credited to Borrowe~ on monthly mstallments ot Funds. II the amount ot the Funds held by Lender shall not be suftic~ent to pay taxes, assessments, insurance premiums and ground renls as they fall due. Borrower shalt pay to lender any amount necessary to make up the deficiency w~ihin 30 days trom the date notice ~s ma~led by Lender to Borrower requesti-ig payment thereol.' - Upon payment in tull ot all sums secured by thiS Mortgage, Lender shall promptly retund to Borrower any Funds held by Lender. It under paragraph 18 he~eot the Property is so~d or the Property ~s otheN+rise acquired by Lender, ~ender shall apply, no later than immediately prio~ to the sale at the Property or ~ts acqws~tion by Lender, any Funds held by Lender at the time of application`as a credit aga~nst the sums secured by th~s Mortgage. 3. AppUcation ot Paym~nb. Unless appticable law prov~des otherw~se. all payments .-ecerved by ! ender under the Note and paragraphs t and 2 hereof shall be applled by Lender f~rst ~n payment of amounts payabte to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the pnncspal 01 the Note, and then to mterest and pr~ncipal on any Future Advances. 4. Chary~s; Uens. Borrower shatl pay all taxes. assessments and other charges, lines and impos~tions attnbutable to ~he Property which may attain a priony over this Mortgage, and Ieasehold payments or goupd rents. if any, ~n the manner provided under paragraph 2 hereot or, il not paid in such manner, by Bo~~ower making payment, when due. d~rectly to the payee thereof. Borrower shall promptly furrnsh to Lender all not~ces o( amounts due under this paragraph, and in the event Borrower shall make payment directty. Borrower shall promptly Iurnish to Lender receipts evidencing suCh`~Sayments. Borrower shall promptly djscharge any lien which has prior~ty over th~s MoRgage: provided. that Borrower shaN not be required to discharge any such lien so Iong as Borrowe~ shall agree in wr~tmg to the payment of the obl~gation secured by such lien in a manner acceptab~e to Lender, or shall In good faith contest such lien by, or defend enforcement ot such I~en ~n. legal proceedings which operate to prevent the enforcement of the lien or forte~ture of the Property or any part thereof. 5. Hazard Insursnce. Borrower shall keep the ~mprovements now ewsi~ng or hereafter erected on the Property msured against loss by fire, hazards included wfth~n the term "extended coverage'. and such other hazards as Lender may reqwre and in such amounts and for such penods as Lender require: prov~ded. that Lender shall not -equ~re that the amount of such coverage exceQd that amount ot coverage requ~red to pay the sum secured by th~s Mortgage. The ~nsurance carner prov~d~ng the insurance sha~~ be chosen by Borro.we- sub~ect to appro~al by Lender, provided. that such approval shall not be unreasonably withheld. All prem~ums on ~nsurance pol~c~es shall be pa~d in ihe manne~ prov~ded under parag-aph 2 hereot or. if not pa~d m suCh manner. by Borrower makmg payment, when due. directty to the ~nsurance carner. All insurance polic~es and renewals thereof shall be m form acceptabte to Lender and shan mcl+sde a standard mortgage clause ~n tavor ot and m form acceptable to Lender. Lende- shali have the r~ght to hotd the policies and renewals thereof. and Borrower shall promptty furmsh to Lender a11 renewal not~ces and alt rece~pts of pa~d prem~ums. tn ttie event ot loss. Borrower shall g~ve promp! notice te the ~nsurance carner and Lender. Lender may make proot of loss ~f not madepromptly by Borrower_ Unless Lender and Borrower otherw~se agree m wr~t~ng, insurance aroceeds shali be appi~ed to restorat~on or repa~r of the Property damaged, prov~cied such restoration or repair is econom~cally feasibte and the security oi th~s Mortgage is not thereby ~mpa~red. if such restorat~on or repa~r ~s not econom~cally feasible or ~f the secur~ty of th~s Mortgage would be impaired, the insurance proceeds shall be appl~ed to the sums secured by th~s Mortgage. w~th the excess. ~f any, pa~d to Sorrower. It the Property is abandoned by So~rower. or ~f Borrower fa~IS to respond to Lender w~th~n 30 days from the date not~ce is ma~led by Lender to Bor•ower that the ~nsurance carner otters to settle a cla~m tor msu.-ance benet~ts. Lende- ~s authonzed to collect and apply the ~nsurance p~oceeds at Lender s opUon e~ther to re~iorat,on or repa~r of the Property or to the sums secured by this Mortgage. • Unless Lender and Borrower othenivise agree m wnting. any such appl~cat~on of proceeds to pnnapal sha11 not extend or postpone the due date of the monthly ~nstallments reterred to ~n paragraphs t and 2 hereof or change the amount of such ~nstallments. If under paragraph 18 hereot the Property ~s acqwred by Lender. al~ r~ght. t~tle and ~nterest of Bo~rower m and to any ~nsurance policies and ~n and to the proceeds thereof resuit~ng trom damage to the Property pr~or to the sate or acquis~t~on sha11 pass to Lender to the extent ot the sums secu~ed by th~s Mortgage ~mmed~ately pr~or to such sale or acquisition. 6. Prsssnation snd Msintenance ot Propsrty; Leaseholds; Condominlums; Planned Unit Dsvslopments. Borrower shall keep the Property ~n good repa~r and sha11 not commit waste or perm~t ~mpa~rment or deterioration ot the Pro- perty and shail comply w~th the prows~ons of any lease ~f this Mortgage is on a teasehold. Ii th~s Mortgage ~s on a un~t ~n a condomm~um o- a planned un~t development. Borrower shall pe-form all of Borrov-ers obligations under the declarat~on or covenants creatmg or goverrnng the condominium or planned unit development. the b~rlaws and regulat~ons of the condom~n~um or planned urnl developmenL and constrtuent documents. If a condomm~um or p!anned urnt developmenl -~der is executed Dy Borrower and recorded together w~th th~s Mortgage. the covenants and agreements of such r~der shall be ~ncorporated ~nto and shatl amend and supplement the covenants and agreements ot th~s Mortgage as ~f the r~der were a part hereof. 7. Protection oi Lendsrs Sscurity. If Borrower fa~ls to pertorm the covenants and agreements conta~ned ~n th~s Mortgage or ~f any act~on or proceedmg ~s commenced which materially attects Lender's ~nterest ~n the Propertv. ~nclud~ng. but not I~m~ted to. emi~~ent domain, msolvency, code eniorcement. or arrangements or proceed~ngs ~nvolv+ng a bankrupt or decedent. then Lender at Lenders option, upon notice to Borrower, may make such appearances. d~sburse such sums and take such act~on as ~s necessary to protect ~enders mterest includ~ng, but not I~m~ted to. d~sGursements o1 reasanabie atto~ney's fees and entry upon the Prope~ty t0 make _repa~B. If Lender reqwred mortgage ~nsurance as a cond~t~on ot mak~ng the Ioan secured by tn~g MeKgage, Borrower shall pay the prem~ums requ~red to ma~nta~n such ~nsurance ~n effeci unt~t such bme as the requ~rement for such ~nsurance termmales m accordance w~th Borrowefs and A- j~ ~ j::.~~~ aa~345 Pa~~106~ .~