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HomeMy WebLinkAbout2134UNIFORAt COYt[~~NTS. BOffOW« and 1_eoder a~cenant ~~d agrce rs fallows: 1. Payment ot P~inctpd aad lntetest. Horn~we~ shali promp~ly pay w•hcn duc ~hc principai af and interesl on the indebtedncu evidenccd hy thc Note, prepayment and latc chargc. ac pnwiJed in the Notc, and the principal .~t a~d intercs~ on a~y Future Advances secured by th~s Mongage. 2. Funds tor Tues and lasurance. Subjecl to applicable law or ta a w~itte~ waiver by l.ender, Borrawer shall pay to I.e~Jer on ~he day moruhly installments of principal and inte~est are payahle under thc Note, until the Note is paid in full, a sum (herein "FunJs") equal to ane-twel[th of the yearly taxes anJ ascessmen~s which may allain pri~~rity ovcr this Mortgage, anJ graund rents on the P[operty, if any, plus one-tweltth of ~•early premium installmcnts for hazard insurance, plus one-twelfth of yearly premium installments tor mangage insurancc, if any, all as reasonably eclimated initially and trom time ta time by 1_ender on thc basis a( assessmenls and hills and reasonable eslimates thereof. 7~e Funds shall he held in an institution the depositx or accaunts of which are insured ar guaranteed by a Federal or state agency (includi~g Lender if I_ender is such an institution). I.ender shall apply ~he Funds to pay said taxes. assessments, insurance premiums and ground re~ts. l.ende~ may not charge lor u~ holding and applying the FunJs, analyzing said accounl, or verifying a~d campiling said assessments and bills, unless l.ender pays Borrowe~ in~erest on Ihe Funds and applicable law permits Lender to make such a charge. Borrower a~d l.ender may agree in writing at the time of execution of ihis Mortgage that interest on the Fu~ds shall he paid to Borrower, and unless such agreemen~ is made ar applicable law requires such interest to be paid. Lender shall not be rcquired to pay~ Borrower any intcrest or earnings an the Funds. l.ender shall give to Borrower, without charge, an annual aca~unting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds hcld by Lenckr, toge~her w~ith the future monthly installments of FunJs payablc prior to the due dates of taxes, assessments, insurance premiums anJ ground rents, shall exceed the amount required to pay said taxes, asxssments, insurance premiums and ground rentc as they (all due, such e~cess shall be, at Borrower's op~ion, either protnptly repaid to Borrower or credi~ed to Barrower on mon~hly installments of Funds. If the amount of the Funds held b~y Lender shall not be suflicie~t to pay taxes, assessments, insurance premiumc and ground rents as they fall due, Borrower shall pay to Lender any amount necessary ~a make up ~he deficiency within 30 days from the date notice is mailed by Lender to Borrower rrquesting payment thereof_ Upon payment in full of all sums secured by this Morlgage. I.ender shall promptly refund to Borrower any Funds held by I.enJer. If under paragraph 18 hereof the Property ic sold or the Property is otherwice acquired by l.ender, Lender shall apply. no later than immediately prior to the sale of the Property or i~s acquisition by I_ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides atherwise, all payments received by I_ender under ihe No~e and paragraphs 1 and 2 hereof shall bc applied by 1_ender first in payment ot amounts payable ta I_cnder by Borrower under paragraph 2 hereof. then to in~erest payablc on the Notc, then to the principal of the Note, and then to interest and principal on any Future Adva~ces. 4. Charges; Lk~. Borrov-cr shal) pay all taxes, aucssmcnts and othcr charges, fines anJ impositions atl~ibutable 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 not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices o[ amounts due under this paragraph, and in the event Borrower shall make payment direc~ly, Borrower shaq promptly turnish ta l.ender receipts evidenci~g such payments. Borrower shall promptly dixharge any lien w•hich has- priority over this Mortgage: provided, that Borrower shall not be required to dixharge any such lien so long as Borrower shall agree in wridng to the payment of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contes~ such lien by, or defend enforrement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or for(eiture of the Propeny or any part thercof. S. Hazud Iasuraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazuds included within the term "extended coverage", and su:h other hazards as Lender may require and in such amounts and for such periods as Lender may reyuirc; provideJ, that Lender shall not require that the amount of such coverage ezceed that amount of coverage required to pay the sums secured by this Mortgage_ The insurance carrier providing the insurance shall be chosen by Borrow~er subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the mannor provid~d under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due, directly to ihe 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 l.ender. Lender shall ha~•e the right to }iold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all rcceipts of paid prcmiumt. In the event of loss. Borrower shall give prompt notice to the insuranre carrier and Lender. LenJer may make proof of loss if not made pmmptly by Borrower_ Unless Lender and Borrow~r 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 ~hereby impaired. If such restoration or repair is not economically (easible or if the security of this Mortgage woufd be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If 1he Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 da}~s from ihe date notice is mailed by Lender to Borrower that the insurance carrier ofiers to se~tle a claim Cor insurance benefits, I.ender is authoriud to collect and apply the insurance proceeds at Lender's option either to restoratian or repair of the Property or to the sums secured by this Mortgage_ Unless Lender and Borrower otherwise agree in wniing, an}~ such application of proceeds to principa) shall not e~tend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hercof or change the amount o[ suc~ installments. If under paragraph 18 hereof the Propeny is acyuirecf by I.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereot resulting from damage to the Property prior to tF~e sale or acquisition shall pass to Lender to the extent of the sums secured by this 1lfortgage immediately prior to such sale or acquisition. 6. Pr'eservatloo and Maintenance oE Properi~~: Leascholds; Condominiums; Planned Unit De~elop~nenls. Borrow•er shall keep the Property in good repair and shal) not commi~ waste or permit impairment or deterioration of the Propeny and shall comply with the provisions of any Itase it th~s Mortgage ~s on a Icaschold. _ lf this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's ubligations 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 developmen~, and constituent Jocumems. If a condominium or planned unit Je~•elopment riJer is executed by Borrower and recorded together w~~th thi~ Mortgage, the covenants and agreements of siich rider shall be incorporated into and shall amend and supplement the covenams anJ agreements of this Morlgage as if the rider were a part hercof. 7. Protection of Leade~'s Security. If Borrower fails to per(orm the covenants and agreements contained in this Mortgage, or if any action or proceeding ~s commenceJ w•hich materiall~~ aBects l_ender's interest i~ the Property, including, but not limited to, eminent domain, insolvency, code en(orcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at l.ender's option, upon notice to $orrower, ma}~ make such appearances. disburse such sums and take such action as is necessary to prolect Lender s interest, incluJing, but not limited to, disbursement of reuonable attomey's tces aad emry upon Ihe Property to make rcpairc. 1t Lender required mortgage incurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required te maintain such insurance in eHect untit such time as the reyuirement for such ~nsurance terminates in accordance w~th Borrowers and E~InK ~45 PAr,t 21., •, ~ _ ~~e~..~-:~•,~~;:,. _. ._ _-°~ «~ ~F .