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HomeMy WebLinkAbout2155UN~FORM CovEN~NTS. Borrower and l.ender cavenant and agrce a~ follows: 1. Paymeat ot P~incipd sod laterest. borruwer shall promp~ly pay whe~ due the principai o! and interest or- the indebtedneu ev~denced by the Note, prepayment aod late charges as pravided io the Note, and ~he principal of and intercst on any Futurc Advancec secured by ~his Mortgage. 2• libnds tor Ta:a sad lawraace. Subject to applicable law or to a written waiver by t.ender, Borrower shall pay to I.ende~ on ~he day monthly inilallme~~s of principal and i~tcrest are paysble unde~ the Note, until the Note is paid in tull, a sum (hercin "FunJs") equal to one-twelfth of Ihc yea~ly taxec and ascessments which may attain priority over ~his Mortgage, anJ graund rents on Ihe Property. if any, plus o~e-twcl(th of yearly prcmium installments tor hatard insurance. plus one-twelhh of yearly premium installmeots tor mortgage insurance, if any, all as reasonably estimated initially and trom time to lime by Le~der on the basis of asussmenlt and bills and reasonable estimates thereof. 'il~e Funds shall be held in an institu~ion the deposits or accounts a( which are insured ar guarantced by a Federal or state agency (including Lender if Lender is such an insti~ution). I.ender shall apply the Funds to pay said taxes, assessments. insurance premiums and g~ound rents. I.ende~ may nol charge for ~o holding and applying ~he Funds, analyzing said account, or verifying and compiling said asst~sments and billa, unless t.ender pa~•~ Borrawer interest an the Funds and applicahle law permits Lende~ to make such a charge. Borrower and I.ender may agree in writing at the time of execution o( this Mortgage that interest on Ihe FunJs ~hall he paid to Borrower, and unless such agreemen~ is made or applicahle law requira such i~terest to be paid, Lcnder shall not be requireci to pay Borrower an~ interest or earnings an the Funds. t.ender shall give to Borrower, withuut charge, an annual aca~unling of the F~unds showing credits and dehits to the Funds and the purpose (or which each debit to the Funds was made. The Funda are pledged as aJJitional sec;urity tor ~he sums ucur~d by thi~ Alortgage. If the amount of the Funds held by LenJer, toge~her with thc (uture monthly inclallmems of Fun~1s payablc prior to ~he due Jates of ~axes, as~essments, insurance premiums anJ grounJ re~ts, shall rxceeci the amaunt reyuired to pa~• said taxes, assessments, insurance premiums and ground rents as they lall due, cuch exce~c shall be, at B~~rrawer's option, either promp~ly repaid to Borrovver or credited to Borrower on mon~hly installmcn~s of Funds. It the amount of the Funds hetd by Lender shall not be sufficient to pay taxes, assessments, imurancc prem~umc and ground rents as they fall due, Borrower shall pay to Lender any amount necessar~• ti~ make -up ~hc Jefir~enc~~ within 30 da~•s from the date notice is mailed by Lender to Borrower requesting paymcnt thereuf_ Upon payment in full at all sums secured by thic Mor~gage. I ende~ shall prompNy refund to Borrower any Funds held hy LenJer. If under paragraph 1R hereof ~he Propcn~~ ~~ ~oW cx ~hc Propcny is athen+-•isc acyu~rcd by Lender, LcnJer shall apply, no later than immcdiatcly prior to the ~alc af thc Pn.~xrty or its acquisition hy I.ender, any Funds helJ by Lender at the ~ime of application as a credit aga~nst the sum~ secured b~• ~hic 4lorlgagr. 3. Application of Payments. Unle~c applirahlc law provides otherw~ik, all paymenls received by 1_ender under the Note and paragraphc 1•rnd 2 hcrco( shall bc applicd by LcnJrr firtit m pa~mcnt ot am~~unts payable to Lendc~ by Borrov-er under paragraph 2 hereof, then to ~nterrst payablc on thr Nutr, thcn ~u ~he principal ot the No~e, and then ~~. interest anJ principa) on any Futurc Advances. 4. Charges; Litns. Borrower tihall pa~- aU ~a~e~, a~tir~,ment~ and uthrr chargc~, fines an~ im~xi~ilionc at~nbutable to the Propetiy v-hich may a~tain a priority over thic Mortgagc, and Icasi:hold payments or ground rents, if any, in the manner proviJed under paragraph 2 hereof or, if not paid m wrh manner. b}' Bo~rowcr making payment, when due, directly W the payee thcrcof. Borrower ~hall promp~ly fornish to l.endcr all nolires of amounts duc under this paragraph, and in the event Borrower shall make paymem direcU~•, Borrowrr shall promptly (urni~h to Lrnder receipts evidencing such paymenls_ Borrower shall pmmptl~~ Jischarge any lien which has pnonty over thit Mortgage; provided, that Borrower chall not be required ~o dixharge any ~uch lien so long as B(1ffON'Lf SF18II agree in w rit~ng to the payment ot the ob6ga~ion secured by such lien ~n a manner acceptable to Lender, or ~hall in gixxl fai~h conte~t such lien by, or Jefend en(orcemenl ot such lien in, legal prcxeedingc whieh operate to prevent the enforcement o( thc I~rn or [orfe~~urr of the Property or any part thereof_ S. Hazard Insurance. Borrov-~er shall keep the ~mpra.~emrm~ noN e~isting ~.r hereafter erec~ed on the Property msured against loss b~• 6re, haza:ds included withm the term "~~tendrJ cover~ge", and such other hazards ac Lender may reyuire anu in such amounts and (or such perials ati I.ender may reyuirc; pn~videJ, Ihat LenJer shall not reyuire tha~ ~he ami~unt of such roverage exceed that amount of coti~erage reqwred to pay the ~umti ~ecured by this Mar~gage. The insurance carrier providing the inturance shall be chotien b}~ Horrower subject to approva) by Lender, provided, ~hat such approval thall not be unreasonahly withheld. All premium; ~~n insurance policies shall ~x paid in the manner provided under p•rragraph 2 hereof or, ~f not paid in siech manner, hy B~~rrower mak~ng payment, when due, direcNy to the inwrance carrier. All insurance policieti anJ renewals thereof shall Fx in form acceptable to Len~ler and shall include a ctandard mortgage ciause in fave~r of and in form accept~ble tu Lendcr. Lrnder ,hall ha~•r the right to hold the policies and renew~alc thereof, and Borrower ~hall promptlp lurnish to ~endrr all rencwal noures anJ all receipts of paid premium,. In the event of loss, Borrower shall gi~•e prompt notice to the inwrance carner and Lender. I.endrr ma~ make pro.~f of loss it not made promptly by Borrower. Unless Lendcr and Borrow~er otherw~~tic agrec in wnUng, in~urance pr~kecdc sh•rll be applied to restoration ~r repair of the Property Jarriaged, proviJed such rectorahon or repair is economiraUy ieasible and ~he security of this Mortgage ix not ~hereby impaired. If such restoration or repair is n~~ econamirally (casible or if Ihe security of this Mortgage wo~ld be impa~red, the msurance proceeds shall be applied t~~ the sums xcured b}~ this Mortgage, w~ith the excess, if any, paid to Borrowcr. It ~hc Propert~~ is abandoned by Borruwer, or it Borrower tail~ to respond to Lender within 30 days trom the Jate notice is mailed by Lender lo Borrower that ~he ~nsurance c•rrner otTers to settle a claim for insurance henefits, I.ender is authorized ta coilect and apply the insurance proceed~ at LenJer's opti~~n either to restora~ion or repair of the Property ur to the sum~ secured by Ihis Mortgage_ Unless I_ender and Borrower otherwise agree ~n writing, any such applica~ion of prc~ceeds to pnncipal shall not extend or postpone the due date of Ihe monthly installmentt rcferred to in paragrapht I anJ 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acyuired by I.ender, all right, tiUe anJ interest of Borrower in and to any insurance policies and in and to the pr<keeJs ~hereof resulting from damage to the Property prior to the sale or acyuisition shall pass to Lender to ~he e~tent of the sums secured by this Martgage immedia~ely prior to such salt or acquisition. 6. Presenslion ~nd !1laintenance of Propert~; I.ea_uholds; ('ondominiums; Plsnned Unit Developmenls. Barrower shall keep the Property in good repair and shall not commi~ wastc or perm~l impairment or deterioration of the Property and shall comply with the provis~ons of any tease it this Mortgage n on a Icasehuld. I( thic Mortgage is on a uni~ in a condomimum 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 un~t development, ~he by-laws and regulations of the conJominium or planned unit development, and consti~uent documen~s. I( a condominium or planned um~ development nckr is executed by Borrower and recorded together wuh ~h~~ Mortgage, the covenanls and agreements of such riJer shall be incorporated ~nto and shall amend and supplement the co~~enants and agreements of this Mortgage as ~f the riJer were a part hereof. 7. Protection ot Lender's Security. If Borrower fa~l~ to perform the covenants and agreements contained in this Mortgage, or if any action or proceed~ng is commenceJ which materially- afiecls 1_enJer's ii~terest in the Property, including, but not limited lo, eminent domain, insolvency, code en(orcement, or arrangements or proceedings invol~•ing a bankrupt or decedent, ~hen Lender at (_ender's option, upon notice ~o Borrower, ma~• make such appearances, Jisburse such sums and take such actiun as is necessary to protect I_ender's interest. ~ncluding, but not limrted to, disbursemenl ot reasonable a~torney's tees and en~ry upon the Properry ro make repa~rs. I( Lcnder required mortgage incurance as ~ condition of making the loan xcureJ by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in efiect un~il such time as the reyuirement for such insurance terminates in accordance w~th Borrower s a~d ;- g~ K345 P4~tz.~.54 ~ ~ - z^~, ~ 3~. ` - `: -~ : ~ ~.m,~,_.~ ,~~~~--_.. _ . ; • - _.. .~~-_._. . .