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HomeMy WebLinkAbout0431~ .~ • .. .1 1~ •.~ _ t~.~~ UNIrORM COVBNANTS. Botrower aad Le~de. covenant and agrce u tollows: 1. !~t of lri~clMl a~i i~hral. Borrower shall promptly pay when due the principal ot and interest on the ~ndebeednas evidenoed by che Nae. prepayment and late chargec ac providcd in the Note, and the principal of and ioteres~ on any Future Advances secw~ed by this Mort~aae. 2. Fr~i Ior Tua a~i Iwn~ce. Subject to applicablc law .~r to a written waiver by Lender~ Borrower shall pay to Lender on ~he day ma-thly instailmems of principal and inicrcct a~r ~yaMe under the Note. until the Note is paid in tull. a sum (heoein "Fur~'~ oqwl to or~e-tweifth ot the yearl~ taac. and assasments virhich may attain priority ove~ this Mortsa`e. and `round rents on the Pooperty, if any. E+lus one•twelGh of yearly premium installments [o~ huard insunnce. plus ooe-tvreltth of yeuly prcmium installments (or mongage insura~cc. if any, all as rcuonably estimated initislly and from time to time by t.eader on the buis ot assa~mcnts a~d hills and reawnable atimata Ihereof. The Funds shall be held in an institmion the depoc~u or accounts ot ~rhich are iosured or guan~teed by a Fedenl ot state agency (iecludina Lender if Lcnder is such an institutionl. I.ender shall apply the Funds to pay said uxa. assessments. intw'anoe premiums and ~ound tents. I.ende~ may nat charge tor so holding and applying ~he F~indc. analyting said actount. or verityin~ and compling said ass~ssmeots aod Aills, unless l.ender pays Borrower interest on the Funds and appli~able law permits Lender to make such a charge. Bo~~ower and l.ender may agree in writing at ~he time ot executio~ ot this Mo~taaae that intercst on the Funds shall be paid to Borrower, and unless such agrtement is made or applicable law rcquira such interat to be paid. Lender shall not be rcquircd to pay Borrowcr a~y interest or ea~nings o~ the Funds. Lender sball aive to Borrower, without charge, an annual accounting of Ihe Funds showing crtdits and debits to Ihe Funds and the purpose tor which eaeh debit to the Funds wu made. The Funds are pledged as additional security for the sums secured by this Mortpte. If the anaunt o( the Funds held by Lender, together with the future monthly installments of Funds payabk prior to t6e due data of tues. assessments. insurance premiums and ground rcnts, shall exceed the amount required to pay said taxes. asses~aaents, insunnce premiums and ground rents u they fall due, such excess shall be. at Borrower s option, either pranptly repaid to Borrower or crodited to Bormwer on mon~hly installments of Funds. lf the amounl of the Funds hdd by Leoder shall not be suf~icieat to pay taxes, assessments, insurance premiums and ground re~ts as they tall due, Bomo~rer shall pay to Lender any amount necessary to make up the de6ciency within 30 days trom the date notice is mailed by I.ender to Borrower req~esting payment thereoL Upon payment in ful! of all :ums securcd by this Mongage, l.ender shall promptly rcfu~d to Borrower any Funds held by Lender. If under pangraph 18 hercof the Property i~ sold or the Property ~s othenviu acqu~rcd by Lender, Lender shall apply. no later than immediately prior to the sale o( the Propeny or its acquisition by [.ender, any Fundc held bv I.eader at the time of application as a credit against the sums secured by this Mongage. 3. Appiicatio~.o[ Paymcots. Unless applicable law provida othervvise. all payments received by Lender under the Note aad paragnphs 1 and 2 hereot shall be appl~ed by I.ender first in payment af amounts payable to Lender by Borrower uader paragraph 2 heroof, then to i~terest payable on the Note, then to the principal di the Note, and then to intcrest and principal on any Future Advanoes. 1. C6aRa; I.kas. Borrower shall pay aU ~axes, atsessments and othcr charges. fin~s and ~mpotiitions auributable to the Propetty which may attain a pr~ority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, i[ not paid ~n such manner, by Borrower maki~g payment, when due, directly to ihe payee thereot. Borrower shall promptly furmsh to Lender all noticrs of amounts due under this paragtaph, aad in the event Borrower shall make payment d~rectly. Bor~ower shall promptly (urmsh to Lender receipts evidencing such payments. Borrower shall promptly discharge any I~en which has pr~onty over th~a Mortgage: provided, that Borrower shall not be rcqwred to d~scharge any such lien so long as Borrower shall agree in v-nUng tc• the payment o( Ihe obl~gatiun securcd by such I~en m a manner accep~able to Le~der, or sh~ll m good fai~h rontcv soch lien by, or Jefend enforcentent of such litn in. legal proceedings which operate to prevent the enfurcement o( the lien or forfe~ture of the Property or any part thercof. S. H~zard lnsurance. Borrower shall kcep the ~mpro~ements no~ etis~ing or hereafter erected on the Pmperty insured against loss hy 6rc. hazards included withm the term "extended coverage", and 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 thr sumc secured ~by this Mortaaae. . "I?K ~nsurance carrier providing the insurance shall be choun by Borrower subject to approval by LenAer; provided. that such approval shall not be unreasonahly withheld. All prem~umc on insurance polic~es shatl be paid in the manner provided under paragraph 2 hereot or, if not pail in cuch manner, by B~rrower making payment, when due, directly to the insunnce carrier. All insurance pohcies and renew~als thereof shall be in fonn accep~able to LenJer and shall mclude a standard mortgage clauu in favor of and in form acceptable to Lender. 1_ender shall have the right to hold the policies and renewals thereof. and Borrower shall promptlp furmsh to Lender all renewal notices anJ all rece~pts of paid premiums. In the event of loss. 8orrowe~ shall g~ve prompt notice to the ~n~urance carner and Lender. l_ender ma}~ make proc.f of loss if not made promptly by Borrower. Unless Lender and Borrower o~herw~~ agrec in wnt~ng. imyrance procecJs sh~ll be applied to restoratiun or repair of the Properry damaged, prov~Jed such re,torat~on or rep-rir is economically feas~ble and the security of this Mo~tgage is not thereby impa~red. It such restotaUon or repa~r is nat cconomically (easible or if the security ot this Mortgage would be impa~red, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the exceis, if any, paid to Borrowcr If the Property is abandoned by Borrower, or. ~! Bormwer fails tu respond to Lender within 30 days from the Jate notice +s mailed by Lender ~o Borrower that ~he msurance carrier otTers to se~Ne a claim for insurance benefits, Lender is authorized tu collect and apply the in~urance proceed~ at I.endcr'~ option either to restoration or repaer of the Propert~~ or to the sums secured by this Mortgage. Unlesc I_ender and Burrower otherwix agree in Knhng. any sach applic:~uon of prckeeds to principal shatl not extend or postpone Ihe due date of the momhly installm~nts referred to in paragraph~ I and 2 hereof or change the amount of sttch installments. If under paragraph I8 hereot the ProFcrt} n acyu~rcd by l.endcr, ali nght, title and interat of Borrower in aod to any fnsurance policies and ~n and to thr proceeds thereoi resulnng from damage to the Propeny prior to thc sale or acyuisiUOn shall pass to Lender w the cxtent of the tiums ~ecured by this Mortgage immediately prior to such sale or acquisition. 6. Presen•ation and 11~intenance of PropeAy; I.easehulds; Condominiums; Planned Unit Developments. Borrowcr shatl keep the Property in gc~d repair and shall not comrpit y-aste or permrt impairment or deterioration of the Property and shall comply with the provisions o( any lease ~f thiti Murtgage i. un~ a Ieasehold. If Ihis Mortgage is on a unit in a condominwm or a planned unit Jcvclupment. Borrower shrl~ pertorm all of Borrower's obLgat~ons under the declaratwn or covenants creauog or goveming the condominium or planned un~t development, the by-laws and regulations of the condominium or planned unit devela~~ment. .~nd constitucnt d~ument~. !f a condominium or planned umt development nckr ~s eaecuted by Horrower anJ recorJai t~~gether with thi~ M~~rtgage, the covenants and agrcements of such rider shall be ~ncorporated into and shall amend and supplcmcnt the covenants anJ agreements of this Mortgage as if the rider were a part Fereof. 7. Proteition o( I,enders Security. I( B~rr~~~er ta~k a~ pert~~rm the covenantc and agreements contained in this Mortgage, or if any actum or proceeding ~~ c~~mmenceJ which m:,ICrialt~ afirrtt I.en.ler'x ~nteresl in the Proper~y. ~ncludmg, but not hmi~ed tu. rmincnt domain. ~m~~l~cnc~. ~~xlc cnfarccmcnt. ~~r arrangcmcm5 ur prucccdings invoh~mg a bankrupt or decedent. then 11enJer at I.enJer'~ ophon, u~x~n n~~hce to Borrower. ma~ m~kc such appearances, d~sbursc such sums and take such achon a~ is nece~.ar~~ to pra~rc~ I.ender'a mtered, mcluding. but not IimiteJ 10. Jitbursement ot reasonable at~orne}''S Iec~ and cntry uM~n ~he Propcrt~• t~~ makc rrp,nn. (( (.rnder reyiiirrd mortgage inwrance ac a cundit~on ~~t makmg thc loan .cwreJ b} th~• ~turtgacr. B~~rrr•wcr sh.~ll pay thc prcm~um~ rcyu~reJ tc~ maintain ~uch insuranct in rttect untd such t~me as ~he reyuiremenl f~+r ~uch m~uran;e termin:-Ir~ in .~ecordanec w~th Barmwer's anJ ; _ . . - ~s- - ~ - ~, , 6~~3~6 P~E ~9 , _ ~ ~~~:. ~.