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HomeMy WebLinkAbout0482~-.::~' ~ ~~.:.~~ UNI~OIIM COVENAtiTl. Borrower and l.ende. covenant and asret as follows: 1. hyweet of hMclNl a~i Weraf. Bo~rower shall promptl~ pay wAen due the principal ot and interat on the ~ndebtedness evidenced by the Note. P~epaymeot snd late cha~gec ac p~ovided in ~he Note, and the principal of ~nd intercs~ on any Future Advances secured by this Mwtaage. 2. l~wds tor Tua ~i l~wn~ee. Subjecl to applic~ble law ur to a writ~en waiver by Lender, Borrowet shall pay to Lender o~ the day monthly installments of p~incipal and intcrcc~ ar~ ~yahle under the Note, until the Note is paid in tull, a aum (herein "Funds") equal to oae-tweltth of the yearl~~ ~asc. anJ assasmeots which may attain priority over this Mort~a~e. and S~ou~d rents on the P~+openy, it aoy. F-lus one-twelfth ot yearly prcmium installments tor hazard i~surance. plus one-twel[th of yearly premium installmen~s tor mongage insurancc. if any, all as rcuonably estimated initially and trom time to time by Lender on the basis of asses~mcn~s and hills and reasanabte estimata thercof. 71~e Funds shall be held in an ins~itution ~he depo~~~~ or accounts ot which are insured or guannteed by a Federal or state agency (includina l.ender if L,ender is such an institution). I.ende~ ahall apply the Funds to pay said uxes, asseuments. irtsurance premiums and ground ~ents. I.ender may no~ charge tor so holding and applying the Fundc. analyzing said account. or verifyin~ and compling said assessmen~s and bills, unlas l.ender pays Borrower interest on the Funds and applicable law permits Lender to makt such a charge. Borrower and Lender may agree in writing at the time ot execution ot this Mortgage that interat on ~he Funds shall be paid to Borrower, and• unless such agreement is made or applicable law requira such intercst to be paid. L.ender shall not be required to pay Borrower any i~terest or earninFts on the Funds. l,tndrr shall ~ive to Borrower, without charge, an annual accounting ot ~he Funds showing credits and debits to ~he Fuods and the purpoae for which tach debit to the Funds was made. The Funds are plodged u additional security (or tho sums secured by this Mottgage. If tl~e amount o[ the Funds held by Lender, toge~her wph the fulurc mu~thly installments ot Funds payablc prior to the due data of taxa, assessments. insurance prcmiums and ground rents, shall exceed the amoum required to pay said taxes, a:saunents, insuronce premiums and ground rents as they (all due. such excess shall be, at l3orrower's option, e~ther ptowpdy repaid to Borr+ower or crediled to Borrower on monlhly ins~allments of Funds. It the amount ot thc Funds held !ry Lender shall not be sutficient to pay ta~ca. assessments, insurance premiums and ground rents as they tall due, Borro~ver shall pay to Lender any amount nocessary to make up the deficiency within 30 days trom the date notice is mailed by Leader to Borrower requating payment thereot. Upou paymeat i~ full of all sums securcd by this Mortgage, l_ender shall promptly refund to Borrower any Funds held by Lender. If under puagraph 18 hercof the Property i~ wld or the Propeny ~s othenuise acquircd by (.ender, Lender s6a11 apply. no later than immediately prior to the sale ot the Property or its acquisition by l~oder, any Funds held bv I.ender at the time oi application u a credit against the sums securcd by this Mortgage. 3. AppllcaNo~e of Paymeats. Unless applicable law proviJes otherwix, all payments received by l.ender under the Note aad paragnphs I and 2 hereof shall be applicd by I.ender first in payment of amounts payable to Lender by Borrower under paragtaph 2 hercof, tl~en to interest payable on the Note, then to the principal ot tlx Note, and then to intcrest and principal on any Future Advances. 4. C6arEes; Lkns. Borrower shall pay all ~axrs. atsrtisments and othcr charges. finec and ~mpoiitions aUnbutable to the Property which may attain a pnority over this Mortgage, and leasehold payments or grouna rents, if any, in the manner pmvided under paragraph 2 hereof or, it not pa~d m such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly turnish to Lender all notices of amounts due under this paragnph, aad in the eve~t Bormwer shall make~ payment duectly. Borrower shall promptly fum~sh to Lender receipts evidencing such payments. Borrower shall promptly dixharge any lien which has pnonty over th~c Mortgage: provided, that Borrower shall not be rcquired to discharge any such lien so long as Burrower shall :~gree in wnt~ng Io ~he payment of the obligatiun secured by such lien in a manner acceptable to 1_ender, or tihalt m gcxxf tauh conteti such lien by, or JefenJ enforcement ot such lien in, legal proceed~ngs which operate to prevent the enforcemem ~t the I~en or torfe~ture of the Property or any part thereof_ S. Huud insurance. Horrower shall kcep the ~mprovcmentti no.- cxisu~g or hereaher erec~ed on the Prop~rty insured against loss by 6re, hazards included within the term "ex~ended coverage", a~d such other ha2ards as t_ender may reyuire and m such amounts and for such periods as Lender may rcyuire; pmvide~l, that LenJer shall not require that ~he amount of such coverage eaceed that amount of coverage required to pay ~he somc secured ~by ~his Morlgage. The ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, thst such approval shall not be unreasonably withheld. All prem~umc on insurance polic~es shall be paid in the manner provided under paragraph 2 hereof or. ~f not pai 1 m such manner, by Borrower makmg payment, when due, direcqy to the insurance carrier. All insurance Fx-licieti and renevrals thereof shall tx in form accep~ablc to Lender and shall ~nclude a standard mortgage claux in fav~.r of and in form acceptable to l.ender. l_ender sh:+l1 ha~•e the right to hold the policies and renew•als thereof. and Borrower shall prompdy furn~sh to Lender all renew•~I no~ices and all rece~pts of paid prcmium~. In the event of lois. Borrower shall grve prompt noticr to the insurance carner and 1_ender. 1_ender ma~ make prW~t of loss ~f not made prompNy by Borrowcr. ~ Unless Lender and Borrower otherw~.c agrer in wnt~ng, inwrance proceedc shall be applied to restoration or repair of the Property damaged, pruvided such re~toration or repa~r ~s econamicall}~ (eas~ble and ~he ucuriry of th~s Mortgage ~~ not :hereby impa~red. I( such restoratiun or repair is nol economically featihle or if ~he xcunty of th~s Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured b~• this Mortgrge. w~th the excess, if a:-}~, pa~d to Borrower. If the Property is abendoned by Borrower, or it Eiorr.~wer (a~ls to respond to I.ender within 30 days from ~he date notice is maded by 1_ender to Borrower that the msurance carricr oflers ~o settle a claim for msurance benefits, 1_eoder is authuriud to colkct and apply the insurance proeeeJs at LenJer'ti ophun either to reatoraUOn or repaer af the Pmpert~~ or to thc sums sccured by this Mortgagc. Unlest Lender and Rorrower otherv-i~e :+gree m v-nhng, any such ~ppliration of pnxeeds to pnncipal shall not extend or p~xtpone ~he due date of the monthh• installmentti reterred ~o in paragraph. I and 2 hereof or change the amount of such installmenGs. Ii under paragraph 18 hereof the Yroperty is acyuued b} L~:nder, all right, title and in~erest ot Borrower in and to an~ tnsurance policies and in and Io thc prcxeeds thereot resulung from damage to the Property prior to ~hc sale or acqws~uon shall pass to Lender to the e~tent u( the ~ums secvred by thu Mortgage immediately pnor to such sale or acquisition. - 6. Prrsen•ation aod ~ltinten~nce of Propert}: I,easehnlds; ('ondominiums; Planned Unit Uevelopments. Borrowcr shall Iceep the Property in g«x1 repair and shall not com~vit raste or permit impairment or de~erioration of the Property and shall compl~ with the provis~ons of any lease i( th~s Mortgage i~ on a leasch~~ld. It Ihis Mortgage is on a unit in a condominwm or a planned iinit development, Borrower ~hall ~xrfo~m all ot Borrower's obl~gations under the declarat~un or covenants creatmg or guverneng the cond~~mimum or planned umt devel~-pment, the by-laws and regulationc of the condominium or planned unit Jevelopmenl. .~nd constiluent ~~umrMti If a condominium or planned umt development nJer ~s executed by Horrowcr •rnJ rec~~rded a~Rether w~th ih~ti Mnrtgage. the covenants and agreements of ~uch ndcr shall be incorporated mto and shall ~mend :+nJ wpplrmcnt thc co~cnants •rnd agreements o( th~s Mortgage as ~f ~he nJcr were a part Fereot. " 7. Protection of i.ender's Securfty. I( Harruwer ta~lti t~~ ~xr(~~rm the covenantc and agreements contained in thic Mortgage, or if any act~on ur prcxeeJing i~ commrn~r~l whi~ii ma~enall~ .~fiect~ 1_ender'c interetit in the Pmper~y. mclud~ng, but n~~t hmited lo. eminenl doma~n. ~m~~l~enc~. cixle entariemenl. ~~r ~rrangcments or proceedings invol~~~ng a bankrupt or decec~em. then I.ender a~ I.enJer'~ ~pUOn, uFx~n nouce w Borrowcr. ma~ make such appearances, d~shurse cuch sums and take such action a~ is nece~~ar} tu prrnect 1_ender'c ~nterect, mcluding. but not limrted to, disbursement o( re~sonable anomey's (cc~ and cmry uMm thc Propcr~~• to mal~c rcp~ir~. If I.cndcr reyuircJ mortgage in~urance as a cond~Uon of mak~ng Ihc loan SecureJ b} th~~ Mort~agc. B~~rrr•wcr sh.~U pay thc prcmiums requireJ to maiiita~n such insutance in rtiect until ~uch time as the reyuiremem for cuch imuran:e term~nate~ in :iccordance wqh Borrower's and a~~346 p:~E 480 ~ . - _ ~x -~ - ~. ~ ..v .~~ .. -.