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HomeMy WebLinkAbout2625Ut+trww Covew~tns. Bo~ower and L.ender covenant and aa~ee u tollows: 1~ h~^KM ot M~McINI a~i INeraf. Borrowe~ shall p~omptl~ pay whe~ due the principal ot and intercst on iht ~nde~tednes~ evideaoed by the Note. ptepaytneat and tate cha~gec ac p~ovided in the Nott, and tha principa! of ~nd interesl an aoy Future Advances sec~red by this Mortgsge. 2. l~i tor Tues s~l 1wn~ee. Subject to applicabk law ~~r to a written waiver by Lender. Borw~wer shall pay to l.~nder on the day monthly ioslallmcnts ot principal and i~~crcct arc payahle under the Note, until the No1e is paid in fult, a suan (hercin "Fund:'q eqwl to one-twetfth of tl~e yea~l~~ tas~. and assessments which may attain prio»ty over this M~i~• ~ 6~ nna ~ tbe Pe~openy. if any. plus onc-twelfth ol yearly premium installments [or hazard insunnce. plus one-tweltth of yw~ly premium installments tor mortgage insura~cc, if any, all u rouanably estimated initially and itnm time to time by Lender o~ tl~e buis of assescmcnls and hills and reasanable atimata therco[. The Funds shail be held in ao institution the deposit~ or ~ccounts of which arc insured or guarantecd by a Fcderal ot state a~ency (including Lender it Leoder is such an institution). 1_ender ahall apply the Funds to pay said taza. assessments~ insursnoe premiums and ground rents. I.ender may not charge tor u~ holding and applying ~he F~~odc, analyzing caid account, or verifying and compiling said assessments and bilts, unltss Lender pays Borrower interest o~ the Funds and applicable law permits Lender to make such a charge. Barrower and Lende~ may agre~e in writing at the . time ,ot exeeution ot this Mortgaae tbat interat o~ the Fu~ds shall be paid to Borrower. and unless such agreement is made or applicable law rcquires such interat to be paid. Lende~ shall not be rcquired ta pay Borrower any interest or tarnings on the Funds. Lender sha!! aive to Borrower~ wiihout eharge, an annual accounting of the Funds showing credits and debits to the Funds and the purpoae for which eaeh debit to the Funds was made. The Funds are pledged u additional security for ~he sums secured by this Mortaage. If tl~e amount of the Fuads held by Lender, together with the future monthly installments of Funds payabk prior to Ux due datss of taxa, asxssmenu. insurance premiums and ground rents, shall exceed the amount required to pay said taxa. ssse~sments, inaunnce premiums and grwmd rents as they fall due, such excess shall be, at Borrowe~ s option, either prompQy repaid to Borrowe~ or credited to Borrower on monthly instaltments of Funds. If the amount of the Funds heW bY L.eader shall not be suf6ci~at to pay tuts. assasments, insurance prcmiums and ground rcnts u they fall due, 8orm~rer shall pay to Lender any amount ~ecessary to make up thc deficiency within 30 days from the date notice is mailed by I.tnder to Borrower tequesting payment thereof. - " Upoa paymeat in fuli of all swns secut+ed by this Mortgage. !_endor shall promptly refund to Bortower any Funds held by I.ender. If under pusgraph 18 hercof the Property ia sold or thc Property ~s othervvise acquircd by Lender. Lender shdl apply, no later than immediately prior to the sal~ o[ the Propeny or its acquisition by I~nder, any Funds held bv Leader at the time of application u a crcdit against the sums securcd by this Mortgage. 3. Appticatio~ ot Y~rmenfs, Unless applicable !aw provides otherwise, all payments reccived by Lender under the Note aad paragraphs 1 and 2 hereof shall be applied by 1_enJer first in payment ot amounts payable to Lende~ by Borroveer unde~ paragraph 2 heroof, t6en to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advanoes. f. C6ar~es; Lie~. Borrower shall pay all taxes, assessmcets and otber charges. fines and impositions attributable to the Property which may_ attain a priority over this Mor~gage, and leasehold payments ar ground rcnts, if any, io the manner pmvided under paragraph 2 hercof or, if not pa~d in ~uch manner, by Borrower, making p~yment, when due, directly to the payee thet+eof. Borrower shall promptly furn~sh to Lender all notices ot amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shap promptly fumish to Lender receipts evidencing such payments. Bonower shall promptly dischatge any lien which has pnority over ~h~c Mortgage: provicied, that Borrower shal! not be rcquired to discharge any such lien so long as Sorrower shall agree in v-ru~ng ti• the payment o( the obligation secured by such lien in a manner acceptable to Lender, or sh~l! in gaod taith contes~ such lien hy, or defend enfarcement of such lien in. ltgal proceedings which operate to prevent the enfc-rcement of the lien or torfe~wre of the Property or any part thereof, S. Hazsrd Insunace. Borrower shall keep the ~mprovements now• existing or hereafter erected on the Property insured against loss by fire, hazards included with~n the term "eztendeJ coverage", and such other hazards as Lender may require and in such amounts and for such periods as lender may requirc; proveded, that LenJer shall not rcquire that Ihe amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonab(y withhetd. Ail premium~ on insurance polic~es st~all be paid io the manner provided uader paragraph 2 hereof or, if not pa~d in such manner, by Borrower makmg payment, when due, directly to the insurance carrier. All insurance Ewlicies and renew•als iherrof shall tk in form acceptable to Lender anJ shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender sha!! have the right to hold the policiu and renewals ther~of, and Borrower shall promptly fura~sh to Lender all renewal no~~ces and all receipts of paid premiums. In the event of loss, tiorrowe~ shall give prompt not~cr to the msurance carner and l.ender. 1_ender may make pr~x.f of loss if not made promptly by Borrower. Unless Lender and Borrow•er otherwise agree in wnting, insurance procecds shall bc applied to restoration or repair of the Property damaged, provided such rc~torat~on or repair is economirally fea~jble and ~he srcurity of this Mottgage is not thereby imparred. If such restoration or repair ~s no~ economically teasible or if the security of this Mortgage would b~ impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with ~he eacess, if any, Pa+d to Borrower. !f the Propert~ is abancioned by Borrower, o~ it Borrower (ails to respond to l.ender within 30 days from the date notice is mailed by Lender to Borrow•er that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is autborized to collect and apply the insurance proceeds rt t.ender's option eisher to restoration or repa~r of the Propertv or to the sums secured by this Mortgage. Unless 1_ende~ and Borruwer otherv-ix agree m writing, any such applica~ion .~f prcxeeds to principa) shall not extend or postpone the due date ot the m.-nthly insiallments referred to in paragraph. 1 and 2 hereof or change the amount o[ such installmeuts. If under paragraph 18 hereof the Property is acyuired by l.ender, all right, title and interest of Borrower in and to any lnsurance policies and in and to the proceecls thereot re~ulting from damage to the Property prior to th~ sale or acquisition shall pass to Lender to the extent of the ,um~ ucured by this l~lortgage immediately prior ta such sale or acquisition. 6. Preservstioa aod ~itiaten~nce of Prupeirt}; t.tasehuids; ('ondominiums; Planned Unit Developments. 8orraw•cr shall keep the Property in good repair and shall not comrpit y-•aste or permit impairment or deterioration of the Property and shall comply with ~he provisions of any lease ~t th~s Mortgage n~~n a leaschold. If ihis Mortgage is on a unit in a condomimum or a planned umt dcvelopment, Borrower shall pcrfc~rm all of Borrower s obligadons under the dectaratiun or coveoants creatmg or goveromg the condomimum or planned ~enit development, the by-laws and regulations of ihe conJominium or planned unit development, and constituent Jocument~. If a conJominium or, planned unit Jevelopment rider is executed by Borrower and recorded ~ogether w,th ~hi~ Mortgage, ~he co.•enants and ag~eements of soch n~l~r shall be ~ncorporated mto and s6all amend and supptement the cuvenants and agreements of thic Morigage as if the nJer were a part ~ereof. ~. Protection ot l.enders Security. I( Rorruwer faik t~~ ~rfurm the covenantc anJ agreements centained in this Mortgage, or if any act~on ur p~oceedmg i~ ci,mmrnre~l v-hich materially afiects I.enJer's interest in the Proper~y, induding, but not Gmited to. em~nent domain, inu-Ivency, cocfe. enforcement, ar arrangements or praceedings involving a bankrupt or decedent, then 1_ender at l.ender's option, upon no~ice to Borrower, m~} make such appearances, disburse such sums and take such action as ~s nececsar~• tu pro~ect Lender's mterest. including, but not lim~ted to, disbursement of rcasonable auomey's tces and entry upon the Propert}• to make rcpa~r~. If Lcnder reyiiircd mottgage insurance as a cond~t~on of making thc loan securcJ b~~ ~his Afortgage. Borrcwer sh_~li pay the premiums requirtJ to maintain such insurance in cficct until such time as ~he reyuirrment for ~uch in;uran:e lerminates i~ accordance with Borrower's and ~,~.3~s Pa6Ez~0'