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HomeMy WebLinkAbout0908UNIFORM COVFNANTS. BOffOWCf 8I11I I.CI1tI~f Cuvcnani and agrec a~ foilows: 1. Payment ot P~inclpal aad laferesl. Horn~v-•~r shall pmmptly pay v-hen due Ihe principal of and imerest un the i~dcbtedness evidenccJ by the Notc, p~cpayment anJ late charges a. praviJed in the Noie, and the principal of and intercs~ on any Futurc Advances secured by Ihis Mortgage. 2. Rnads for Tua and Inturance. Subject to applirable law or to a written waiver by 1_e~der. Borrower chall pay to l.enckr an ~he day monthly installmc~ts of principal an~ i~tcrest a~e payable under 1he Note, until the Note is paid in full, a sum (he~ein "Funcls") equal to one-twelflh o( the yearly taxes and asussments which may attain priority over this Mortgage, anJ ground rents on the Propcrty, if any, plus onc-twclf~h af ycarly premium installments for hazard insurance, plus one-twelfth of yearly premium installmems far mortgagc insurance, if any, all as reuanably estimated inilially and from time to time by Lender o~ the basis of assessments and hills and reasonable estimates Ihercof. The Fu~ds shall be held io ao institution the depasits or accounts of which are insured or guaranteecl by a Federal or state agency (including Lender if l.ender is such an institu~ion). I.ender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. I_ender may not cha~ge far ~o holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless t.ender p:iys Borrower interest on the Funds and applicable law permits Lender ta make such a charge. Bor~awer and IxnJer may agree in writing at the time of execution o[ this MortgaRe that interest an the FunJs shall be paid ta Borrower, and unless such ag~eement is made or applicable law requires suc:~ interest to be paid. l_ender shall not be reyuircd to pay Borrower any interest or earnings an the Funds. l.ender shall give to Borrower, without charge, an annua! aca~unting of the Funds showing credits and debits to the Funds and ihe purpose (or which each debit to the Funds wa~ made. The {=unds are pledged as addi~ional security for the sums secured by this Mortgage. If the amount o[ the Funds held by I.endcr, together with thc future monthly installments of Funds payablc prior to the due dates of taxes, auessmeats, insurance premiums a~d ground rents, shall exceed the amount reyuired to pay said taxes, assessments, i~surance premiums and ground rents as they fall due, such excess shall be, at Borrower s optian, either promptly repaid to Borrower or credited to Borrower un monthly iostallmcnts of Funds. If the amount of thc Funds held by Lender shall not be sutTicient to pay taxes, assessments, insurancc premiums and ground rents as they fall due. Borrower shall pay to L.ender any amount necessary to make up the deficiency within 30 days (rom the date notice is mailed by L.ender to Borrower requesting payment thercaf. Upon payment in full of all sums secured by this Mortgagc, 1_ender shall promptly refund to Borrower any Funds held by l.ender. If under paragraph 18 hereo( the Property is sold or thc Property is otherwisc acquired by 1_ender, I.ender shall apply, no later than immediately prior to the sale of the Property c~r its acquisition by [.cnder, any Funds held by Lender at the time ot application as a crcdit against the sums secured by this Mongage. 3. AppUcaf~on of Payweats. Unless applicable law provides otherwise, all payments received by Lende~ unJer the Note and paragraphs 1 and 2 hercof shall be applicd bp I.cnder firtt in paymcnt of amounts payablc to l_cnder by Borrowe~ under paragraph 2 hereof, then to interest payablc on the Notc, thcn to thc principal of the Notc, and then to interat and principal on any Future Advances. _ 4. C6arges; Lkns. Borrower sh~ll pay all taxcs, a~.scs~ments and othc~ chargcs, fines and impositions attributable to the Property which may attain a priority over this Mortgagc, and leasehold paymcnts or ground rents, if any, in the manner pmvided 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 of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over ~his Mortgage; proviJed, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in wri~ing to the payment of the obligation secured by such lien in a manner acceptable to Lender. or sl~all in good faith contest such lien by, or defend enforcement of such iien in, legal proceedings which operate to prevent the enforcement of ~hc lien or [orfeiture of the Property or any part thereof. 5. Hazard I~urance. Borrower shall kcep the impravements now existing or hereafter erected on the Property insured against toss by $re, hazards included withiri the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may reyuire; provideJ, that LenJer shall not require that the amount of such coverage e?cceed that amount of coverage required to pay the ~ums secured by this Mortgage. •"Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renev~als thereof shall ~e in form accept~ble to Lender and shall include a standard mortgage clause in favor of and in form acceptable to l.ender_ Lender sh•rll have the right to hold the policies and renew•als thereof, and Borrower shall promptly furnish to Lenckr all renewal notices anJ all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and I_ender. 1_ender may make proof of loss if not made promptl~ by Borrower. ' Unless Lender and Borrower otherwisc agrec in writing, insurance procceds shall be applied to restoration or repair of the Propeny damaged, provided sucti restoration or repair is economically (easible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically frasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the excess, if any, paid to Borrower. IF the Property is abandoned by Borrower, or if Borrower fails to respond to 1_ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier o1Ten ~o settle a claim for insurance benefits, l.ender is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to pnncipal shall nol extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hercof or change the amount of such installments. If under paragraph I8 hereof the Property is acyuired by [.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereo[ resulting fram damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by ~his Mortgage immediatefy prior to such sale or acquisition. 6. Preserration and M~iotenance of Property; Leaseholds; ('ondominiums; Planned Unjt Developments. Borrower shall keep the Property in good repair and shall not commit waste ar permit impairment or deterioration of the Property and shall comply with the provisions o[ any lease if this Mortgage is on a leasehold. If this Mortgage is on a onit in a condominium 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 unit development, the by-laws and regulations of the conJominium or planned unit development, and constituent documents. li a condominium or planned unit development rider is executed by Borrower and recordeJ together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider w~ere a part hereof. 7. Protection of Lende~s Security. !f $orrower fails to perform the covenants and agreements contained in this Mortgage, or if any action vr proceeding ~s commenced w~hich materiaily afTects Lender's interest in the Property, including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. Ihen Lender at Leoder's o~tion, upon notice to Borrower, may make such appearances, disburse such sums and lake such action as is necessary to protect I_ender's mterest, incluJing. but not limited to, disbursement of reasonable attomey s fces and entry upon the Property to make repairs. If Lcnder required mortgage insurance as a condition of making the (oan ucurecl by this Mortgage. Borrow~er shall pay the premiums requireJ to maintain such insurance in eHect unlil such time as ~he reyuirement for such insurance terminates in accordanee with Borrower s and 8U~1~t~~~~ PAGE i7~c~ ~ - ~ ~ ~ r -~t;, -~ ,~ ~ :: ~ ;: a~ ~-_~ ~:~ ~~.,~; ~.. ~_ ,~;_ . _ ;~ ~. -~ .