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HomeMy WebLinkAbout1753UN~FO~M CoveN~r+TS. Borrower and Lender covenan~ and agree as tullows: 1. hymeal ot !rlsclpal aaa lalenst. Borrowe~ shall promptly pay when due the principal ot and intercst on the indebtedneu evidenced by the Note, prepsyme~t and late charges as proviJed in ~he Note, and the principal ot and interes~ on sny Futuro Advanccs secured by this Mortgase. 2. Fbad~ Eor Tua aad l~wr+~eee. Subject to applicable law or to a written waiver by Lender. Borrower shall psy to Lender on the day monthly installme~ts of principal and interest are payable under Ihe Note, unlil Ihe Note is paid in full, a:um (herein "Funds") equal ~o one-twelfth of the yearly taxes and assessments which msy attain priority over this Mortgsge, and g~ound reots on the Property. it any, plus ooe-twelt~h o( yearly premium installme~ts (or hazard insurance. plus one•twelfth of yearly premium installments (or mortgage insurancc, it any. all as rcuonably astimated initially and trom •time to time by Lender on the basis of assessmeot~ and bills and reasonable estimata Ihercot. "I~e Funds shall be held i~ an ins~itulion the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). I.ender shall apply the Funds to pay said. taxa. assessme~ts. insurance premiums and ground rcnts. I_ender may not charge for so holding and applying the Funds, analyzing said account. or verifying and compiling said aueuments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and l.ender may ag~ee in writing at ~he time ot execution ot this Mortgage that interat on Ihe Funds shall he paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Bu~rower any interest or earnings oo the Funds. I.ender shall give to Bo~rower, without charge, an annual accounting ot the FunJs shuwing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. - If ~he amount oi the Funds held by Lender, together with ~he future mon~hly installments af Funds payab~e prior to the due dates of taxa, asxs~ments, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes. assessments, insurance premiums aud ground rents as they (all due, such excess shall be, at Borrower's op~ion, ei~her promptly repaid to Borrower or credited to Borrower on mon~hly ins~allments of Funds. It the amoum of the Funds held by Lender shall not be sufficient tu pay taxes, assessmen~s, incurance prcmiums and ground reMs as they fall due, Borrower shall pay to Lender any amount necessary ta make up the deficiency within 30 days trom ~he date ootice is mailed by Lender to Bo~rower requesting payment thereo(. Upon payment in [ull uf all sums securcd by this Mor~gage. I.ender shall promptly refund to Borrovver any Funds held by I.ende~. 1t under paragraph 18 hereo( the Propcny ic sold or Ihc Pra~+crty is atherwicc acquired by l.ender, I.ender shall apply, na later Ihan immediately prior to the ~afc of thc Propcny or i~s acquisition by I.ender, any Funds held by Lender at ~he time ot application as a credit aga~nst ~he sumc securcd by this Mortgage. 3. Applicatioa ot Pa,ymeats. Unlecs applicable law provides otherwise, all payments received by i.ender under the Notc and paragraphs 1 and 2 hereof shall be applicd by Lcnder fint m paymcnt o( amoums payable to Lender by Barrawer under paragraph 2 hercof, then to mterest payabte on the Note, then ~~i thc principal of the No~e, and ~h~n to interest and pnncipal on any•Future Advances. +4. CharRes; Lkns. Borrower shall pay aU ~ates, a~cescments and o~her rharges, fines anJ ~mp~xitions auribu~able to the Propertp which may attain a priority over this blortgage, and leasehold payments ur ground rents, if any, in the manner provided under parag~aph 2 hereo[ or, if not paid in such manner, by $~rrower making payment, when due, directly to the payee thereof. Borrower shall prompUy furnish to Lender all not~ces o( amounts due under this paragraph, and in the event Horrov-~er shall make payment d~rec~ly. Borrowe~ shalt promptly furnish to 1_ender receip~s evidencing such payments. Borrower shall promptly discharge any lien which has pnonty~ ovcr ~his Mortgage: provided. Ihat Borrower shall not be required to dixharge any such lien so long as Borrowe~ shall agree in writing to Ihe payment ot Ihe obliga~ion xcured by such lien in a manner acceptable to Lender, or shall in gocxi taith conteet cuch lien by, or Jefrnd enforeement of such lien in, legal proceedingc which operate to prevent the cntorcement ot the I~en or [orte~turc of the Property ar any part Ihertof. S. Hazard lnsuranee. Borrower shall keep the ~mprovements ndw etiicting c.r hereafter erected on the Property insured against loss b} fire. hazards included wilhin ~he term "rxtenJeJ coverage", and such other hazards as I_ender may reyuire and m such amounts and tor wch periods as Lender may reyuirc: provided, that LenJer shal! not rcyuire that the am~unt of such caverage exceed that amount of coverage required to pay ~he cnm~ secured by ~his Mortgage. The insurance ca~rier providing ~he insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiuma on insurance policies shall 1-e paid in the manner prov~ded under paragraph 2 hercof or, if not paid in auch manner, by Borrower making payment, when due, d~rcctly to the insurance carrier. All insurance policies anJ renewals there~( shaU be in form accept~ble to LenJer and shall include a ctandard mortgage clause in favor of and in form acceptable to Lender. Lender ~hall have the right to hold the policies and renewals thereof. and Borrower shalt promptly (urnish to Lender all renewal not~ces and all receip~s o( paid premioms. In the event of loss. Borrowe~ shall grve prompt notice to the insurance carrier ~nd Lender. I.enJrr ma}~ make pra~~ ot loss if not made prompUy by Borrower. Unless Lenckr and Borrower otherv-•ise agree in vrrit~ng, insurance proceeJs shall be applied to restoration or repair of the Property Jamaged, provided such restorat~on or repair is econosnically feasible and the security of th~s Mortgage is not ~hereby impa~red. If such restoration or repair is not economically teasible or d ~he security ot this Mortgage would be impaired. the msurance proceeds shall be applied to the sums secured by ~his Mortgage, w~th the excess, i( any. paid to Borrower. If the Property is abandoned by Borrower, or it Borrower tails to respond to !_ender within 30 days from the date notice is mailed by Lender to Borrower ihat the insurance carner ofiers to settle a claim for insurance txnefits, Lender is authorizod to collect anJ apply the insurance proceeds at l.ender's option either to restoralion or repait of the Property or to the sums secured by this Mortgage. Unless t~nder and Borrower otherv-•ise agree ~n writing, any such application of proceeds to principal shall not extend or postpone the due date o( the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. I( under paragraph 18 hereof thc Property .is acquired by l.ender, atl right, ~itle and interest of Borrower in and to a~y insurance policies and in and to the proceeds thereof result~ng from damage to the Property prior to tfie sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Presenslbn aod Maintenance ot Property; Leauholds: Condominiums; Plsnned Unlt Developmenls. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deteriotation of the Property and shall comply with the provisions of any Itax if this Martgage is on a IcaschoiJ. If this Mortgage is on a unit in a condominwm or a planned unit development, Borrower shall perform all of Borrower's obligat~ons under the declaration or covenants creating or governing the condominium or planned unit development. ~he by-laws and regulations o[ the condomioium or pl~nned unit development, and constituent documems. If a conJominium or planned onit development nJer is executed by Borrower and recorded together with ~h~s Mortgage, the covenants and agreements o( such nder shall be incorporated into and shall amend and supplement the covenants and agreements of this Mongage as if the rider were a part hereof. • 7. Protectioa of Lender's Security. tf Borrower (ails to per(orm the covenants and agretments contained in this Mortgage, or if any action or proceedmg ~s commenced which materially affec~s I.ender's interest in the Propeny. including, but not limited to, em~nent domain, insolvency, code entorcement, or arrangements or proceedings i~volving a bankrupt or decedent, then Lender at Lender's option, upon notice ~o Borrower, may make such appeatanca, disburse such sums and take such action as is necessary to protecr I~nder's interest. ~ncluding, but not limited to, disbursement of reuonable altorney's (ees and emry upon the Proper~y to make repairs. I( l.ender required mortgage insurance as a cond~tion of malcing the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time u ~he rcquirement for such ~nsurance terminates in accordance with Borrower s and u71~)!~ ~/~ ^ f ~VC 1747 ---' ._.~_ ~ -' . ~.: .c~ i nir~ =~=~. ~ >;C . . .. _. . =- .