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HomeMy WebLinkAbout2078Un~~qw Covar+enrs. Bo~rwver and Leode• covenaM sod a~~ee u tollows: 1. lqweM ot hl~e~l a~ Iderpl. Bo~rowet shall promptl~ psY wAen due the principal ot aod intercst oo the indebtedneu evidenad by the Note. prcpayment and late charees a~ provided in the Note. and the principal ot ~nd inte~es~ on my Futuro Advances securod by this Mortsate. 2. RMi tor T~~s ~M i~ara~ea ~bject to applicabk law a~ to ~ written waive~ by l.eode~. BoROMrer shsll paY to Lee~der on ~he dsy monthly installmeots of principal and ~otcrcc~ ~rr ~yahle under the Note. until the Note is paid in tull. a sum (hercio "FwHb") eqwl to one-twel(th of ~he yea~l~ ta~-c. snd assasments which may attain pnority ove~ this Mortsa~e. and ~round rents on tbe Pmpe~ty. if sny, plus one•~welfth of yearly premium in:tallmeots tor huard inwrance. plus oao-twelfth of yeuly premium installmeots tor monga~e insurance, it any, all as rcasonably estimated initidly and trom time to time by Lender on the buis o( assessmcots and hills and reawnabk atimata thereof. The Funds shall be held ie an insti~ution the depos~ta or accounts of which are insured or ~uaraoteed by a Federal ot state a~eoc~r (i~cludina Lende~ it L.cnder is such an ins~itutionl. I.ender ahall apply the Fu~ds to pay said taxa. asxssments. iesutance prcmiums aod `round rcnts. l.ende~ may not charge for sn holding and applyina ~he F~indc. analyzing caid actount. or verifyin~ and compilint said assessments and bills, unless Le~der pays Botrower ioterat on the ~unds and applicable law permit~ Lende~ to malce sueh a charge. Bortower and I.ender may agree in writing at ~he time of execution ot this Monp~e that interat on the Funds shall be paid to Borrower, and unless such agreement is made or applicabte law rcquira such interest to be paid. Let~der shall not be rcquired to pay Borrower any interat or earnings on the Funds. l.ender shall pve to Borrower~ without charge, an annual accounting of the Funds showing credits and debits to tix Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged u additional securi~y tor the sums securcd by this Mortp~e. If the artaunt o[ th~ Funds held by Lender, togelher with ~he future monthly installme~ts of Funds payable prior to the due data of tues, asseasments. inaurance prcmiums aod ground rents, shall exceed the amount required to pay said tues. atsapnents, ituuranoe prcmiums and ground rents as they fall due, such excess shall be, at Borrower s optioo, e~ther promptly repaid to Borrovrer ot credited to Borrower on monthly installments of Funds. It the amount of the Funds held by Lender shdl not be suf6cieot to pay taua, assessments, insurance premiums and ground rents as ~~hey fall due, Borro~rer sball pay to Lender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed by Leade~ to Borrower roquating payment thereof. Upoa payment iA full of dl sums socured by this Mongage. I.ender shall promptly rcfund to Borrower any Funds held by i.ander. If under puagraph 18 heroot the Property ia sold or the Property ~s othervvise acquircd by Lender. I.ender shdl apply. no later than immediately prior to the sale of the Property o~ its acquisition by Lender. any Funds held bv Leoder at the time of apptication as a credit agai~st the sums securcd by this Mortgage. 3. A~p~katioo ot Payme~ls. Unless applicable law provides otherwise, all payments received by l.ender unJer ~he Note aad pangtaphs 1 and 2 hercof shall be applied by Lender flrst in payment of amounts payable to Lender by Borruwer under parsgraph 2 hertof, t6en to interest payable on the Note, then to the principal ot the Nwe, and then to interest and princiQal on any Future Advanca. . 1. C6~r=a; Litns. borcower shall pay all taxts, assessments and other c~arges. 6nec anJ ~mpotiitions attributahle to tbe Propeny which may atuin a pr~ority over this Mortgage, and lezcehold payments or grouna rtnts, if any, io the manner provided unJer pangraph 2 hereo( or. if not paid in such manner, by Borrower making payment, when due, dircctly to the payee thereof_ Borrowe~ shall promptly furnish to Lender alt notices of amounts due under this paragraph, aad in the event Borrowe~ shall make payment diroctly, Borrower shall promptly fum~sh to Lender receipts evidenemg such payments. Borrower shdl promptly dixharge any lien which has prionty over thic Mortgage; provickd, that Borrower shall not be teqwred to dixharge any such lien so long as Bo~rower shall agree in wn~mg to the payment o( the obligatiun sccured by such Iten in a manner acceptable to Lender, or shall ~n g~x.d faith contc~~ such lien by, or defonJ enforcement of such lien in, lega! pmceedmgs which operate to prevent the entorcemen~ of the I~en or (orfe~ture of the Property or any part thereof. S. Hwrd Inwrance. Borrower shall keep the ~mprovementt naw• existing or hereafter erected on the Propeny insured against loss by firc, hazards includal withm the term "extendeJ coverage", and such olher hazards as I.ender may reyuire and ~n such amot~nts and for such periods as Lender may require; provided, that t_enJer shall not require that the amount o[ such coverage eaceed that amount of coverage required to pay the sums xcurcd ~by ~h~s Mortgage. . "I1~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by LenAer; provided, t6at such approval shall not be unreasonably withheld. All premiumt on insurance policies sha11 be paid in ~he manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower mak~ng payment, when due, directly to the insurance carrier_ All insurance polic~es arui renewals thereof shall tx in form acceptable to Lender and shaU ~nclude a s~andard mortgage clauu in favor o( and in form acceptable to I_ender_ I_ender shall have the right to hold the policiu and renewals thereof, and Borrower shall promptly furnish to I_ender all renewal nouces and all rcceipts of paid prcmium~. ln the event of loss, Borrower shall grve prompt nouce to the msurance carner and 1_ender. LenJer may make pr~•f ot loss if not made prompdy by Borrower. Unless Lender and Borrower othcrv-•~u agrce in writing, insurance procecds shall be applied to restotation or repair of the Property damaged, provided such retirorahon or repair is economically (easible and the security ot this Mortgage ~s not thereby impaired. If such restoratiop or ~epair is nut economically feasible or it the security of this Mortgage wou{d bt impaired. the insurance proceeds shall be applied to the sums see:ured by this Mortgage, with the excess, if any, paid to Borrower. !f the Pruperty is abandoneci by Borrower, or it Borrower fails to respond to I.ender within 30 days trom the date notice is mailed by Lender to Borrower that ~he insurance carricr ofiers to senle a claim for insurance benefils, LenJer is aut6oriud to collect and apply the insurance proceeds at Lender's optiun either to restora~ion or repa~r of the Pmpen~• or to the sums secured by this Mortgage. Unless I_ender and Borruwer otherv-i,e agree in writing, any such applicationyF proceeds to pnnc~pal shall not extend or postpone ~he due date of the monthly ins~allmem~ refcrred to in paragraph~ 1 and 2 hereot or ct:ange the amount of suc6 installmeots. It under paragraph 18 hereof the Prof.erty u acyuireJ hy l.endcr, ali nght, tide and interat of Borrowcr in and to any tnsurance policies and in and to the proceeds thereof resulhng from damage to the Property prior to th~ ~ale or acqwsition shal! pass to Lendtr to the extent of the sums ~e:urcd by th~s Mortgage immediately pnor to tiuch sale or acquisition. 6. Prrsenation and ~taiofen~nce of Property; l.easehulds: Condominiums; Planned Unit Derelopments. t3orrowcr shall keep thc Property in good repair and shall not comroit yvastc or permit impairment or deterioration of the Property aod shall comply with the provisions of any lease ~f th~s Murlgagc n un a Icasch~~ld. I( this Mortgage is on a un~~ in ~ ~ condomin~um or a planned unit devclupment, Borrower ~hall pertorm all of Borrower's obhgahons under the declaratwn or covenants creatmg or guvernmg ~he cond~minium or planned unit development, the by-laws and regulati~nc of the condominium or planned unit develo~,ment. and constituent d~xumentti !( a conduminium or planned ~m~t development rider ~s executed by Borrower and recorded u~gether with ~hi+ M~xtgage, the covenants and agreements of wch rider shall be ~ncorporated ~nto and shall amend anJ supplcment thc covenants and agreem~nts ot thii Mortgage as if the n~lcr were a part t~ereof. 7. Protection ot I.ender's Security. I( B~~rrower t.,dc ~„ ~xr(~,rm the covenants anJ agrecments rontained in this Mortgage, or if any act~on or prc+eeedmg i~ cammrnce~l wh~~n matcrially alierts I.enJer'~ interetit in the PmExriy, includmg, bul not lim~ted to, cm~ncnt dvm:~m. ins~.h~cnc}. c~xlc cnf~~r_cmcnt. ~~r arranKcmcnts or pmcccdings ~m~ol~i~g a bankn~p~ or Jecedenl. then i.ender at I.ender'ti option. up~m ne~t~ce to F3orrower, ma~ makr such appearancr~. Jnhurse such sums and t~ke such actiun a~ is necetitiar}• tu protect l.ender's ~merest. ~ncluJing. but not Iim~teJ to. Jnbursement ~~t reasonahle attorney'c (~eti and en~ry u~~n the Proper~}• to make repau,. I( Le::der reyuirrd martgage in~urance a~ a conddum of makmg thc loan ticcureJ by this ~~~Ufl~':1!!l', ~11fIGMCf sh.dl pay thc prcmwms requireJ ta mai~~ta~n such insurance in ef~eci untd such time as ~he rcyui~emem for wch ~nsuran.e terminate~ in accordance w~th Borrawer's anJ :~~~ 347 p~~i ~~~ ~ f ' ~ F ~ { s ' 3 3 J 3 .'`~,_, - -~ - - R . =s~~w-,c~:i ,~~ . ~.. ..a.'~. .__.'- --~ .~..a.».F"