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HomeMy WebLinkAbout2090UNlrORM COYBNANT=. 8orrowet and Lende. covanan~ and s~ree u tdlows: 1. ~eN of hl~e~l ri 1~Isis~N. Bo~rowe~ shall promp~ly paY when due the principal ot and interest oo ~he indebtednat evidenad by the Note. propaymeat and latc chareec ac p~ovided in the Nde. aod the principal ot and intercst on aoy Future Advances secuted by this Mo~ate. 2. RMi ter 7i~M a~i I~wes~ee. Subject to applicablc law ~.r to a written waive~ by l.eoder. eorTO~r ~,.~i wr to Lender on the day monthly installments ot principal anJ ~otcres~ arc payaMe under the Note. until the Note is paid in tull, a suan (herein "Fund~'~ equal to orK-tvrelfth of tfK yea~f~• ~ax~~ snJ asse:sments which may attain priority over this Mo~ase. and ~round renb on tbe Property. it a~y, plus ooe-twelt~h of yea~lp premium installments for hazard insurance. plus ooe-tweltth of yearly ptemium installmen~s tor mortgage insurancc, it any, all u rouonably estimated initially and trom time to time by Lende~ on the buis ot auescmcnts and hiils and reasonabk atimala theteof. 7Ue Funds shall be held in an institution ~he deposica or accounts of which ete insurcd or guaranteed by a Rederal ot state a~ency (includina Lende~ if Lender is such an ins~itution). I.ender ahall apply the Funds to pay sa~d laxes. asseume~ls. insuranoe premiums and =round rcnts. l.ende~ may nat chatge tor s~+ holding and applyins the F~~~d~. analyzing xaid account. or verityin` and compilina uid assessments and bills, unless Lender pays Borrower intercst on the Funds a~d applicable law permitt Lender to make such a charge. Bortaver and l.ender may agrce in w~ting at ~he time o[ execution o[ this MoRgase tlut i~tercst on the Funds shall be paid to Borrower. and unlas 'such agrcement is made or applicable law requira such interat to be paid. Lender shall nol be rcquired to pay Borrower any interest ot earnings on the Funds. Lender shall pve to Bo~ovver. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eaeh debit to the Funds was made. The Funds are pledged u additional security for the sums secured by this Mortpse. If the amouot o[ the Funds held by Lender, together with the tuture monthly installments of Funds payabk prior to the due data of taxes. assessments. i~uurance prcmiums and ground rcnts, shall exceed ~he amount requircd to pay said taxa. a:seaments. insu~a~ce premiums and ground rents as they fall due, such excess shall be. at Bor~ower's option, either promptly ropiid to Borrower or crodited to Borrower on mo~thly installments of Funds. If the amount ot the Funds heW by L.eoder shall not be sutfcieat to pay taxes. assessmenu, insurance premiums and ground rents as they fall due, Bocro~rer shall pay to Leader any amount necessary to make up the deBciency within 30 days from the date notice is mailed by Lender W Borrower requesting payment thercof. Upou payment in full of all tums ttcure~ by this Mortgage, l.ender shall promptly rofund to Borrower any Funck held by Leader. If under paragraph 18 herco[ the Property i~ sold or the Property ~s otherwise acquired by Lender, Lender shaU apply. no later tban immodiately prior to the sale of the Property or its acquisition by Lender. any Funds held bv I.eader at the time of application as a aredit against the sums securcd by this Mortgage. 3. A~licatioo oE Paymeots. Unless applicable Iaw provides wherwise. all payments received by Lender under the Note and pangraphs 1 and 2 hereof shall be apptied by 1_ender 6rst in payment o( amounts payable to Lender by Borrower uader paragraph 2 hereof. then to interest payablc on ihe No~e, then to the principal of the Nwe, and then to interest and principd on any Futuro Advances. e. CAs~a; Utns. Bonower shall pay all taxes, assessments and othcr charges. 6nes and impc~sitions attributable to tbe property whech may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner - provided under paragnph 2 hereoE or, it not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly fumish to Lencier all notices of amounts due under this pangraph, and in the ev~ent Borrower shall make payment directly, Borrower shatl promptly fumish to Lender receipts evidene~ng such payments. Borrower shall promptly discharge any lien which hu pnonty over th~c Mortgage: proviJed, that Borrower shall ~not be requittd to discharge any such lien so long as Borrower shall agree in vrruing ~o the payment of the obligatiun ucured by such lien in a manner acceptable ~o Lerider, or sh•rll in gaxl failh conte~~ such lien by, or defend enforcement of such lien in. le6al proceedings which operate to prevent ~he en(orcement of the lien or [orfawre of ~he Property or any pan thereof. S. Huud I~vnece. Borrower shall kap the improvementc nov- existing or hereaftcr erected on th~ Property insured against loss by 6rc, hazatds included withio the term "extended coverage", and such other hazards as I_ender may require and in such amounts and for such periods as Lender may require; provided, that LenJer shall not rcquire that the amount of such coverage eaceed that amount of coverage required to pay the sums secured ~by ~his MortgaEe. 'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shalt not be unrcasonahly withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. ~f not paid in such manner, by &-rrower mak~ng payment, vuhen due, dircctly to the insurance carrier. All insurance policies anJ renewals therrof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. l.ender shall have the right to hold the policies and renew~als thereof. and Borrower shall promptly furnish to Lenekr all renewal nouces anJ all receipts of paid premiumc. in the event of loss. Borrower shall give prompi notice to the ~nsurance carner and t_ender. ltnder may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwitie agree in writing, insurance procceds shall be applied to restoration or repair of the Property damaged, prov~ded such res~oration or rcpa~r ~s economically feasible and the security of this Mortgage is not thereby impaired. 7( such res~oration or rePair is not economically feasible or it the security of this Mortgage would be impaired. the insurance proceeds shall be applied to the sum~ secureJ by this Mortgage, with Ihe excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or il Borrower tails to respond to !_ender within 30 days from the date notice u maded by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, I.ender is aut6orized :o collect and apply the insurance proceed~ at 1_ender's optiun eithe~ to restoration or repair of the Propertv or to the sums securod by this Mortgage. Unless l.ender and Horrower otherwise agree ~n wnting, any such application o( proceeds to pnncipal shall not extend or postpone Ihe due date ot the monthly installmcros rcferred to in paragrapht I and 2 hereof or change the amount of such installmeuts. If under paragraph 18 hereof the Pro f,erty is acyu~red by L.e~Jer, ali nght, title and interest ot Borrower in aod to any thsurance policies and en and to the proceeds thereot resulting ttom damage to the Property. prior to thc sale or acquisition shall pass to Lender to the extent ot the ~ums secured by this hfortgagc immediately prior to such sale or acquisition. b. Prexrvation aod ~tainten~nce of Prope~ty; LeasehulQs; Condominiums; Planned Un1t Devebpments. Borrowcr shall keep the Propcriy in good repair and shall not comrUit Waste <~r perm-t impairment or deterioration of the Property and shall compl} with the provisions of any lease d th~s Mortgage i~ cin a leaschold. If this Mortgage is on a unit in a condomin~um or a planned umt Jevelopment, Borrower shall perform all of Borrower's obl~gations under the declaradon or covenants creating or govermng the condommium or planned unit develupment, the by-laws and regulations of the condominiom or planned unit develo~,ment, and constiu~ent Jocument~. If a condominium or planned unit development r~der is executed by Borrow•er and rernrded ~oge~her v-ith ~hn Mortgage, the covenants and agreements o( such r:der shall be incorporated ~mo and shall amend anJ ~upplement the co.enams and agreements of this Mortgage as if the rider were a part hereof. ~. Protation ot I.ende~'s Securfty. If B~rrower t:uk a. perform the covenants and agreements contained in this Mortgage,. or if any act~on or proceeding ic commence~l whi~h materially afTrctc I.ender's mterest in the Property, including. but m~t 6mrted to. emment domain. inec~l~en~y, c~x1e enf~~rcement. ~~r arr:~nRemen~s or proceedings invoh•ing a bankrupt or deceJent, then Lender at I.ender i opUon, upon notice to Borrower, ma~ make such appearances, disburse such sums and take such actiun ac ~s nece~~a:}• to pmtect I.ender's +nterest. incluJ~ng. but not limrted to. Jisbursement uf reasonable attumey's fccs and entry u~-n ~hc Pmpcr:}• t~ make repa~r~. I( 1_cnder r~y~iircd mortgage in~urance as a conJit~on o( ~nakmg thc loan ~ccur~J by' Ihu Murtg.~gr. B~~rrawcr sh ~II pay !hc prcmiums rcqwrcd to mainta~n such iruurancc in etiec~ until wch Ume as ~he reyuiremem (or ,uch insuran;e terminate~ m accordanee wi~h Borrower's and ! ~ 4 ~~ . ._.W...:x+z ~y^-- .~'YS~>.%>- i ._ .... ~:~'~i3~7 r~cE~4 3-~ ~,. • -- ~?::~.. ~a-°~" _.