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HomeMy WebLinkAbout2213~, ~ • ~,~ i . ~ ~~~~~~ UNIFORM COVENANTS. Borrower and Le~de~ covenanl and agree as tollows. 1. Paym~nt of P~Incipal ~nd Int~nst. Borrower shall piomptly pay when due the prmcipal ot and interest on the ~ndebtedness evidenced by the Note, prepayment and late charges as prov~ded ~n the N ote, and the prmcipal ol and inte~est on any Future Advances secured by this Mortgage. . 2. Funds fo-T~x~s and I~suranc~. Sub~ecl to appl~aable Iaw or lo a wr~tten wa~ver by Le~der, Borrower shatl pay to Lender on the day monthly installments ol principal and ~nterest are payabte under Ihe Note, until !he Note is paid in tull, a sum ~here~n "Funds") equal to one-tweltth ol ihe yearly_taxes and assessments which may atta~n prionty over th~s Mortgage. and ground rents on the Property, ~f any, plus one-twellth ot yearly prem~um ~nstallments for haza-d ~nsurance, plus one~tweilth of yearly premium ~nstatlments for mortgage ~nsurance, if any, a~l as reasaonablyestimated ~nitiallyand from time to t~me by Lende~ on the bas~s ot assessmems and bilis and reasonable esamates thereot. The Funds sha11 be hetd ~n an~institut~on the depos~ts or accounts of whlch are ~nsured or guaranteed by a Federal or state agencyl ~ncluding Lender ~I Lende~ ~s such an ~nst~tut~on). ~ender shaU apply the Funds to pay sa~d taxes, assessments. inswance prem~ums and ground rents. Lende~ may ~ot charge lor sa holdmg anci apply~ng the Funds, analyz~ng sa~d accoun~ o! venlying and compiling said assessments and bdls, unless lender pays Borrower mterest on Ihe Funds and appl~cable taw perm~ts Lender to make such a charge Borrower and lender may agree m wnimg at the t~me ot execution ol this Mortgage that ~nterest on the Funds shall be pa~d to 6or-ower, and unless such agreement ~s made or applicable law reqwres such interest to be pa~d, Lender shall nol be reqw~ed to pay Borrower any ~nterest or ea~n~ngs on the Funds. Lender shall give to Borrower, w~thout charge. an annuat account~ng of the Funds showing c~ed~ts and deb~ts to the Funds and the purpose (or wh~ch each deb~t to the Funds was made. The Funds are pleciged as add~lional secur~ty for the sums secuied by this Mortgage. If the amount ot the Funds held by Lender. together w~1h Ihe tuture monihly ~nstaliments ol Funds payable pnor to the d~e dates of taxes, assessments. ~nsurance prem~ums and ground rents. sha11 exceed the amount requ~red to pay sa~d taxes. assessments. msu~ance prem~ums and ground rents as they lall due, such excess shall. be, at Borrower's opt~on, e~thei promplly repa~d to Borrower or creci~ted to Borrower on monthly ~nstaliments of Funds. If the amount ot the Funds held by Lender snall not be sutf~c~ent to pay taxes, assessmenls, ~nsurance prem~ums and ground rents as they ta11 due, Borrower shall pay to Lender any amount necessary to make up the def~c~ency w~th~n 30 days from the date notice is mailed by Lende- to Borrower request~ng payment thereot. Upon payment ~n futt ot a11 sums secured by th~s Mortgage, lender sha11 promptly retund to Borrower any Funds heid by Lender. It under paragraph 18 hereol the Property ~s sold or the Property is otherwise acqL~red by lender, Lender shall apply, no later than ~mmed~ately pnor to Ihe sale ot the Property or ~ts acquis~tion by Lender, any Funds held by Lender at the t~me ot appl~cat~on as a cred-t aga~nst the s~~ms secured by thls Mortgage. 3. AppUcation of Payments. Unless appl~cabie iaw provides othe~nrise, all payments recervedby Lender under Ihe Note and paragraphs t and 2 hereof shall be appl~ed by lender tirst i~ payment of amounts payablelo Lender by Borrower under aaragraph 2 hereof, then to ~nte~est payable on the Note, then to the pnnc~pal ot the Note. and then to ~nterest and pr~nc~pal on any Future Advances. ~ 4. Chsryss; Llens. Borrower shatl pay ali taxes, assessments and othe~ charges, tines and ~mpos~tions attr~butabte to ihe Property which may attam a pr~ority over th~s Mortgage, and leasehold payments or gound rents, if any, in the manner prov~ded under paragraph 2 hereot or, if not paid m such manner; by Borrower mak~ng payment, when due, di:ectly to the payee thereof. Borrower shall pro-r.p!!y furrnsh to Lender al1 not~ces of amounts due under th~s paragraph, and m the event Borrower shall make payment d~rectly. Borrower shall promptly turmsh to Lender rece~pts evidenc~ng such payments. Bor~ower shall promptly discharge any I~en wh~ch has pnor~ty over lhis Mortgage: prov~ded, that Borrower shall not be required to'disCharge any such I~en so tong as Borrower shall agree in writing to the payment of the obligat~on secured by such lien ~n a manner acceptable to Lender, or shall in good tailh contest such lien by, or defend en(orcement ot such iien in. legal ~Sroceed~ngs which operate to prevent the entorcement ot the lien or fo~feiture ot ihe PrOperty or any part thereof. 5. Hazard Insurancs. Borrower shall keep Ihe ~mprovements naw ewstingor hereafter erected on the Property insured aga~nst loss by f~re, hazards ~ncluded w~thm the term ~~extended coverage'. and such other hazards as Lender may require and in such amounts and for such per~ods as lender requ~re: prov~ded, that Lender shall nol reqwre thal the amaurt of such coverage exceed that amount of coverage reqwred to pay the sum secured by this Mortgage. The ~nsurance carner prov~d~ng the ~nsurance shall be chosen by Borrower sub~ect to approval by Lender: prav~ded, Ihat such approval shall not be unreasonably w~thhetd. Afl prem~ums on msurance pol~aes shall be paid m the manner prov~ded under paragraph 2 hereof or. ~t not pa~d ~n such manner. by BorroNer m~k~ng payment, when due, d~rectly to the ~nsurance carr~er. All msurance pol~c~es and renewais thereol shall be ~n form acceptable to Lender and shall mctude a standard mortgage ciause ~n favor ol and ~n ferm acceptable to Lender. Lender shall have the r~ght to hold the polic~es and renewals thereoi, and Borrower shall promptly (urn~sh to Lender atl renewal not~ces and al1 receipts of paid prem~ums. In the event of foss. Bormwer shall give psompt not~ce to the insurance carrier and Lender Lender may make proot ot loss ~f not made-promptty by Borrower. Untess Lender and Borrower otherw~se agree ~n wnUng, ~nsurance proceeds s~all be applied to restoration or repais of the Property damaged, prov~ded such restorat~on or repa~r ~s econom~cally feas~b~e and the secunty o1 th~s Mortgage ~s not thereby ,mpa~red. If such restorat~on or repa~r ~s not econom~cally teas~ble or ~t the secur~ty of th~s Mortgage would be ~mpaired. the ~nsurance proceeds shal! be appt~ed to the sums secured by this Mortgage, w~th the excess. ~1 any, paid to Borrower. If the Properry ~s abandoned by Bor-ower. or ~f Borrower fa-IS to respond to lender within 30 days (ram the date notice ~s ma~~ed by lender to Borrower that the ~nsu~ance carner otfers to settle a cla~m for ~nsurance bene(~ts. Lender ~s authorized to collect anci app1~• ihe ~nsurance proceeds at ~ender's opt~on e~ther to restorat~on or repa~r of Ihe Property or to the sums secured by th~s Mortgage. Unless Lender and Borrower otherw~se agree m wnt~ng. any such applrcat~on of proceeds to prmc~pa~ shall not extend or postpone the due dat~ of the mGnthly mstallments rsferredpo in paragraphs 1 and 2 hereof or change fhe amount of such ~~staliments If under paragraph 18 hereot the Property ~s acqu~red by Lender, aii r~ght. t~tle and mterest ot Borrower m and to any insurariCe poliaes and in and to the proceeds thereof resulhng from damage to the Property pr~or to the sale o~ acqu~s~tion shall pass to Lender to the extent of the sums secured by th~s Mortgage ~mmediately pr~or to such sale or acqws~t~on. 6. Presenration and Maintsnance of Property; Leaseholds; Condominiums; Planned Unit Dsvslopments. Bonower st~all keep the Property m good repa~r and shalt not comm~t waste or perm~t ~mpa~rment or deter~orat~on o! the Pro- perty and sha11 comply w~th tne prov~s~ons of any lease ~t ih~s Mortgage ~s on a leasehold. 11 th~s MorCgage ~s on a und ~n a cordomm~um or a planned urnt devetopment. Borrower shall pertorm all of Borrowers obl~gat~ons under the declarat~on or covenants creat~ng or govern,ng the condominium or planned unit development. the by-laws and regulat~ons ot the condominwm or planned urnt deve~opment, and const~tuent documents. It a condominwm or planned urnt development nder ~s executed hy Borrower and recorded logether w~1h th~s Nortgage, ihe covenants and agreements of such r~der shall be incor~rated into and shall amend and supplement the covenants and agreements of th~s Mortgage as ~f the rider were a part hereot. 7. Protectlon of Lsnders Security. It Borrower ta~ls to perform the covenants and agreements conta~ned in th~s Mortgage. or ~t any act~on er proceedmg ~s commenced wh~ch mater~ally atfects Lenders interest in the Property. ~nclud~ng, but not I~m~ted to. emment doma~n. msolvency. code enforcement, or arrangements or proceedings ~nvolv~ng a bankrupt or decedent, then Lender at Lenders opt~on, upon not~ce to Borrower, may make such appearances. d~sburse s~ch sums and take such act~on as ~s necessary to protec! Lenders :nteres~ ~ncluding, but not i~mited Io. d~sbursements of reasonab~e attorneys tees arxf entry upon the Property to make repa~rs. It Lender reqwred mortgage insura~ce as 8 condit~on ot making the :oan secured by th~s Mortgage. Borrower shall pay the premiums requ~red to ma~nta~n such msurance ~n effect unt~l such t~me as the reqwrement for such ~nsurance term~nates m accordance w~lh 8orrowers and , '~ ~' ~ ~''~~~~ ~~"~34? PAC~~'A7 ~ 3M 3 _ ~ d '~.e~hY "~.~"_~n ero-~.._.3:eY? ~.. „- , . , .citd .Y,~~.Cn":