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HomeMy WebLinkAbout0660UN~FORM CovcN~n7s. Bor~owe~ and l.ender caven•rnt and agree as tollows: 1. Paymeat of P~inclpd and laterest. Borrower shall promptly pay when due the principal of and interest on the irtdebtedness evidenceJ by the Note, prepayment and late charges as provided ~n the Note, and Ihe principal of and intercst on any Futurc Ad~•ancct securtd b~~ this Mortgagc. 2. Runds fo~ Taxes aad Insuraace. Subject to applicable law~ ar to a written waiver by I.ender, Borrower shall pay to I_e~der on the day monthly installments of Qrincipal and ioterect arr payahle under the Note, until ~he Note is paid in tull, a sum (herein "FunJs") equal ~o one-twelfth a( ~he yearly ta~ec and accessments which may attain priority aver ~his Mortgage, and ground rents on the Pmperry, if any, plus one-twelhh of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installmeots (or mortgag~ insuraoce, it any, all as reasanably ettimated initially anJ trom time ta time by I_ender on the basis of assessmenti and bills anJ reasonable estimates ~hereof. The FunJs shall t+e held in an institution the depc~sits o~ accounls o( which are insured or guaranleed by a Federal or state agency (inctuding Lender if I_ender is such an inslitution). I.ender ~hall apply the Funds to pa}• said taxes, asussments, ~nsurance premiums and ground re~ts. I.ender may nM charge for ~o hoWing and applying the Funds, analyzing said account, ur verifying and compiling said assessments and bills, unless l.ender pay~s Borrower imere~t on the Funds and applicable law permits Lender to make such a charge. Barrower and I_ender may agree in wnting at the time of execution of this Morlgage that interest on the Funds shall be paid to Borrou-~er, and unless such agreement is made or applicahle law reyuires such interest to be paid, I.ender shall nat be reyuircd t~~ ~y Borrow•er :~ny interest or earnings on the Funds. I.ender shall give to Barrovirer, without charge, an annual aca~unting ot the 1=unds ~howing credits and~ dehits to the Funds and the purpose t~~r which each Jebit ~o the Fu~ds waa made. The f~und~ are p;edged a~ additional security for ~he sums secured by this Mortgage. !f the amount of the Funds held by Lende~, toge~her wi~h ~hc (uture monthly inslallments of Funds payablc prior to ~he due dates ~.f taxes, assessments, insurance premiums and ground rent~, shall e~ceed ~he amount required to pa~• said ~axes, assessmentt, ~nsurance premiums and ground reMs as ~hey tall due, ~urh excess ~hall be, at B~rrower'c option, erther promptly repaid to Borroaer or credited to Borrow~er on mon~hly ~nctallmcnts of Fundc. If the amount of the Funds held by Lender shall not be sufficient to pay ta!eec, assessmen~s, incurancr premium~ and ground rentc as ~hey fall due, Borrower shall pay to Lender any amount necessar~• ~o makr up Ihe deficiency within 30 days from ~he date nouce is mailed by Lender to Borrawcr requesting paymcnt thercof. Upi~n paynlent m ftd) uf aU sum~ se~ureJ by thi~ Mutlg.~gr. Lcnd~~ +hall ptumptly trfunJ lu B~atuw~~ any FunJs held hy I.cnJer. If undcr parag~aph 1R hcrcof the Property ~~ .old or thc ProE-cr~~ n other~~itic acquired hy Lender, Lender shall apply, no later than immediatcly prior ti~ Ihe .ale ~-t lhe ProExrty or its acy~us~t~on b~ Lendrr, am~ Funds heW by Lendcr at thc hme of application as a crcdit against th~ sum~ sccured by th~s Mortgagr. 3. Applicalion of Pavmenls. Unlc« appl~cablc law pru~iJcs ~~Iher~i+c, all payment~ rccci~~ed by l.ender im.lcr the tiotc and paragraph~ 1 and 2 hcreof ~hell bc applicd hy I endrr fint in pa~mcnt a( amuunts payable t~~ Lcndcr by Borrower undcr paragraph 2 hcreof, thcn to ~ntcrest payablc on thc I~utr, Ihrrt t~. Ih~ principal of thc Nutr, and thcn tu imerest and prmc~pal on any Futurc Advances. ~ 4. CharRes; Lirns. Borrowcr tihal) pay all ta~c~, :~~~c~~mcnt+ and ~•thrr rhargr~. finct anJ ~m~•~itions attnbutahlt to the Propert~~ which may attain a prioriry over ~hic I~turtgage, and Ieakh~~IJ paymenss or ground rentc, if any, in the manner pruvided under paragraph 2 hereof or. if not p:~id in such manner, b~ Bnrrov-er m~king paymenl, when due, direclly to the pa}•ee thcreof. Borrower shall promp~ly furoi~h to Lendcr all notires o! amounts duc under thiti paragraph, and in the eYent BorruKer shall make pa~•ment d~recU~. Burmwer ~hall prompth furni~h tr. Lendcr receipts ~videnring such paymen:c. Borrov-er shall promptl~• discharg~ any lien Hhirh has pnora}• u~cr thi~ Murtgagc: prowJcd, that Borrower thall not be reqwred to discharge any ~uch lien ~o long as B~~rrower ~hall agrer in ~nting to th~ pa~ment ot Ihe obligati~~n secured by wch 6en ~n a manner acceptable ro I.ender, or tihall in g~xxt faith contr~t Luch lirn h~', or defenJ enf~~rcement of such lien in, legal prc-:ecding~ anich operatc to prcvent the cnforcemcnt ol thr I~rn nr forte~tur~ of the Property or any part lhereof. S. Haz~rd Insurance. Borruw•er shall I.eep the impro~cment, noH c~icUng ~~r hereafter erected on the Pn~pert~ insured against lots h}~ fire, haza-ds included with~n the term "~uendr~i rovcrage", anJ such'pther hazardti a~ I.ender may reyuire anu ~n sucn amciunts anu for surn periotic a~ i.enuer ma}• require; pm~•iae~, tnat i.enuer chaii not rcyuire tnat tne amucim oi tiuch co~~er~ge e+cceed that amuunt uf coverage reywred to pa}• ~hc ~~im. .ecured h~• this Mor~gage The ~nsurance rarrier providing the insurance shall be chutien b}~ Borrower subject to approval h}' L_ender, provided, Ihat surh appro~al ~hall not be unreawnably w~ithheld All premiumti .~n insurance ~c~licies ~hall hc paid ~n the manner pro~~~ded undcr p:+ragraph 2 hercof ur. if nvt p:+~d in wch mannrr, b~ B~~rrower making payment, when due, d~rectly to the insurance carrier. All insurancc Fx~hcic~ and renewals thcre~~t thall Fx in form .~r~ept.,Mc to Lcn~lcr ~nd sh~l) ~ncludr a titanJard morlgage clause ~n fa~•~~r ~.f and in f.irm accep~~ble ta l.ender. 1_rnder .hail ha~r thc right tn hold the poliries ~nd renewalti thereof. and Borrower .h:+ll prompd~~ lurnish to Lender all renew~l noticeti and :tll receipts of ~aid premium. In the e~ent ot 1ocs. Borrower .h:,ll gne prompt nut~c~ ~o Ihe imuran~e carnrr .inJ t.ender. LenJrr ma~ mal~e pnx.t of loss ~f not made pmmptly b~• B.,rrower. . ~ Unless Lender and Borruwrr other~~x agree in Wnhng, inwrante pn.cceJc shall be applied to re~toration or repair of the Property damaged, proviJed such restoration or rcpair is economically :easible and the security of th~s Mortgage is not thereby impaired. 1( wch resloration or repair is n~~~ cron~~mirall~~ (~atihle or if the secursty~ of this ~lortgage would be impaired, the ~nsurance proceeds shall be applied to the sums secureJ by~ this M~rtgage. K ~th ~he excecs, if any, paid to Borrower. IF the Property is abandoned by Horr~~wer, or it Borrowcr faih to res~~nd to l.ender within 31) da~•s from the date notice is mailed b~~ Lender to Borrower that th~ incurance carr~er ofTers to settle a cla~m for imurance henefils, l.ender iti autharized to collect and apply the insurance proceeds at I ender's optiun eUher to restoration or repair of the Property or to the surn~ secured by this Mortgage. Unless I_ender and Borrower otherwise agree ~n wnting, an~ such application of pnxeeds to pnncipal shall not eatend or postpone the due date of 1he monthly insiallmcntc referred to in paragraphti I anJ 2 hereof or change tfie amount of such installmenb. If under paragraph 18 hereof the Property is acyuired b}~ Lender, ali nght, 1iUe and interest ot Borrower in and ro any insurance policies and in and to the proceeds thereof resulUng from Jamage ro the Propert}• pnor to the sale or acyuisition shall pass to Lender to the extent of the sums secured by this :1lortgage immediately prior tu wch sale or acquisition. 6. Presena~ion ~od ~taintenance of Propert~; Ixaceholds; ('ondominiums; Planned Unit De~~elopments. Borrower shall kcep the Properly in good repair and shall not commit w•astc or permrt impairment or deteriotation of thc Property and shall comply with the provisions of any lease i( th~s Mortg3ge i~ on a Icasehold. If this Mortgage is on a unit in a condominium or a planned unit cievelopment, Borrower shall perform all ~f Borrower's obligat~ons under the declara~~on or covenants creating or governing the condommium or planned un~t development, the by-laws and regulatior~ of the condominium or planned unit development, and constiwen~ documen~s. If a condominium or planned unu de~elopment nder is exeeuted by Borrower and recorded together with this Mortgage, the covenants and agreements c,f cuch nder shall be incorporated into and shall amend and ~upplement the co~enants and agreemrnts of ~h~s Mor~gage as i( ~he riJer were a part hereof. 7. Proteclion ot I.ender's Security. If Rorrower failc to perform :he covenants and agreements contained in this Mortgage, or if any acUon or proceeding is commenced which ma~erially ~Bects I_ender's inlerest in the Property, inciuding, but not limited to, eminent domain, insolvency, code enfor~ement, or arrangements or proceedings involving a bankrupt or decedenl, ~hen Lender at Lender's option, upon notice to Barrovrer, ma}• make such appearances, disburse such sums and take such action as is necessary to protect t.ender's mterest. ~nciuding, but not lim~ted to, disburxment ot teasonable attomey's tees and entry upon the Proper~y to make repairs. I( [_cnder rcquired mortgage insurance as a cond~tion of making the loan secured by this Mongage, BorroK•er shalf pay the premiums rcquired to maintain such insurance in efTect until such time as the rcquirement for such insurance terminates sn accordance wich Borrower's and ~ ~ ~ _ sn~K349 ~+cE ~1.