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HomeMy WebLinkAbout0937 UNtFau?t CovEN~N~rs. Borrower and l.ender covenan~ ~nJ ag~ee as fallows: 1. layment of Princip~ aod laterest. Borrower shall pramptly pay when due the principal of and interest on ihe indebtedness evidenced by the Note, prepaymeot and late charges as pravided in the Note, and the principxl of and i~terest on any Future Advances secured by this Mortgaga 2. Fhada tor Tua aad Iasur~ace. Subject to applicable law or to a written waiver by Lender, Sorrower shall pay to [.e~der on the day monthly installments of principal an~ interest are payable under the Note, unti! the Notc is paid in fuli, a aum (herein "Funds") equal to ooe-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage. aod ground nnta on the Property, if any, plus one-twelfth of yearly premium installments for hazard i~surance. plus one-twel(th of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and (rom time to time by Lender on the basis of assessme~ts and bills and reasonable estimates thereof. 'Il~e Funds shall be held in an institution the depcuits or accounts of which are insured or guaranteod by a Federal or state agency (includi~g Lender if Lender is such an institution). l.ender shall apply the Funds to pay said taxes. asseume~ts, i~surance premiums and g~ound rents. Le~der may not charge for so holding and applying the Funds, analyzing said account, or verifying and rnmpiling said assessments and bills, unless ~ender pays Borrowcr interest on the Funds and applicable law permiu Le~der to make such a charge. Borrower and Lender may agree in writi~g at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrcement is made _or applicable law rcquires suc:~ i~terest to be paid. Lender shall not be required to pay Borrower any interest or eamings on the Funds. Lender shaQ givt to Borrower, without charga, an annual accounting of the Funds showing credits and debits to the Funds and the purpoae for which each debit to tbe Funds was made. Th~ Funds are pledged as additional security for the sums secured by this Mongage. If the amount of th~ Funds held by Lender, together with the tuture monthly installments of Funds payable prior to the due dates of taxes. assessments, insurance premiums and g~ound rents, shall exceed the amount required to pay said taxes. ~ssessments. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either prc~rt~ptiy r~paid to Botr~wer ~t credited ta Borrower un monthiy instaiimenis of Funcis. Ii [he amouni ~f the FunJs held by I.eader shall not be sut6cient to pay taxes. assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. . Upon payment in full of all aums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by L.eadtr. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply. no Iater than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by Leader at the time of application as a credit against the sumi secured by this Mortgage. 3. ApplicaNoa of Payaeals. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shatl be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4, ~~~K' ~Bi ~STrfL~lYt! S~!E!~ ~3Y 3~! t~rs~ gccoccmnnfg gnil ntl~nr rl~gronS, A!!?S 2!!L~ !f!!LKKl~in!!S ?~~i!~!!tah~! t~ the Propetty which may attain a prioriry over this Mortgage. and leasehold payments or ground rents. if any, in the manoer provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all_notices of amounts due under this paragraph. and in the tvent Bornower shall malce payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Bonower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6lien in a manaer acceptable to I.ender. or shall~in good faith contest such lien by. or defend enforcement of such lien ia. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazud lesannce. Bomower shall kcep the improvements now existing or hereafter erected on the Property insured agaiast loss by fire. hazards included within the term "extended coverage", and such other hazards as L.ender may require and in such amounts and for such periods as Lender may require; pro~ided, that Lender shall not require that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. 'Itie insurance carrier pr~riding the insurance shall be chosen by Borrower subject to approva! by Lender, provided. t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot. when due, direcdy to the j insurance carrier. j Ap insurance policies and ronewals thereof shall be in form acceptable to LenJer and shall include a standard mortgage ; clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. G and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ Unleu Lender and Borrower fltherwise agree in writing, insarance proceeds shall be applied to restoration or npair of € the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. lf such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Pmperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ! date notice is mailed by L.ender to Borrower that the insurance carrier offen to settle a claim for insuraoce benefits, L.ender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ; ~ or to the sums secured by this Mortgage. ; ; ilnless Lender and Borrower otherwise agree m wnting, any such application of proceeds to pnncipal shail not eatend ~ ; or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of } ~ such installments. If under paragraph 18 hereof the Properiy is acquired by L.ender, all right, tide and interest of Bonower ; in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propeny prior to the sale ~ or acquisition shall Qass to i.ender to the extent of the sums secured by this Mortgage immediately priot to such sale or acquisition. ~ 6. Preservatbn 'nd Maintenance of Property; Lease6olds; Condominiums; Planned Unit Devebpments. Borrower _ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisiona of any lease i( this Mortgage is on a leasehold. If this Mortgage is on a unit in a ' condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ? condominium or planned unit development. and constituent documents. If a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shaU amend and supplement the covenants and agreements of this Mortgage as if the rider 'r, were a part hereof. ; 7. Profection of Leoder's Secnrity. If Borrower fails to perform the covenants and agreements contained in this s Mortgage. or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including. but not limited to, eminent domain, inwlvency, code enforcement, or arrangements or proceedings involving. a bankrupt or decedent, then Lender at l.eoder's option, upon notice to Borrower, may make such appearances. disburse such ~ sums and take auch action as ia o~cessary to protect Lender s interest, including, but not limited to. disbursement of ~ reasonable attomey's fees and entry upon the Property to make repairs. I( [.ender required mortgage insurance as a ~ condition of making the loan secured by this Mortgage, Borrower shall ~pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and . ~ ~ = L~ ~i3 p~ 935 ~ ~ ~ : ~ ~ Y - _ ~.~_r _ _ _ . -.az . .