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HomeMy WebLinkAbout0998 1 • NM'wMtN M~ UNtFORM Cov~H~NTS. Borrowe~ and Len~1c~ covenanl and agre~ as follows: 1. l~yrmeat ot hiociMl a~d 1Nensf. Borrower ahall promptly pay when due the principal ot and interest on the indebtednas evidenced by the Note. prepayment a~d.late chuges as providod in the Note. and the pnncipsi ot and interest o~ aay FWure Adv~nces socuted by this_Mortga~e. . ' 2. iti~ tor Taues a~i l~a~ee. Subject to applicabk law or to : written waive~ by' Lender, Borrowe~ shaU pay to I.ender oo the day monthly installments oi prinsipal and iaterest aro paysbk under the Note. uMil the Note is paid in [ull. a:um (hercin "Fundt") equal to one-twelfth of the yea~ly taxes and assessments which may attain priorily over this Mortgsge. and ground rents on tbe Property. if a~y. plus o~e-tweltth of yearly premium installments fo~ hazard insurance. plus onatwelfth of yearly premium installments for mongage insurance. it any. all as reasonably estimated ini~ially and trom , time to time by Lender on the basis of assessments and bilh a~d reasonabk estimates thereof. . The Funds ~hall ba held in an institution the depoaiu or accounts of which are insurod or gwrantood by a Fcderal or state ageocy (including Lender if Lender is such an iastitution). Lender shall apply the Funds to pay said taxa. assessments. insurance premiurtu and amund nnts. Lender may not charge for~ so holding aad applying the Funds. analyZing said account. or verifying and compili~g uid assessments and bills, unlas Lender pays Borrower interest on the Funds and applicable law ~ permits Lender to make such a charge. Borrower a~d Lender may agree in writing at the time of eacxution of this Mortgage that intercst on the Fuads shall ba paid to Borrower. and unlas such agnement is made or applicabk law requires such interat to be paid. Lende~ shall not be required to pay Borrower any interest or earnings on the Funds. Lender . shall aive to Borrower~ without charge, a~ an~ual accounting of tbie Funds showing credits and debits to the Funds and the purpose for vrchich wch debit to the Funds wu made. ~The Funds are plodged as additional security for the suins securcd by this Mortgage. • ' If the amount of the Funds held by l.e~der, together with the tuture monthly installments of Funds payable prior ta the due data of taxes, assessments. insura~ce premiums and ground cents, shall excetd the amount required to pay said taxes. 'asseasments,• i~auraace premiums and ground rents as they (all due. such lxcess shall be. at Bonower s option. either pranptly repaid to Borc~uwer or ctodited to Borrower on monthly installments of Funds. lf the amount of the Funds held by Leader shall not be sufScient to pay taxes. a~ssmenti, insurance prcmiums and giound re~ts as they fall due. Borrower shal! pay to Lender any amount necessary to make wp the deficiency within 30 days from the date notice is mailed by Lender to Borrower requacting payment theroof. ' . Upoa payment in full~ of all ;ums socured by this Mortgage, l.eader shall piomptly refund to Borrov?er $ny Funds - heW by L.ender. If under pusgraph 18 hercof the Property is sold or the Property is othervvise acquired by l.end~r. i.ender slull apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application u a credit against the sums secured by this Mortgage. - ~ . . _ 3. Applicatlw oE Payaeats. Unless applicable law provides othenivise, sll payments received by Lender under the Note and paragraphs 1 and 2. hercof shall be applied by Lender first in payment of amou~ts payable to Lender by Borrower under pacagraph 2 hereof, then to interest payable on the Note, the~ to the principal o! the No1e, and then to interat and principal o~ any Future Advanoes. 1. Crar=es; Less. Borrowe~ shall pay-all ~aaes, assessments and other charges. fines and impositions attributable to the Property which r~uy attain a priority over this Mortgage. a~ leasehold payments or ground rents. if any. in the manner pmvided undsr paragraph 2 heroof or,`if not paid in such- manner, by Borrower making payment. when due. directly: to the - payee'thereof. Borrower shall promptly furaish tq Lender all. notices of amounts due under this pangraph. and in the event Borrower- shall make payment diroctly. Borrower shall promptly fumish to l.ender receipts e'videncing such payments: Borrower shall promptly discharge any }ien which hu priority over this Mortgage; Rrovidcd. that Borrower shall not be ' ~e:quired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secuted by such lien in a manner acceptabk to Lender. or shall in good faith contest such lien by. or defend enforcement of such lien in, legal proceedings which operate to preveat the enforcement of the lien or forfeiture of the" Property or any part thereof. S. Hazud Iasnrance. Borrower shall k~ep the improvements now existing or hereafter erected on the Propeny insured against loss by fire, ha7uds included within the term "extended coverage". and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that I.ender shall not require that the amount of such coverage exceed~that amount of coverage required to pay the sums securcd by this Mortgage. ; 'IUe inauran~x carrier providing the uuurance shall be chosen by Borroiwer subject to approval by Lender, pmvided. ~ that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manuer I provided under pangnph 2 hereof or, if not paid in such manner. by Borrowu making payma~t, when due, directly to the I inwnnce curier. - j All insurance policies and renewals thereof shall be in form accep~able to Lencier ~nd shall include a standard mortgage M clause in favor of and in form acceptable to Lender. Lender shall have. the right to hold the policia and renewals thereof. I and Bonower shall.prompdy furnish to L.eador all rcnewal notices and all receipta of paid prcmiums. In the event of loss. ~ Borrower shall give prompt notice to the insurance carrier and Lender. l.ender may make proof of luas if not made promptly . , by Borrower. . ~ Unless Lender and Borrower otherwise agrce in writing, insurance procceds shall be applied to rcstoration or repair of the Propeny damaged. provi~leci such testoration or repair is economically feuible and the security of this Mortgage is not thereby impaired: lf such restoration or repair is not economically feasible or if the socurity of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid . to Borrower. IE the Propeny is abandoned by Borrower. or if Borrower fails to rapond to Lender within 30 days [rom the date notice is mailed by I.ender to Borrower that the insurance carrier often to settle a claim for insurance benefits. Lender . is autborizod to collect and apply t6e insurance proceeds at txnder i option either to_ restoration or repair of the Property ~ or to t6e sums securod by this Mortgage. - Ualess I.ender and Bonower otherwise agree in writing, any sueh application of proceeds to principal shaU not extend ~ or postpone the due date of the monlhly iauallments referred to in paragraphs 1 and 2 hereof or change the amount of sucfi installments. If under puagraph 18 hereof the Property is acquired by Lender. all right, titk and interat of Borrawer ~ in and to any iiuurance policies and in and to the proceods theroof raulting from damage to the Property prior to the sale or acquisition shall pass to I.ender to the extent of the sums securod by this Morigage immediately prior to such sak or acquisition. 6. Preaeryatbn and Maintenaoce ot Properiy; Leaseholds; Condomiaiums; Plaaned Unit Derebpmeats. 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 provisions of any lezte if this Mortgage is on a leasehold. !f this Mortgage is on a unit in a condominium or a planned unit development, Borrow•er'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 cbcuments. It a condominium or planned unit cievelopment rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement tFie covenants and agreemenis of this Mortgage as i(. the rider were a part heroof. - 7. Protectioo of Leoder's Secnrity. ff Borrower fails to perform the covenants and agreements contained in this Mortgage. or if any action or proceeding is commenced which materially affects Lendei's interest in the Property. including. but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a baakrupt or dtcedent, then l.ender at Leader's option, upon notice to Borrower~ may make such appearanca, disburse such sums and take such action as is _necessary to protect Lender s inlerest, including, but not limited to. disburseme~t of reasonable attomey's feu and entry upon the PropeNy to rriake repairs. !f Lender requircd mortgage insurance u a . condition of malung the loan secured by this Mortgage, Borcower shall pay , the premiums requircd to maintain such insurance in ef[cet until such time as the requirement for such insurance terminates in accordance with Borrower's and ' . . ~ ~356 ~ g91 . -