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HomeMy WebLinkAbout0028Ut+~FO1tM CovFN~NTS. Borrower and I.endcr rnvenant and aRcrt as foUuws~ l. h~natst ot P~iacipd aoi late~est. Hur~ower shall prump~l~ pay whcn due the princip~l ~~t and mterest uo the i~debtednas evidenceJ by the Noto, ptepaymr~~ and late charge. :e. pnwided ~n ~he Note, and Ihe ptincipal ot and iatercsl on any Future Adva~ces securcd by this Mangage. 2. Rr~ tor Ta~[a aad Inw~ace. Subject lo appli~~hte lav- ~~r ~o a written waive- by I.rnde~. Borrowe~ shall pay to l.ende~ o~ ~he day monthly inctallments o( principal and int~-rr.~ .~r~ payahle unckr the Nate, until the Note is paid in lull. a tum (herein "Funds") eqwl to one•lwrl(Ih ot the yrarl~ w~r. anJ acws~mcnlc which may auain pnorily over Ihis Mo~age. a~d ~mund rents on the Pmpe~ly, if a~y, plus onc-~wcl[~h ol ycarly premium installments to~ hazard insur•rnce, plus oae•twelfth of yearly premium installmcnts tar morlgagc rosurancc. ~( any, all as reau~nably c~tima~ed initialty aoJ trom time to time by 1_ender o~ the basis o! a+us~mcros and hills and rcawnable estimales thereci(. The Fur~ds shall be held in an insti~ution ~he deEx~~t. or arc~~unts M which a~e insureci or guarantced by a Federal or state agency (including L.ende~ if 1_cnde~ ~c such an insti~utionl. I.cnJcr ~hall apply thc Funds to pay said taxes, assessmeots, insuranoe premiums and ground rents. 1 enJer may nol chargc lor u- holding and ap~+lying ~he Fundc. analyzing caid accaunt. or verifying and compiling saiJ asse~tmen~s anJ biUa, unle~c I.ender pay~ Bo~rawe~ interesl an the Funds and •rpplicable law permils Lender to make such a charge. Borrower and I.enJer may agree in wnting at the ~ime of execulian ot this Mott~age that interest on the Funds ihall hc pa~d to Horrower, and unlts~ surh agreemem is made or applicable law rcquires wch interest to be paid, t_ender shall no~ be reqwred ta pay 8orrower •rny interat or ea~n~n~t+ on the Funds. I.ende~ shall give to Borrower, withoul charge, an annual accuunting of the Funds +howing credits anJ debitc to the f~unds and the purpose tor which tach debit to the Funds wa~ made. The FunJs are plcdgcJ as addi~ional ucunty for ~he sums ucured ~y this Mongage. IE the amount ot the Funds held by I.enJe~, toge~her with thc fuwrc monthly inctallments of Funds payable prior to the due dates of taaes, assessments, insurance premiums anJ ground rent~, shall exceed ~he amoum reyu~red to pay sa~d taxa, sssesstnents. insurance premiums and ground rents as they tall due, such exce~s sf~all be, at Borrower's opta.n, eilher prompdy repaid to Bortower or credited to Borrower on monthly in~tallmenls of Funds. It the amouo~ of thc Hunds heW by Leuder shdl not be sulficient to pay taxes, assessmcnts, insurance premiums and ground rents as ~hey fall due, Borro~ve~ shall Ray to Lender any amouot necessa~y to make up the defic~ency within 30 days trom the date nalice i~ mailed by Lender to Borrower ~equesting paymeot therec~f. Upon payment in full of al) sums xcured by this Mortgage, I.cnder shsll promptly refund ta Borrower any Funds held by Lender. If under pua6nph 18 hercot the Properiy i. sold or thc Properry is aherwise acquircd by Lcnder, I_emier s6a11 apply. no later than immodiately pnor to the uk o( the Property or it: acquisition by l~cnder, any Funds held by I.eader at the time of application as a crcdit agains~ the sums socured by th~s Mortgage. 3. A~plieatioe ot raya~esls. Unless applicable law providu otherveise. all paymems received by I.eoder under the Note aad paragraphs 1 and 2 hereof shall be appl~ed hy LcnJer first ~n pa~~ment o( amounts payablt to Lender by Borrower under puagraph 2 heroof, tben to intercs~ payabk on the Note, then to the principal o( the No~e, and Ihen to interat and priocipal on any Futurc Advanoa. 4. Crarzes; Lieos. Borrower shall pay all taaes, asscssmcnts and othcr charges. 6nes and impositions auribu~able to the Property which may attain a pnority over this Mortgagc, and leasehold payments ar grou~d rcnts, if any, in the manner providod unckr paragraph 2 herec~f or. if not pa~d in such manner, by Bc-rrower making payment, whea due, direetly to the psyee theneof. Borrower ahall promptly turnish to Lender all notices of amounts due under this paragrapfi, and in the svent Borrower shall make payment dutclly, Borrower shall promp~ly furnish to Lender receipts ev~dencmg such paymenu. Bortower shall promp~ly discharge any lien which has pnonty over Ihis Mongage; provi~kd, that Borrower shall not be r+equired to discharge any such lien so long as Borroner shall agree in K~ri~ing to Ihe payment of the obligation securcd by suc6lien in a manner accep~able to Lender, or shat) in gocxl failh contest such lien by, or Jefend enforcement of such lien in. kgal proceed~ngs which operate to prevent the enforcement o( the hen ~~r [orfeiture of Ihe Property or any part thereot. S. Ha:ard lasorswce. Borrower shall keep the ~mprovement+ no~ ctisting or hereatter erected on the Property insured agaic~t loss by 5rc, hazard~ included withm the term "e~tended coverage", and such other hazards as [.ender may reyuirt and ie such amounta anJ (or such periods ac Lender may reyuire; provided, that LenJer shall not rcquire that the amount o[ such coverage exceed that amount of caverage required to pay the cums securcd by this Mortgage. • '[~ee iosurance carrier providing the insurance shall be choscn by Borrower subject to approval by Lender; provided, t6at such approval shall not be unreasonahly withheld. All prem~umc on insurance policies shall be paid in ti~e manner pr+ovided under paragraph 2 hereof or, ~f not Pa~d in such manner, by Borrowe~ making payment, when due, dircctly to the insurance curier. All insurance Fwlicies and renew~sis thereof shall be in form accepteble to Lender aod shall include a standard mortgage ctause in favor of and in form uceptahle t~~ I~nder. 1_ender shall have tht right to hold the policies and renew•als thereof, and Borrower shall promptly turnish to I.ender all rencwal notices and ali receipts of paid premiumc. tn tbe event of loss. Borrower shall grve prumpt no~ice ta the insurance carner anJ I.ender_ I.ender map make proof of loss if not made prompUy by Borrower. Unless Lenckr and B~rrower o~herMi.e agree in wnhng, inwrance proceedc shall be applied to rcstoration or repair of the Property damaged, provided such rc.turaUon c.r repa~r ~s economically feasib~e and the securiry of th~s Mortgage is not ~hereby impaircd. If xuch restoratu~n or repa~r is n.•t erun~~mically feavhle or if the security of this Mortgage would be imFa~red, the insurane~ proceeJs shalt be applieJ to the sums secureJ by this Mortgage. w~~h the excess, if any, paid to Borrovrer. If the Propen}• is abandoned hy Borrower. or if Borrower fails to respond to Lender within 30 days from the date notice is mailed bv Lender to Borrower that ~he msurance carner ofiers to setUe a claim for msurance benefits, Lender is aut6orized to collect and apply ~he ~nsurance pruceeJs at Lender's opUOn e~ther lo ratoration or repair of the Propert~• or to the sums securui by this Mortgage. Unless Lender and Borrower other.~ ix aKree in w•riting, any such appliration of prcxeeds to pnncipal shall not extend or postpone the Jue date of the monthh• installmer~tc rcferred te. in paragraphs I and 2 hercot or change tht amount of such installmeots. I[ under paragraph 18 hereof the Property ~s acyuired by Lender, atl right, title and interut of Borrovaer in and to any insurance policies and in and to the proc:eecis thereo[ resulting from damage to the Property prior to ~h~ sale or acquisidon shal! pass to Lender to the ettent ot the ~ums secureci by this Mortgage immedia~ely prior to such sak or acquisition. 6. I're~ervatioo aad ;~taioteoance of Propert~: Leasehulds: Condominiums; Plsnned Unit Devebpments. Borrower shall keep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property and shall comply with the provis~ons of any lease i[ thn Mortg:+ge n on a Icaschold. If this Mortgage is on a unit in a condominium or a planned unit developme~t, Borrower shall perform all of Borrower's obligations under ~he declaration or coveoants creating or governmg the candomin~um or planned umt ckvelc~pment, the by-laws and regulations of the condominium or planned unit development, and constitucnt da:umeni~ It a condominium or planned unit development rider is executed by Borrowu and recorded t~~gether with this Mortgage, ~he covenants anJ agreements ot such rider shatl be incorporated ~nto and shall amend and supplement the co~•enants anJ agretments of th~c Mortgage as i( the riJer were a part heroof. ~ 7, Protectfon of Leader's 5ecuritf. If Borrower (ail~ to perform the covenants and agretmtnts cvnlained in this Mortgage, or if any action or proceeJin~c is commenceJ w-hich materially atiects Lender's interest in Ehe Pmperly. including, but not limited to, em~nent domain. ~ncolvency, code en(c-rcement, or arrangementc or proceedings involving a bankrupl or dfcedent. ~hen l.ender at l.ender's option, upon notice to Borrower, may m•rke snch appearances, dishurse such sutns and take :ueh action as is nececsary to protect l~nder's interest. ~ncludmg, but not limited to, disbursement of rtawnable atlomey's fas and en~ry upon the Property to make repairs. It Ixnder requircd mortgage insu~ance as a condition qf making the loan secure~f by ~his Mortgage, Borrower shall pay 1he prcmiums requireJ to maintain such inturanee in eHect ~ntil such time as the reyairement for such ~nsurance terminates m accordancr wilh Bormwer s aod t; i -'r~~~K 348 F~~U` 2`J i ~ - s w,:~~ ; ~ , u .:; Y ;.X'« _ a,."~~T~ln&'~`..~~X'-...da~'Y-t .ee.'~',-..t_. .... . .-..~. . fwa'~%ocf .