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HomeMy WebLinkAbout0937 UN(PORM COVBNANT3. Borr~wcr and l.ender cove~ant and agra as follows: 1. ~me~t ot Princlpal aod laterat. Borrower shall promptly pay when duo the principal of and interat on the indebted~ess evidenced by the NMo~ prepayment and Iate chargas as provided in the Note. and tba pdncipal of and interest o~ any Futuro Advapces secund by this Morigage. Z. Fgnds [or Ta:os sod In~uraece. Subject to applicabk law or to a written waiver by Le~der, Borrower shaU pay to I.e~der o~ the day monthly installments of principal and interest aro payable under the Note. u~til the Note is paid in tull. a aum (herein "Funds'ry equal to onatwelfth of the yeaAy taxes and assasments which may attain prior~ty over this Mongage. and ground nnts on the Property. if aay. plus ono-twelfth of yearly premium iastallments for hazard insuranc~, plus oac-twelfth of yearly premium iastallments for mongage insurarice, if any. sli as reasonably estimated i~itially snd itrnn timc to time by Leader oa the basis of assessments and bills and reasonablc estimatea thereof. 7~e Funds shall be beld in an institution the depoaits or accounts of which are insured or guaranteed by a~Fedtral or state agency (including Lender if Lender is such an institution). Lender shall apply ihe Fu~ds to pay said taxes, s?ssessmenta. _ insuranca premiums and ground rents. Lender may not charge for so holding and applyiag the Funds. ahalyzing said account, . or verifying and compiling said assessments and bills. unless Lender pays Horrower interat on tbe Funds and applicable law petmits Lender to make such a charge. Borrower and Le~der may agree in writing at the time of exaution of this Mo~tgage that'interest on the Fuads shall be paid to Borrower. and unless such agreement is made or applicable law requira such interest to be paid. Lender shall not be required :o pay Borrower any interest or earniags on the Funds. Lender shall give to Borrower, without charge, an annual accounting of ttx Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledgod as additional security for the sums secured by this Mortgage. ~ ~ 1f the amount of the Funds. held by Lender. together with the future monthly installmenta of Funds payable prior to the due dates of taxes. assessments, i~uurance premiums and ground rents. shall exceed th~ amount roquired to pay said taxes. assessments. insurance premiums and ground rents as they fall due, such excess shall be. at Borrower s option. either pranptly repaid to Boreower or credited to Borrower on monthly installments of Funds. If the amount of the Fur~ds held by I.cnder shall not be sut6cieat to pay taaes, assessments. insurance premiums and ground rents as they fall due, Borrower shatl 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 sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funda held by Lender. If under paragraph 18 hereof the Property is sotd or the Property is oth~rwise acquired by Lender. L.ender shall apply, no later than immediately prior to the ~ sale of the PropeRy or its acquisition by Lender, any Fu~ds held by Lender at the time of application as a credit agai~,tt the sums secund by this Mortgage. 3. ApplicMion of Payments. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs l and 2 hereof shall be applied by Lender ficst in payment of amounts payable to Lender by Borrower under paragraph 2 heroof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancxs. + 4. C6arga; Lieos. Borrower shal) pay all taxes, assessments and other charges, fines and impositions attributable to ~ the Property which may attain a prioriry over this Mortgage, and leaseholtl payments or grouad rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due. direcdy to the payce thereof. Borrower shall promptly farnish to Lender al! notices of amounts due under this pardgraph, and in the eveat Borrower shall malce payment directly, Borrower shall promptly furnish to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided. 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 such liea in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such liea in. legal proceedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Indvraoce. Borrower s6a11 keep the improvements now existing or hefeafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts aad for such periods as Lender may require; provided. that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'ILe inaurance carrier providing the insurance shall be chosen by Borrower subjcet to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on insurance policiea shall be paid in the manner provided under paragraph 2 hereof or, if noi paid in such manner. by Borrower making payment, when due. directly to the iasurance carrier. - All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to L.ender. L.ender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipta 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. i Unless Lender and Boriower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of E the Propeny damaged, provided such restoration or repair is economically. feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security Qf 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. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from ihe date notice is mailed by L.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorizod to collect and apply the insurance prooeeds at [.ender's option either to ratoration or repair of the Properiy or to the sums secured by this Mortgage. Unless L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under patagraph 18 hereof t6e Property is acquired by Lender, all right, tide and interest of Borrower ~ in and to any insurance policies and in and to the proceeds t6ereof resulting from damage to the Property prior to the sale - ~ or acquisition shall pass to Lender to the extent of the sums securod by this Mortgage immediately prior to such sak or ~ acquisition. ~ 6. P['!3lrY~~00 and Ma~nteaance of Propetfy; LtiLSlbOI~ COI11~OtOlUIUlpS~ Plaptlld U~ D!YljOpDllpb. Borrower shall keep the Property in good repair and s6all not commit waste or permit impairnnent or deterioration of the Property ~ and shall comply with the provisions of any lease if 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 declaratian 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 shall amend and supplement the covenants and agreements of this Mortgage as if the rider ' were a part hereof. ~ 7. Protection of Lender's Secority. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is rnmmenced which materially atfects Lender's interest in the Property, including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Leoder at Lender's option, upon notice to Borrower, may make such appearances, distwrse such sums and take such action as is necessary to protect Lender's interest, including. but not lunited to, disbursement of reasonable attomey's fees and entry upon the Propeny to make repairs. If Lender required mortgage iosurance 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 r t . ~ Bo~K JJ5 PAGE ~U ~ - - _ . . - ----z -