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HomeMy WebLinkAbout0939 , _ UNlFOAM COYENANTS. Borwwer and Lender covenant and agree as followa: 1. Paya~ent ot Prlacipd snd ieterat. Borrower shall promptly pay when due the principal of ~nd interut on thc indebtedness evidenced by the Note. prepayment and late charges ac provided in the Noto. and the principal of ~nd intercst on u?y Future Advances seeuc~d by this Mortgage. Z• Fands toe Taxa aad Iasuraoce. Subject to appiicabie law or to a written waiver by I.ender. Borrower shall pay to Lrnder on the day mo~thly installments of principal and interest are payable under the Note. until the Notc is paid in [ull. a aum (herein "Funda'7 equal to one-twelfth of thc yearly taxes and asussmcnts which may attain priority over this Mortgage, a~d ground nnis on the Properly, if any, plus one-twelfth of ycarly p~emium installments fot hazard insurance. plus one-twetfth of yeariy prtmium iaualiments for mongage insurance, if any, all as reasortably estimated initially and from time to timc by Lcader on the basis of assessments and bills and reasonable estimates thereof. ' 'Il~c Funds shall be held in an institution the dcposits or aceounts of which are insured or guaranteed by a Federal or state ageacy (including Lender if Lender is such an institution). ~ender shall apply th~ Funds to pay said taues. assessmenis, insurar~oe premiums and grouad rents. Lcnder may not charge for so holding and applying the Funds, analyzing said account, or v~rifying and compiling said assessments and bills. unless Lender pays Bonowe~ inte~est on the Funds a~d applicable law permits I.ender to make such a charge. Borrowe~ and [.ender may agree in writing at the time o[ executio~ of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreeme~t is made or applicabk !aw requirGt such iatetest to be paid, Lendcr shal! not.be required to pay Borrower any interest or earni~gs on the Funds. Lender shall give to Borrawer, without charge, an annual accounting of the Funds showi~g credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional sa;u~ity for the sums secured by this Mortgage. ' If the amount of the Funds held by I.cnder, together with the future monthly installments of Funds payable prior to the due dates of taxes~ assessments, insura~ce premiums and ground rcnts, shall exceed the amount tequired to pay said taxes. assesunents. insurance premiums and ground rents as they fall due, such excess shaU be, at Borrower's option, either 1~ promptly repaid to Borrowcr or credited to Borrower on monthly installments of Funds. If 1he amount of the Funds held by I.eader shall not be sutfici~nt to pay taxes, assessments, insur•rnce premiums a~d ground rents as they fall due, i Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 day~s from the date notice is mailed by l.ender to Borrower requesting payment thereof. ~ Upon payme~t i~ fu11 of all aums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 horeof thc Property is sold or the Propcrty is otherwisc acquired by t.ender. Lender s shal) apply, no later than imm~diately prior to thc sale of the Property or its acquisition by Lender, any Funds held by Leader at the time o[ applicaiion as a credit against the sums securcd by this Mortgage. 3. Appfication of Paymenfs. Unless applicable law pravidcs otherwise, a!1 payments received by Lender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payable to Lender by Borrower under patagraph 2 hereof. then to interest payable on the Note, thcn to the principal of the Note, and then to interest and principal on any Future Advances. ! 4. C6uga; Lteas. Borrower shall pay all taxes, assessments and other charges, fi~us aed impositions attributable to ~ i the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any, in tht manner ~ provided under pa~agraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the ; payee thereof. Borrower sha11 promptly furnish to Lender sU notices of amounts due uader this paragraph~ and in the event ' Borrower shall make payment . directly, Borrower shall promptly furn+sh to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that $orcower shall not be required to discha~gt any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lende~. or shall in good faith contest such lien by. or deft~d enforcement of such lien in. ' tegal proceedings which operate to prevent the epforcemeot ot the lien or forfeiture of the Property or any part there~f. S. Haa.ard Insnraace. Borrower shaU koep the improvements now cxisting or hereafter erected on the Property insured • against loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may requirc • and in such amounts and 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 securcd by thes Mortgage. 'Ihe insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on inwrance policies shall be paid in thc manner providod uader paragraph 2 hereof or. if aot paid in such manner. by Borrower making payment. when due. dinecdy to the insurance carriec. All insurance policies and renewals thereof shalt be in form acceptable to Lender and shall include a standard mortgage ; clause in favor of and in form acceptable to I.ender. Lender shall have the right to hold the policies and ccnewals thereof, : and Bormwer shall prompdy futaiah to Lender all renewa! notices and all receipts of paid premiums. In the event of loss, ~ Borcower shall give prompt notice to the insurance carrier and Ltnder. Lender may rnake proof of loss if not made promptly i by Borcower. ~ Unless Lender and Borrower otherwise agra in writing, insurance 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 impairod. If sueh restoration or repair is aot economically feasible or if the socuriry of this Mortgage would ! be impaired, the insuranoe proceeds shall be applicd 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 daya from the ~ date notice is mailed by I.ender to Borrower that the insurance carrier of[ets to settle a claim for +nsuraace benefits, I.ender ! is authoriud to collect and apply the insurance procxeds at Lender's option either to restoration or repair of the Property ; or to the sums securod by this Mortgage. ! Unless L.ender and Borrower otherwise agree in writing, any such application of prceeeds 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 amouat of such installments. If under paragraph 18 heroof the Property ic acquired by Lender, all right, tiUe and interest of Borrower in and to any insurance policiea and in and to the proceeds thereaf resultiog from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immodiately prior to such sak or acquiaition. 6. Preservation aad Maietenance of Properiy; Lease6olds; Condominiuuis; Planned Uoit Devdopmeats. Borrower shall keep the Property iu good repair and shall not commi~ waste or permit impairment or deterioration of the Propeny 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 deveiopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-Iaws and regulations of the condomi~ium 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 coveaants and agrcements of such rider shall be incorporated into and s6a11 arnend and supplement the covenants and agreemertts of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreemenu contained in this 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, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or docedent, then L.ender at Lender's opiion, upon notice !o Borrower~ may make such appearances, disburse such. sums and take such action as ia necessary to protect Lender's interest, including, but not limited to, disburxment of reaaonable attoroey's fees and entry upon the Property to make repairs. If Lender requircd mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shalt pay the prcmiums rcquired to maintain such insurance in effect unti! such time as the requiremtnt for such insurance terminates in accordance with Borrower's and , ~ Bnai ~7 P~ ~