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HomeMy WebLinkAbout0959 . . ! . . . . ~ ~ ~ . . i UNIFORM COVENANTS. Borrower and l.cnder covenant and agree as follows: ~ l. la~eat ot Principal ~ad btcraf. Borrower shall promptly pay when due the principal of and interest on the indebtedneas evidenced by the Note, prepayment and Iato charges as p~ovided in the Note. and the principal of and i~terosl o~ any Futuro Advances secured by this Mortg~ge. 2. F~ds for Tasas aad lawrauce. Subject to applicable law or to a written waiver by Lende~. Borrower shall pay to L.ende~ on tt~ day monthly installments of principal and interes~ are payable under the Note, until the Note is paid in full. a sum (herein "Funds") equai to one-twelfth of ihe yea~ly taxcs and assessme~ts which may attain priority over this s Mortgage, and ground ~ents on the Pmperty. if any, plus one-twel[th of yearly prcmium instaltments for hazard insurance, ' plus one-twellth of yearly premium installments for morigage insurance, if any. all as rcasonabty estimated initially and from ~ timc to time by Lender on the basis oi assessmenis and bills and reasonabk estimales thereof. ~ '1?~e Furtds shall be held in an institution the deposits or accounts of which are insurod or guara~teed by a Foderal or ~ state agency (including Lender if l.ender is such an irtstitution). 1_ender shall apply the Funds to pay said taxes. assessments, insurance premiums and ground re~ts. Lender may not charge for sc~ holding and applying the Funds, analyzing said account, ' or verifying and compili~g said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law ? permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of exceution of this ; ~iortgage that ioterest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender i shall give to Rorrower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the k purpose for which each debit to Ihe Funds was made. The Funds arc pledged as additional sa;urity for the sums secured by this Mortgage. If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes, assessmeots, insurance premiums and ground rents. shall exceod the amount required to pay said taxes. assesunents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of the Fnnds held by I.ender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents u they fall due, Borrower shall pay to l.ender any amount na-essary to make up the deficiency within 30 days from the date notice is mailed f by Lender to Borrower requesting payment thereof. i Upon payment in full of all sums secured by this Mortgage, I.ender shall promptly refund to Borrower any Funds held by Lender. IE under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediatcly prior to !he sale of the Property or its acquisition by I~nder, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage_ 3. Appllcatfoa of Payments. Unless applicable law provides otherwise, all payments received by Lender under ihe Notc and paragraphs 1 and 2 hereof shall be applied by l_ender first in payment o[ amounts payable to Lender by Borrower under paragraph 2 heceof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. a. Charges; Lkas. Borrower shall pay all taxes, assessmcnts and other chargu, fines and impositions attributable to ~ the Property which may attain a ptiority over this Mortgage, and leasehold payments or ground rents. if any, in the manner ~ 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 ia the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipis evidencing such payments. Borrower 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 obfigation secured by such litn in a manner acceptable to l.ender, or shall in good faith contest.such lien by. or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Huard lasurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against 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 auch periods as Lender may require; provided, that Lender shall not requirc that the amount of • such coverage eaceed that amount of coverage required to pay the sums secured by this Mortgage. The iasurance carrier providing the insurance shall be chosen by Borcower subjoct to approval by Lender, providtd. t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner • i providod uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. direcdy to the i insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to l.ender and shall include a standard morigage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall proroptly furniah to Lender all renewal notices and all receipta of paid premiums. In the event of loss. ; Borrower shall give prompt notice to the ins.urance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Botrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of ~ the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. It such restoration or repair is not economically feasible or if the security of this Mortgag~ would { be impaired, the insuraoce 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 i( Borrower fails to respond to Lender within 30 days from the ; r date nodce is mailed by L.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender : ; is authoriud to collcet and apply the insurance proooeds at Lender's option eitber to restoration or repair of the Property % ; or to the sums securod by this Mortgage. ~ ; Unless Lender and Borrower otherwise agree in writing, any such application of prceceds to principa! 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 paragraph 18 hereof the Property ic acquired by L.ender, all right. tiUe and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to I,ender to the extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. 6. Preser~•atioa and Maintenance of Property; [.easeholds; Condominiums; Planned Unit Devdopments. 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 leace 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 declaration or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the ? condominium or pla~ned 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 G shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a paR hereof. _ 7. Protectioa of Lende~s Security. 1f Borrower fails to perform the covenants and agreements 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 decedent, then [.ender at Leoder's option, upon notice to Borrower. may make such appearances. disb~rse such ~ sums and tak~ such action as is necessary to protect L.eoder s interest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If [.ender required mortgage insurance u a condition of making the loan secured by this Mortgage, Borrower sliall pay the premiums required to maintain ~such insurance in eftect until such time as the requirement (or such insurance terminates in accordance with Borrower's and . , 800 ( PdGE ~1eJ0 - ~ ~ ~