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HomeMy WebLinkAbout0976 , ~ ~ . i i~ ~r UN~FORt~ CoveN~N7's. Borrower and l.ende~ cavenant and agree as tollows: 1. Paymeat ot Priacipal and taferesf. Barrowe~ shall promptly pay when due the principal of and interest on the indtbtedneu evidenced by the Note, prepayment and lale cha~ges as provided in the Note, and the principal of ind intercst on any Futurc Advances secured by this Mortgage. 2. I~n~k for Taua ~ad lowraoce. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lende~ on thc day monthly installments of principal an~ interest are payable unde~ the Note, until the Note is paid in full. a sum (hercin "Funds") equal to one-twelfth of the yearly taxes and assessmenu which may altaio. priority over this Mortgage. and ground n~ts on the Property. if any. plus one-twelfth of yexrly prcmium installments for hazard insurance, plus one-twelfth of yearly pnmium installments for mortgage inaurance, if any. all as reasonably estimated initiaUy and trom time to time by Lender on the basis of assessments and bills and rcasonabk estimates thereof. 'iT~e Funds shatl be held in a~ institution the deposits or accaunts of which are insured or guaranteod by a Fedaral or state agency (including I.ender if Leuder is such an institution). Lender shall apply the Funds to pay said taxa, asses~ments. insurance premiums and ground rents. I.ender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on ihe Funds and applicable 1aw permits Lender to make such a charge. Borrower and Lcnder may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrowe~. and unless such agrcement is made or applicable law requires suc:~ i~terest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, witliout charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional securily for the sums secured by this Mortgage. If the amount of the Funds held by I.ender, together with the future monthly installments of Funds payable prior to the due data of taxes. assessments, insurance premiums and ground rents. shall exceed the amount required to pay said taues. assesstnents, insurance premiums and ground rents as they fall due, such eacess shall be, a1 Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay tazes. assecsments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailod by Lender to Borrower requesting payment thereof. Upon payment in full of all aums secured by this Mortgage, I_ender shall promptly refund to Borrower a~y Funds held by l.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender. any Funds held by Lender at thc time of application as a credit against the sums secured by ihis Mortgage. , 3. Applk~Ioa of Paymeats. Unless applicable law provides otherwise, all 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 paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; IJe~. Borrower shall pay all taxcs, assessments and other charges, fines and impositions attributable to t6e Pmperty which may attain a prioriry over this Mortgage, and leasehold payments or gmund rents, if any. in the manner ~ ptovided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, diroctly to the payce thereof. Borrowet shall promptly furnish to Lender all.notices of amounts due under this paragraph, and in the eveot Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall prompdy 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 obligation secured by such lien in a manner acceptable to I.end~r, or shall in good faith contest such lien by, or defend enforcement of such lien en, legal proceedings which operate to prevent the enforcement of the lien or forfeiwre of the Property or any patt thercof. ~ S. Huard I~unnnce. Borrower shall keep the improvements now existing or hereafter erected on the Properry insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as l.ender may require ; aad 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 secured by this Mortgagt. '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 insurance policies shall be paid in the manner provided under paragrdph 2 hereof or. if not paid in such manner, by Borrower making payment..when due, direcdy to the insurance carrier. ' All insurance policies and renewals thereef shall be in form acceptable to Lender and shall include a standard mortgage ; clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts 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. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ; the Property damaged, provided such restoration or repair is economically (easible and the security of this Mortgage is ! not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would , ~ bc~ 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 the date notice is mailed by I.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, I.ender ' is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property f or to the sums secured by this Mortgage. ' ~ ~ Unless Lender 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 paragraph 18 heroof the Property is acquired by Lender, 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 acquisipon shall pass to I.ender to the extent of the surru secured by this Mortgage immediately prior to such sak or ~ acquisition. E 6. Pnservation and Maintenaace of Properly; Leaselwlds; Condominiums; Ptanned Unit Devebpments. Borrower - shall keep the Propetty in good repair and shall not commit waste or permit impairment or deterioration of the Property ' ~ and shall comply with the proyisions 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 declaration ~ or covenants creating or governing the condominium or plan~ed unit development, the by-laws and regulations of the ` condominium or planned unit developmeni, and constituent documents. I( a condominium or planned unit development ~ ricler is executed by Bonower 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 Securify. If 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 involr•ing a ` bankrupt or decedent, then Lender at Leader s option, upon notice ~o Borrower, may make such appearances, disburse such ; - sums and take such action as is necessary to protect Lender s interest, including, but not limited to, disbursement of g reasonable attomey's fces and entry upon the Property to make repairs. It Lender required mortgage insurance 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 ~he requirement for such insurance terminates in accordance wiih Borrower s and ~ j nR ? ~ ~~5 g~~ tlt~E k - . . . . . . . _ . - . _