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HomeMy WebLinkAbout0985 , ~ ~ ~ ~ , t „ ~ J V ti UNIFO~M COVENANTS. BOffOwlT 80d LCtldif COV~p~f1l asree u foliows: 1. hywe~t ot Macl~al sna lalensf. Borrowe~ shall promptlY paY when due the principsl ot and irterest on the indebfcdness evidenced by the Note. pttpayme~t and late charees as p~ovided in the Note. and the principal ot and interett on aay Future Advances secuKd by this Mo~tsase. 2. Ptiads tor Ta~ces aaa L~wnNee. Subject to applicabk law o~ to a written waiver by I.ender. Horrowa shafl pay to Lender on the day monthly installments o! principal and ioterest ue payabl~ under the Note. until the Note is paid in full. a:um (hercin "Funds") equal to o~e-twe:tth ot the yearly ~axes and usessments which may attain priority over tAis Mongage, and ground rcnta on the Proper~y. if aoy, plus cne-tweltth ot yearly premium installments for hazard insuranca. plus one-twel[th of yearly premium installments tor mortgage insunr~ce, it aey, all as ressonably atimated initially and trom ~ time to time by l.ender on the basis oi assessmentS and bills and reasonable estimata thercot. ~ The Funds shall !x held in an ins~itution the deposits or accounts of which aro insured o~ guaranteed by a Fedtral o~ state agency (including Lender if Lender is such an ins~itutioo). I_eoder shall apply the Funds to pay said taxa. asseuments. insurance premiums and ground rents. I.ende~ may nol charge for ~o holdin~ and applying the Funds, analyzing said account. or verifying and compiling said assessments and bills unlesc l.ender Rays Borrower in~erat on the Funds and applicable law permits Lender ta make such a charge. Bor~awe~ and Lender may agree i~ writing a~ the time of ezecution of this Mon~age that interest on the Funds shall he paid to Borrower, and unlesc such agreement is made or applicabk law requires such interest to be paid. Lender shall not be rcqsircd pay Borrow•cr any interest or earnings on the Funds. Le~der shall give to Borrower, without charge, •rn anoual accountmg of Ihe Funds shawing credi~s and debits to the Funds and the ' purpose !or which each debit to the Funds was made. The Funds are pledged a~ additional security tor the sums secured ~ by this Mortg~ge. It the amount o[ the Funds hcld by I.ende~, tagether wi~h thc (uturc manthly ins~allmems ot Funds payable prior to the d~e dates ~?f taxes, assessments, insurance premiums •rnJ g~o~nd rents, shall exceed Ihe amount requirtd to pay said taxes, assessmenls, insurance premiums and gmund rents as ~hey tall due, such eacess shall be, at Barrower's option, either promptly repaid to BorroN•er or credited to Borrower on monthly inctallments of Funds. If the amount of the Funds held by Lender shall not be sufl9cient to pay ~axes, assessments, imuranc~ premiumc and ground rents as they fall due, Borrower shall pay to Lender any amaunt necessar~ to make up the dcfic~rncy with~n 30 days (rom ~he date natice is mailed by Lender to Borrower requesting ~aymcm thcrcM. Upo~ payment ~n full o[ all sums se~.~reJ by th,c Mor~gagc. I cndcr shall promptly rcfund to Borrower any Funds ; held by LenJer. If under paragraph 1R hcreo( the Property ~e ~Id or ~hc Property is othervvicc acquired by I.ender, I_ender shall appfy, no later than ~mmediatcly~ prior to thc ~alc of the Propeny or its acquisrt~on by l.ender~ any Funds held by ~ Lender at ~he t~me o( application ss a creJit aga~ns~ the sumc cecured by thn Mortgagr. 3. Applieslion uf Paymenfs. llnlecc applicahle law~ pro.•iJes o~hcrwice. all paymems received by I.ender unJcr the Note and paragraphc L and 2 hereof ~hall bc appl~cJ tiy LcnJcr fint in p:?~mcn1 amounts payable to I.ende~ by Borrower under paragraph 2 hereof, then to mtrres~ payable on the i~otc, ~hen to the principal af the Nate, and ~hen ta inlerest and I pr+ncipal on any Future Advanccs. 4. Cl~arges; Lkns. Borrower ~hall pay all tare~. a.kscmcnts and other chzrges. 6oc~ and impositions auributable to ' the Property which may attain a priority over ~his ;1lortgagc, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not pa~d ~n s~ch manner. b~~ Borrower making payment, ~vhen due, directly to the payoe thereof. Borrower shall promptty furn~sh to I_ender all nr.,~ces ot amounts due u~der this paragraph, and in the event Borrow•er shal) make payment d~recUy, Borrow•rr ~hall prompu~ lurnish to Lender receip~s evidencing such payments. Borrower shall promptly Jischarge any I~en ~hich h~s pr~or~ty o.~er thic Mortgage: provided, that Borrower sha11 not be rcquired to discharge any such lirn so long as Borrower shall agrec in wr~~~ng to ~he Qayment uf the ob6gation secured by such lien in a manner acceptable to Lender, ar ~hall in gooc! fa~th conte~t sach lien hy, o~ defend enforeement of such lien in, (egal proceeding~ which operate to pre~em the enforcemen~ of the hen or fotfei~ure of the Property or any part lhereof_ S. Hazard Insurance. Barrower shall I.eep the ~mpro~emcnt. now ctiictmg or hercafter ercr_ted on the Property insured against loss by fire, hazards included with~n the tetm "ruendrJ co~~erage", and such other hazards as Lender may require and ~n such amounts and for such pen~xls a~ 1_ender may require; provided, that Lender chall not rcquirc that Ihe amount of I'i such caverage exceed that amount ol co~•eragc rrquued to pay ~he sumc cecured by th~s Mongage. - "R~e msurance carrier providing the insurrnre shall he choun by Borrower subject to approval by Lender: provided, ' that such approval shall not be unrea~onahly u•ilhheld. All premium~ on insurance policits shall be paid in the manner ; pruvided under paragraph 2 hereof or, ~f nut pa~d in s~ich manner, by Borrower mak~ng payment, when due, directly to ihe ~ insurance carrier_ • ~ ~ Atl insuranee poGcies and renewalc thrrr~•l shall tx in form .~c~eptablr to LenJer and shAll indude a standard mortgage clause ~n favor of and ~n form arcept.~hle i~~ I.rnder. Lend~r .h.~ll ha.c the right t~. hold ihe pulicies and renewalc thereof, ~ and Borrower shall prompth• fiunish ~o Len~lcr all rrnrwal nuure~ anJ all rece~pts of paid premiumc. In the evea~ of loss. Borrowe~ shall g~ve prompt noticc to thc ~mur.~n~r ~arner :,nJ t ender. Lender ma~ make pr~f of lcss if not made prompUy ~ ~ by Borrower. ~ ~ Unless Lcndcr and Borrower othcr~ ~.c agrre m w nt~ng. inwrance pr~kecdc shall be applied ~o restoration or repait of ; ~ the Property damaged, proviJed such r~.torat~~~n or rr~a~r economicall}• feasible and the ucurity of this Mortgage is not ihereby impa~red. I( cuch restor:,tu~n or r_p:ur is rna rconamic~lh~ (ea~iMe or if the securi~y of ~his Mortgage would ~ be impaired. the ~nsurance proceeds .hall be ~pplird t~~ the sums secured hy this Mongage. with Ihe excess, if any, paid to Borrower. I[ the Propert} i~ abandoncd h~ Bc?rruwcr, or ~t Borrower ta~ls respond ro Lendcr within 30 day~s from the date no~ice ~s mailed hy Lender t~, BurruNCr ~ha~ ihe insurance carucr otiers ~o settlr a claim for insurance benefits, Lender is authonzed to collect and apply the ~nwrancr proceeds at LenJer's opt~on either ~o restoration or repair of the Property or to the sums secured b} this Mortgage. ~ ilnlesc Lender and Burrower otherwiu .igree m wntmg, an} such applica~ion of proceeds to principal shal) not extend or postpone ~he due da~e of the monthly inti~allmentc referred t~ ~n paragraphc I and 2 hereof or ehange the amount of ~ such installments. It unJer paragraph i8 hereof thc Propcm acyu~red h~ LenJer, ali nght, litle and interest of Borrower in and to an}• ~nsurance policies and in and to the proceeds thereot res~~l~~ng from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to thc exlent o[ the sums secured by this :~lortgage ~mmedia~ely prior to such sale or acquisition. ~ 6. Prescr.~tion aod !?taiotenance of PropeAy: Leaseholds; Condominiums; Planned Unil Developments. Borrower ~ shall keep the Property in goad repair and shrll not commi~ waste or perm~t impairmeot or de~eriorahon of the Property ~ and shall comply with the provicions of any lease ~f this Mnrtgagc i. on a leasehold. If this Mortgage is on ~ unit in a ~ condominium or a planned un~t Jevel~pmrm. Borruaer thall Fxrform all af Borrower's obligations under the declaration € or covenants creaUng or govermng Ihc cond~mumum or planned unrt dcvel~~pment. the by-laws and regulations of the $ condomin~um or planned unit development. and a~nstituent documems. a conJominium or planned umt development E rider ~s execured by Borrower and recorded ~~~gciher v?•~th ~his Mortgage, the covenants and agreements of such nder ; shall be incorporated into and shall amend and supplcment the co.•enan~s end agreements of this Mortgage as it the rider E wcre a part hereof. ; 7. Proleclion of Lender's Security. If Borrower (ails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or procced~ng ic commeneed which ma~erially afiects Lender's interest in the Property. ~ includ~ng, but not I~m~ted to, em~nent domain. insoivency. code enforcemem, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at l.tnder's option, upon notice to Borrower, may make such appearanca, disbutse such sums and take such action as is necessary to pro~ect Lender's intercst, includi~g, but not limrted to, disburse~nent of ~ reasonable auorney's (ees and emry upon ~he Property to make rcpairs. 1f Lender required mortgage iiuurance u a i cond~tion of making the loan secured b~• this Mortaagc. Borrowcr shall pay thc premiums required to maintain sueh insurance in effect until such time as the requirement for such msurance terminates in accordance with $orrower s and ~ ~ ~ . ~i: . ~ E~397 P~~ 984 t ~ s _ .