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HomeMy WebLinkAbout0963 ~ UN~Fattit CoveN~nrs. Borrower and Lencie~ cav~nant and agree u tollows: 1• ~7~~~ ~~iMl a~i iNerrsf. Bormwer shaU promptly psy when due the principal of and interest on the indebtedness evidenced by the Note, prepayme~t and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. ~ 2. F1~si fer Tua aai lewusace. Subject to applicabk law or to a written waiver by Lertider, Bormwer shall pay to l.ender on the day monthly inuallments of principal and ioterest are payable under the Note. until the Note is pa~d in fuq, a ~um (herein "Funds'~ equal to one-twelfth of the yea~ly taxes and assessments which may attain priority over this Mortaage, and ground rents on the Property, if any, plus one-tweltth of yeuly premium installments for hazard insunnce. plus one-twelfth of yeuly premium installments for mortgage insurance, if any, all as ressonabiy estimated initially and irom time to time by Lender on tbe basis of assessments and bills and ressonabk estimates thereof. The Funds shall be held in an institution the dtposiu_ or accounts of which are insured o~ gutmnteed by a Fc.deral or ~ state agency (including Lender if Lender is such an institution). l.ender s6a11 apply the Funds to pay said taxes. assess~neats. insurance premiums and ground rcnts. Lender may not charge for so holding and applying the Funds, an:lyzing said account, or veri[ying and compiling said assessments a~d bills, unless Lender Pays Borrower i~terat on the Funds and applicable !aw ~ permits Lender to make such a charge. Borrower and Lender may agree in writi~g at the time of execution of this Mortgage that interaf on the Funds shall be paid to Borrower, aod unless such aaroement is made or applicable law requira sucS interat to be paid. Lender shall no1 be rcquircd to pay Borrower any interest or wrnings on the Funds. Lender shaU give to Borrower, without charge, an annual accounting ~f the Funds showing crcdits and debits to the Funds aad the purpax for which each dtbit to the Funds wu made. 'R~e Funds aro plodgod as additional socurity for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future ,monthly installmeots of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shatl exceed the amount required to pay said ta~ces. aasesunents. insurance prcmiums and ground rents as they fall due, such excess shall be. at Borrower's option, either prompdy rcpaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by L.ender shall not be sWhcitnt to pay taxes, assessments, insurance premiums and ground rents as they fall dut, Borrower shall pay to Lender any amount necessary to make up thc deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums aecured by this Mongage, l_ender shall promptly refund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Property is sold or the Propeny is otherwise acquired by Lender, L.ender shall apply, no Iatar than immtdiately prior to the sak of the Property or its acquisition by Lender, any Funds htld by Ltnder at the time of appiicat~o as a crcdit against the sums secured by this Mortgage. 3. A~piicatjo~ ot tqnee~ls. Unless applicable law provides otherwise, ail payments receivod by Lender under the Note and paragraphs 1 and 2 bereof shall be applied by Lender first in payment of amounes payable to Lender by Borrower under puagraph 2 hereof, thea to interest payabk on the Note, then to the principal of the Note. and then to interest and J principal on any Future Advances. ' I Crarje~ I.ieas. $orrower shall pay all tazes, assessments and other charges, fines and impositions attributabk to ! ~ the Property which tnry attain a priority over this Mortgage, aod leasehold payments or ground rents, if any, io the manner ~ pmvid~d under puagraph 2 hereof or, if not paid in such manner, by Borrower making paytnent, whsn due, directty to the ~ ~ payee thereof. Borrower shall promptly furnish to Lender aU,notices of amounts due under this paragnph. and in t6e event ' Borrower shall make payment directly, Borrowet shaU prompdy fumish to l,ender receipts evidencing such payments. Borrower shall promptty discharge any lien which has priority over this Mortgage; provided, that Bonower shall not be ' roquired to dixharge any such lien so long as Borrower shall agree in writing to tbe payment of the obligation secured by suc6 lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of aoch lien in, legal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part t6ereof. S• Aazard I~raace. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured against lass by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for sttch periods u Lender may requite; provided, that Lender shall not requir~e that the amount of ' such coverage eacced that amount of coverage required to pay the sums secured by this Mortgage. ~ "I7~e insurancx carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided, i that such approva! shal! not be unreasonably withheld. All premiums on insuranco policies shail be paid in the manner i, ' provided under paragraph 2 hereof o~, if not paid 'en such manoer, by ~orrower making payment, whea due, directly to the ~ insurance carrier. ' ' All insurance policies aad renewals thereof shall be in form acceptable to Lencier and shall include a standard mortgage ! clause in favor of and in form acceptable to L.ender. Lender shal! 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 L.ender. Lender may make proof of loss if not made prompdy j by Bonower. ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or reQair af ~ the Property damaged, provided such ratoration or repai~ is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoratiort or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Moctgage, with the excess. if any, paid I to Borrowcr. tf the Propeny is abandoned by Borrower, or if Borrower fails to rtspond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier offeis to settle a claim for insurance bene6ts, I.ender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of tbe Pmperty , 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 eztead ~ or postpone the due date of the monthly iastallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under patagraph 18 hereof the Property is acqu+red by Lender, all right. tide and interest of Borrower in and to any iasurance policies and in and to the procceds thereof resulting 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 immediaiely prior to such sale or ~ acquiaition. 6. hraervatioa aed Mai~tenaace ot Property~ Lp19lEWI~ COf11I0o111ULID5~ PI100ld U~ D!~'t~OjmlH1S. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioradon of the Property and shall comply :vith the provisioua of any lesse if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ' . caodominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration 4 or covenants creating or governing tf~e condominium or planned unit development, the by-laws and regulatioas of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development ' rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider shall be incorporated into and shall ameod and supplement the covenants a~d agreements of this Mortgage as if the rider were a part hereof. 7. hotecKo~ of Le~der's Secerity. If Borrower fails to perform the covenants and agreemtnta contained in this ~ Mortgage, or if any action or proceeding is commenced which materially afiects Lender'a interest in the Froperty, ~ including, but not iimit~d to, eminent domain, insolvency, code enforcement, or arrangements or procetdings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender's interest, including, but noE iimited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance u a condition of making the loan secured by this Mortgage, Sorrower shali pay the premiums required to maintain such insurance in et~ect until such time as the requirement for such insurance terminates in accordance with Botrower's and ~ a~~~7 '96~ ~ - . _ ~ . ~ v_. ~ _ _ - ~