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HomeMy WebLinkAbout0940 .~i ~1 V ~(i UNIFORM COVBNANT3. Borrower and l.ender rnvenaot and ajroe u toilows: 1. hywest ot hiwclMl a~i INenst. Bormwe~ shall promptiy pay when due tbe principal ot and interest oo the indebted~eu evidenad by the Note, prcpayment and late charges as providod in the Note, a~d the principal of aod interost on atiy Futuro Advances secured by this Mortsa~e. 2. F1i~ tor Tazes ~ad lawn~ec. Subject to applicabk law or to a written waiver by Leoder. Borrowe~ shall pay to Lender on ~he day monthly installmeots of principal and intercst are payabk under the Note. until the Note is paid in tull. a:um (herein "Fun~") equal to one-twelhh of the yearly taxes and acsessments which may attain priority over this Mort`sge. and grow~d rents on the Property. if any. plus onrtwelfth of yearly premium installments for huard insurance. plus one-twelf•h of yearly premium installments for mongage insurance, if aay, all u reasonably estimated initially aod trom time to time by Lender on thc basis of assessments and bills and rcuonablc estimata thereof. 71~e Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender a~~all apply the Fu~ds to pay said taxa, assusme~ts. insurance premiums and ground rents. Lender may not charge for w holding and applying the Funds, analyzing uid account, o~ verifying a~d compiling said asussments and bills, unless Lender pays Borrower intercst on the Funds and applicsbie !aw permits Lender to make s~ch a charge. Borrower and Lender may agree in writing at the time ot execution of this Mortgage that interest on the Funds sfialt be paid to Botrower. and untess such agroom~nt is made or applicabk law _ requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. L.ender shaU give to Borrower, without charge, an annual accounting of ihe Funds showing credits and debits to the Funds and the purpose [or which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgagt. If the amount oE the Funds held by Ltnder, together vvith the future monthly installments of Funds payable prior to ~he due dates of taxa. assessments, insurance premiums and ground rents, shall exceed the amount rcquired to pay said taxa, assessments, 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 thc amount of ihe Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the de6ciency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. l.ender shall promptly refund to Borrower any Funds held by Lender. If under pazagraph 18 hereof~the Property is sold or the Property is otherwise acquired by Lender. Lender s6a11 appty, no later tS~an immediately prior to the sale of the Property or i~s acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by Ihis Mortgage. 3. Application of Paymeats. Unless appticable law provides otherwise, all . payments received by Lender under ihe Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payablc on the Note. then to the principal of the Note, and lhen to interest and principal on any Future Advances. • 4. C6arges; Liens. Borrower shall pay all ta~cs, assessmenls and other charges. fines and impositions attributable to the Property which may attain a priority over thi~ Mortgage, and leasehald payments or ground rents, if any, in the manner p~+ovided under paragraph 2 hereof or, if not paid ~n such manner, by Borrower making payment, when due, directly to the payce the[eof. 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 fumish to Lender receipts evidencing such paytnents. Borrower shaU promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to dixharge any such lien so long as Borrower shall agree in vvriting to the payment of the obligation secured by such (ien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement oE such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Propeny or any part thereof. S. Hazard Insurance. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extendeJ a?verage", and such other hazards as Lender may requirc and in such amounts aod 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 Mortgage. "I~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such rrianner, by Borrower making payment. when due, dirccdy to ihe insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to LenJer and.shall include a standard mortgage ~ clause in favor.of and in fotm acceptable 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. i 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 Bonower otherwise agree in w~iting, insurance procceds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically (easible and the ucurity of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this MoRgage would ~ be impaired, the insurance praceeds shall be applied to the sums secured by this Mongage, 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 L.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. ~ Unless I.ender and Borrower otherwise agree in writing. any such applica~ion 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 tht amount of ~ such installments_ If under paragraph t8 hereof the Property is acquired by L.ender, all right. tide 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 Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. P[tiservation aod Maiotenance of Property; Leaseholds; 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 lease if this Mortgage is on a leasehold. lf this Mortgage is ori a unit in a E condominiu:n or a planned unit de'velopment, 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 ~ condomininm or planned unit development, and constituent documents. It a condominium or planned unit development rider is exceuted by Borrower 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 r ; were a part hereof. ~ 7. Protectioo of Leade~s Secnrity. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding ~s commenced which materially affects Lender's interat in the Property, including. but not limited to, eminent domain, insolvency, code enforcement, or arrangemenu or preceedings involving a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appearanioes. disburse such ~ sums and take such action as is necessary to prot~ct Lender s interest, including, but not limited to. disbursement of rcuonable attomey's fees and entry upon the Proper o ~ tfpairs. If [.ender requircd mortgage insurance as a condition of making the loan secured by this Mong~~e,~$~~vrep shall pay the premiums required to maintain such insutance in etfoct until such time u the requirement for such insurance terminates in accordanoe with Bomowet's aad ~ ~ ~ ~c418 r~ 940 ~ ~ L_ _ . _ . _ . _ - - ~