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HomeMy WebLinkAbout0964 1 ~ . '.1 UNiFORM COVENANTS. 8orrowe~ and lsnder convenant and agree as follows: p~rn~ a ptM~Ip~I p~d I~t~ns~ Bor~ower sh~li p~omptly pay whe~ due the p~incipal ot and interest on the indebtedness ; evidenced by the Ntot~, prepayment and late che~ges as p~ovidad in the Nots. ~ Z. Fund~ to~ TaxN aM liaur~net• Sub~ect to applicable law or to a w~itten waive~ by Lender, Borrower shail pay to Lender on ' the day monthly installm~nts of principel and interest a~e payabis u~?de~ the Note, unttl the Note ia p~id in tull, a aum (hsrNn ! "Funds") equal to ons-twelfth of the yearly taxes and asssssments which may attsin p~iority over this Monpege, and ground mnb on !he Property, if any, plus one-twelfth of yearly p~emium installments fo~ hazard insurance, plua ons-twelNh oi yea~ly p~emium installmenta for mort~a~e insurance, it any, all st reasonably estimated initially and trom time to time by Lender on the basis of . assessments and bills and reaaonabte sstimates theroof. • ' The Funda shsll be held in an institution the deposits or accounts of which aro i~su~ed ar guaranteed by a Fedenl o~ state agency (inctuding L~nde~ it lende~ ia such an in~titution). lende~ shall apply the Funds to pay said taxes, assessments. insurencs premiums and g~ound rents. lsnder may not charge for so holding end appiying the Funds. analyzin~ said sccount. or verityi~g and compili~~ said asasasments and bills, unkss lendsr pays Borrower interest on the Funda and epplicabie law permits lender to , make such a charge. Botrower and Lender may a~ree in writing at the time of execution of this Mongage tMt interest on the Funds shall be paid to Bo~rower. and unleas such agreement is made or applicabte law requi~es such interest to be paid. lende~ shall not be required to pay Bortower any interest or esmingsAn the Funds. Le~~er ahall give to Bonowe~. without charge, an annual accounting ot the Funds showing credits and debit~ to the Funds and the pu~pose for which each debit to ths Funds was made. The Funds are pled~ed as additional security for ths aums secured by thia Mohyage. ~ ed If ihe amount of ths Funds held by Lender. together with the future monthly installments of Funds payable priot to the due datss ~ of taxes, assesaments, insurance p~smiums and ground rents, shall exceed tha amount required to pay feid taxes. assessments. , insurance premiums and g~ound rents as they fall due, such excess shall be, at Borrower's option. either promptly repaid to s Borrower or credited to Borrower on monthly installment of Funds. It the amount of the Funds held by Lender ahall not be suNicient to pay texes, assessments, i~surance premiums and ground rents as they fall due. Borrower ahall pay to Lendsr any amount necessary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Bor~ower requesting payment (hereof. Failu~e to pay any amounls hereunder may be treated as a detault under this Mongage and the related Mortgage Note. Upon payment in full of all sums securedby thia M'ortgage, Lender shall promptly ~efund to 8orrower ~ny Funds held by Lender. , It under paragraph 19 heroof ths Property is sotd or the Property is othervrise acquired by lender, Lender shail apply. no later than . immediately prior to the aale oi the P~operty or its acquiaition by Lender, any Funda held by Lender at the time oi application as a credit against the sums secured by this Mortgage. Appllcation of PaynNnb. Unless applicable law provides otherwise, ell payments received by Lender under the Note and paragraphs t and 2 hereof shall be applied by Lender first in payment ot amounts payable to Lender by Borrower under paragraph 2 hereof, then to the interest payable on ihe Note~and •then to the principal of the Note. 4. Cha~s; ~Nns. Bor~ower shall pay all taxes, assessmenta and other charges, iines and impoaitions attributeble to ths , Property which may attain a priority ovsr 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 Bo~rower making payment, when due. directly to the payee thereoi. Borrower shall promptly fumish to lender all notices of amounts due under thia paregraph, and in the event Bor~ower ahall make payment directly. Borrower shall promptly furnish to Lender rec~ipia evidencing such payments. Borrower shall promptty discharge any lien which haa priority ove~ this Mort~age; provided. that Borrower shall not be required to discharge any such lien so Iong as Borrower shall agree in writing to the payment of the obli~ation aecured by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcemsnt o( such lien in, le~aal proceedings which operate to provent the enforcement ot the lien or io~teiture of the Propert~? or any paR thereof. ' S. Ha~d {mura~w~e. Borrower shall keep the improvements now existing or hereafter erected on the Property insured egainst loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and tor such periods as lender may roquire: provided, that Lender ahall not roquire that the amount of such coverage ~ exceed that amount of coverage required to pay the sums aecured by this Mortgage. The insurance carrier providing the insurance shall be choaen by Borrower subject to approval by Lender; provided, that such approval shall not bs unreasonably withheld. All premiums on insurance poticiea ahall be paid in the manner provided under paragraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance pOticies and ronewals thereot shall be in tornn acceptable to Lender and shall include a standard mongage clause i n favor of and in form acc~ptabb to Lender. Lender shall have the right to hold the policies and renewala thereof, and Borrower j shall promptly lurnish to Lender all renewal notices and a0 ~eceipts ot paid premiums. In the event oi loas. Bonower shall give I prompt notice to the insurance carrier and Lender. Lender may maks p~oof ot losa if not msde promptty by Bor~owe~. i, Unless Lender and Borrower otherwise a~ree in writing, inwrance proceeds shall be spplied to restoration or repair of the ! Property damaged. provided auch ~estoration or ropair is economically feasible and the security of this Mortgaye is not thereby ; impaired_ If such restoration or~repai~ is not economicslly feasib{e or if the security ot thia Mort~a~e would be impeired. the ~ i nsurance proceeds ahall be applied to the sums securod by this Mortgege, with the exc~ss. it any, paid to BOrrovrer. lf the Property is abandoned by Borrower, o~ ii Borrower fails to ~espond to Lender within 30 days irom the date notice is mailed by Lender to ~ Borrower that the insurance carrier otters to settle a claim for insurartce benefits. lender is authorized to collect and apply the insurance proceeda at Lender's option either to ~estoretion or repair oi the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application ot proceeds to principel shall not extend or ~ postpone the due date oi the monthly instellments reterred to in paragraphs 1 and 2 hereof or change the amount oi such . ~ installments. If under paragraph 18 hereot the Property is acquired by Lender, ell right, title and i~te~est of Borrower in and to any insurance policies and in and to the proceeds thereoi resulting trom damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mongage immediately prior to auch aale or acquisition: a. ProstrvaNon and Yaintenanc~ ot Prop~rty; L~holda; Condomintwns; Plann~d Unlt D~wlopmenb. Borrower shall keep the Property in good repair ehd 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. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower ahall perform efl of Borrower's obligationa under the decfaration or covenants creating or goveming the condominium or planned unit development, the by-laws and reguletions of the condomintum or planned 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 oi such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider were e pa~t hereof. 7. Prot~ctlon ot L~nd~rs S~curN~?. If Borrower fails to pe~form the covenants and agrsements contained in this Mortgage, or if any action or proceeding is commenced which materially aHects Lender's interest in the Propeny. including, but not limited to, eminent domain, insolvency, code eniorcement, orarrangements or proceedinga involving e benkruptordecedent, then Lender at - Lender's option, upon notice to Borrower, may make suCh appearances, disburse auch sums and take such aCtion aa is necesaary ~ to protect Lenders intereat, including, but not limited to, disburaement of reasonable attorney's tees and entry upon the Property ~ to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall . ~ pay ihe premiums required to maintain such insurance in ef(ect until such time as the requirement forsuch inaurenceterminates in ~ accordance with Borrower's and Lender's written egreement or applicable law. Borrower ahall pay the amount of all mongage ~ insurance premiums in the manner provided under paraflraph 2 hereof. Any amounts disbursed by Lender purauant to thia parag~aph 7. with interest thereon, shall bscome additional indebtedness of ~ Borrower secured by this Mortgage. Unless Borrower and lender agree to other terma ot peyment, such amounts shall be payable upon notice from lender to Borrower requesting payment the~eof, and shall bear interest from the date oidisbursement at the rate payabte from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicabte law, in which event such amounta shall bear interest st the highest rate permissible under applicable law. Nothing ~ contained in ihis paragraph 7 shall requirs lender to incur any expense or teke any action he~eunder. ~ 8. Insp~ctbn. Lender may make or cause to be made reasonable entriea upon and inspections of the Property, provided that ~ Lender shall give Borrower notice prior to any auch inapection specifying reasonable cause there~or related to Lendera interest in ~ ~ the Property. ~ Condtmnation. The proceeds oi any award or I'm f r damagea, direCt or Consequentlal, in connection with any ~ condemnation or other taking of the Property, or pa~~~~~r conveyance in Ifeu ot condemnation, are here5y asaigned and ? ~ shall be paid to Lender. ~ ' " BOOK 4~ P~GE ~ . ~ ~ . . - -