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HomeMy WebLinkAbout0999 ' ~ UNIFO~N COVENANTS. Borrowe~ and Lender covenant and aa~ee aa foliows: l. raywept ot l~i~cipl ari INerest. Borrower ~hall promptly pay when due the principal of and iotercst on the indebtedneu evidence~ by ihe Note. pnpsyrtxnt a~d late charges u provided in the Nwe, and the principal ot aod interes~ on any Future Advances secured by this Mortsaje. . 2. Ftia~ tor Ta:a ani laa~r~~ce. Subject to applicable law or to a written waiver oy I.ender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full, a tum (hertin "Fund:") equal to one-twelfth of the yea~ly taxts and asscssments which may attain priority over this Mortp~e, and ground rents on the Pmperty. i[ any, plus one-twelfth of yearly prcmium instaliments for hszard i~surance. plus one•twelfth of yearly prcmium instailmenta for mortgs~e insuraoce, if any, all as reasonably estimated initially and fmm time to time by Lender on the buis of asseume~ts and bills and rcuo~abk estimata thereof. The Funds shall be held in an institutioe the deposits or accounts o( which are insured o~ gu~ranteed by a Fe~eral or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. insura~ce prcmiums and ground~rents. Lender may ~ot charge for w holdi~g and applying the Funds, analyzing said account. ;r veMfying aod compiling said assessments and bills. unless Lender pays Borrower interat on the Funds and applicable law petmits Lender to make such a charge. Sorrower and Lender may agrce i~~ ::riting at the time of execWion of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest :,r earnings oo the Funds. le~der shall give to Borrower, without charg~e, an annual accounting of the Fund~ s~~w;~.6 :redits aod debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds are pledged as additional security for the sums secured ~ by this Mortgage. _If the amount of the Funds held by Lender, together with the future monthly installme~ts of Funds payable prior to the due dates of taxes, asseuments, insurance premiums and ground rents, shall exceed the amount requircd to pay said taxa, asussments, insurance premiums and ground rents as they (all due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credi~ed to Borrower on monihly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to Qay taxes, assessments, insurance prcmiums and gmund rents u Ihey fall due, Borrower shall pay to Lender any amount necasary to make up the deficiency within 30 days from Ihe date notice is mailed by Lender to Borrower rcquesting payment thereof. ~ Upon payment in full of all aums ucurcd by this Mortgage. I.ender shall promptly rcfund to Borrower any Funds held by L.ender. 1t under paragraph 18 hercof the Property is sold or thc Property is otherwisc acquired Ay Lender, Lender shall apply, no later than immediately prior to the sale of the Propeny or its acquisition by' Lender, any Funds htld by Lender at the time of application as a credit against the sums secured by ~h~s Mortgage. 3. Applicstion oE Paya~eots. Unless applicable law proviJes o~herwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment ot amounts payable to Lender by Borrower under paragraph 2 hercof. then to interest payable on the No~e, then to the principal of the Note, and then to interest and principal on any Futurc Advanca. Char`es; Lie~. Borrower shall pay all taxes, assessmc~~ts and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and kasehold payments or ground rents, if any, in the man~r provided under paragraph 2 hereof or, if not paid in such manner, by Borrower rriaking payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, aad in the event Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, ~hat Borrower shall not be required to discharge any such lien so long"as Borrower shall agrce in writing ~o the payment o( the obligation ucured by such tien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement o( the lien or forteiture of the Property or any part thereof. S. Haurd I~ursnce. Bortower shall kap the improvements nov? ezisting or hereafter erected on the Property insured against loss by firc, hazards included within the term "extended coverage", and such other hazards as Lender may require and 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 cove:~ee required to pay the sums securcd by this Mor~gage. The insurance carrier providing the. insurance shall be chosen by Bonower subject to approval by Lender; provided. i that such approval shall not be nnreuonably withheld. All premiums on insurance policia shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directty to the insurance carrier. f All insurance policies and re~ewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the righ~ to t~~ld the policies and ren~wals thereof. ~ and Borrower shall promptly furnish to Lender a11 renewal no~ices and al) 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 Ler.der and Borrower othervvise agree in writing, insurance procceds shall be applied to restoration or repair of .the Property damaged. provided such restoration or repair is economically feasibk and the security of this Mortgage is - not ~hereby impaircd. lf sueh nstoration or repair is not ecanomically (easible or if the securily of ihis Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. wi~h the excess, if any, paid to Borrower. lf the Property is abandoned by Borrower, or it Borrower fails to rapond to Lender within 30 days from the . date notice is mailed by i.ender to Borrower that the insurance carrier oBers to uttle a claim for insurance benefits. L.ender is authoriud to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal sh~ll not extend or postpone the due date of the monthfy installments referred to in paragraphs 1 and 2 hereof or change the amount of a such installmenu. If under puagraph t8 hereof the Propeny is acquired by L.ender, all right, title and interat of Borrower ~ in and to any insurance policia and in and to the proceeds thereof raulting from damage to the Propeny prior to the sale . ~ or acquisition shall pass to Lender to the extent of the sunu ucured by this Mortgage immediately prior to such sale or ~ acquisition. 6. Preservation aod Maintenance of PropeAy; Lesseholds; Condominiums; Plsnned Uail Devebpments. Borrower = shall keep the Property ia good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisiona oF any lease if this Mortgage ~s on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all ot Borrower's obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations o( the ~ condominium or planned unit development, and constituent documems. If a condominium or planned ~mit development g rider is Cxecuted by Borrower and recorded togeiher with this Mortgage, the covenants and agreements of ~such rider ~ :hall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider g were a part hereof. ~ 7. Protection ot Leader's Security. If Borrower faits to perform the covenants and agreements contained in this ~ Mort~age, or if any action or proceeding is commenced which, materially affects Lender i interest in the Property. ~ including, but not limited to. eminent. domain, insolvency. code enforcement,, or arnngements or proceedings involving a banlcrupt or decedent. then Lender at Lender's option. upon notict to Borrower, may make such appeannca, disburx :uch ~ suau and take :uch action u is nocessary to protect Lender's interest, including, but not limited to. disbursement of ~ reawnable attomey's tees and entry upon the Propeny to make rePairs. lt Lender requircd morteage insurance u a ~ condition of making the loan secured by this Mortg3ge. Borrower shall pay the premiums required to maintain wch inwrance in etfect until such tiate u the requirement tor such insurance terminata in accotdance with Borrower's aad j • ~ r - ~ t~' g~~K~35 P~~F 998 ~ ~ ~ - `~-~-d~