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HomeMy WebLinkAbout0937 UNIFORM COVENANTS. BO~fOWCf ellll I.fI1dC~ COVCnar~ :~n~t <<~rec :i. followti: 1. Payment of Prlncipal aad interest. t3orrc~wer sh;~., ;~r,~m~tl~~ ~ay u•hen duc ihe principal of xnd interest on the indebtedness evidenced by the Notc, prepayment and lat~ ch;,rge. a~ providcd in ihc Note, and thc principal af and interest on any Futurc Advances secured by thi~ Mortgagc. 2. Fbnds for Tanes and lnsur~nce. Subject to applicahle I.~N~ or ta a written waive~ by l.ender, Aorrower shall pay to I.ender e±n ~he day momhly installments of principal and intrrc.t :~rc payable un~ler the Note, until the Note ic paid in full, a sum (herein "Funds") equal ta one•twelfth of thc ycarl~ ta~c~ and assessments which may attain priority over this Mortgage, and ground rents on !he Property, if nn~~, plus unc-t«clfth of yearly prcmium installmcnts for hazard insurance, ~ plus one-twelfth of yearly premium installments for mortgagc insurancc, if any, all as reasunably estimaled initiall~~ and from ~ timc to time by Lender on thc hasis of assessments and hilt~ nncl rcasonablc estim:~tes thereof. ~ 'I`he ~d~ds shall be held in an institution the de sit~ vr accounts ~~f which a~e insured or ~ 1~ guaranteed hy a~ederal or $ ~ state agency (including Lender if I.ender is such an instituNon). Lcnder shall apply the Funds to pay said taxes, assessments, ~ insutance prsmiums and ground rents. Lender may nc~l charbe f~~r ,o holding and applyiog the Funds, analyiing said aecount, ~ or verifying and compiling saiA assessments and hills, unless l.ender p:~~~ Borrower interest on the ~unds and applicable law permits Lender to make such a charge. Borrower and LenJer may agree in wriiing at ~he tinie af execution of this ~ Mortgage that interest on the Funcis shall be pa+d to Qorruwer, and un!~ss such agreement is made or appiicabte !aw requires sucti interest to he paid, Lender s~aU not be required to pa~~ Barrowcr :?ny~ interest ~r earnings on the Funds. l.ender shall give to Borrower, without charge, an annual accouniing of the Funds showing credits and debits to the Funds and the 4 purpose for which cach debit to the Funds was madc. The f~unds arc pledgeci as additional security for the sums securcd : by this Mortgagc. If the amount of the Funds held by Lender, togethcr with the future monthly installments of Funds payabtc prior to b the due dates of taxes, assessments, insurancc premiums and ground rents, shall excced the amount required to pay said taxes, ; assessments, insurance premiums and ground renis as thcy fall due, such excess shall be, at Borrower's option, either promptty repaid ta $orrower or credited to Borrower on monthl~ instattments of Funds. lf 1he amount af the Funds held by Lender shall not be sufticient to pay taxes, assessnients, insurancc premiums and ground rents as they fall duc, Borrower shail pay ro Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.ender to, Borrower requesting payment therco(. Upon payment in tl~l1 of al! sums secured by this Mortgage. Lendcr shall promptly refund to B~rro~~~er any Funds held by Lender. If under paragraph 18 hereof the Propcrtp is sc~ld w the Property is othenvisc acquired by Len•ier, Lender shall apply, no later than immediately priar to the ~alc of the P~o~erty or its acquisition by i_ender, any Funds held by Lender at the time of application as a credit against ihe sums secured hy this ;4tortgage. 3. Applicsition of Payments. Unless applicahle law proriJes other~~~ise, ali payments received by I.ender under the ' Note and paragraphs 1 and 2 hereof shali be appticd by I.cnder first in payment nf amounts payable to t_encier by Borrower ~ under paragraph 2 hereof, then to intcrest payablc on the Note, then to the principal of ih~ Note, and thcn to interest and principa! on any Future Advances. ~ 4. C6arges; I,kns. Borrower shall pay al! laxes, assessmenis and othcr charges, fines and impositions attributable to ~ the Property which may attain a priority over this Mortgage, and tcaschold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender ail.not+ccs of amounis due under this paragraph, and in the event Borrower shall make payment directly, Borfower shall promptly fumish to Lender receipts evidencing suCh payments. Borrower shall promptly discharge any lien which has priority oe~tr this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in ~•riting to the payment of the obligation secured by ~ such lien in a manner acceptable to Lender, or shail in goad faith contest such lien by, or defend enforcement of such lien in, ~ legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. y S. Hszard I~rance. Bonower shall keep the improvements nau existing or hereafter erected on the Property insured against toss by fire, hazards inctuded within the term "extended coverage", and such other hazards as Lender may require ? and in such amounts and for such periods as L.ender may require; provided, that Lender shall not require that the amaunt of ' such coverage exceed that amount of coverage required ro pay the sums secured by this Mortgage. ` The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that 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 manner, by Borrower making payment, when due, directly to the insurance carrier. ~ All insurance policies and renewals thereof shail be in form acceptable to Lender and shall include a stanJard rtiortgage clause in favar of and in form acceptable to Lender. Lender shalt have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and al! receipts of paid premiums. In the event of loss, f Borrower shall give prompt notice to the insurance carrier and [.ender. Lender may make proof of loss if not made promptly s by Borrower. ; Unless Lender and Borrower othervvise agree in writing, insurance proceeds shall be applied to restoration or repair of . the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ; be impaired, the insurance proceeds shail be appfied to the sums secured by this Mortgage, with the excess, if anp, 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 Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender "r is authorized 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 shal{ not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of . such instatlments. If under paragraph I8 hereof the Property is acquired by I.ender, all rig,ht, title 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 sueh saie or acquisition. 6. Preservatiou and Malaten9nce of Property; I,easeholds; Condominiums; Plan~ed Unit Developmeots. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall campiy 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 shall perform all of Borrower's obligations under the declatation or coveaants creating or governing the condominium or ptanned unit development, the by-laws and regulations of the ! condominium or planned unit development, and constituem documents. If a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, ihe covenant~ and agreements of such rider shall be incarporated into and shail amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. ~ 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in ihis E Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, ` including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings 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 Leoder's interest, including, but not timited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender rcquired mortgage insurance as a condition af making the (oan secured by this Mortgage, Borrower shall pay the premiums requireci to maintain such insurance in effect unti) sueh time as the requirement for such insurance terminates in aecordancc with Borrower's and ~ ~ ~ ~0~28 PdGE0934 E~ . - _ - _ _ ~ _ _ _ --~w _ .