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HomeMy WebLinkAbout2660 ~l ' ~ ~'t inaured or guaranteed by a Federal or stute agei~oy li~~cludi»R t.ender ii I.ender is sucl? an iaatitution). I.ender shsll apply the~Fuada to pay said taxea, nsseasment8~ insurance ~~remiun~s and ground rents. I.ender shall make no aharge tor so holdiag soci applying the Funds or veritying :?nd coa~piling suid ~se~n~ents and bill~. Borrower snd l.ender may agres in writing at the titne ot executioh of this \lortgage tl~at intcrest on the ~nds shall be paid to . ~ I3orrower•, and unlese sueh itgreeme~t is made, I.cnder shall not Iw requirecl to pay Borrovice~ eny interest on the Funds, I.e~nder shall give to Borrower, without ci~arge~ an annual accounting oP the Funds ahowiag oredits and debita to the Funds and the pur~~oee for whieh ~?ch ~iebit to the fi~nda was msde. The p'uncls are pleclged as addi- tional agaurity for Wie aums seoured by thia Mort,~age. If the 8mount pt the ~pds held~y I.ender, togetlier ~viti~ tl~e future monthly iastallments of Funda ~?yable prior to the duo dates of taxes. asseasments, insurance premiun~s nnd qround rents, sl?all exc~exi the amount re- quired to pey said taxes, assessa~enta. insurnnce ~~remiums And ground tcnt,s ae they fall due, auch exceaa shall be. at Borrower's option, cither promptly repaid to Borrower or cteditecl to Borrowef on monthly installments of ~nda. If the smount of the F~nds held by I.ender ahalt not bc sufl'icient to pay tuxea, assessments, insurance pre~- miums and ground rente as they fal) due, Borrower shall pay to Lender any amount necessary to make up the defieieaay within thirty days uftcr notice from I.ender to Borrower requesting payment thereof. IIpon payment in full of all sums secured by this ~~Iortgage, T.ender shalt promptly refuad to Borrower any I~nde held by I.ender. Ii under paragraph l$ ]tereof the Property is sold or the Property is otherwise acquired hy Leader~ Lender shall e?pply, no later than immediately prior to the sale of tl~e Property or its acquisition bv T.ender, any Funds held by I.ender at t:he t~ime of application as a credit against the suuis secured by thie :1~Iortgagc. 3. ApQlication ot Fay~nsnts. TJnless applicable law provides ot.herwise, all payments received by Lender under thcs Note and ~~aragraphs 1 and 21~ereof shall be applieci by I.ender first in payment of amounts payable to Lender by Borrower under ~~aragraph 2 hereof, then to intemst ~~nyable a~ the Not~ t?ncl on ~turc Advances, if any, and t•hen to the principal of the Note and to tlie principal of F~ture Acl~~ances, if any. 4. Charg~s: Liens. Botrower shall pa,v all tnxes; assessments stnd other char~es, fines and impositions attrib- utable to the Proper~y which may nttain a priority over this Aiortgage, nnd ground rents, if any, st I.ender's option in the manner provided under_ ~~aragrapl~ 2 I~ereof or l,y Borrower ~naking payment, when due, directly to the pAyee thereof. Borrower shall promptly furnish to T.ender aii notices of umounts due under t~his raragraph, and in the event Borrower shall make pavment directly, Aorro~er shall promptly furnish to I.ender receipts evi- dencing such payments. Borrower shall promptly discliarge any lien ~vhich has priority over this Mortgage; pro- ~ vided, that Borrower shall not be required to discl~urge nnv sucl~ lien so long as Botrower shall agree in writing to the payment of the obligation secureci by sucl~ lien in n manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of sucl~ licn in, legal ~~roceeding~ ~vhich opernte to prevent the enforcement of . the lien or forfeiture of the Property or any part• thereof. - . S. Iiaurrd Insurance. Borrower si~all keep thc improvements noe• existing or lieresfter erected on the Pmp- crty insured ugainst loss by fire, l~asards included within the term "extended coverage", and such other l~asards as i,ender may require and in sucli :tmounts and for sucl~ neriaic as T.cnder mny require; provideci, that I.ender shall not require t{~At the amount of such co~~erage exceed tl~at Amount of co~~erage reryuired to pay the sums s~cured by this Mortgage. 1'he insurance currier ~iroviding the insurance shall I~c chosen by Bormwer subject to appmval bv Lender; provided, that such approval sl~all not be unreasonably withheld. All premiums on insurance policies shalt be paid at Lender's option in the manner providecl under paragrn~~h 2 hereof or hy Borro~ver making pt?yment, when due, directly to the insurance carrier. - All insurance ~~olicies and rEne~~als thereof shall !~e iu fonn accc~~ti?ble to 1.ender and shull include a standarci mortgage clause in favor of ancl in fonn acceptaUle to ~.ender. I.ender shull i~AVC tl~e ri~{ht to hold the policies and renewals thereof, and Borrower sh:~ll promptly furnisi~ to T.cndcr nll rene~vul notices und all receipts of paid pre- miums. In the event. of loss, Borro~ver shnll give prom~~t noticc to the insurance currier and I,ender, and Lender may make proof of loss if not ~nade promptly by Borrower. Unless ~.ender and Borro~ver otherwise ugree in writing, instir.u~ce ~~roceeds shall l~c upplied to restoration or repair of thc Propert.,y damageci, providec( such restorntion or repair i~ economicuUy feusible und the ~ecurity of this \[ortgage is not ti~ereby impairecl. If such testorntion or ~~epair is not economicaily feusible or if the security of this ~[ortgage ~vouEd l~e impaired, thc insurance proceeds shall i,c ~pplied to the sums secureci by this ?~iortgage, a•itli the excess, if any, paid to Borno~ver. If the Yroperty is abandoneci by Borron~er or if Borrower foils to respond to T.ender «ithin 30 days ufter notice by T.ender to Borro~ver that the insurance carrier o~'ers to set.tle a claim for insurance benefits, Lender is authoriaeci to coUect and ap~~i~ thc insurnnce ~~roceecis at T.ender's option either ta ! restoration or repair of tl~e Property or to Nic su~ns secured by this \fortgage. ~ ~ Unless Lender and Borrower othenvise agree in ~vriting, anv such Applic~tion of proceeds to principal shall E not extend or postpone tl~e due datc of the monthly~ insf,allments rcfcrreci to in ~~uragraphs 1 ~nd 2 hereof or change ; the amount of such installments. ~ If under paragr~ph 18 hereof thc Pmpertti• is acquired b~• I.ender, :~il right, title nnd interest of Borrower in and to any insurance policies and in aud to tlte proceecic thercof (to thc extent of thc snms secured by this Mort- ~ gage immediately prior ta sucl~ sale or acquisitionl n~sulti}~~ frou~ ~lamage to the Property prior to the sale or :~equisition shall pass to I.ender. ~ 6. Preservation cmd Macinten~ce of Property; Leaseholds: Condominiums. Borrower S1~a11 keep the Prop- g erty in good repuir aad shall not ~~ermit or commit w:istc, impairment., or deterioration of the~ Property nnd sha11 ~ comply with the provisions of any leasc, if this liortgage is on ~ leasehold. If this ~~iortgage is on a condominium ~ ~mit, Borrower shatl perform all of Bormwer's obligatiom w?~ier thc deciarntion of condominium or master deed, ~ the i>y-laws and regulations of ti~e condominiu~n ~~roject. and constituent documents. 4 ' ~ 7. Protection of Lender's Security. If Borro~ver fails to ~~erforn~ the covenants and agceements contained in ~ this ~Iortgage, or if any action or proceeding is commenced ~vhich n~nteriallv affects I.ender's interest in the Pmp- erty, including, but not limited to, eminent. do~usin, insolvencf , cocic enforcement, or arrnnge~izents or prceeed- € ings involving a bankrupt or decedent, then Lender at i.endcr'~ o~~tion, upon notice to Borrower, may inake such ~ appearances, disburse such sums ancl take such~ uction :~s i~ necessary to protect I.ender's interest, including, but ~ not limiteci tq disbu~ement of reasonable attorney'~ fees and entry upon thc Pro~~erty to make repairs. Any ; amounts disbursed by Lender ~~ursuant to this paragraph 7. ~~•itl~ intcrest tl~ereon, shull l~ecome aciditional .indebt- ~ edness of Borrower secured by this ~iortgage. Unless Botrower and T.ender agree to other tenns of payment, such ~ amounts shall be payable upon notice from I.ender to Borro~~er requesfing payment thereof, nnd shall bear inter- ~ est from the date of disbursement ut tl~c rate stateci in the \otc unless ~~ayment of interest nt such ratc would be contrary to applicable law, in ~vhicli event sucl~ amounts sl~ull I,ear intere3t at the l~ighest rate ~~ermissible by ~ applicable law. Nothing contained in this ~~aragrapl~ 7 si~all reryuirc I.ender to incue any expense or do any act ~ hereunder. ~ ~ f,~ $oox r~~~'~ ~ ^ -~rr'~~~~~~ _ - -~~x"=~.~::~e~-~~- ~ ~ g'~ . _ . .~i~s. .