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HomeMy WebLinkAbout0678 ~ ~ a ~ UN~FO~~t ~oveN~Nrs. Bo~rowc~ and Le~dcr covenant and agree as follows: . 1. lay~aeat ot Primcipal and Ioteresi. Barruwer ahail promptly pay when due the priacipal of a~d intere:t o~ the ` indebtednas evidenced by the Nota; prepayme~t and late cha~ges as provided in the Note, and the principsl ot rnd interest un aay Future Advances securcd by this Mon~age. . ; 2. F~aat tor Tues aa~ lowrance. Subject to applicabk law or to a written waiver by Lender. Borrower shall pay S to I.ende~ on the day monthly installme~ts of principal and interest arc payable unde~ the Note. until the Note is paid in tup. ~ a tum (hercin "Funds") equal to one-twelfth of ihe yearly tazes and assasments which may attain prioriry ov~r this r Motigage. and grow~d rents on the Pt~perty. i[ any. plus one-twelfth of yeul~premium iaatallments for haurd insuraAOe. pltu one-twelfth of ycarly premium installme~ta tor mortgage inwrance, if any. aN u ressonably estimsted initially a~d from time to time by Lender on the basis of assessments and bills and reuonabk estimates thereof. 'il~e Funds shall be held in an irtstitution the deposits or accou~ts of which arc insured or guaranteod by a Federal or state a~etocy (includins Lender if Lende~ is such an itutitution). Lender shall apply the Funds to pay uid taxes. axtessments. - inaurancx premiums and ground rents. Lender may not charge for so holding snd applying the Funds. analyzing said acoount. ~ or verifying aad compiling uid assessments~and billa. unless Lender pays Borrower interest on the Funds and applicabit law ; permits Lender to make such a charge. Borrower and Lender may agree in writin~ at the tirr~ of execution of this Mortgage that interest a~ the Fuads shalf be paid to Borrowu. and unless such agree:nent is made or applicabk law requires such interat to be paid, Lender shall not be requirod to pay Borrower any interat or caraingi on the Funds. Lender slull ~ive to Borrower, without charge, an annual accounting of the Funds showing crodits and debits to the Fuads aod t}x purpox for which each debii to the Funds was made. The Funds are pledged as additional security for the sumt secured ~ by this Mortga~e. ' lf the amount of the Funds held by Lencier, together with the future mo~thly installments af Funds payable prior W the due dates of taxa. asseasments. insurance premiums and g~ound rents, shall exceod the amount roquired to pay said taxa. asseasments, insunnce premiums and ground rents as they fall due, such excess shall be, at Borrower s option. eithet pranptly repaid to Borrowzr or credited to Borrower on monthly installments of Funds. lf the amount of the Funds held by Leader shali not be sutE'icieat to pay taues, assessments, insurance premiums aad ground rcnts as they fall due. Borrower shall pay to L.ender any amouni nocessary to make up the deficiency within 30 days from the date notice is mailed by l.ender to Borrower rcquesting payment thereof. Upoa payment in full of all sums aecured by this Mortgage, I_ender shall promptly nfund to Borrower any Fun~ held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by [.ender. Lender shall apply, no later than immediately prior to the sak of the Property or its acquisition by L.ender. any Funds held by Lender at the time o[ application as a credit against the sums secured by this Mortgage. - 3. ApPlkatio~ ot Payme~ta. Unkss appticable law provi~ks otherwise, all payments rectivod by Lender under the i Note a~ paragraphs l and 2 hereof shall be applied by Lender first in payment ot amounta payable to Lencler by Borrower { under paragraph 2 heroof. thtn to interest payable on the Note, then to the principal of the Note. and then to interest and ; principal on any Future Advances. ? 4. C6ar~es; Uess. Borrower shall pay all ~axes, assessments and other charges. fines and impositions attributable to ~ the Propeny which may attsin a priority over this Mortgage, and leasehold payments or gruund ronts, if any. in the manne: ~ provided u~der puagraph 2 hereof or, if not paid in such manner, by Borrower maring payment. when due. diroctly to the { payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due un~r this paragraph. and in the event Borrower shall make payment directly; Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be rcquiced to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such liea in a manner acceptaWe to I.ender. or shall in good faith contest such lien by. or defend enforcement of such liea ia, legal proceedings which operate to prevent the enforcement ~ of the lien or forfeiture of the Property or any part thereof. S. Ha~ard Insnrance. Borrower shatl ktep the improvemcnts now existing or hereafter erected on the Property insurod against loxs by fire, hazards induded within the term "extended coverage", and such other haur+ds as L.ender may require and in such amounts and for such periods as Lender may require; provided, ~hat Lender shall not requin that the amount of such coverage escced that amount of coverage required to pay the sums secured by this Mortgage, ~ ' 'I1ee ieuurarnx carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. providod. ~ i that such approval shall not be unnasonably 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. directty to the 4 j iasurance carrier. i ~ Alt insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor o~ and in form acceptable to Lender. Lender shalt have the right to hold the policies and re~ewals thereof. ~ i and Borrower shall proropUy furnish to Lender all renewal notices and all roceipts 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 L~ f by Borrower. ` ! Unl~,ss Lender and Borrower otherwise agree in writing. insurance pra:eeds shall be applied to restoration or repair of ~ j the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such rcstoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mongage, with the sxcess, if any, paid i 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 ofTers 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 reQair of the Property or to the sums sccured by this Mortgage. Unless l.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or pastpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of f such installments. If under paragraQh i8 6ereof the Property is acquired by I.ender, all tight, title and interest of Borrower r ~ 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 sum3 securod by this Mortgage immediately prior to such sak or ~ acquisition. - ~ ~ 6. Preservatloo aud Maintenance of Property; [.caselwlds; Coadomiaiums; Plsnned Udt Devebpmeats. Borrower ~ shall kcep the Property ia good repair and shali 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 pla~ned unit development. Borrower shall perform all of Borrower's obligationa under the declaration ~ or covsnants creating or governing the cendominium or Qlanned unit development, the by-laws and r~egulations of the ~ condomini~m or planaed unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and- rceorded together wi~h this Mortgage. the covenants and agrcements of such rider ~ shall be incorporated into and shalt amend and supplement the covenants and agreements of this Mortgage as if the rider ~ wero a part hereof. ~ ~ Protectioo of Lende~s Securety. tf Borrower fails to perform the covenants and agreements contained in this ; Mortgage. or if any action or proceeding is commenced which materially atfects Lender's interest in the Property. ; ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedinga involving a ~ bankrupt or deccdent, ~hen Lender at Lender's option, upon notice to Borrower. may make such appearances. disburse auch ? s~uns and take such action as i: necessary to protcet Lender s interut, including, but not limited. to. disbursement of ' reasonabk attomey's [ees and eotry upon the Propeny to make repairs. If Lender requircd mortgage insurance as a ~ ~ condition of ineking the loan secured by this Mortgage. Borrower shall pay the premiums requirtd to maintain such ~ insuru~ce in eHoct until such time as the requirEment for such insurance terminates in accor+dance with Borrower's and g ' ~ . . r~rE ~ r ~ ~2 ~ /6