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HomeMy WebLinkAbout0696 . , ~ . ~ ~ t UNiratw Oovst~~MS. Bormwer and l.ender ooveoant aad asroe u follows: 1 s 1. ~ af rel~e~l a~i l~al. Borrower ~all p~omW~Y MY When due the p~incipal of and iaterou oa the ; iAdebtednw avidenoed bp t6o Note, prepayaaent and latc char~es ~s providod in the Note. and the principal o[ tmd intarcst + on a~r Futuro Advanca ~ecured by tha Mo~e. 3. !r¦i~ f~or '[1~s a¦i l~w~a~. Stibject to applicabb law or to a writt~en waive~ bj? Lcoder. Borrower s1~a11 MY W Leader oa tbe day aaathly uat~llmeab of principal and intercst aro payabk uader the Note. uatil the Note is paid in fuQ. a ama (uerein "Fuad~'~ equal to oaatwelfth of the yearfy tsxa and aaa~naus which may atuin priotity ovar this Morfsa~e, sad ~t~ouad ceata an the Proporty. if any. phu ooo-twelfth of yearlp premium iastaQmeeb tor h.uard inwranoe. plus ooat~rdith ot yeatiy prpaium in~allaaenb for mort~ ir~wnna. if au~r. all as raasonabty estimated initially and irom ' wne to titoe by I~ender oa t6e baso ot sssessmen~ a~d bills and resionabk estimates tbereof. Tbe Ftimds sball be beld in an i~titutioa tt~e deposib or sccounts of ~rbicd are i~red or 6uaraateed by a Federal or w?te ajeacy (inch~djn= Lender if Lender is such an iastitutioa). l.ender sball apply the Funds to pay said ta:es. s~nts. iMUUtaooe p~+dnitut~s aad p~ouod reots. Lender may not chuge tor so hoWing and spplyins the Funds. anatyzing said acooun~ o~ verityins sod oorapilin~ said sssaGSmaib aad biUs. unkas L~eader pays Borrowe~ interat oa tt~e Funds aod appiiqbk law permib Le~der to make such a chuae. Borrower aad Le~der may agree in writint at the time of racocutioa ot tbis Mory,a~e that intaat oa the Funds ~11 be paid to Borrowar, and uakss such aaroement is made or applicabk law requit+~s such iaterat to be pRid, Leoder shall not be required to pay Bomower any interest or earaiag¢ on tln Fun~. Leader ~all ~ive ~o Horranrer, wi~hout chu~e. aa aanwl aooouncing of We Funds ahowiog credia and aebia to ehe Fuads aad ihe purpose for ~rhkh eac6 debit to t6e Funds was made. 'ILe Funds are pbdged ~ additional aecurity for the sums securod bp thi~ Mortpja. It tbs aaaount of the Pt~nde l~dd by Lender. toget6er with the future aanthly instaltmeats of Funds payabk prior to the due data of taxa, sss~srt~eats, inwaooe premiums and ground rents. shall exceed the amouat rsquired to pay said tuas. a~ameats~ insuranoe premiums ~nd ~+wi~d raits as they fall due. such ezces~ shall be. at Bormwer's option. either promptly npaid W Horrow~er or credited to Borrow+or oa moathly installments of Funds. If the amount ot the Funds he~d bq I.ender shatl not be su~ciatt to pay taxas. a~na~ts. insurancc praniums and ground rents as they fall due, Bort~o~rcr shaU py to La~dec aay amo~wt aeoeasary to make up t6e de6ciency writlan 30 days from the date notice is maikd bp I~eadec to Bort+o~va raryarini P~Y~pt thereof. UPon Paym~t in fuU of ap suens secured by this Mortgsae. I.eoder ahaU promPdY refund to Borrower my Funds 6e1d by Leader. If under part,~raph 18 Gereof tbe Property is sold or the Propcrty is otl~etwise acquit+ed by Lender. I.ender ahall apply. ra lata tbso imanediately prior to tbe aak of the Property or its aoquisition by I.wdar. any Funds held by Lmider at tbe time of appiic:ation as s crodit against tbe sums sxured by this Mortsage. 3. A~ifcatiN ~t lq~eab. Unkss applicabk law provides otherwise, all paymeats raceived by Lender under the Note aod paragrspl~s 1 aa! 2 bereof shall be applied by l.ender ~rst in paya~ent of amounts psyabk to Le~der by Bomower under par~raph 2 6e~+eof. tbea W intereat psyabk on the Nae. then to the priacipal ot the Note, aad thea to intecat aod P~P~ oa any Future Advaooes. 4. G'rr~e~ t.ie~s. Borrower shall pay all taxes~ assesuneats and otber charges, ftnes and impositia~s attributabk to tbe Property whicli msy auaia i priority over this Mortgage, and leasehold payments or g~uuod rents, ~ iuY. in the roanaer pravided uoder parqraph 2lxreof or, if not paid ia wch mmner, by Bormwer makin8 gaYment, wbw due. dirxtly to the P~l~'a tUa+eof. Bomu~rex ahatl Pra~mPdy furnisl~ to Leoder all noticxa of amounts due undex this paragap6. aod 'm t6e ~veat BorroWr~ s6a11 make paymeat direcdy. Bomower ahall prompdy furniah to Lender roo~ipts evideocin= wch pay~aents. Borno~r~er s6a11 promptiy di~charge any lien which has priority over this Mortgage: pmvided. that Bormwer a6ap aot be required W d"acharae any auch lien so bog as Borrower shall ag~e in writiag to tbe paya~ent of the obGgation sa:ured by such lien in a manne.~ aocepabk to Lender, or shall in good faith contat such lien by. or defa~d enforament of wch lien in, kaal pro~x~din~ which operate to preveot the eaforoement of the lien or forfeiture of the Property or any put t6ercof- S. Basa~i I~a~ca Borrovrer ahall koep the improvements now existina or hereafter era;ted on the Property iaiuced sgaiust loss byr 6re. hazards includod wit6in the term "extended coverage". and suc6 othet haurds u Lender may require and in s~ch amounts and for such perads as Lenda may roquire: Providod, that Lender shall not cequin that tbe amount of such cov~eraae ezoeed that amount of rnverage roquirai to pay the suma securod by t6is Mortaage. 'Ibe iawranoe curier pro~riding the insuranoe shall be chosen 6y Borrnwer subjed to approval by I.ander, provided. that such approval a6all not be unrea~onably w~hhdd. Ap preaniumt oa inwranoe policies shall be paid in the manoa' provided under paragrapb 2 6ereof or. if not paid ia such manner, bY Borrovra malcin8 WY~~• when d~e. direcdy to t6e inwrance curier. M iawranoe policies and r~enewals thereof ahall be ia form acoeptable to Lender and ahall include a sandud mortg~age i c4u~e in favor of and in form acoeptabk to Lender. I.e~ shaU have the right w hold tbe policies and nenewals ttx.reof, ~ and Borrower shall prompdy furni:h to Lender all renewal notioes and all reoeipts of paid prcmiums. tn the avent of loss, ~ Bormwer shall give prompt notioe to the insuranve carrier and Leoder. LJaider may malce proof of los~ if not made promptlY by Bomo~wer. ~ ` Unkss Leader aad Borrower othenvise agroe in writing. insuranoe proceeds shall be applied to ratoration or repair of the Ptoperty damaged, provided such ratoration or repair is economicaUy feuibk and tbe socwity of this Mortaage is not thereby impair~d. If such restoration or repair is not economically feasibk or if the sec~uity of this Mortgage would be impaired, tbe inaurance pruc~eds shall be appliod to the sua~s secured by t6is Mortgage. with 1he eacoess. if aay, qid ' to Borrower. If t6e Property is abandonod by Borrower, or if Borrower fails to respond to Leoder wit6in 30 t4ys from the date notioe is mailed by Lender to Bormwer that the inwranoe curier offers to settk a claim for insuraooe beae6ts, _Ireader is autlwrized to cotkct and apply tLe insurance prooads at L.ender's option eitber W t~esWration or repair of We Property or to tbe w~ms secured by t6is Mortga~e. Unkss Lender and Borrower otherwise agree in writing. any such applicatiou of prooeeds to principal shall not eactend or po~tpone the due date of the monthly installmeots referral to in paragnphs 1 and 2 hereof or chaoge the amount of such installments. If under pztagraph l8 hereof t6e Property is acquirod by l.eader, all right, titk and intereat of Borrower in and to any iaiwance policies and in and to the procoedt theooof resulting from damage to t6e Propecty prior to the sale or acquisition ahall p~sss to Leoder to t6e eactent of the sums socurod by this Mortgage immediatoly pcior to- sue6 sak or f. le~alio~ si Mabteoaoce of Propedy. Lea~ehoids; Condoa~ini~ Mawned Udt De~dop~ewb. Borrower ~6a1! keep the property in good repair and shal! not com~oit waste or permit impairment or deterioration of the Property r aad sttall c,omply with the provisioas of aay k~e if this Mortgage is on~a kase6old. If this Mortgage is on a unit in a condominium or a planned unit development, 8orrowu shall perform all of Borrower s obligatioos under ihe declarsUion ~ or coveoants creating or goveroing tbe condominium or planned unit devebpment, ibe by=laws a~d [egulatio~a of the ~ condominiwp or plannod unit development, and constituent documents. If a condominium or plaaned unit development ~ rider is e~cecuted by Borrowu and rocorded together with this Mortgage, the covenants ancl agrcements of such rider s6all be incorporated into aad s6a11 amend and supplement the ooveaaats and agroeroents of this Mortgage as if the rider were a part 6ereof. ho~ecdo~ at I,eader'~ Sec~. If Borrower fails to perform the covenants and agrcemenb contain~d in this Mortaa~e. or if aoy aGion or proooeding is commenoed which materially alfecis Lender's- interat in the Property. including, but not limited to, eminent domain. insolvency, code enforcement. or arrangemenis or proceedings involving a b~nlcrupt or da~odent. then Lender at I.eader's option. upon notice to Borrower, may make such appearanas. disburse such wms and take ~uc6 action as is neoes.wy w protect Lender's interest, including, but not limited to, disbursement of rea~oosbk aiwrney's fea and eatry upon the Property to make repairs. If Lender requircd mortgage insuranoe as a condition of making t6e loan secwed by this Mortgage, Borrower shall pay the prcmiums required to maintaia aach inwraooe in effect until such time as the requireeneot for such insurance terminates in acoordance with BorrowePs and ~ y . ~~c~~~ ~ 6~ _y;_~ '