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HomeMy WebLinkAbout0700 . . • - ' ' ~ . . ~ ' . ~ ~ ~i'~•~• - UN~F~M Coverv~N~rs. Bo~rower and l.enJe~~covenan~ and a~rre rs (ollows: l. hnneat ot Prlocipd ssd IWensf. 13orrow•cr shall pmmp~ly pay w~heo due the principal o( and interat on the indebtedness e~•idenccJ by the Nole, prepayment and late char~es as pruvided ~n ~he Note, and the principal ot and intzres~ ; on any Future ~ldvances secuted by th~: Mort~a~e. 1 2. Fyad~ tor T~tM ~ad I~wrasce. Subject to applicable lavr or to a written waive~ by L.ender, Borrower shall pay to I.ender on ~he day monthty installments of principal and interat are payable unde~ the Note. uotil the Note is paid in tull. ~ a sum (hercin "Fuods") equal to one•tweltth ot the yearly t~xes and usessments which may attain pnority ovc~ thi: Mon~age. and ~round rent: on the Propeny. if any, plus one-twelfth ot yea~ly premium installmeots for hazard insurance. plus o~e-tvrelfth of yearly prtmium installments (or mongage insurance, if any. all as rcuonably estimated initially and trom ~ time to time by Lender on the basis ot assessments and bills and rcasonabk atimates thereof. 'Il~e Funds shall be held in an institution the depcnits or accounu ot which are insured or guaranteed by s Foderal or state a~ency (including Lender if Lender is auch an institutionl. l_ender shall apply the Fu~ds to pay uid tua. assessme~ts. insurance ~premiums and ground rcnts. Lender may ~ot charge for so holding and applying the Fur~ds. analyzina said accoun~ or verifying and compling said assessments and bills. unless Lende~ pays Borrower intuat on the Funds and applicable law permits Lender to make auch a charge. Borrower aad Lender may agree in writing at the time ot exxution ot this Mort~age that interat on the Funds shall be paid to Borrower, and unless such agrcement is made or applicabk law rcquires such interat to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. i.ender shall give to Borrowe~, without charge, ao annual accounting o( the Funds showing crodits and debits to the Funds and ~.he purpose for which each debit to the Fuods was made. The Funds arc pledged u additional socurity for the sums securcd by this Mortgage. - f If the amount o[ the Fuads held by Lendu. together with the future momhly installments of Funcis payable prior to ' the due data of taxes, usessments. i~uurance premiums and ground rents, ahal! exceed the amou~t roquircd to pay said tua, assessme~ts, insurance premiums and gmund re~ts as they fall due, such excess shall be. at Borrower s option, either ! promptly npaid to Borrower or credited tQ Borrowe~ on monthly installments of Funds. If the amount of the Funds ~ held by Lender shdl not be sut6cieot to psy taxes, assessments, insurance prcmiums and ground rents u they [all due. Borrower ahall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailod by Lende~ to Borrower requesting payment thereof. Upon paycaent in full of all tuma secu[ed by this Mongage, l.ender shall promptly refund to Borrower any Fun~ held by Lender. If under puagrap6 18 hercot the Property is sold or the Property is otherwise acquircd by Lender. Lender shall apply, no later than immediately prior to the ule of the Propeny or its acquisition by Lender, any Funds held by Leader at the time of application u a credit against the sums secured by this Mort~age. 3. A~pNcaHea of payaeats. Unless applicable law provida olhervvise. all paymcnts received by Lender under the ; Note and paragraphs 1 wd 2 hereo[ shall be applied by I_ender first in payment of amounta. payable to Lender by Borrower ~ under para~raph 2 hereof. thea to interest payable on the Note, then to the principal of the Note, and then to interat and ~ principd on any Futurc Advances. ~ C~a; Lk.s. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to ~ the Property which may attain a priority over this Mortgage, and leasehotd payments or ground rcnts, if sny, in the manner i pmvided under paragnph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. diratly to the : payee the~+eof. Borrower s6a11 promptly Eurnish to Lender all notices of amounts due under this parngnph. and in tl~e eveat t Borrower shall make payment dircctly. Borrower shall promptly lumish to Lender receipts evidencina such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided. that Borrower shall not be requirod to discharge any such lien so long as Borrower shall agrce in writing to the payment of the obligation secured by ~ such lien in a manner acceptabk to Lender, or shall in good faith contest wch lien by. or defend enforcement of such lien ia, ~ legal proceedings which operate to prevent the enforcement of the I~en or fodeiture of ihe Property or any put thereof. ~ S. Hazud Iasnrnece. Borrower shall kap the improvements now esisting or hereatter erected oa the Property iasurod againtt loss by (irc, hazards included within the term "extended coverage". and such other haurds as Lender may require and in such amounu and for such periods as Lender may require; provided, that Lender shall not rcquirc that tht amount of such cove~age exceed that amount of coverage requircd to pay the sums securcd by this Mortgage. i 'Ibe insunnce curier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval sha11 not be unnasortably withheld. All premiums on insurance policia shall be Paid in the manner providod under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, diroctly to the insunnoe carrier. All inwrance policies and re~ewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in Eavor of and in form uceptable to Lender. Lender shal! have the right to hold the policia and renewals thereof. and Borrower shall promptly furnuh to Lender all renewal notices and all rcceipts of paid prcmiums. in the event of loss. Borrower shall give prompt notice ~o the insurance carrier and Lender. Lender may make proof of loas if not made promptly ' by Borrower. ~ Unle.a [.ender and Borrower otherwise agrce in writing, insurance procceds shall be applitd to rcstoration or rcpair of i the Property damaged. provickd such restoration or rcpair is economically feasible and the security of this Mortgage is j not thereby impaircd. It such restoration or rcpair is not economically feasible or if the socurity of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the ea~cess, if any. paid to Borrower. I( the Property is abandoned by Borrower, or if Borrower (ails to respond to Lender wilhin 30 days from the i date notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, L.ender I is authorizod to collect and apply the insurance proceeds at Lender's option eit6er to restoration or repair of the Property ! or to the sums secured by this Mortgage. ~ Untess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. IE under paragraph 18 beroof the Propeny is acquired by Lender, all rig]u. title and intercst of Borrower ~ in and to any insurance policies and in and to the proceeds thercof 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 \iortgage immediately prior to such sak or ' acquisition. ! 6. Prsservstloa aod Naiatenance of Propaty; Ltaseholds; Condomiaium~ Plaaned Uait Devdopments. Bormwer ~ shall keep the Property in good repair and shall not commi~ wute or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage is on a leaxhold. lf this Mortgage is on a unit in a ~ condominium or a lanned unit develo ment, Borrower shall p p perform all of Borrower'a obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the - ` condominium or planned unit development, and constituent documents. If a condominium or planned unit development ' rider is executed by Bonower and rccorded together with this Mortgage, the covenants and agrcements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rid~r ? were a paR hereof. 7. Proteetion of Lender's SecurifY. lf Borrower fails to per(orm the covenants and agrcements containod in ihis ~ Mortgage, or if any action or proceedmg it rummeneed wh~ch materially afiects Lenekr's interest in the Property. ; includmg, but not limited to, eminent domain, insolvency, code en(orcement, or arrangements or proceedings involving a ; bankrupt or decedent, then I.ender ~t Leoder's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take sueh action as is necessary to protect I.ender's ~nterest, including, but not limited to, disburxment of ~ reuonable a~tomey's fees and en~ry upon the Property to make repairs. It Lender required mortgage insurance u a condition of making the loan secured b}• this Mortgage, Borrower shall ~y the premiums required to maintain such ~ insurance in effect until such time as ~he reyuirement tor such msurance ~lrminates in accordance with Borrower's and i ' I . . . f , . ~00~28? ~a 6g8 _ . . ~ ~ . . 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