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HomeMy WebLinkAbout0943 . . . . • ; r'':~ • ~ ~ . Urt~~oant CovEh+N~rs. Sorrower and lxodcr c~~venam a;~d agr~ti a. ic~lluws: 1. Pa,rment of Pdncipal aud laterest. Borrrwcr .h:~n r~,~~~~~~i~ pay ~hcn duc ihc prin~ipal af and i~terest on ~he ~adebtedness evidenced b~ the Notc, prepaymeal and I:+te char~r. a. ~ruvided ~n ~he Note. and the principal of and inten:st . on any Futun Advances secureci by this Martgage. 2. Fnads for Tues a~d lasurance. Subjec~ eu appiicaric L~w ur ~o a wriUcn waiver by t.ender. Iiorrower shall pa~• to l.ende~ on ~he day monthly instailmentc of principal and ~ntc~r.~ arc ~~ryab~r under the Nate, until ~he Note is paid in full. a sum (herein "Funds") equal Ia one-twelfth of the yc:+rly ca~« :~nJ acks~mcn~c which may attain pri~rity ovcr thit Mortgage, and ground rents on Ihe Pmperry, if any, plus onc-~wrlph M~~carly prcmium installments for hazard insur;,nce, plus one-tw~elfth of yearly prcmium installmcnts tor m~~rtgagc ~nsurancr, if any, all as rcasonahly estim:ited initially and (rom time to time by l.ender on the basis af a,.~~c.mcnts aiid h~!1~ and re,~~onabic estimates thereof. The Funds sh~11 he held in an institutiun thc de~x~sii~ ~~r arruunts ol whirh are insurecf ar guarantecd by a 1=cJeral or state agency (includiog Lender if ~ender i~ surh an institwi~.n I.ender.hall apply the Funds to p:+y said ~axes, asticssmcnts, insurance premiums and ground rems. 1 ender ma~• no~ charge I~.r s~. holding and applying Ihc F~?nd~. analyzing caid acc.~unt. or verifying and compiling said assetisments and hill~, iml~~ss Lende~ F?aya Borrower intcrest on the Funds and applicable law permils Lender to make such a charge. 13c~rrow•er and IAnJer m~y agree in writing at the time ot exrcutiun e~[ this Mortgage that interest an the Funels shall tx; paid to Borrower, and unless such agreement ~s made ~~r applicahte law requires such interest to be paid, Lender ~hall no~ he reyuircd t~~ pay Bormw•c~ any interest or earning+ c~n the Fund~. l.c,idcr shail give to Borrower, without charge. :~n ;,nnual ;~cruun~ing the FunJs showing credits and debits to ~he Fund~ a~d thc purpoae for which each debit to the Funds wax m:~dr. The f=unds are pledgcd a~ additional sECUrity for the sumt securrd by this Mortgage. If the amount of the Funds held by LenJer, together with thc future m~nthly inst•rllments ot Funds pa~•ablc prior to ' the due dates of taxes, ass~ssmenls, insurance premiums and ground rents, shall excceci thc amount reyuircd to pay ,aid taxes, assessments, insurance premiums and ground rents as thcy fall duc, such exccss shall be, at B~urower's opti~~n, cither prompdy repaid to Borrower or credited to ~orrower on monthiy installmcnts of Funds. I[ thc amount of thc Funds hNd by Lender shall not be sufficient to pay taxes, assessments, insur:~nce premiums and ground rents as they f:~ll due, Borrower shal! pay to Lender any amount neces.wry to make. up the deficiency within 30 da}~s from ~he date notice is mailed ~ by I.ender to Borrower reyuesting paymcnt thercoL ~ Upon payment in full of all sums secured by this Mortgage, i_ender shall prompdy refund to 8orrower any Funds held by LenJer. If under paragraph 18 hereoi the Property i~ k~ld or thc Property is otherwise acquircd by l.endcr, !_endcr shall apply, no later than immediatcly prior to the salc of thc • Property or its acquisition hy t_cndcr, any f~unds he1J by Lender at the time of application as a credit against the sums secureci E+y this hlongage. 3. Application of Payments. Unless applicable law prc»ides otherw•ise, alt payments received by l,ender uoder thc Note and paragraphs i and 2 hereuf shaH be avplied by l.ender first in paymcnt of amaums payable to Lcnder by Barrow•er under paragraph 2 hereof, then to intc~est payable on the Nute, then to the principal of the Note, and thcn ta interest and ` principal on any Future Advances. ~ 4. C6arges; Liens. Borrow~er shall pay all ta~es, assessmcnts and other charges. fincs and impositions attr+butable to the Property which may attain a priority over this Mortgage, and Ieasehold payments or ground rents, if any, in the manner ' pt+~vided ureder paragraph 2 hereof or. if not paid in such manner,'by Borrower making payment, when due, directly to the ~ payce thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, aad in the event Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments. . Borrower shaU promptly discharge any lien u~hich has priority over this Morlgage: provided: that Borrower shall not be required to discharge any such lien so long as Borrow'er shall agrec in w•riting Io the payment o( the obligatiun secured by suc6lien in a manner acceptable to Lender, or shall in gaod taith contest si~ch lien 6y, or defenJ enforcement of such lien in, legal proceedings which operate to prevent the enivrcement ~f the li~n or forfeiturc of the Properiy or any part thereof. S. Hazard i~uurance. Borrow•er shall kecp the impro~cnients noH• cxisting on c~reafter erected on the Property insured against loss by fire. hazards included u•ithin the term "extended .coverage". anJ such other hazards as I_ender may reyuire :?nd in such amounts and for such periods as Lender may reyuirc: pr~,vided, that Lender shall not require that the amount of such coverage exceed that amount of rnverage required to pay the sums secured by this Mortgage. The insurance catrier praviding the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such appraval sha11 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, direcdy to the insurance carrier. ~UI insurance policies and renewals thereof shall be in forni accept~ble to Cender and shall indude a standard mortgage - dause in favor of and in form acceptable tu I.ender. l.ender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all rcnew•al notices and all receipts of paid premiums. In the event of lo~s. Borrower shall give prompt notice to the insurance carrier and t_ender, Lender may make proof of loss if not made prompNy by Borrower. Unless I.ender and Borrow~er othcrv?~iw; agrce in w-riting, imurance procecds shall bc applied to restoration or repair uf ~ the Property damaged, provided such restorauon or repair is economically feasible and the security of this Mortgage ie - not thereby impaired. lf such restorat~on or repair is not ernnomically feasible or if the security of this Alortgage wruW be impaired, the insura~ce proceeds shall be applied to the sums secured b}' this Mortgage, v?•ith the excess, if an}', pa~d to Borruwer. If the Proper~~~ is abanduned bti Bormwer, or if Borrower fails tu res~nd to Lender within 30 days from the I date notice is mailed b~• Lender to Borrower that the insurance carrier olters to seule ~ claim for insurance bene6ts, !_rr.~l~- ~ is authoriud to cotlect and appl}• the insurance proceeJs at Lender's option either to restoration or repair of the Prc•pen~ or to the sums securecf by this tifortgagc. _ Unlesc l.ender and Borrowe~ othervrise agree in writing, any such application af prcx:eecis to principal shall not ~~ir~tid ~ or postpone the due date of the monthl~~ installmcnts refc~red t~, in par~graph~ t and 2 hercof or change the amoum of ; such instaltments. If under paragraph 18 hereof the Property is acyuireJ by Lendcr, all right, title and interest ot Borr~~wer in aud to any insurance policies and in and to the proceeJs thereof resul~ing trom damage to the Properry prior to th~ aalc or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such ~ale or ! acquisition. ` ! 6. Presenation aod l~itintenance of Properfy; I,easehotds; ('ondomioiums; Plnnned Unit Developmenls. Borro~.cr shall keep thc Property in good repair and shall not com~it waste or permit impairment or deterioration of the Property and shall comply v?•ith the provisions of any lease i[ Ihis Mortgage is ~~n a Ieasehcild. )f this Mortgage is on a u~it in a condominium or a planned unit devclopment, Borrow•er shalf perform all of Borrower's obiigations under the declaration or covenants crrating or governing the condominium or planned unit development, the by-laws and reg~dations of the condominium or planned unit development. and constituent dixumems. If a condominium or planned unit Jevelopment rider is executed by ~Borrower and recorded together with this Mortgage, the covenants and agreements of sueh ri~t,r shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ri~ler ~ were a part hereof. ' , 7. Protecfion of Leodt~s Seeurity. If Borrower fails to perfnrm the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially aHects LenJer's interest in lhe Proper~y. including, but not limited to, eminent domain, insoh~ency, code e~torcement. or arrangemen~s or proceedings involving a ; bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such app~arances. Jisburse such swns and take such action as is necessary to protect l.ender's interest, including, but not limited to, disbursement o( reasonable attomey's fees and entry upon the Property to makc rcpair~. If I.ender requircd mortgage incurance as a condition of making the loan secured by this Mortgage, Borrowcr shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurar~ce terminates in accordance with Bormwer s and ~ ~ ~ - x ~ 4. _ .