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HomeMy WebLinkAbout0093 . ~ ' • ~ ..a ~ • t. . ' Borrowet and Lendes covenaat aad a~ras a~ follovin: i 1. PiU?ment oi Priacip~l aad Interen. Borrower shall pmmptly pay when due the pdncipal of end intere~t on the indebtednes~ ; widenced by the Note. prepayment and late char~e~ a~ proeided in the Nate. ~nd the principal ot and iat~est oe any Fhture Advances secured ~ by thi. Mortg~e. ! Fbnds for Twces aad la~ureu~oa 3ubject b applicabte law or to a wr~tten vraiver by L~der. Borrower ehall p~y to Lender on the day ~ wonthly in~tallmeuts of principal and interest are payable under the Nota. until the Note is paid in full. a sum (herein "Funds'7 equal to on~ # twelRh of the yeady tases and assesements which may attain priority over thia Mottgage. andground rents on the Property. if any. plus one~ ` twelRh of yearly prea?ium installmenta for hesard insurance. plue onstvrellth of yeady premium installmenta for mortgage ineurance, if any. t ell as reasonably estimated iaitial~y aad trom time to tima by I.ender on the basis oi asaeasments and bills and nasonable eatimates thereof. 'lbe I+Lnds shel! be heW in sa institution ti~e_deposita or aooouats of which ue uuured or ~uaranteed by s Federal or 3tate ag~cy (including Lender if I.ender is snch en uutitution). Lender sbaU spply the P1u?de to pay said tases. asseesment~. insusanoe premiuau and ground reata. Leader mqy aot charge t'or w hold'?n~ and applying the F1~nds, analysinS said account, or ve~rifying and compiW?g said . a~m~ts and bills. untees I,ender Qs,ys Botrowet interest on tbe ~ndr and appficabk law permits Lend~ to make such a charge. Borrower ? and I.ead~ mqy agree in ~vritia6 at the tiare of ezecutioa of this Mortgaee Wat intereat on the F1~nda shaU be paid to Borrawer, and unless ~ sucb a~reement is made or applicable law taQuire~ such interest fa be paid. Lender ahaU aat b~ required to pay Botroares any intend os ~ esrninB~ on the FLads. Lender shall give to Borrower. without charge, an annual aooounting of tha Ptinds ahowing credits and debita to tha ` Fnnds and the pnrpo~e for which each debit to the Phnds was inade. The Ftinda aia pledged as additional aecurity for the sums secnred by this 4 ~ If thee amonnt of the Fl~nds held by Lender. together with the fntun monthly instsUments of ~nds payable prior to the due dates of eaxes, f assessinents~ ine~uance premiums aad gronnd rents, ahall ~oaed the amoupt required b pay said ta:es, esseasmeats, insuranoe pnmiums and gronnd rents as they fall due, auch esoesa. shall be. at Borrower's option. either promptly npaid to Borrow~ or credited b Borrower on ; monthly installments of P1~nds. V We amount of the F~da held by Lende~ ahell not be sni~cient to pe~y ta~ces. assesaments. ina~rance € Preminm~ and grouad nnts as Wey fall due. Borcower shall pay fn Lender any amount ne~easarY to malce up the de6riency withia 30 daya from the date notios is mailed by Letide~ to Borro~rer requeating pe~yment thezeof. Upon pqyment in fnU of all sams sec~ued by Wis Mortgage. Lender shaU pzomptly refund to Borrowez any funds held by Lender. Uunder paragreph 18 bereof the Pro~ty is sotd or the Pro~acy is ocherw;se acQaired by La~der. i.ender ahall appiy. no later than immediately prior to the sak of the Property oritaaoquiaition by Lendar. any I~nds held by Lender at the time of appficatioa ae a credit agaias! the suma sec~u~ed by this Mortgags. 3. Applkation of Payments. Unless applicable law provides otherwise. all pay~neats received by I.ender under the Note_ and peragraphs 1 and 2 hereof shall tie applied by Lender 5rat in payment of amounta payable to Lender by Borrower undu paragraph 2 hereof. . ~ then to interest p~a,yable on the Note, then Lo the principal of the Note. and then to interest and principal on any Fntnre Advancea ~ 4. Charges: Liens. Borrower shall pay al1 ta:ea, aesesamenta end other charges. Snea and impositione attributable b the Prop~ty which may attain a priority over fhis Mortgage, aad leaeehold paymenta or ground renta, if any. ia the manner provided under paragraph 2 hereof or, ~ if not paid in auc6 manner. by Borrower ma~ine payment, when due. dit~ectly to the payee thereof. Borrower shall promptly farniah to Lender E all notices of amounts dae under thie paragraph. and in the event Bor~owe: shali make payment directly. Borrower shall prompdy furnish to ' Le~der n~aeipts evideacing such paymeab. Borrower ehall pmmptly diecharge anY lien which has priority ove: thia MortBa6~ Provided. that Borrower ahall not be required to diacharge any auch lien eo long ae Borrower shaU agree in writing to the payment of the obligation secured by such lien ia a maaner acceptable to Lender. or shall in good faith oont~t such lien by. or defend enfon~ement of auch lien in, legal proceedinga which ope:ate to prevent the enforcement of the lien or forfeiture of the Property or any part thereot. 5. garsrd Insnrance. BoTrower shall teep the impmvementa aow e:iatiag or hereaftez erected oa the Property inaured againet lose by 6r~ hazards included ~vithin the teim "e:tended ooverage," and anch other hazarda as Lender may reqnire and in such amounts and foranch periods as I,enda may require: provided. that Lender shall not require such ooverage amount ezceeding the minimum. as may be required by? atate or federal regulationa gover~ting adivities of I.ender. or that amonnt of coverage required to pay the auma aecured by thia Mortgage. whichevar is the greater. TAe insurance carri~ providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approvel shall not be unreasonably withheld. AII premiums on inaurance policies shall be paid in the manne~ provided under paragraph 2 hereof or, if not paid ia sucfr mannec, by Borrower rna~ing pay-meat, v~hen due, dizectly w the insurance carrier_ ' All insurance polides and renewala t6rreof ahall be in form acceptabk b Lender and ahall include a standard mortgege clause in favor of ' and in form sooeptable to Lende~. I.ender ehall have the right to hold the policaee and renewals the~reof, and Borrower ahall pmmptly fumiah to ~ 'f i,enda aU renewal notioes and sU receipta of paid premiums. In the eve~t of loss. Borrower ehall give pmmpt notioe to the inaurance carrier ~ and I.ender. I.endes maq mal~e proof of loae if not made promptly by Borrower. ~ Unless I.ender and Borrowez otherwise aBree in ~vriting. inaurance pmoceds ehall be applied to restoration or repair of the ProPertY damaged, pmvided euch restoration or repair is economically feaaible and the eecurity of this Mortgage ia not thereby impaired. If snch ~ restora4on or repair is not ec~~nomieally feasibk or ~f the sec~ity of this Mortgege wonld be impaired. the inaurance proceeds shall be applied 't to the sums eecured by this Mortgage. ~rith the excees. if anY. paid to Boirowes. If the Pmperty ia abandoned by Borrower. or if Borrower faile to ~ respond to I.ender within 30 days 5rom the date nolice ia mailed by Lender to Borrower that the insarance carrier offere to eettle a claim~for inswanoe beaefits, I.ender is anthorized b oollect and apply the inanrance prooceds at Lendefs option eitbez to reatoration or repair of the Property or the sums eecured by thia Mortgage. ~ ~ Unless Lender and Borrower otherwiae agree in vvriticiB, any anch applicstion of pioceeds to principal shall not e~ctend or postpone the due date of the.monthly installments referred to in paragraphs 1 and 2 heceof or change We amonnt of such inatallmente. If under paragraph 18 ~ hezeot the Propezty is aoquired by I.eader. all right. titk and intereat of Borrower in and to aay inaurance policiea and in and to the prooeeds , thereof teanlting fcom damage to Property prior to the sale or aoquiaition ahall paea b Lender to the eztent of the eams eecured by this ~ i Mortgage imnnediately prior to snch sate or aoqniaition. 6. Preservation and 1[aintenance of Property; Leaseholds; Condominams; Pianned Unit Developments. Bon~ower ehall keep the Propedy in good tepair and ahall not commit waste or permit impairment or deterioration of the Property and ehall oomply with the pmvisions of any lease if this Mortgage ~is on a leasehold. It thie Mortgage is on a unit in a oondominium or a plsnaed unit development, Borrowez ahall perfoim all of Barrowe:'s obligations under the declaration or oovenantg creatingor governing the condomini~un or planned unit developmenk the by-laws aad regulations of the oondominium or planned nnit development, and oonatituent docnmeata. If a condomininm or planned unit development ridar is execnted by Borrower and reoorded together with this Mortgage. the oovenanta and " agreemente of euch rider ahall be inrnrporated into and ahall amend and supplement thecoveuante and agregmenta of thie Mortgage aa if the rider were a part hereof. 7. Protedion ot Lender'~ Secnrity. If Borrowrer faiL Lo pe:form the oovenanta and agreemente contained in this Mort8a8e. o~ if an3? actioa or psooeeding is oommeaoed ~+hich materiellY affects Lenda'~ intenet in the Propaty. including. bnt aot fitnited to. eminent domain, ~ uuolveacy. oode eaforcem~k ~ aaenSemeab os prooeedings involvin~ a ban~npt or deoed~t, then Lender at Lende~s option,npoa ~ " notioe to Borrower may mai~e sach appearanaes. disburse sach snms and take snch action as is necessary to proted I,endds intere~t, ~ ~ indoding, b~ not limited to, disbar~ent of r~wnabk attorney's fees and entry npon tbe Property to malice repair~. If I.e~de~ reqnired i ~ martgage insnranoe aa a oondition of making the losn secured by this Mo~tgage. Bo:rower shall psy the preminms reqnired to maintaia ~ ~ snch insntanae in etted nntil snch time as We requiremmt fot sach in~tiranae terminates in aocordanca with Borrowd~ and Laid~'~ ~ ~ writtea a~reeaxnt or applicable IBw. Borrnwer shell pey the amount of all mortgage insurance preminma in the manna yrovided nn~r ~ ParagraPh 2 h~xeof. ~ Any amonnta disbnned by Leader persuant to this paragraPl~ 7. with intenst thereon. shall beoome_ additional indebtednesa of Borrower ~ecured by this Mortgage. Unleas Borro~ver and Lender agree to other t~ms of paym~~ snch amonnte ~hell be payabk npon ~ notioe trom Lenda to Bore+o~ver reqnatting paym~t thereo~ and shall bear ir.Eerest irom the date of diabuzsement at the rate payabk from ~ time to time on ontstaading principal uader We Note nnless paymeat of interest at aach rate would be oontrary to applicable laa. in wr}uch ~ cveat wch amounts shall bear inter~st at the highest rate permiwible under applicabk Iaw. Nothing oontained in thia paragraph 7. ahall i reqain Lender to incur any ezpense or talce any action hereundez. ~ ~ _ - ~ eooK28?' ~ 92 ~ - ~ , _ - - - - - _ A ~~'~S r, _ _ ,r . , .~~..~_""~2' . _ .