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HomeMy WebLinkAbout0968 . . 4 &,rrower and l~nder cove~ant and agree as followe: 1. Payweat of Principal wnd interea~ Borrowe~ shall prompUy pay when due the principal of and intereut o~ the indebtedneee evidenced by the Note, prepaymenl and late charges as provided in the Note, and the principal of and intereat on any ~ture Ad~~ances secured by this Mortga~e. ~ 2 Elufdi [or Tases euid ln~urance. Subject to applicable law or to a written waiver by l.ender, I3orrower shall pay to l.ender on the day monthly installmenta of principel and intereat are payable under the Note~ until the Note ie paid in full, a sum (herein "F'unds") equal to one twelRh of the yearly ta:ee.end asseeaments which may attein priority over this Mortgage, and ground renta on the Property, if any, plue one twelRh of y~rly premium inatallments for hazard insurance, plus onetwelRh ofyearly premium installmenta for mortgage inaurance, if any, al! aa reasonably eetimated initially and from time to time by Lender on the basie oi aseeasments and uiUs and reasc?nable eatimatea thereof. The Fl~nds ehall be heM in an inaditudon the depoeita or accounts of which are insured or guaranteed by a Federal or 3tate agency (including Let?der if I.ender ia such an inadtution~ Lender shall apply the Funda to pay eaid taxes, asaeasmente, ineurance premiume and ground nnts. Leeder may ~wt charge for so holding and applying the ~nde, analyzing eaid account, or verifying and compiling said aseeeannenta and bills. unless Leader pays Borrowe~ inter~t on the Funda and applicable law permite I.ender to make euch a charge. Borrower and L,ender may agree in writing at We time of e:ecatioA of thia Mortgage that interest on the ~nde shall be paid to Bormwer, and unleae •uch agt+oemeat is made or appUcabk law requires auch intereat to be paid. Lender shall aot be required to pay Borrower any interest or earnings oa the F~nds. I.ender ehall give to Borrower, without charge, an annusl accounting o[ the Funds shoveing credits and debits to the Ftinda and the purpose for which each debit to the ~nda was made. The Funda are pledged ae additional security for the suma eecured by thie Mortgage. If the am~unt of the ~nde held by Lender, together with the future monthly inslallments of Funds payable prior to the due dates of ta:ea, aeeeasmenta, insurance premiume and ground renta. ahall e:c~ed the amount required to pay eaid taxea, aseeaementa, insurance premiuma aad ground rents as thry tall due, such e:ceas shall be. at Borrovrer's option, either prompUy repaid to Borrower or rredited to Borrower on monthly installments of I~nds. V the amount of the Funda held by Lender ahall not be eufficient to pay ta:ea, seseasmenta, insurance preauums and ground rents as Wey fall due, Borrower shall pay to l.epder any amount neceseary to make up the deficiency within 30 daye from the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon payment in full of aA sume secured by this Mortgage. I.ender ahall promptly refund to Borrower any funda held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwiae acquired by Lender, L.ender ahall apply, no later than immediately prior to the sate of the Property or ite soquisition by Lender, any Funds held by I,ender at the time of spplication ae h credit agajnet the suma secured by this Mortgage. 3. Application of Paymenta. Unlese a Urable law ~ pp ' provides otherwiee. all paymente received by I.endei under the Note and paragraphs 1 and 2 herrof ahall be appGed by I.ender first in payment of amounts payable to [.ender bq Borrower under paragraph 2 hereof, then W interest payable on the Note, then to the principal of the Note, and th~ to intereat and printipal on any Future Advancea. 9. C6argee; Liena. Borrower shall pay all taaes, assessments and other charges. ~ and i~pooitiw~sattrit~utable to the Property which may attain a priority over this Mottgage, and leasehold payments or ground renta, if any, ~n the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to I.ender all noticea of amounts due under thia paragraph~ and in the event Borrower shall make payment directly, Borrower shall promptly fumish to L.ender reoeipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to diecharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation secured by such lien in a manner acaeptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the en[orcement of the lien or forfeiture of the Property or any part thereof. 5_ Hazard Insurance. Botrower ahaU keep the improvementa now exiating or hereafter erected on the Property inaured againat losa by fire, hazards iacluded within the term "e:tended coverage," and auch other hazarda as Lender may requirn and in such amounta and for auch periode ae i.ender may require; provided, ci?at ixnder snaii not require suce rnverage amount exceeAing the mimmum, as may be required by state or federal regulations governing activities of Lender. or that amount of rnverage required to pay the suma aecured by thia Mortgage, whichever ia the greater. The insurance carrier pmviding the insurance shall be chosen by Borrowez subject to approval by Lender, provided, that such approval shall not be unmasonably withheld_ All premiums on insurance policies shall be paid in the manner provided under par~Qraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier_ All inauranoe policies and renewals thereof ahall be in form acceptable to Lender and ahall indude a atandard mortgage clause in facor of and in form seoeptable to Lender. Lendershall have the right to hold the policies and renewals thereof, and Boaower ahall proinpdy furnieh to i.ender all renewal notioes and all ceceipta of paid premiuma. In the event of losa, Bor~uwer shall give prompt notice to the insurance carrier ; and I.ender. Lender may make proof of loss if not made promptly by Borrower. ' ` Unleas Lender and Borrower ot6erwise agree in writing, insurance proceeds shall be applied to reatoration or repair of the Property j damaged, {xovided snch restoration or repair is economically feasible and the security of this Mortgaqe is not thereby impaired. If sucb ; restoration ar repair ia not econowically feasible or if the security of this Mortgage wauld be impaired, the ineurance proceeds ahall be applied 't to the auma eecured by thia Mortgage, with the eaceas, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to reapond to I.ender within 30 days from the date notice is mailed by Lender te, ~3orrower that the insurance carrier of~era to settle a claim for ~ ineurance benefita. Lender is authorized to collect and apply the insurance praceeda at Lender's option either to restoration or repair of the ~ Property or We auma eecured by thia Mortgage. ~ - , Unless Lender and Borrower oth~u-iae agree in writing, any euch application of proceeda to principal ahall not extend or poatpone the due ` date of the monthly inetallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallments. If under paragraph 18 ~ hereof the Properiy is acquired by Lender, all right. tide and interest of Borrower in and to any insurance policies and in and to the prceeeda ~ Lhereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums aecured by thia Mortgage immediately'prior to such sale or soquisition. ~ 6. Preaervatioo and Maintenance of Property; Leaee6olds; Condominume; Planned Unit Developmente. Borrower shall keep ~ the Property in good repair and ahall not oommit waste or permit impairment or deterioration of the Property and ahall comply with the proviaione of any lease if this Mortgage ia on a leasehold. If thie Mortgage ia on a unit in a oondominium or a planned unit developmenl, ~ Bortower shall perform all ot Borrower e obligations ander the declsration or covenanta creatingor goveming the rnndominium or planned unit developmen~ the by-lawe and regulationa of the condominium or planned unit development, and conatituent documenta. If a ~ condominium or planned unit development rider is ~ecuted by Borrower and recorded together with thie Mortgage. the oovenante and ~ agreements of such rider ahall be incorporated into and shall amend and supplement the covenanta and agreements of thia Mortgage aa if the ~ rider were a part hereof. " ~ 7. Protection ot I.ender'e Secarlty. If Borrower fails to perform the oovenante and agreemente oontained in thia Mortgage, or if any ~ action or prooeeding is oommenced which materially affects Lende~a intereet in the Property, induding, but not limited to, eminent domain, _ insolv~cy, oode eaforcemeat, or arrangemeate or prooeedings involving a bankrupt or deoedent, then Lender at Leader's option.upon : • notioe to Borrower may make such appearances, diaburse such eums and take snch action as is neceeeary Lo protect Lender's intezest, inclading, b~ not limited to, disbursement of reasonabk attoroey e fe~ and entry upon the Property to make repairs. If Lender required ; martgage insnranoe as a oondition of making the loan secared by thie Mortgage, Borrower ehall pay the premiums required to maintain , sach inauranoe in dfect nntil ench time as the cequirement for euch insurance terminate8 in aocordance with Borrower's and Lender'e - writtea agreemeat or applicabk Isw. Borrower shall psy the amount of all mortgage ineurance premiums in the manner provided under " paragraph 2 hereof. : ` ~ny amoun~a diebnrsed by Lender persuant co chia paragraph 7, with intereet thereon, ehall beoome additional indebtedneee of ~ ~ Borrower secured thia Mo - by rtgage. Unlese Borrower and I.ender egree to other terma ot payment, auch amounts ehall be payable upon - ; notioe ficom Lende: to Borrower requeating payment Wereof, and ahall bear intereat from the date of diebureement at the rate payeble from f % time to time on ontatanding principal under the Note unless ` payment of interest at auch rate would be oontrary to applicable law, in which ~ event snch amounts shall bear in~t at the higheet rate permieeible under applicable law. Nothing contained in this paragraph 7, ahall ' } ~ require Lender to incur any ~penae or take any action hrreunder. ~ ~ ~ ~ 600K ~ PACE ~7 ` ~ . ~ ~ ~ ~ ~ - - - _ ~ Y ~-e~ ~`n f'd~ ~ ~ ~ ~ L `"Y ~~yy ^ ~ h!~n, "-'+'~`~va. { - -i y ~ . 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