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HomeMy WebLinkAbout0210 .r Borrowe~ and I.ender covenant snd agree as follows: l. Peyment ot Prtncipal and lnterest. Borrower ahall ptompdy pay when due the principal of and inte~eat on the indebtedness evidertced by the Note, propayment and late charges as provided in the Note. and the principal of and intecest on any ~ture Advances secured by thu Mortga~e. 2. Il~nds for Twsea and Insurance. 3ubject to applicable law or to a written waiver by I.ender. Borrower ehall pay to l.ender on the day monthly installmer?is o[ principal aad interest are payable under the Note, until the Note ia paid in fuU, a aum (herei~ "~Lnds") equa! to onc~ IWEjIL'[I OI [}18 C8[~ taxea ano asaeeamente wnich ma RtiAlIl tlu[li uvar ihw ~uri C, u~~U cuuu3 cruw uu u~r ri , if a~. iusvjau- Y Y Y P Y K+1K K 1~ f.!+ twelRh of yearly premium inatallme~te for hazard inaurance, plus onetwel[th of yearly premiutn inataUments for mortgage i~eurance, itany. all as reaeonably estimated initially and trom time to time by l.ender on the basis of aaseeamenta and biUa a~d reaaonable eatimates thereof. The FLnda shall be held in an inetitution the deposita or acoounta of ~vhich are insured or guaranteed by a Federal or State agency (including Lender if I.endet is euch an institutioa). Lender shall epply the ~nds to pay said taxes; asseeemenfa, inaurance premiums and grouad nnts. Lender qnay aot charge for so holding and applyinQ the F~nds. analysing said account, or verifying and compiling said asseesmeats ar?d bills, unl~s Lender pays Borrower intenat on the FLnde and applicable law permits I.ender tv make auch a charge. Borrower and Lender may agree in writing at the time of e:ecution of this Mortgege that intereat on the ~nde shall be paid ta }3arrower, and unleea auch agreenaent is made or applicable law requires such intereet to be paid, l.ender shall not be eequind to p?.y Borrower any intereat or earninga on the Fhnds. Lender shall give to Borrower, without charge, an annual accounting of the ~nds showing credits and debita to the Funds and the purpoee for which each debit b the ~nde wae made. Tfie ~nda are pledged as additional security for the suma aecured by this Mortgage. I[ the amount of the fi?nde held by Lender. tagether with the future monthly inetallments of Funde payable prior to the due dates oftaxea, aseeeameata. inanrence premiuma and ground rente, shaU ~c~aed the amount required to pay said ta:ea. eaeeasments, insurance premiuine and ground rents as they fall due, aueh Paccesa shall be, at Borrower's option, either prompdy repaid to Borrower or credited to Borrower on monthly inatallmeats of Flu~ds. If the amount of the I~nda held by I.ender ehall not be sufficient to pay taxea. aseesamenta, inaurance premiuma and ground nnta as fhey fall due, Borrower ehall pay to Lender any amount neceseary to make up lhe de6ciency within 30 daya from the date notice ia meiled by I.ender to ~orrower requeating payment thereof. Upo~ payaneat in full of aU suma secured by this Mottgage, Lender shall promptly refund to Botrower aay funda held by Lender. If under paragraph 18 hereof We Proper~y is eola or the Property ie otherwiee acquired by Lender, Lender shall apply, no later than immediately prior ` to the sale of the Propedy or its aoquisition by Lender, any ~nda held by Lender at the time of application aa a credit againat the sums eecured by thia Mortgage. 3. Applieation o! Payments. Ualeea eppiicable law pmvidea otherwise, all paymente received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender firat in payment of amounte payable to Le~der by Borrower under paragraph 2 hereot, . then b intereat payable on the Note, Wen to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Charges; Liena. Borrower ahall pay all taxea, assessmente and other r.hargea. fines and impoaitions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymenta or ground rents, if any, in the manner provided under paragraph 2 hereof or, ef not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to I.ender all notioea of amounts due under thia paragraph, and in the event Borrower shall make payment directly, Borrower ahall prompdy furnish to Lender reoeipts evidencing auch paymenta. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be t+equired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by auch lien in a manner acceptable toLender, or ehall in good faith rnntest auch lien by, or defend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiturn of the Property or any part thereof. 5. Haaard Ineurance. Borrower ahall keep the improvementa now exiating or hereafter erected on the Property insured against losa by fire. hazarda included within the term "eztended ooverage,° and euch other hazards ae Lender may require and in auch amounts and for such periode as Lender may require; pmvided. that Lender shall not require such coverage amount ezceeding the minimum, as may be required by etate or federa! regulatione governing activities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever ia the greater. The iasurance carrier providing the insurance ahall be chosen by Borrower subject to approval by I.ender, provided, that aurh approval shall not be unreaeonably withheld. AU pmmiums 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, directly to the insurance carrier. All insurance policiea and renewala thereof ehall be in form aceeptable to Lender and ahall include a etandard mortgage clauee in favor of and in form aoceptable to Lender. Lender ahall have the right to hold the policiea and renewals thereof, and Borrower shal l prom ptly furnish to i,ender all reaewal notices and all receipte of paid premiums. In the event of losa, Borrower shall give prompt notice to the inaurance carrier and Lender. Lender mey make proof of loea if not made prompdy by Borrower. Unleea Lender and Borrower otherwiae agree in writing, inaurance proceeda shall be applied to restoration or rnpair of the Property II~ damaged. provided euch reatoration or repair ia economically feasible and the security of this Mortgage is not thereby impaired. If such ' reatoration or repair ia not economically feseible or if the security of this Mortgage would be impaired. the ineurance proceeds shall be applied ~ to the anms secured by thie Mortgage, with the ezcese, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower faila to ~ reepond to I.ender within 30 days from the date notice is mailed by I.ender b Borrower that the ineurance carrier o~era to eettle a claim for insnrance benefita, Lender is authorized to collect and apply the insarance proceeda at Lender's option either to reatoration or repair of the ProPertY or the sams securEd by thie Mortgage. Ualeea Lender and Borrower otherwiee agree in writing, aay such application of prooeeds to principal shall not e:tend or poetpone thedue ~ate of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of snch installments. If under paragraph 18 hereof the Property ia soquired by Lender, all right, title and interest of Borrower in and to any inaurance policies and in and to the proceeda thereof resulting from damage to Property prior to the eale or aoquisition ahaU pass to Lender to the eztent of the sume eecured by thie 9 Mortgage immediately prior to snch eale or aoquieition. , 6. Preeervation and Maiatenance of Properiy; I.eaeeholde; Condominuma;Planned Unit Developmenta. Borrower shall keep. the Property in good repair and ahall not rnmmit waste or permit unpairment or deterioration of the Ptoperty and ahall oomply with the ; provisiona of any leaae if thia Mortgage ia on a leasehold. If this Mortgage ie on a unit in a oondominium or a planned unit developmeat, Borrower ehall perform all of Borrower'e obligationa under the declaration or rnvenante rreatingor governing the oondominium or planned unit development, the by-lawa and regulatioaa of the oondominium or ptanned unit development. and oonetituent documente_ If a ~ condomir;•un or planned unit development rider ia e~cecuted by Borrower and recorded together with thia Mortgage. the aovenante and : agreementa of auch rider ahall be incorporated into and ahall amend and aupplement the rnvenanta and agreements of thia Mortgage as if the rider were a part hereof. 7. Protection ot I.ender's Security. If Borrower fails to perform the oovenants and agreements contained in this Mortgage. or if any action or proceeding ia oommenced which materially affects Lender s intereet in the Property, including. but not limited to, eminent domain, insolvency. oode enforcement, or arrangements or pmcxedings involving a banlQUpt or deoeden~ then Leader at Lender's option,npon notice to Borrower may make such appearanoee, diabusse such sums and take sach actian aa is neoeeeary to proted Lender's interest, ; including, bat not limited to, diabureement of reasonable attorney's fees end entry upon the Propedy to make npairs. Ii Lender required mortgage insnraace as a oondition of malring the loan eecured by thie Mortgage. Borrower ahall pay the preminms reqnired to maintain ~ euch inenrance in effect nntil ench time as the requirement for snch inaurence terminatee in aocordence with Borrower's and Lez?dds ~ written agreemmt or applicable Iaw. Borrower ahaU pay the amount of all mortgege insurance premiums in the manner provided under ~ paragreph 2 hereof. ~ Any amounts diabursed by Lender persuant to this paragreph 7, with intereat thereon, ahall bxome additional indebtedness of ~ ~3orrower secured by this Mortgage. Unleas Borrower and Lenda agree to other terms of payment, auch amounts ahall be payable upon ~ notice from Lender to Borrower requeeting payment thereof, and ahall bear interest from the date of diabureement at the rate payable from ~ time to time on outstanding principal under the Note anleas payment of interest at euch rate would be oontrary to applicable law, in which ~ event such amounts shaU bear intereat at the higheet rate permisaible under applicable law. Nothing contained in fhis paragraph 7, ehall ~ require Lender to incur any eupenee or talce any action hereunder. ~ ~ ~ ~p ~ BUCK ~.e7'J PAi~ ~ . - ~ _ _ _ _ _ _ . , _ , ,:r . , . . ~ , ~ . .,,+.r. 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