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HomeMy WebLinkAbout0649 ' Ut+irouM Oovat+srns. 6ort~ower sud L~de~ cuvenant and a~ror u fdlowi: 1~ysNt et M~e}~I aM I~Mred. 8orrower sha!! Pr~D~~) WY when due t6e principsl of and intei+at on the :ndebtedne~t evideaced by tbe Note. poepa~tit aod late clwr~cs u pravided in the Note, and the ptincipd ot aad inteteq aa anr Futuro Advaaces ~ecund b~? tha Mort~a~e. ~ E1ri hr 71~ooN.a~i L~se~. Subjoct to applicabk law ix to s wtitlen waive~ bp Lender. Borrower ~t~ap P~r to Lender on the day moathtp instdlments ot principal and iatercu ~rc paysMe under the Note. until the iVota is paid ie tull. a sum (hsncin "Fiu~'y eqw! to oe~e-twelfth ot the yes~1~~ tax« a~t assas+nents which may attaia priority m?e~ this M~• ~d t~ ~t~ on tlie Prnpeny. it any. pius o~e-tweltth of yearl~i' prcmium ins~llments tor hWrd insunnee. plus oae-tarelRh o[ yea~iy premium enstaitmeots tor mort~a`e inui~a~ce. it aey. dl as rcasooablr estimated ioitially and (rom dme to time by Leadet ou tbe basis of asxssments and hilh and rcasonabk atimata theroof: • The Fun~ shall be beW ie an institwion the deposia o~ accouna of which aro iosured or ~uan~teed by a Federat ot = state asency (includinj Leader if Lender is such an institution). I.ender shall apply the Funds to pay said taxa. ss~aame»ta. ~ iawranoe pnemiunu aod jround rcnts. l.ende~ may not chsr~e ior sc~ holdins and applyins the F~~nds. analysin= said account, or verifyin~and compilio= said auessmena and bills. unkss Lender paps 8orrowe~ interat on th~ Fu~ds and applicabk law ~ permits L~ender to mske wch a cha~`e. Borrowe~ aad Ler~der may a=roe in w~tin~ at the time ot exceution o[ this Mortp~e tLat interest on the Funds shall be paid to 8orrowe~. and uaku such sjreement is made or applicabk .larv ~ roquira wci~ interat to be paid, i,ender shall not be required to pay Borrower any interat or earnings on the Fu~ds. Lende~ ~ sbal! pve ta Bomo*?er. witbout cbarse. an annwl accountina ot the Funds showina credits and debits to the Funds and the purpox~or which each debit to tbe Funds wu made. The Funds aro pledgod as ~dditional security for ~he sums secured If the anaunt of the Fund~ bdd by Leoder. tosether with the future monthly installmeeta of Funds pa~rabk prior to s the due data of taxes. auessmeots. insurance premiums and ~round oents. shall exoeed the amount requind to pay uid taxa. saatments. inwranoe. premiums and ground rents as they fal! due. such excess shall be. at Borrower's option. either promptly repaid to Bor~vw~er at crtditod to Bon~ower on monthly installments of Funds. If the amount oi the Funds hdd b~? Lender shW not be ~16cieot to pay tues. anesunents, insurance premiums and ground ronts ss they talt due. P~Y ~Y ~uary to make up the deficierrcy withie 30 days from the date notioe is msikd bp,I.eadtr to Borro+ver nquatinS Payment thereof. . Upoo paymeat in fuU of dl wnts secured by this Mortgage, Lender ~all promptly refund to Borrower any Fun~ ~ hdd by L.eader. If under paragraph 18 hercof the Property is sold or the Property u aherwise acquit+ed by Len~kr. Lender ` shall appiy, rw iater than immeaiateiy prior to the saie ai €:sc °roperty or its acquisition by [.ender. any Funds held by . ; I.eader at the titns of application u:a ecedit agai~st the suins socured by this Mongage. . A~catio~ ot Pa~fee~b. Unless applicable law provides otherwise. all payments received by i.ender under the Note and pa~ageaphs 1 ant12 hereof shall be applied by Lender first in payment of amounts payable to I.ender by Borrower under partgraph 2 hercof. the4 to ioterest payable on the Note~ then to the principsd of the Note. and then to interat and principal on any Future Advanoes. CWrfefi Lkss. Borrower shall pay all taxa, assessmcnts and othe~ charges, 6nes and impositions attributable to the Property which may attain a priority over this Mortgage. and Ieauhotd paya~ents or ground rents. if any. i~ the manoer ; Qtavidod under Paragraph 2 hereof or, if not paid in such manner, by Bormwer making payment, whq~ due. dirocUy to the Wyee the~+eof• Bortower shall promptly [urnish to Lendcr all notices of araounts due under ihis para~rsph. aod in tho eveat Horrowe~ shall malce payment directly. Borrower shall promptly tumish to L.ender rereipts evidencing such paymeots. - Borrower shall promptly discharge any lien which has priority over this Morigage: provided, that Borrower shall not be required to dissharge any such lien so bng as Borrower shall agree in writing to the payment of the obligatian secured by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien iq kgal procadings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. s• Hazard Im~n~ce. Borrower shall keep the imProvements now existing or hereafter erected on the Praperty insurod against laas by 6rc, hazards includcd within the term "eztended coverage". and such other hazards as L.ender may require and in such amounts and for such periods as Lender may requirc; provided, that Lender shall not require that the amount of sucb coverage exceed that amount of coverage required to pay the sums secured `by this Mortsase. ' The insurance curier providing !he inwranct shall be chosen by Borrower subject to approval by I.enAer. pmvided, that wch approval shall not be unreasonably withheld. All premiums on inwrance policia sha11 be paid in ttte roanner provid~d under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment. when due. dirxtly to the s,' insunnce carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and i~ form acceptable to Lender. Lender shall have the right to hold the policies and renewak thereof, and Bonower shall promptly furnish to Lender alI renewal notices and alI rcceipts of paid premiums. . In tbe eveot of loss. 8orrower shall give prompt notice to the iruurance carrier and Lender. Lender may make proof of lou if not made promptly by Borrower. ~ Ualess Lender and Borrower otherwise agrec in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damagcd, provided such restoration or repair is ecaoomicapy fcasible and the socurity of this Mongagt is - ~ noi ~hereby impaired. If such nstoration ot repair is not economically feasible or if the security of this Mortgage would ; be impaired, the insurancc proceeds shall be applied to the sums secured by this Mortgage, with the exeeu, if any. paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days irom the # date notice is mailod by Lender to 8orrower that the insurance carrier oliets to setUe a claim for insurance benefiu, Lender ~ is authorized to collect and apply t6e insurance praxeds at Lende~'s option eiWer to r~ton~ion or repair of the Propeny or to t6e sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writi~g, any such application of proceeds to principa) shall not extend or pc~stpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of wc6 installrtxats. If under paragraph 18 heroof the Pro f,erty is acquired by L,ender~ all right. title ~nd int~rest of Borrower in and to any insurance policia and in and to the proceeds thereof resulung from damage to the Property prior to thr. salt or acquisition shall pau to l.ender to the exteot of the sums securod by this Mortgage immedialely prior to such sak or ~ acquisition. _ ~ 6. lreserratioe and Maintraance of Property; Leasebolds; Condominiums; planned Unlt Devebprpenfs, Borrower ~ shall koep thc Property in good repair and shall not com~vit yvaste or permit impairment or deterioration of the Property ~ and shall compiy with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a uoit ie a condominium or a planned unit develupment, Borrower shall pertorm all of Borrower s obligations under the declaration # or covenants creating or governing the condammium or planned unit develupment, the by-laws and regulations of the ' condominium or pl~nned unit development, and constituent documenis. If a condominium o~ planned unit development ; rider is executed by Borrower and recorded together with this Mongage, the covenants and agreements of such rider ! shall be incorporated into and shal! amend and supplement the covenants and agrcements of this Mortgage as if the rickr wcre a part hercof. 7. Ptotection of Leader's Security. If Borrower fails to perform the covenants anJ agreements contained in this f Mortgage, or if any actran or proceed~ng +s commenceJ u-hich materially afiects l.enefer's interest in the Property, including. but no~ limited to, emment domain, inu~lvency, code en(orcemen~, or arrangements or proceedings involving a bankrupt or deccdem. ~hen Lender at Lender'a option, upon notice tQ $orrower, may make such appearances, disburse such sums and take such actiun az is necessar~• a~ prrnect Leoder's interest, incluJing, but not lim~ted to, disbursement of reasonable attomey's fecs and en~ry upun thc Properry !o make repairs. lt Lender reyuircd mortgage insurance u a condrtion o( makmg thc loan cecureJ by this Mortgage. Borrower shall pay the premiums requireJ to maintain such insurance in etTect until such time as ~he reyuirement tor wch ~nsurance terminates m accordance with Borrower's and . ~ ~ ~ "~`:K299 649 ~ ~ ~ . ~ ~y . . . - _ _ .