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HomeMy WebLinkAbout0671 UHtroRw CovaH~rrrs. Hormwer and l.ende~ coveaant and a~rce as [ollows: ~ 1 i~pit ~t hi~tlMi ~M 1Me~ed. Borrowe~ shall promp~l~ paY whe~ due tbe principal ot aod inte~eN on the indebtedne~t evidenoed b~? ihe Not0. PteWyneeat and lau chargea aa pravided in the Note. and the principd o[ aad interest ae any FWurc Advances securod by thi: Mort~s~. !~i Mr TazM aY Iaww~ct. ~bject to apQlicabk law .u to a wtitten waiver by 4.ender~ BoRO~e~ ~dl Wy to Lender on Ihe day monthly installmeMS of principal and in~crcct arc payaMe under the Note. until the Note is paid +o (u~~. a sum (heroie "Fu~'~ equal to ona-tweltth o( ~he yea~ly ta~?c. anJ assasments which may attsin priority ove~ this Morisaje. and ~round rents on tbe Propetty. it sny, plus one-twelhh of yea~ly~ premium installments tor hazard insunnce. plus oae-tweltth ot yearly premiwn installments for nwrtsase insn~ancc, if any, all u ressonably estimated initially and from time to time by Leuder on the basis of assasment: a~d hills and rcasonabk estimata thereof. ~ The Funds shall be beld in an institwic?n the deposia or.accou~ts of which are inswed or 6uanoteed b~? i Fedcral ot - s4te aseocy (includina Lender it Lendsr is such an institution). I.eode~ shall apply 1he Funds to pay uid taxa. assasments. inwrance premiums and ~mund rents. I.ende~ may no~ chsrae fo~ u+ hoWing and aPplYins ~he Fund~. analyzin~ said account, ot verifyins aod complint uid assessments and bills. unlas Lender pays Borrower interest on the Funds and applicabk law permia Leode~ ~o make such a cha~~e. Borrowe~ aad Lender may a~ree io writins at the time ot exxution ot this , MoASaje that interat on the Fuads shall be paid to Borrowe~. and unlas susA a~rcement is made or applicabk law requira such interat to be paid. Lender shall not be requircd to pay Borrowe~ any interat or earnings on the Funds. L.ender. shall pve to Borrower~ witbout charje, an annual aocountina of the Funds showing credits and debits to the Funds and the purpo~e for which ead~ debit to the Funds wu made. The Funds aro pledged u additiaul security for the sums secured . by this Mortp~e. If the smount ot the Fund~ hdd by Lender, together with the future monthly installments of Funds payable p~ar to the due data of tua. assessmeaq. in~uranct premiums and grou~d rcnts, shall exceed the amount requircd to pay said tues. ana~meats. iniuranoe premiums and around rents as they fall due. such excess shall be. at Borrower s option. either promptly r~epaid to Horrower or credited to Horrowar on monthly installments of Funds. lf the amount ot the Funds tidd by Lendsr shall not be~wt6cient to pay taxa. aaxssments, insurance premiums and ground rents as they fall due. Horro~rer sball pay to I~ender any amount naessary to make up tbe de6ciency within 30 days from the date notice is mailed by I,eader to Borcower requatiaa paYment thereof. Upoo payment in fuU of dl swns ~curod by this Mortgage, Lender ahall promqly retund to Bormwer any Funds htld by Le4der. If under puagraph 18 heroof the Property is sold or the Property a otherwise acquired by Lender. Lende~ shall apply. no later than immediately prior to the sak of the Property or its acquisition by LendeF. any Fund: held br I.eader at the time of application ~ a credit against the sums secured by this Mortgage. 3. A~ ot l~e~ls. Unless applicabk law provida otherwise, all p:yments received by Lender under the Note and puagraphs i•aad 2 hereof shall be appliod by l:ender first in payment of amounts payabk to Lender by Borrower uader paragraph 2 hereof. t6en to iaterest payabk on the Note, then to the principal of the Note, and then to interat and prit~cipal o~ any Future Advanoes. 4. CL~es; I.ieai. Borrower shall pay all taxes, assessments and other charga, fines and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manaer Provided under pua~rnph 2 hercof or, if not paid in wch manner, by Borrower making paymcnt. when due, dirocUy to the psyee thereof. Borrower sball promptly furnish to Lender all notices of amouats due under this parajraph, ud in the eveat Borrower shall rwke payment directly. Borrower shall promptly furnish to l.ender receipts ev~dencing such paymenu. Botrower shall ptomp~ly discharge any lien which has prionty over this Mortgagc; provided. that Borrower shall not be nequircd to discharge any such lieo so long as Borrower shall agrce in writing to the payment of the obligation socured by such lien in a manner accxptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of auch lien ia. legal proceedings which operate to prevent the enforcement o( ~he lien or fodeiture of the Property or any part thereof. S. Hssard I~aua~ce. Botrower shall kcep the improvements now existing or hereafter ererted on the Prope~ty insured against loss by fire, hazuds included within the term "eztended coverage"; and such other huards as [.ender may require aad in wch amounts and tor such periodi u Lender may require; provided, that L.ender shall not requirc that the amount of such rnverage exceed that amount of coverage required to pay the sums securcd by this Mort6aae. _ 'Il~e insurance curier providing the insurance shall be chosen by Borrower subjoct to apQroval by Lender. pmvided, tbst wch approval shall not be unreasonably withheld. All prcmiums on insurance policia shatl be paid in the manner provided uoder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the j inwnnce carrier. ~ All insurance policies and renewals therebf shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form uceptable to l.ender. Lender shall have the right to hold the policia and renewals thereof, p and Borrower shall prompUy furnish to Leoder all renewal notica and all receipts of paid prcmiums. In the event of loss, Borrower shall give prompE notice to the insurance carrier and Ltnder. Lender may make proof of loss if not made promptly by Borrower. Unlas Lender and Borrower otherwix agree in writing, insurance proceeds shall be applied to restoration or rcpair of the Propertr damaged, Qrovided such restorat~on or repair is economically teasible and the secwity of this Mortgage is ~ not thereby impaired. It such rcstoration or repair is not economically feasible or if the socurity of this Mortgage would be impaired, thb ins~rance proceeds shall be applied to the sums secured by this Mortgage, with the excas. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to rapond to Lender within 30 days from the date aotice is mailed by Lender to Borrower that the insurance carrier offers to setQe a elaim for insurance benefits, Lender is aut6orizod to colkct and apply the insurance prooads at Lender's option either to restoration or repair of the Propertv or to t6e sums securod by tbis Mortgage. " Unless L.ender and Borrower otherwise agree in writing, any such application of proceeds to~principal shall not•extend or posipone tht due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installme4ts. lf under paragraph 18 hereof the Property is acquired by l.ender, all right. titk and interat of Borrower in and to any A~surance policia and in and to the proceeds theroof resulting from damage to t6e Property prior to tlx: sale or aoquisition shall pass to L,ender to the extent of the sums securod by this Mortgage immediately prior to such sale or acquisition. , - f. heservslios aod Maioteoasce of Property; Leaseholds; Condominiems; Planned U~it Devdopmeafs. Borrower shall koep the Property in good repair and shall not comroit Waste or permit impairment or deterioration oE the Propeny and shall comply with the provisioas of any lease it this Mortgage is on a leasehold. If this Mongage is on a unit in a • condominium or a planned unit development, Borrower shall periorm all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the b condominium or planned unit development. and constituent documemc. Jf a condominium or planned unit development ~ rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider ~ ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ werc a part hereof. . ~ 7. Protection of Leoder's Securfty. If Borrower fa~ls to pertorm the covenants and agreements contained in this ~ Mortgage. or if any action or proceeding is commeneeJ which materially afiects I_ender's interest in the Property, ~ including, but nw limited ~o, eminent domain, insolvency, code enforcement, or arrangements or ~roceedings invol~ing a - bankrupt or decedtnt, thcn Lender at Lender's option, upon no~ice to Borrower, may make such appearances, disburse such sums and take such xtion u is necessary to protect Lenders interest, incluJing, but not limited to; disbursement of reasonabk attorney's tees and entry upon the Property to make rcpairs. If l_cnder requircJ mortgage insurance as a • , condition o( making thc toan secured by this Mortgage. Borrower shall pay the premiums requiral to maintain such ± insurance in efTect until such time as the requirement for such insurance termmates in accordance wi~h Borrower s and ~ , ~:,ox 299 671 ` ~ ~ . ~ : _ - ~ ~ - ~ i # . . .