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HomeMy WebLinkAbout0683 ~ . UNt*o~a~ Ooven~rm. Borrowe~ and Lt~1er covenant and a=ree ss tollows: ~ I~we~t ot hi~e1N1 t~i INen~i. 8o~rower shall promptl) paY when due the principsl ot a~d iote~t on the i~edoat evide~oed b~r the Note. prapsyment and late chargec ac provided in Ihe Note, and the ptincip~l of and intetest on any Futun Adva~a secured by this Maitate. ; 3. 1h~~i ter 71~sM ~i I~a~~e. Subject to applical+k Iaw ~u to ~ writtrn wsiver by i.ender. Botro~rst p~y ~ to Leader o~ Ihe day monthly in~ta!lments o! principal and int`resl arc payaMe.under the Note. uotil the Note is paid ~n tull, r a tum (harcin "Fuad~'7 eqwl to one-twelfth of the yea~l~• aa~. anJ assasmeots which may attain priority over tAis ~ Mc.~~e. and ~round teots on the Property. if any. plus one-twelf~h of yearly~ prcmium installmeob [or hautd inwnnce. plus oae-tweltth ot yearly premium iauallmen~s tor mortgage insurancc, it any, all u rcasonably estimated initially and troan ~ time to time by Lender on the basis ot assessmcnts and hil~s and rcasonabk atimata thercof. Tha Funds shall be held in a~ institution ~he depas~a or ~ccounts of whicb a~ inwred or Nara~teed bY • Feder+d ot state aseocy (includin` Lender if l.cnder is such an iostitution). 1_eader shall spply the Ftinds to pay uid tuts, as~uments. iasunnoe premiums aad jround rents. l.ender may not cba~ae for u+ holdina and applyinj the Fnnds. snalyzin~ said actount, ` or verifyin~ snd compilin~ said uxssmenn and bilts, unlas Lender pays Borrowe~ interat on the ~unds and applicable Isw ~ permits Lender to make such a charge. Borrower and Lender may asroe in writinj at the time ot exceution ot this Mort~ase that interat on the Funds shall be paid to Borrower. and unlas such aarcement is made or applicabk law ; roquiret such interat to be paid. Lender shall not be requircd to pay Borrower any interest or earniogs on the Funds. Lende~ shall pve to Borrower. witlwut chargt, an anoua! :~uming of the Fur~ds showins crcdits and debits to the Funds and the purpose for which eadi debit to tbe Funds wzs made. The Funds are pladged u additional sxurity for ~he sums socured by tAa Mortpje. If tbe anaunt ot the Fuodt held by Leoder, together with the future monthly installments of Fu~ds payabk prior to tbe due data of tues. atxssments. insurance premiums and ground rents, shall eacceed the amount required to, pay said taxa. sax~nents, i~uurana premiums and ground rc~ts u they tall due. such excess shall be. at Borrowei s option. either promptly repaid to Bormwer or credited to Borrower on monthly installments of Fuads. If the amount of tt~e Funds beW by Lender shall not be sufficieat to psy taxa. ss~asments, imurana ptcmiums and ground rentt ss they fall due. Bocro~rer s6a11 pay to I.ender any amou~t necasary to make up ~he deficiency within 30 days from the date notice is mailed by I.ender to Borrower roquatina payment thereof. Upon paymeut ia full of all sums secured by this Mortgage, l.ender shall promptly refund to Bormwer any Fun~ held 6y Lendet. If under pua~rsph 18 hereof the Property ia sold or the Propeny ~s othervvise acquired by Lender. Lender :6a11 apply. ra later Wan immediately prior to the uk ot the Property or its acquisition by Le~der. any Fund: held bv I.ender at the time of application as a credit against the :ums secured by this Mortgage. 3. A~io~ oE t~eN~. Unless applicable law provides othen~vise. all payments received by Lendcr under the Note and pangraphs 1 and 2 hereM shall be applied by Lender 6rst in payment ot amounts psyabk to Lender by Borrower under puagraph 2 heroof. tbea to iaterest payabk on the Note, then to the priacipal of the Note. and then to interat a~ principal on aay Future Advanoes. C~ar~a; Ueas.. Borrower shail pay all ~axes. asxssmenu and other charges, fines and impositions attributabk to tbe Property which may attsin a priority over this Mortgagc. and lessehold payments or ground rents, if any. in the manaer ' ~ pmvided under pua~raph 2 hereof or, if not paid in such manner, by Borrower making payment. whai due. direcdy to the ~ Qayee tlxreo[. Borrowu shall promptly furnish to Lender all notices of amouots due un~kr this para=raph, aod in the avent Borrower shall make paymeo! directly, Borrower shall promptly turnish to Lender receipts evidencing such payments. Borrower shsll promptly dischuge any lien which has priority over this Mortgage: provided. that Borrower shall not be rcquired to discharge any such lien so bng as Borrower shall agrec in writing to tha payment of the obligation socured by such lien in a manner acceptabk to Lender, or shalt in good faith contes~ such lien by. or defend enforcement of such lien i0. kgat proceedings which operate to Qrevent the enforcemeni of the lien or forfeiture of the PropeRy or any part thercof. S. Has~rd Is~a~ce. Borrower shall koep the improvements now existing or hereafter erected on the Property insured against loss by 6rc, huuds included withm the tenn "extended coverage", and such other hazacds u Lender may rcquire and in wch amounts and for such periods' as Lendcr may requirc; provided, that Lender shall ~rot require that the amount of such coverage eaceed that amount of coverage required to pay the sums secured by this Mortaase• ~ 'ILe insurance carrier providing tl~e insurance shall be chosen by Borrower subjcet to approval by Lender. ptovidod. t6at such approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the mxnner I provided under paragraph 2 l~ereof or. if not paid in such manner, by Borrower making payment. when due, directly to the ~ i~urance carrier. ~ All insurance policies aad renewals thereof shall be in form accePtable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shalt have the right to hold the policia and rcnewals thereof. and Borrower shall promptly furnish to Leoder all renewal notices and all raeipts of paid premiums. In the event of loss. i Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower_ ~ ~ Unlese Lender aad Borrower othervvise agree in writing, insurance proceeds shall be applied to restoration or rcpair of tht Property damaged, providod such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically teasible or if the security of this Mortgage would ; be impaired, the insurance proceeds shall be applied to the sums stcured by this Mortgage, with the excaa, if any. paid ; to Borrower_ If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the 4 date aotice is mailed by L.eader to Borrowe~ that the insurance carrier otiers to settle a claim for insurance benefits, Lender t is authorizod to r.ollect and ~pply the insurance praxeds at Lender's option either to restoration or repair of tbe Propertv ~ or to t6e sums secured by this Mortgage. ~ ~ Unlas Lender and Borrower otherv?ise agree in writing, any such application of proceeds to prineipal shall not extend . or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hercof or change !he amount of ~ wc6 installme4ts. lf under paragraph 18 hereof the Pro~,erty is acquired by Lender, all right, title and inte~est of Borrower in and to any lnsurance policia and in and to the procoeds thereof resulting from damage to t6e Property prior to th~: sale ~ or aequisition shall pus to Lender to the extent. of the sums securod by this Mortgage immediately prior to such sale or ~ acquisition. ~ f. lraervatba ao~ Maiatcnance of Property; Leaseholds; Condominiums; Plauned Uait~bevdopa~eeLs. Borrower shall keep the~ Property in good repair and shall not comroit Waste or permit impairment or deteriotstion of the Property and shall comply with the provisions of any lease if this Mortgage is on a kasehold. If this Mortgage is on a u~it in a ~ r coadominium or a planned unit development. Borrower shall perform all of Borrower s obligations under the declaration ~ or coveaants creating or governing the condominium or planned unit development, the by-laws and regulaUons of the ~ condominium or planoed unit development, and constituent documents. It a condominium or planned unit development ~ rider is executed 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 agreementa of this Mortgage as if the rickr - ~ were a part hereof. 9. PrMection of Leade~'s Securfiy. 1t Borrower fails t~ perform the covenants and agreements contained in ihis ~ Mongage, or if any action or proceeding ~s commenced which materially affects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender s interest, including. ~ut not limited to, disbutsement of ~ reasonable attomey's tees and cn~ry upon the Property to make rcpairs. It Lcnder requircd mortgage insurance as a condition of making the loan secureJ by this Mangage. Be~rrower shalt pay the premiums requirtd to maintain such insurance in eBect until such time u ~he requiremem for wch msurance term~nates in accordance with Borrowers and t ~ ' . dOGK 299 6g3 ~~n~. , - - - r' ~x _ n~ r 4 ~ r~ ~ c .