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HomeMy WebLinkAbout0703 . . UNt~O~H COYlNANI'i. 6on~ower and L.e~der covenaot and s~roe at tollows: ti, irp~t ot hrclMl ri lMer~eM. Borrowu shall p~omp~ly pay when due tbe principal ot snd inte~est on the ;adebtedneu evidenced by the Note. Prepaymenl snd late charEe~ a~ ~+rovided in ~he Note, and the principd ot ud inte~est oa aoy Futw~e Advances secured by this Mortsaje. 2. R~ tK Ta~M Mi l~rea Subject to applicabk law ~x to a writ~en waiver by Lende~. eo~ wr to i.ender on Ihe day monthly installments of prir~cipsl and intcrcst rrc payaMe under the Note, until the Note is paid in tdl. a suan (hercin "Funds'7 eqwl to one-tweltth ot the yea~l~~ tas~~ ani! assasmen~s which may attain prioriq? ove~ this Mort~a~e. aed tw~u~d rena oo ~tx Propeny. if any, plus one-twelf~h of yeuly premium installmenu for hatard inwrance. plus oae-tweltth ot yearly prcmium installments [or mortaage inu~rancc. if any, all u rcssonably estimated initially aod fran dme to time by Leode~ on tbe buis of assessments and hills and rcasonsbk atimata theteot. • Tt~e Fuads shall be lield in an ins~itution the de ia or accounts of ahich ue insured o~ ruaraeteed by a Federal ot state asency (includina Lendet if Lender is such an ios~'it tutionl. 1_ender shall apply the Fur~ds to pay said taxes. assettmeMS. ~ inwt~anc~ ~emiums and ~touod oents. l.e~der may nd cba~ge for sc~ holdin~ and applyinj the F~mdc. analyzins uid account, or v~ityi~s and complint uid assessments and bilk, unless Lender pays Borrowe~ intercst on the Funds and applicabk law permits i~mder to mske such a charge. Borrowe~ and Lende~ may a=rce in writin~ at the time ot eaceution ot this Mortpse tbat i~terat on the Funds shall be paid to Borrower. and unless sucA aaroemeot a made or spplicabk law _ requira such interat to be pzid. Lender shall not be requirod to pay Bo~rower any interat or earnings on the Funds. Lender , s6a11 pve to Bormwer. without charge, an annual accouniing of the Funds showing credits and debits to the Funds and the purpose for w~hich each debit to t6e Funds was made. The Funds aro pledgod u additional security for the sums secured by this Mort~a~e. ~ If tbe amouat of tha Fuad~ heW by Le~der. togelher with the future monthly installments of Funds payabk prior to t6e due dates of tua. auessmeats. insurance premiums and ground rents, shall ezcsed the amount roquircd to pay said taxa. asseaanents. insuraace premiums and around rents as they fall due, such excess shall be. at Borrower s option. either ~ promptly rcpaid to Borrower or crodited to Borrowa on monthly installments of Funds. If the amount of the Funds lidd bp Lender slall not be sufBc~ieat to p~y tua. saxss~nents, insurance premiums and ground rents ss they fall due. Bocm~rer shall pay to I.ender any amount neceuary to make up the de6ciency within 30 days from the date notice is maikd by Leade~ to Borrower ~equestiaa paYment thereof. Upon paymeat ia fuU of aU swm securod by this Mortgage, i.e~der shall promptly refund to Borwwer any Fun~ hdd by L.ender. If under para=raph 18 hereof the Property is sold or the Pmpeny u otherwise uquired by Lender, Lender s6a11 apply. no later than immediately prior to the sak of the Propecty or its acquisition by Lender. a~y Fundc held bv Leader at the time of application as a crcdit against the :ums secured by this Mortgage. 3. A~catio~ ot lyrreW. Unless applicabk law provida otherwix, all payments receivod by Lender under the - Note and paragaphs 1 and 2 hereof shall be appliod by Lenckr fiat in paytnent of amounts payabk to Lende~ by Borrower under paagnph 2 heroof. iben to interGSt payabk on the Note, then to the principal of the Nae. and then to interest and principal on any Future Advances. ~ 1. C~e~ I3eas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to tbe Property which may attain a priority over this Mongage, and lcasehold payments or gmund rents, if any. in the manner ~ providal under paragraph 2 hercof or. if not paid i~ sucfi manner, by Borrower making payment. wha~ due. directly to the R psyee thereof. Borrower shall promptly furnish to Lender all notices of amouats due under this para~rsph. aod in the eveat Borrower shall make payment directly. Borrower shall promptly turnish to Lender receipts evidencins such payme~ts. Borrower shal! promptly discharge any lien which hu priority over this Mongage; Pmvidcd, that Borrower shall not be : requirod to discharge any such lien so bng u Borrower shall agcee in writing to the payment of the obligation secured by ' suc6lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforeementof auch lien in, ; legal proceedings which operate to prcve~t the enforcement of the lien or forfeiture of the Property or any part ther~of. ' • S. Hasard Iws~nwce. Borrower shall keep the improvements now existing or herwfter erected on the PropertY insurod against loss by fire, hazuds includcd within the term "extended coverage", and such other hazards u Le~der may rcquire and in such amounts and for such periods as Lender may requirc; provided, that Len.ier shall not rcquire that the amount of such coverage exceed that amount of coverage requircd to pay the sums securM by this MortEaae- 'Ibe insurance carrier providing tt~e insurance shall be chosen by Borrower subject to approval by Lender. providod, that such approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner provided uoder paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, dircctly to the _ iosurance carrier. All insurance policies and ranewals thereof shall be in form acceptabk to Lender and shall include a standard mortgage claux in favor of and in form uceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, and Borrower shall promptly furoish to Lender all renewal notices and all Ieceipts of paid prcmiums. In the event of loss. Borrower shall give prompE notice to the insurance carrie~ and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Uoleu Lender and Borrower othcrwise agree in writing. insurance proceeds ahall be applied to ratoration or repair of the Property damagcd. provided such restorat~on or rcpair is economically teasible and the security oE this Mortgage is not thereby impaired. If such restoration or repair is not economicaily (easible or if the security of this Mortgage would . be impaired, the insurance proceeds shall be applied to the sums secureci by this Mortgage, with the excess, if any. paid ~ to Borrower_ If the Property is abandoned by Borrower, or if Borrower faih to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier oflers to settle a claim for insurance benefits, Lender = is aut6orizod to coikct a~d apply ttx insurance procoeds at Lender's option either to restoration or repair of the Propetty or to the sums secured by this Mortgage. ~ ; Unlas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the dex date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount af ~ wc6 installments_ If under paragraph 18 heroof the ProFerty is acquired by Lender, all right, titk and interest of Borrower ~ in and to any huurance poiicies and in and to the proce~ds thereof resulting from damage to t6e Property prior to tfx: sale , or uquisitioa shall pais to Lender to the extent of the sums xcured by this Mortgage immediately prior to such sak or ~ acquisition. ; 6. ~+aerratbo aod Mainteaance of Property; Leaseholds; Condominiums; Planocd U~it Derebpmeels. Borrower ! shall koep the Property in good repair and shall not comro~~ ~aste or permit impairment or deteriotation of the Property . } aod shal) compl} with the provisions of any leate if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a ~ condominium or a planned unit dcvelopment, Borrower shall perform all of Borrower s obligations under the declaration ~ or coveoants creatina or governing the condominium or planned unit develupment, the by-laws and regulatioin of the E condominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ rider is executed by Borrower and recorded ~ogether with this Mortgage, the covenants and agrcements of such rider ` shall be incorporated ~nto and shall amend and supplement Ihe covenants and agreements of this Mortgage as it the ricier ~I were a part hereof. ;1 7. Protectios ot Leader's Secu~ity. If Borrower fa~ls to pe~form the covenants and agreements contained in this ~ ~ Mortgage, or if any action or proceeding ~s commenced which materially afiects Lender's interest in the Property, ; ~ including, but not lim~ted to, eminent domain, insolvency, code en(orcement, or arrangements ot proceedings invohing a s ~ bankrupt or deceden~, then Lender at l_eocier's option, upon noHCe to Borrower, may make such appearances, disburse such sums and take such action as is necessary tu pro~ect Lender s interest, including. but not limited to, disbursement of - reasonable atromey's tees and en~ry upon the Properry to make repairs. If Lender requircd mortgage insurance as a : cond~tion of making the loan xcured by this Mongage. Borrower shalt pay the premiums required to maintain such insurance in eftect until such time as the reyuirement for ~uch msurance terminates ~n accordance with Borrowers and b i • • ; - ~ B J ~~79 PAGE 743 ~ _ _ - ~ ; y~~~~~.~'w~'~'-.i, d . . _r . .