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HomeMy WebLinkAbout0918 • • Borrower and Gender covenant and aQree aa iolbwr. 1. P~tneat ot Principai ~nd Interes~ Horrower ahall promptly pay wAen due the principal oI and intereat on the indebtednea~ widenosd by the Not~. pnpayment and late char~e~ aa p~ovided in the Note, and the principAl of end inteceat on any FLture Advsnoe~ ~ecured b~r this Mort~aQe. ' I?tind~ tor Tase~ utd t~suraaoe. 3ubject to applicable law or b a written waiver by I.ender, 8orrower shall pay to Le~det on the day ; monthly uutallmenb of principal and intere~t are payable unde~ the Note. unW the Note u paid in tuU, s sum (herein "F~~") equal b ons- twdRh of thcr yearly taxes and auewments which may attain priority over thu Mort~a~e. and ground ront~ u~ the PropeKy. if any. plw ons twelfth of yearly p~nium installmeAtr for hesard inauranoo, plus onatwelRh of yearly premium inrtallmmts for mortQa~e iniurance, if any, aU a~ nawasWy atimaled initialty and [rom time to time by l.ender on the ba~u ot assessmenta and billa and reasanable estimates thereo[ The I~Lnd~ ~hhaA M held in sn inditutioa the deposita or aooounh of which ere iruured or Qusranteed by a Federal or 3tate a~ency (includin~ lwnder iI Leader u such at~ uutitution). Lender ahall apply the Fund~ to pay said tase~. as~e~sments, insursnce premiums and ~ronnd sents. I.er?der may not chuge for w hoWin~ aad applyinQ the Funds. analyzin~ said aooount, or verifyin~ and compilin~ said swewnenb and biW, unlea l.endar pay~ Borro~rer interest on the F~ads aad applicable law perniits Lend~ to make such e cherQe. Borrorv~ and L~der may a~ree in writin~ at the time of execution of thi~ Mort~a~e th~t i~terad on the FLnds ~hall be paid to Borrower. and unlas ~ ~nch a~reemeat i~r made or applicable law requin~ wch intrrest b be paid. I~ender ~hall aot be required fo pay Borrower any ineer~st or ' eamin~ on the I~nd~. Lender ~hall give to Borrower. without cherga, an annual aooounting of the Funds ~howin~ credib and debib ~o the ~ F~nd~ and the pnrpo~e for ~rhich each debit to the [~Lnds was made.'11~e F~nd~ are pted~ed a~ additional secwrity for the ~~au ~ecured by thi~ . ~ lf the amouat of the F1iad~ held by Lender. together with We future monthly in~tallmep4 of Funda paysble prior to the due dates of tazdr. ~ ( assessments. inanreaoe pnmiums and Qround rents. shall enoaed the amount cequired b pay said tascs, asse~sments. insurance preaniums l and Qround rent~ a~ they fall dne. ~ueh ~ceas shal! be. et Borrower ~ option. either promptly npaid to Borrower or credited to Borrower on ~ monthiy iastallmenes of P1~nds. If the amount of the Funds held by I.endrr shal) not be snificient b pay taxes. ass~ssments, insuranoe preiniuma an~ ~round reats ae lhey fall due. Borrower ehal! pay to lxnder sny amount n~cessery to make up the deficiency within 30 day~ ; Erom the date aotioe is mailed by l.ec~d~ b Borrower requesting payonent th~eo! Upoa payment ia fall ot all suma secured by thii Mo~tgage. Lender ~haU promptly rsfund to Borrower any funds held by Lend~. V under ; paragraph 18 hereof We Property is w!d or the Property ie otherwise acquired by Lender, Lender ahall apply. ao later than immediately prior ' ~ to the sale of the Property or its aoquisition by Lender. any I~nds held by Lender at the time of applica4on es a credit against the aums secured by this Mortgage. 3. Application oi Payment~. Unleas applicable law provides otherwise. all payments reoeived by Leades uadez the Note and paragraplu 1 and 2 hereof shaU be appUed by Lender first in psyment of amounts payeble to I.ender by Borrower under paragraph 2 hereot. then to interest peyabk on the Note, thea to the prindpal of the Note. end then to intsrrst and principal oa any Futare Advances. 4. Cbarses: I.ieaa. Borrower shall pay all taxes, aaeessments and otherchargee; finea and impositione attributable to the Property which ~ may ettain a priority over this Mortgege, and leasehold paymenta or g~ound renta, if any, in the manner provided under paragraph 2 hereotor, if not paid in such manner, by Borrower making payment, when due, directly to the payce thereof. Borrower shall promptly fi~miah to Lender € all notices of emounts due under thia paiagrsph, and in the event E3orrower shall make payment directly, Borrower ehall promptly turniah to ~ l.ender receipta evidencing such payments. Borrower shall promptly diacharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to diacharge any such lien so long as Borrower ahall agcee in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender. or ahall in good faith oontest such lien by, ordefend enforcement of such lien in. legal pra.~eedinge which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Inaaranoe. Borrower ahall keep the imprnvements now eziating or hereafter erected on the Property insured against loes by ~ fin, hazards inciuded within Uie term "estended eoverage,"~and aach other hazarda as I.ender may require and in euch amounta and for such ; periode as Lender may require; pmvided, that Lender shall not require such ooverage amount exceeding the minimum, as may be required by • i etate or federal regulations goveming activiti~ of Lender. or that amount of rnverage required to pay the sums secured by thia Mortgage, whichever is the greater. The insurance carrier providing the insurance ahall be chosen by Rorrower subject to appmval by I.ender; provided, that such approval 3 ahall not be unreasonably withheld. Ail premiuma on insurance policies ahall be paid in the manner providcd under paragraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. _ All inauranoe policaes and renewals thereof shull be in form acaeptable to Lender and shall include a etandard mortgage clause in favor of ' and in form aoceptable to I.enda. l.ender ahall have the right to hold the policies and renewale thereo[, and Borrower shall promptly furniah to i.ender aU reaewal notices and all receipts of paid premiums. In the event otloss, Bortuwer ahall give prompt notice to the inaurance canier and Lender. Lender msy make proof of toss it not made promptly by Borrowet. ~ ' I Unlees Lender and Borrorrer otherwise agree in writing, insurance proceeda ahall be applied to reatoration or repair of the Property ' damaged, provided such reetoretion or rtpair is economically [easible and the security of this Mortgage is not thereby impaired. If such j restoration or repair is not economically feasible or it the security of thia Mortgege would be impaired. the inauranoe prooeeds ~hall be applied : ~ to t6e suma secured by this Mortga~e, with the pacceas, if any, paid to Bormwer. If fhe Property is abandoned by Borrower. or it Borrower faila to ! reapond to Lender arithin 30 days from the dale notice is mailed by Lender to Borrower thet the insurance carrier ot~ers to settle a claim far j iniurance benefita, Lender is authorized to rnllect and apply the inaurancr proceeda at Lender's option either to restoration or repair o! tha j ~ Propatg or the sum~ secared by this Mortgage. Unles~ Lender and Borrower otherwiee agree in wtiting, any auch application of proceeda to prinripal ahaU not ~tend or postpone the due ~ ~ date of the monthly installmenLs referred to in paragraphs 1 and 2 hereof or change the amount of ench inetallments. If under paragraph 18 ; ~ hueof the Propaty is soquired by Lenda, all right, titk and interest of Borrower in and to ac~y inauranoe poGcies and in and to the proceeds ; thereof eranlting from damage to Property prior to the sale or acqaisition shaU pass to Lender to the eutent of the sums ~ecured by this ~ Mortgage immadiately prior W such aale or aoq~isition. ' { s. Preaervadon and Maincenan~e ofProperey; Leaseholds; Condominume; Planned Unit Developmenta. Bormwer ahall keep , the Propedy in good repair and shall not oommit weaLe or permit impairnuent ot deterioration o[ the Propetty and shall oomply with the i pmviaions of any lease if this Mortgege ia on e leasehold. It thia Mortgage is on a unit in a oondominium or a planned unit development~ ~ ~ Borro~rer shall perform all of $orrower'a obligatione under the declaration or rnvenanfa creatingor governing the oondomini~m or planaed ? uait developmm~. the bylaws and reg~ilations of the condominium or planned nnit development, end coastitu~t docnments. If a ~ ~ oondominimn or planned unit development rider is ezecuted by Borrower and recorded together with this Mortgage, the ooveaanta and agreements of auch rider shall be incorporated into and shall amend and eupplement the covenants and agreementa of tnia Mortgege as if the ~ rider were a part he~reof. . 7. Protectbn oi I.ender'~ Secvrity. If Borrower faiL to per[orm the oovenanfa and agreemmb oontained in thi~ Mort~age. or if any ~ ertion or proctedin~ u commenoed v?hich materiallY affects I,ender'~ interes! in the Property. incl~dinB. but not limited to. ~eminent domain, ~ in~olvency~ oode enforcemeat, or arrao~ementa or proceeding~ involving a bankrupt ar deoedent, ther? I.ender at I.ender's optioa,npon notioe to Borrower may malce.~uch appearanue~. disbur~e ~uch ~ums end take auh action a~ u neoswary to proted I.eades'~ intere~t, ~ ~ inclnding. but not limited to. di~bnr~emeat of reawnabk etforpeY'~ fees and wtry npoa We Property to make repun. If Lender required - mo:t;a~e in~nranoe eu a wnditioa o! mel~iag the loan secured by thia Mo~rtgaQe. Borrower shall pay the praainms reqnired to maintsin ~ ~ such uunranoe in dtec! nntil sach time as !he requinment for snch in~uranae terminatu iu aocordanoe with Borro~rer'~ and Lendel~ ~ ~ wrritten a~reement or applicabk [.sw. Borrower shall pay the amount of all mortgage inawanoe premiua~ in the manner provided under ± paragraph 2 bereo! ~ ~ My amonnta disbuned by Leader penuant to this paragraph with intereat thereon, shall beoome additiond indebtednes~ of Borw~v~t ~ecnred by this Mortgage. Ual~s Borrower and Lender egree to othertum~ of payme~t, nuh amounta shall be payabk upon ~ notioe from Lender to Borrower reque~tin6 peYment thereof, and shall bear interes~t from We date of di~bur~ement at the rate payabk from ~ tiwe to time on outstanding principal unda the Note unless payment ot intere~t at such rate woold be oontrary to applicable law, in which eveat ~uch amounta ihaU bear intereat at the higheat rate pesmwible nnder applicable law. Nothing contained in this paragraph ~hall ~ require Lender Lo incur any apense or take any action hrreunder. ~ ~ € ~ . ~~~.•299 ~~r,E 918 l ~ - ~ ~ ~ ~ ~ ~:a . ~ . . . ~ - - . _ ^°~°~3a ~ r~"" , .;yr"~^'',~, . ~_.,.r i,>~ ~ `ss . > ~ . . _ _ n i s'~ .