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HomeMy WebLinkAbout0800 UNtrat~ Covati~xn. ~o~so~rtr and Let~de~ cov~ant and a~rae ~ follows: 1 TMf~M M M~e~l ri 1Msr~N. 8orrowu shall p~ompd) Wy when due t6e principal of sad iAan~t oe the ~ndebtednea evideooed by tba Note. prepa~t and late char~es a.~ ~uovided in the Nde, and tM principd o~ u~d i~Krat ca ~ar Pwuro Advances ~ecured b~r this Mort~sje. 2. ~~i tw TazM Ni i~weree. 5ubject to applical+k law ~x to ~ written waiver by Lende~. Botio~wt ~11 P~y to I.ender on tAe dsy monthly installments ot principal and interca~ arc payabk undet the Note. uatil the Not~ b pdd in tull. a tum (hsrsin "Fund~'~ eqwl to onatwelfth ot the Yea~iy taz~~ ~nJ as~asment: which may attain priorih? ovsr this Mortsa~e. and ~round renb oa t4e Pwperty. if any, plus ooc~-twelfth of yearl~i~ pcemiutn inriallmeeb tor hwrd imur~acs. plus onatwellth ot yearlY premium installments tor mon~s=e inuuance, it ~ny. dl as reasonably atimated inhi~llr ~ed trom time to time by Leode~ oa tbe basis of usessments and hills and reasonabk atimata thereof. The Fbnd~ ~all ba beld in an iestitutic+n the deposia or accounb of ~rhich aro imured or Nannteed by a P~denl et :ta~e aseecy (includins iteoder it Lende~ is such ae institution). 1_ende~ ~all ~pply tl~e Fw~ds to pay said taxss. aaa~tnen~s. imurat~oe premiums aod ~ound rents. l.ende~ may not charae fo~ sc+ holdina ~nd spplyin= the Funds. aoalytin~ uW aetount, or verityie~.and compilir?~ ~id assessments and bills. unlas Leade~ pays Borrower interat on the Funds aod applicabN law permib l~eader to make such a charse. Borrowe~ and Lender msy a~ree in writin~ : at the time ot execution. ot this Mo~~e t6at interest oo the Fuad: shall be Qaid to Bomower. and unkss wcb atreana~t is made or applicabk law requires such iaterat to be paid. Lender shall not be required to p~y Bortowe~ any intercst or amio`s on the Funds• l.e~der sha11 pve to Botrower~ without cfurje, an annwl acoountinj of the Funds :hawin~ crcdiu and debia co che Fw+ds and ~he purpo~e for which acb debit to tbe Funds was made. The Funds aro pledsed as additio~a~ security for the tums secured t6is M ~ If the anauM of tbe Futedt hdd by Lender, to6sther with the futuro monthly installments of Funds payabk prior to os tbe due data of t~xa, auasmeab. i~uranoe premiums and jround rcnts. shall exooed the amount roquired to p~y uid taxes. a~wmeats. i~u~anoe premiums and troued rena u ehey fall due. such exceu shall be, at Borwwer's option. either peomptly repaW to Borrower or credited to. Bomower on monthly inuallment: ot Funds. If the unount of the Funds bdd bp i,tod~r tba11 not be wtBcient to pay taxa. saeuments. insurar~oe pmniums and `round ~eMs ss th~? fall due. Bort~o~?er shall pay to I~ender any amount necassary to make up t6e deficie~cy within 30 days from the date n~tice is mailed b~? I.eodtr W Borrower n9~14t P~Yment thereof. Upan payment 4n full ot all sums aecured by this Mongage. Lender ~hall promptly refuad to Horrower anY Fur~ heW b~r L.ender. It uc~det para=raph 18 heroof the Propeny is sold or the Propeny ~s otherwiae acquiced by Lender. Lrnder shd! appty. no later tban immediately prior to the sak of the PropeKy or its acquisition by L,e~der, any Funds held btr I.~oder at tbe time of application as a credit asaiast the sums securcd by this Mort=aae.. 3. A~1{catia~ ot h~~e~b. Unlas applicabk law provida othetwise, all paymenb received by l.ende~ under the Note and para`rap6s 1 and 2 hereof shall be applied by Lender Brst in payment of unounts payatile to Lender by Borrower under paratrspi~ 2 hereof. theo to iaterest payabk on the Note. then to the principal of the Note. and then to intercst and principal on any Futurc Advaooa. 1. (,'Y~r~e~ I~e~.-Borrower shall pay all taxes, assessments and other charges. fines a~d impositions.attributabk to the Prope~ty which may attsin a priority aver this Mortgage, and leasehold payments or ground rents. if any. ia t6e manner provided under pua~raph 2 heroof or, if not paid in such manner. by Bormwer making payment. wha~ due. directly to the pspee tbereof. Horrower:hall pranptly furnish to Lender all notices of amounts due under this parasnph. md in the event n Borrower shall make payment diroctly. Borrower shall promptly fumish to Lender receipts evideocinj :ueh paymena. Borwwer shall pt+omptly dischuge any lien which has priority over this Mortgage: providcd. that Borrawer shall not be require~ to discharge any such lien w bng u Borrower shall agrce in writing to the paymeM ot the obligation securod by wc6lien in a manner acceptabk to Lendtr, or shall in good faieh contest such lien by. or defend enfoc~aement of such lia~ iq - kpl proceodinjs which opente to preveat the enforcement of the lian or fodeiture oE the Property or any part thereof. ~ S. Hmr~ iaawa~ce. Borrower shall keep the improvements now existing or hereafter erectod on the Praperty inwrod agai~ut loss by 6rc, hazuds included within the tsrm "extended coverage". and such ott~er hszards as Lender may require and ia wch amounts and for wch periods as Lender may require; provided, that Lender shall not requirc that the amount of such rnverage exceed that amount of coveraae rcquired to pay the sums secured ~by this Moct`a`e. The inturanoe curier pmviding tbe insurance shall be choxn by Borrower :ubjoct to ~pproval by Len4er. pravided. that such approvd shdl ewt be uareasonably withheld. All prcmiums on insurance policies shdl be paid ~o the m~oner ~ provided under puagraph 2 hereof or. if not paid in such manner, by Borrower making payment, ~?ha~ due. diroctly to the ! inwrance curier. ~ All insurance policia aad renewals thereof shall be in form acoeptabk to Lender and ahaU include a standard mortga~e clause in favor of and in forro scoeptabk to Leader. Lender shall have the right to hold the policia and renewals theroof. ~ and Borrower shall proraptly furnish to Lender sll rcnewal notices and ali rcceipts of paid premiums. in the eveat of loss. ; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly g by Borrower. " ~ ~ Unkss Lender aad Borrower otherwiso agree in writing. insurance procoeds shall be applied to ratoration or npair of ~ the Propcrty damaged. provided such ratotstion or repair is economically feasible and the socurity of this Mort~a~e is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgase would ~ be impairod. thc insurance proceeds shall be applied ;o the surtis secured by this Mortgage, with the excess. if any. paid ~ to Bonower_ If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from ttie ~ date noUce is mailaf by Lender to Borrower that the insurance carrier offers to settle a claim for insuraace bene6ts. L.ender ~ is authorizod to collect and apply t6e insurance prooeeds at Lender's option either to ratoration or repair of the Properiy ~ or to t6e sums securod by this Mortgsge. ~ Unlas Lender and Borrower otherwise agra in writing, any such application of proceeds to principal shall not extend ~ or postpate the due date of the monthly installmcnts referred to in paragraphs I and 2 hereof or change the amount of suc6 installmews. If under• paragraph 18 heroof the ProE,erty is acquircd by Lender, all right. title and interat of Borrower ~ in and to any ihsurance policies and in andi to the proceeds thereof resulting from damage to tbe Pmperty prior to th.: sale ~ or acquisition shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sak or s acquisition. A f, h+aervatioo aod Maioteoauce of Property; [.eascbolds; Condominiums; Plsnned Uak Devebpmesb. Borrower ~ shall Itxp the Property in good repair and shall not comro~t yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisiocu of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit ~velopment, Borrower shall perform all of Borrower s obligations under the declaration ~ or coveoants creating or governing the condominium or planned unit development, the by-laws and ngulaUons of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider ~s executed by Botrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ = shall be incorporated into and shall atnend and supplement the covenants and agreements of this Mort~age as if the rider I = were a part hereof. *I 7. Protectbn of Leoder's Security. If Borrower fails to perform the covenants and agreements contained in this ~ ~ Mortgage, or i[ any action or proceeding is commenceJ which materially affects LenJer's interat in the Property. ' i including; but nc~t limited to, eminent domain, insolvency, code enforcement, or arr~ngements or proceeding: involving a ~ bankrupt or deceden~, then Lendcr at Lender's op~ion, upon notice to Bor~ower, may make such appearanca, disburse such sums and take such action as is necessary tu protect ~ender's interest, including, but ~not limited to, disbursement of I reasonable attomey's kes and en~ry upon the Property to make repa~rs. 1f Lender rcquircd mortg~ge insurance as a cond~tion of making thc toan secureJ by th~s Mortgage. Borrowcr shall pay the premiums required to maintain such ~ insurance in effect until such time as the reyuirement for such msurance termmates in accordance with Borrower's and ~ t, ~ ~ (l ~ a;;~r c3U1 FA_~E ~ , ; . ~ _ . 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