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HomeMy WebLinkAbout0813 } , r~ r~ . ~ ~ J' . Ut+t~aw Covst~~nts. Bocrowu and Lencier cove~ant and a~~ee u tollows: L!~N h~C~l ~i t~Mta~l, Botrowe~ shall p~omptly pay whe~ due the principal of and interat on the indebtednat evidcnoed b~r the Note. prapaymcnt snd late chargec ac ~xovided in the Note. aod the principal ot tod inlerest on aoy Futurs Advanca secwnd by tha Mortjate. 2. !~i /K Tnw aii Gwerc~e. ~bject to applic~bk Iaw a~ to a written waive~ by Lender. eo~?« ~u wr to LeAder on ~he dar monthly installmen~s of principal and intcrcu arr payat+k unde~ the Nwe. until tAe Note is paW in tull, a tum (herein "Fur~t'7 equal to one-twelfth of ~he yea~l~~ tas~~ snJ assasments which may attain priority over this Mort~aje. and ~mund rcnb on tbe Property. if any. ~?lus onc-twelhh of yearty premium installments [or hazard insuraoce. plus oae-twel[th ot yearly premium installments fo~ mortgaje in:unncc. it apy, all u reasonably atimated initially and trom time to time by Leeder on tbe bua of assasmcnts and hills and rcasonabk estimata thereot• 'tUe Fu~ds shall be held in an instituticm ~he depasia o~ accou~ts of which arc insured or `uaranteed by a Federal oT stata ajency (iacludina Lende~ if Lender is such an iattitution). I.ender shall apply the Funds to pay said uxa. assasments. iUSUranoe premiums and ~tamd rcnts. t.ender may no~ charge tor s~+ holdin= ~snd applyin~ ~he Funds. analyzin~ said accoun~ or verifpin= a~d complinj uid assessmenu and bills, uolcss Lender pays BoROwer interat on the Funds and applicabk law permiq I,toder to make such a charse. Borrower and Lender may a`rce in w~tina at ~he time of exaution, ot this Mortp~e that interat on the Fuads shall be paid to Borrower. and unlas such aaroement a made or applicable law requira such i~tetat to be paid. Lender shall no~ be rcquirod to pay Borrower any interat or earnings on the Funds. Lende~ sball pve to Bormwer. witlwut charae. an annual accouoting of the Fu~ds showing credits and debits to the Funds a~ the purpose for which ad~ debit to the Funds was made. The Funds are pledged u additional security for the sums secured by this Mortp~e. ~ If the amount ot tl~e Funtk held by Lender, together with the future monthly installmeots of Funds payable prior to tbe due data of taxa. atsasmeats. insurance ptemiums and ground ronts, sAall exceed the amount requircd to pay said taxa. aqwments, inauranoe premiums and ground renu as they tall due. such excess shall be. at Bonower's option. either promptly repaid to Borrower o~ ueditod. to Bo~ruwer on monthly insullments of Fuods. !f the amount of the Funds l~eld by Leoder shall not be sufficient to pay tues, assessments, insurance premiums and gc~ound rcnts as they fall due. Borro~rer s6a11 pay to Lender any amount necessary to make up Il~e deficiency within 30 days from the date notice is mailed by i.eode~ W Borrower ~equatina p~aYmeM thereof. Upoa paymeat ia full of dl sums secured by this Mortgage, l.ender shall promptly rcfund to Borrower any Funds hdd by Leader. If under paraaraph 18 hercof the Propeny ia sold o~ the Propeny ~s otherwise acquircd by Lender. i.~nder •hall apply. no later than immediately prior to the sak of the Propeny or its acquisition by Lender, any Funds held bv l.ooder at the time oE applicatan as a credit against the :ums secured by this Mortgage. 3. A~licatio~ d tq~eNs. Unless applicable !aw provides otherwix, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applicd by Ixncler first in payment ot amounts payable to Lender by Borrower under parsgraph 2 heooof. tben to intercst payabk on the Note, then to. the principal of th~ Note. and then to interat and pcincipal on any Futun Advanoes. . Cl~e~ I3eas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to tbe pruperty which may attain a priority over this Mortgage, and leasehold payments or grou~ rents. it any, i~ the manaer pc+ovided under pusgtaph 2 hereof or, if not paid in such manner, by Borrower maki~g payment. when due, diroctly to the payee the~+eof. Borrower shall promptly furnish to LenJer all notices of amount's due under this para~rsph, and in tt~e event Bormwer shall make payment directly, Borrower shall promptly furnish to L.ender rcceipts evidencing such payments. Bonower shall ptumptly discharge any lien which hu prionty over this Mortgage; provided. that Bottower shall not be eequired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ~ such lien in a manper acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of sueh lien in. kgal proceedings which operate to prevent the en[orcement of ~he I~ea or forfeiture of the Propeny or any part thereof. S. Ha:srd leara~ce. Borrower shall koep tt~e ~mprovements now existing or hereafter erected on the Property insured against loss by 6rc, hazatds included with~n the term "extended coverage", and such other huards as l.ender may rcquire and in.such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coveragt required to pay the sums secured by this MortEa6e_ 'Il~e insurance carrier ptoviding the insurance shall be chosen by Borrower subject to approval by LenAer. provided, t6at wch approval shall not be unreasonably withheld. All premiums on insurance policies shatl be paid in ihe manner . provided undcr paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to thc i insurance carrier. Al! insurance policies and renewals thereof shall be in (orm acceptable to Leneier and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrow~er shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. ~ ' Borrow~r shall grve prompt notice to ~he insurance carrier and t_ender. Lender may make proof of loss if not made promptly 's by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance. proceeds shall be applied to restoration or repair of the Propeny Jamaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impa~red. lf such restorat~on or repair is not economically teasible or i( the xcurity of this Mortgage would t be impa~red, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the exc~ss. if any, paid s to Borrower. lt the Property is abandoned by Borrower, or if Borrower fails to respond to f.ender within 30 days from the ~ date notice ~s maded by l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender ~ is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repa!r of the Propertv or to tbe sums sccured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to prineipal shall not extend ~ or postpone the duc date of the monthl~• installmentt referred to in paraRraph~ 1 and 2 hereof or change Ihe amount of a suc6 installmeou. If under paragraph t8 hereof the ProE.erty is acywred by l.enJer, all right, title and interest of Borrower ~ in aod to any insurance policies aad in and to the proceeds therrnf result~ng from damage to the Property prior to th~ sale ~ or acquisiUon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ¢ acquisition. ~ a 6, pretervalbo aod :Naioteaance of PropeAy; Lrasehulds; Condominiums; Planned Uait Devebpmeats. BorroNer i shall keep the Property in good repair and shall not comro~t y~•aste or permit impairment or deterioration of the Property ~ and shall compi~ with the provisions of any lease this Mortgage un a Icaschold. !f this Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower ~hall perform all ot Borrower's obligations under the declaration ~ or coveoants cieating ror govermng the condominium or planned unit development, the by-laws and rogulations of the = condominium or planned unit development. and constituent documents. tf a cundominium or planned unit development ~ rider ~s executed by Borrower and rerorded together whh ~h~s Mortgage, the covenants and agreemems of such rider ~ shall be incorporated into and shall amend anJ supplement the cuvenants anJ agreements of this Mortgage as if the riJer = were a part hereof. _ ~ 7. Proteclioa of Leader's Security. If Borrower faii~ t~• per(c~rm the covenants and agreements contained in this - Mortgage, or it any action ur proceed~ng is cummcnee~i which materially afiect~ I.ender's ~nterest in the Property. including, but not limited to. em~nent domam. ink~lvency, axle enforcemen~. or arrangements or proceedings involcing a bankrupt or decedent, then Lender at I.ender'~ opUOn. upun n~~~ice to Borrower, m•ry make such appearances, dishurse such sums and take such ac~iun as is nece~sar} to protect LenJer's mterest, incluJ~ng. but nrn limrted to, disbursement of _ ; rcasonable attomey'c (ces and entry u~x~n thc Propert}' to makc rcpairt. I( Lender rcyuired mortgage insurance as a a condilion of making thc loan cecureJ b}~ thu Murtgagr. B~~rn~~cr shalt pay thc prcmiums required to maintain such insurance in ettect until such t~mc as thc rcyuircmcnl fc~r tiuch ~nsurancc tcrminatc~ m:iccordance wi~h Borruwcr s and ~ ~ - Boox 3U~ ~~E 8i3 ~ . ~ ~ _ _ _ _ . 4s ; _ x~~_.rS~ F~ y~~,:...~s~ ~ 5 ~ _ . - r~~ - . , .f~ • ~ir l-,F' . . _ . _ . _ . . ~ ~s~"n . . _ "