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HomeMy WebLinkAbout0825 . t ~ ' e Unt~aw Covet+~rns. Bom~rer and L.en~k~ covertan~ snd s~roe u tollows: 1 h~rweN ef M~CIw ~1 1MenN. Bo~rower shall promp~ly pay when due the principal of and interat on the ~rdebtednest evideooed by the Note. Prepaymeot snd lace charge~ a~ {+rovided i~ ~he Nae. and the principsl ot s~d intetes~ oa any Future Advances securod by this Mortaasa. l~rsi ter TauN ~i I~wr~ce. Subject to applic~bk law to a written waiver b~? Lender. Borw~wer shal~ Wy to Lender on Ihe day moethly installments of principal and intcrccl arc payat+le unde~ the Note, until the Nols is paid in tull, a tum (Nerei~ "Funds'~ eqwl to one-tweltth of the yea~f~~ ta~?..y anJ assessments which may attain priority over this Moirtsa~e, and ~round rents on the Prope~ty. if aoy. plus one-twelt~h of yea~ly premium instdlments ior huard insurance. pltu o~e-twelfth oE yeuly p~emium installments tor mongsae insunnce, if any, all u reasonably estimated initially and trom time to time by Leeder on tt~e basis of assessmcots and hills and reasonabk estimata thercof. ~ The Funds shall be held in an institution the depos~ta or ~ccounts of rvhich arc insurcd or guaranteed by a Federal ot state ajency (includina Lender if l.ender is such an institution). I.ender shall apply tl~e Funds to pay said tana, assasments. imutanoe premiums atid jround rcnts. I.ender may not charge ior sc~ holdina snd applyins ~he F~mdc. analyzin~ said accoun~ or verifyin~ snd compiling said asxssments aod Mlls, unless Leniier pays Borrower interest on the Funds a~d applicable law pecmits Lender to mske such a charge. Barrower and Lsnder may sgree in writing at the time ot eaecutioo oi this Mo~aae lhat interat on the Funds shall be paid to Borrower. and unless such agrcement is made or applicable law requires such interat to be paud. Lender shall not.be rcquired to pay Borrower any interat or earnings on the Funds. Lende~ s1aU pve to Borrower. without charge, an annual accounting of the Funds showins crediu and debits to the Funds and the putpose for which ea¢h debit to the Funds wu made. The Funds arc pledgod u additional security for the sums secured by tbis Mortpae. If the amou~t o[ the Fu~ held by Leoder, together with the future rnon~hly installments of-Funds payabk prior to t6e doe data of taxes. aueuments. imurance premiums and g~ound rents, shall exceed the amouot rcquired to p~y said taxa. atse~tnents. i~uunnce prcmiums and ground rents as they fall due. such excess shall be. at Bonower s option, either promptly repaid to Bormvrer ot credited to Bormwer on monthly installments of Funds. If the amount o( the Funds held by Leoder shall not be wl6cieat to pay taxa, asaessments, insurance pcemiums and ge~ound rcnts as they fall due, Borraver sl~all Qay to Lender any amount nocessary to make up the de6ciency within 30 days from the date notice is mailed b~r Leode~ to Bormwer itquesting payment thercof. Upoa payment in full of all :uma ~curcd by this Mortgage, Lender shall promptly eefund to Borrower any Funds held by L.eader. If under paragraph 18 hercof the Pwperty -ia sold or the Propcny ~s ahervrise acquired by Lender, L.ender a6d1 apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held bv I,eader at the time of application as a credit agairst the sums secured by this Mortgage. 3. A~plicatio~ ot P~seNs. Unless applicable law provida othervvise, all payments receivod by Lender under the Note and puagraphs 1 and 2 hereof shall be applied by Lender 6~st in paymeot of amounts payable to Lender by Borrower under parsgraph 2 hereof. t6en to interest payable on the Not~, then to the principal of the Note, and then to interat and principal on any Future Advances. ; 4: Crar~a; Lkds. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the property which may aftain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the payee thet+eof. Borrower shall promptly furnisfi to Lender all notices of amounts due under this paragraph. 30~I 1D lI1E EVCDt Borrower shall make payment directly, Borrower shal! prompUy fumish to L.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agrce in vrriting to the payment of the obligation secuned by such lien in a manner acceptable ~o l.ender, or shall in good faith contesi such lien by, or deftnd enforcement of such lien io. legal ~roccedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thectof. S. Hazard lawra~ce. Borrower shall keep the improvements now existing or hereafter erecttd on the Property insurod against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require _ and in such amounts and for such periodx as Lender may require; p~ovided, that Lencier shall not requirc that the amount of such coverage exceed that amount of coverage required to pay ~he sums secured ~by. this Mortaage. 'Ihe insurance carrier providing ihe insurance shall be chosen by Borrower subject to approval by Lender, providod, that such approval sha11 not be unreasonably vvithheld. Al! premiums on insurance policies shatl be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the iowrance carrier. ' All insurance policies and ronewals thereof shall be in fomn acceptabte to Lender 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 re~wals thereof, ~ aad Borrower shall promptly furnish to Leoder all renewal notices and all rece~pts of paid premiums_ ln the event of loss. Borrower shall give prompl notice to the ~nsurance carrier and Lender. Lertder may make proof of loss if not made prompUy by Borrower. ~ ~ Unless Lender and Borrower otherwi~e agree in writing, insurance procceds shall be applied to restoration or repair of ; the Property damaged, provicied such restorat~on or repair is economically feasible and the security of this Mortgage is ~ not theteby impaircd. If such restoration or repair is not economically feasible or if the security of this Mortgage would e be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mongage. with the excess, iE any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Ixnder within 30 days from the e date notice is ma~led by Lender to Borrower that the insurance carrier oHets to settle a claim for insurance benefits. Lender ~ is authorized to cqllect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propertv ~ or to t6e sums secured by this Mortgage. . ~ Unless I_ender and Borr~wer otherwise agree ~n v?•riting, any such applica~ion c~f proceeds to principal shall not extend ~ or postpont ~he duc date of the monthly installmcnts referred to in paragraphs I and 2 hereo( or change the amuunt of ~ such installmeats. If under paragraph 18 hereof the Pro f,erty is acyuireci by Lender, all right, title and interest of Borrower in aod to any insurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale ~ or acquisition shall pass to Lender to the extent of the wms secured by this t?iortgage immediately prior to such sale or ~ acquisition. . ~ 6. Presen•ation aod 1laintenance of Property; l.easehulds; Condominiums; Planned Uait Devebpmenls. Borrower ~ shall keep the Property in good repair and shall not comro~~ Y?~~~e or permit impairment or deterioration of the Property ~ aod shall comply with the provis~ons of any lease if this Mortgage ~s on a leaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower'~ obligations under the declaration or covenants creating or governing the condommium or planned unit development, the by-laws and regulations of the ; condomin~um or planned unit development, and constituent documentc. !f a condominium or planned unit development ~ rider ~s eaecuted by Borrower and recorded together wrth this Mortgage, the covenants and agreements of such rider , shall be incorporated into and shall amend and supplcment the covenams and agreements of th~s Mortgage as if the riJer 'j were a part hereof. j 7. Protection ot I.ender's Securiry. If R~~m•NCr fad~ t~ pcrform the covenants and agreements contained in ihis " Mortgage, or if any achon ur proceed~ng is cummenced which materially afTects I.ender's interest in the Property. ~ 5 f induding. but rn~~ I~m~ted to. eminent domain. in«~Ivenc}. cocie cnti~rcement, or arrangements or proceedings invoh•mg a ~ bankrupl or decrdent, thcn Lender at l.ender'~ ~ption. up~~n not~ce to Borrower, ma? m~ke wch appearances, disburse such ~ sums and talce such actiun ati ~s neceti,ar~ tu pr<aect Lendcr's mterest. incluJing. but not limited to, disbursement of ~z reasonable attomey'c teeti and cntry up~~n Ihe Property~ to makc repau~. If I.ender rryuircd mortgage insurance as a ~ cundiUOn of making Ihe loan cecureJ b~ th~ti Mi~rtgage, B~~rr~~wer shalt pay the premiwns requireJ to mainta~n such . ~ insutance in rttect unUi such time a~ the reyuirement f~r wch insutance Ierm~nalel in :~ecordanee with Borrowers and ~ ~ . 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