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HomeMy WebLinkAbout0771 Ut+t~oRx OoveN~Nrs. Borr~o~rer and lrende~ covenan~ and atroe u tollaw:: h~tKS1 ~t M~c~l a~i I~tet~aM. 6oroower shall p~omM~) WY when due tAo ptincipal ot and iMerat oe the indebtednat evideaoed by tlfe NWe. peepapmeet and late charecs ac ~ovided in the Note. and the principsl of aed interesl an my Future Advances sxurod by this Mattsaje. !`i ter T~~s a~i l~c~e. Subjat to applicabk law ~.r to a written waiver bY l.~~der. BoRO~ s~l W7 to Leader on the dsy monthly inuallments of principai aod intcrcct are payaMe under the Note, uatil the Nota is paid in tull. a sum (herein "Funds'~ eqwi .to ono-twelfth of the yearly tax~~+ anJ assessments which may atuin prioriq? over this Mort~a~e. and ~raund ~ts on the Propeny. it any. plus one-twelf~h of yea~ly prem~um iastaliments tor hazard inwrance. plus ooe-twelfth oE yearlY premium instaliments for mortaage insunncc. if any, all u rcasonably estimated initially aod from time to time by l.eudet oe tbe buis of auasments and Mlls and rcasonabk atimata theeeot• ~nteed by a Fedenl et The Funds shall be }ield in an iostituticu~ the deposia or ~ccounts of which arc inwred or tua stste a~eocy (includina Lender if Lender is such an institutionl. 1_ender shall apply the Fu~ds to pay said tues. ass~n~?~s. i~urance premiums and gtound rcnts. t_eode~ may not charge for s~+ holding and applyins the Fund:. analyzin~ said. accouo~ or verifyint a~d compilint said assessments and bills, unkss Lender pays BoROwer i~terest on the Funds and applicabk ~aw , permits l.e~der to make such a chs~ae. Borrowe~ aad Lender may agrce in writina at the time ot exxution of this Mortpge that interest o~ the Fuads shall be paid to Bomower. and uakss such aarsemrnt is made or applicabk law requira such iaterest to be psid. Lender shall not be required to pay Borc~rer sny iotercst or eamings on the Funds. Le~der s6a11 ~ive to Borm~nver. without charge, an annwl accounting of the Funds showina crcdits and debits to the Funds and the purpoae for which each debit to tl~e Funds wu made. The Funds are pledgod as additional security [or the wms socured by tha Mort:aje. If tbe amou~t o[ the Fw~ds heW by Ltnder, together with the future mortthly installments of Funds p~yabk prior to tbe due data of tues. assas~ents. inwrance p~emiums and ground rents. shall excced t!x amount roquircd to pay uid tues. as~eumeats~ insuraaoe premiums sed around rents ss they tall due. such excess shall be. at Borrower's optio~, eitlser promptly rspaid to Bormwer at cr~dited to Borrowa on monthly installments of Funds. If the iimouot of the Funds hdd byr Leoder shdl not be wfficieot to pay taxes, aasessments. insurance premiums and goound renta as they lall due. Borm~rer ~all pay to L.eader any amo~nt necasary to make up the de6ciency within 30 days from the date notice is mailcd by Leade~ to Borrower ~+equattina payment theroof. Upon payment in fuU of all sua~ soc~ by this Mortgage, Lender shall promptly refu~d to Borrower any Funds held by Leader. If un~er puaaraph 18 hereof the Property ia sold or the Propeny ~s othenvise acquircd by Lender. Lender s6aU apply. no later t6an immcdiately priar to the sak of the Property or its acquisition by Lender. any Func' held bv ; i,ender at the time of application ss a credit against the sums secured by this Mortgage. : 3. A~piicatia~ ot p~r~ts. Unless applicabk law provida othervvise. all payments rueived by l.endcr under the Note and Qangcaphs 1 and 2 hercof shall be applied by Lender first in payment of amounts payabk to Le~er by Borrower under pusgraph 2 hereof. t6ea to intcrest payabk on tt~e Note, then to the principal of the Note, and then to intercst and pri~cipal on a~y Future Advances. C~e.s; I.kas. Borrower shall pay all taaes, assessments and other charges, fines and impositions attributable to the Property which may altain a priority over this Mortgage, and kasehold payments or ground rcnts, if any, in the manner . provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. whea due. dirocdy to the piyee thet+eot. Borrower shall promptly fumish to Lender all notices of amouats due under this parasraph. aod ~p t6e ~~+e~t 8orrower shall make payment direcqy. Borrower shall promptly fumish to L.ender receipu evidencing such payments. Borr~wer shall promptly discharge any lien which has priority over this Mortgage; provided, that Botrower sha11 not be requited to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation socured by such lien in a manner acceptabk to l.ender, or shall in good [aith contest such lien by, or defenJ enforcement of such lim in, kgal procoedings which operate to prcvent the enforcement of the lien or fodeiture of the Property or any part thereof• ; S. Harard Inw~awce. Borrower shall ketp the improvements now existing or hereafter erected on the Property ~nsured ; against loss by fir~e, hazatds includtd within the term "eatended coverage", and such other huards u Lender may rtquire : and in such amounts and for such periods az Leoder may require; provided, that Lencler shall not require that the amount of s ' such coverage exceed that amount of coverage requircd to pay the sums secured ~by this Mon~a6e. ' 7Le insurance carrier ptoviding the insurance shall be chosen by Borrower subject to approval by Lender, provided, ~ that wch approval shalt not be unreuonably withheld. All premiums on insurance policies sha11 be paid in the manne~ l provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment. when due, directly to the i insurance carrier. ~ All insurance policies and renewals thercrof shall be in fom? acceptable co I.ender 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 th~reof. 6 and Bormwer shall promptly furnish to Lend~r all renewal not~ces and all receipts of paid pnmiums. in the ovent of loss. ~ Borrower shall give prompE notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Bonower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged. provided such restorat~on or rePair is economically feasible and the security of this Mortgage is not thtreby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the eaccas. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 3Q days from the date notice is mailed by Lender to Borrower that ihe insurance carrier offers to settle a claim for insurance benefits. Lender is authorized to collect and apply ~he insurance proaeds at Lender's option eit6er to restoration or repair of the Propertv _ or to t6e sums secured by this Mortgage. ~ Unlcss Lender and Borrower otherwise agree in writing, any such applica~ion of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of suc6 installmeots. If under paragnph I$ hercof the Prof,erty is acquired by Ixnder, all right, title and interest of Borrower ~ in and to any Insurance policies and in and to the proceecls thereot resulung from.damage to t6e Property Prior to thc sale ' or acquisition shall pass to L.ender to the extent of the sums secured by this Mortgage immediately prior to such sak or ; s acquisition. ; ~ 6, Praenation and Maintenance of Property; Leasehulds; Con~ominium~ Planned Uuit Devdopments. Borrowcr ~ shali keep the Property in good repair and shal! not comro~t yvaste or permit impairment or deterioration of the Property ' _ and shall comply with the provisions of any lease it this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planncd unit development, Borrower shall periorm all of Borrower s obligations under ihe declaration ~ or covenants creating or governmg the condominium or planned unit develupment, the by-laws and regulations of th~_ condominium or planned unit development, and constituent documents. !f a condominium or planned unit development ~ rider is executed by Borrower and recorded together v?ith this Mortgage, ~he covenants and agreements of such rider. shall be incorporated into and shall amend and supplement the covenan~s and agreements of this Morigage as if the rider ~ were a part hereof. 7. PrMectioa of Leade~s Securfty. 1( Borrower fa~lc to pcrform ihe covenanls anJ agreements contaioed in ihis Mortgage, or if any action or -proceedmg is cummrnced which materially aHects Lender's interest in the Property, ~ including, but nol limited to. em~nent domain. insolvency, code enf~•rcemen~, or arrangements or proeeedings involving a ~ bankrupt or decedent. then I.ender at I.enJer's option, upon notice to Borrower, ma~~ make such appearanca, disburse such F~; sums and take such ac~ion as is necessary to prolect Lender's mterest, including, but not limrted to, disbursement of rtasonable auorney's tces and en~ry upon the Propcrty to make rcpairs. If Lcnder requircd mortgage insurance as a g condrtion of making thc loan sccured by~ ~his Mongagc. Borruv?cr shall pay thc premiums required to maintain such . iruurance in eHect un~il such time as the, requirement for wch msuranee termmates ~n accordance with Bormwer s and ~ ; ~ . SCpr ~v~ ~,~f 771, . . v ~ ~~V~ . .