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HomeMy WebLinkAbout0794 . ~ i UN~o~t~ Covar~~rm. HoROwer aAd Le~der coveosnt and s~roe u fdlow:: ; L~eM et hielMl ri l~hnM. Borrowsr shall MomWl~ WY when due tbe principal ot and intecest on the ~ indebtednest evidet~oed by tbe Note. prepaymeot and Iste clwrgec ac provided in the Note. and tha princiPsl ot and intetest ~ oa any Future Advsnces secured b~r this Morts~e. : ` 2. !~i tor T~M a~i I~wrrc~e. Sublat to spplicabk law ~K to a written waive~ by Lenda~. Horto+rer shall pay ; to Leader on the day monthly installments ot Principal and intercct payabk uodet the Note. until the Note is paid in tull. ~ s suen (herein "Fuad~'~ eqwl to a~e-twdith of ~ ~he yea~l~• taa~y ani! asxs.unents which may attaia priorit~? over this 4 Mo~t~~e. and ~rouad nats oa tAe Poopeny. if a~y, plus one-tweltth of Yearf~r Prentium iastallments for haur+d inwnnce. plus oortwelfth of yeuly premium installmeots for mortaaae iouuance. if any, all ss t~easoeably estimated initially and trom tima to time by Lender ou tbe bssis ot assa.sments and hilK and rcasonabk atimata thereof. ; 71~e Funds shall be beld in an institutic~n the deposia or accounts ot w~hich arc imurtd or guaraoteed by a Federsl ot ~ state sseocy (includio` Lender if Lender is such an institutionl. I.e~der shall apply the Funds to pay said taxes. assessnx~tt. ; i~uranoe premiums aad p~nd t~ents. I.ender msy not char~e fo~ u+ holdinj snd aPplYint the Fuods. snalyzin~ said account, ~ or verifyingsnd oompilin~ said assessmeots and bilk. unlas Lender pays Bo~ower intetat oe the Funds and applicabk law ; permib Ire~der to make such a charse. Borrower aad Lender may a`ree in writins . at th~ time o[ exceution o[ tha Mo~ipae tbat interat on the Funds sball be paid to Botrower. and unlas such a~eemen~ is made o~ applicabk ~aw ; requira such interest to be paid. Lender shall not be requircd to pay Borrower any ioterest or earnings on the Funds. Lender j shall pve W HoROwer, witlwut cbarae, an annwl accounting of the Funds showina crcdits and debits to the Funds and the ~ purpae for which aeh debit to tbe Funds was made. The Funds arc pledged as additional security for the sums securcd by this Mortssje. If tl~e amount ot tbe Fun~4 6eld by Lender, together with thc fuwre monthly installments of Funds payabk prior to . tbe due data of tues, a:sessments. insunnce premiums and ground rents, shall ex«ed the amount roquircd to pay said taxa. asseapneats. i~uurance pe~emiums snd around re~ts as they fall due. such excess shall be. at Borrower's op~ion. eithcr t pr+omptty repaid to Borrower or creditod to Borc~owe.~ on monthly installments of Funds. If the amount of -the Funds : Add by Lender sha11 not be wfficieat to pay faica. aasessments, insurance premiums and ground ronts ss they fall due. : Horro~rer slall pay to l.ender a~y amount necessacy to make up tl~e deficieocy within 30 days [rom the date notice is maikd ~ by Ltader W Borraivei requatin8 P~Yment thereof. I Upoa payment in full of all sums socured by this Mor~gage, l.ender sAall promptly refund to Borrowe~ any Funck ~ !~eld by Leodar. If uader para~raph 18 hercof the PropertY ia sold or the Propeny ~s aherwise acquired by l.ender. Lender s6aU spply, no later t6an immediately prior to the sak of the Property or its acquisition by Lender. any Funds held bv t Lender at the time of application a~ a crcdit against the sums securcd by this Mortgage- : 3. A~licatio~ oE ta0roe~b. Unkss applicable law provida othenvise, all payments received by Lender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by t.ender first in payment of amounts payabk to Lender by Borrower t under para,graph 2 hercof. ibea to iaterest payabk on the Nose, then to the principal of the Note. and then to interat and principal on any Future Advanoes. _ Cksr~r~ Ijeos, Borrower shall pay all taxes, assessmenu aod other chargcs. 6nes and impositions attributable to tLe property which may attain a priority over this Mortgage, and leasehold payments or ground rtnts. if any. in the manne~ provided under pangraph 2 hereof or, if not paid in such manner, by Borrower making payment. whea due, dirocdy to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph. and in the eveat Botrower s6a11 make payment dircctly, Borrower shall promptly furnish to l.ender receipts evideacing such payments. , Bonower sball Qromptly discharge any lien which has priority over this Mortgage: provided. that Borrower shall not be required to discharse any such lien so long as Borrower shall agree in writ~ng to the payment of the obligation secured by such lien in a manner acceptabk to Lxnder, or shall in good faith contest such lien by, or defenJ enforcement of such lien ia. legal ptoceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Ha:ard lawrawce. Borrower shatl keep the improvements now existing or hereafter erected on the Property insured 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 periods as Lender may requirc; provided, that Lender shall not eequire that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~y this Mortaaae. The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. providod. that such approval shall not tie unrcasonably withhe{d. All premiums oc~ insurance policies sl?all be paid in the manner providod under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment. when due, directly to the Ij insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable 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 renewals thereof, ~ and Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. In the event of loss. E Borrower shall give prompt notice to Ihe insurance carrier and Lende~. Lerrder may make proof of loss if not made promptly ' by Borrower. ~ Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the ~roperty damaged. provickd such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or it the security of this Mortgage would be impaired, the insurance ptoceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier olTers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of t6e Propertv ; , or to t6e sums securod by this Mortgage. : Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amoun! of 3 such insWllments. If under paragraph 18 hereof the Prof,erty is acqwred by Lender, aU right, tide and int~rest of Borrower ~ in and to any R~surance policies and in and to the proceeds thereof resul~ing from damage to the Property prior to th~ sale 3 or acquisition shall pass to Lender to the extent of the iums secured by this Mortgage immediately prior to such sale or = acquisition. 6, Presenation and 1laiotenance of Property; Leacehulds; Condominiums: Planned Un~t Developments. Borrower ~ shall koep the Property in good repair and shall not comro~t K•aste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease i[ this Mortg~ge ic on a leaschold. If this Mortgage is on a unit in a ; condominium or a planned unit development, 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 regulations of the ; ~ condominium or plaaned unit development, and constituent doc:uments. If a condominium or planned unit cievelopment ~ rider is executed by Borrower and recorded toge~her with this Mortgage, the covenants and agreements of such rider ~ ~ shall be incorporated into and shall amend and supplcment the ~o~enants and agreements of this Mortgage as if the riJer t were a part hereol. 7. Proteclion of Leude~'s SecurSty. It Borrower failc t~ perform ttie covenants and agreements contained in this I ~ Mor~gage, or if any action or proceedmg ic rummrnced wh~ch materially eBects l.ender's interest in the Property, ~ includmg, but not timited to. eminent domain. intolvenc}, code en(orcement, or arrangements or proceedings invohing a s ~ bankrupt or decedent, then I.ender a~ Lendei a option, upc~n nohce to Borrower, ma~ make such appearances, disburse such ~ sums and take such ac~ion as ~s nece~sary to pn~tect Lender's imerest. mcluJing. but not limited to, disbursement of ~ reasonable altorney's (ces and en~ry upon ~he Proper~y to make repaus. lf I.ender reyuircd mortgage insurance as a condit~on of making the loan secureJ by this Mortgage. B~•rr.•wer shall pay the p~emiwns requireJ to maintain such ~ insurance in efiect umil such ~ime as ~he reyi~irement for wch msurance termin:ste~ ~n accordanee with Bormwer s and ! a • ~ ~ _ g~~kK 302 794 : ; ~ uY ~.r._ . ~ ~ -i ~ ~ .