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HomeMy WebLinkAbout0831 un[~o~w covan~Nrs. eorc+o~?er ana t,eaae~ oovenaM ~~,a ~~roe u talow:: Z. ~q~eN K hYclri a~i I~NraA. Borrower shaU promp~ly paY when due tbe priocipal ot aad interat on the ;ndebtedna~ evideuoed by the Note. prepayma~t and late cha~aec a.~ ~xorided in the Note. and the principal ot ~nd intetest oa ~ny Putw~e Adva~cs'ecu~+ed bp this Mort~sje. lY~i~ tor 'iLzis ~¦i 1~wn¦ea ~bject to applicabk law lo a written waiver by Lender. Bon~o~e~ sh'u Wr : to I.eader on the day mo~lAl~? installments of principal and interest ~n paysble unde~ the Note. until the Note is paid in tull. ~ a wm (hersin "Funds'~ equal to oK-twelfth ot the yearl~• tax~. anil assessments which may attain priority over this ~ und MoAjase. and fround rents on tbe PropertY• if any. Flus one-tweltth of Yearh? Premium instdlments tor hazard inwnnce. ; plus oae-tweltth of yearly pnmium i~stallmeet: for mo~t~sse insurancc, if any. all u ~easo~ably estimated initially and fro~m time to time by Laader on tl~e bata of assessments and hills and rcasonabk atimata thersof. . Tbe Fl~nds sball be held in an institutic?n the deposiu or accounts of ~rhich arc inwred or ~wranteed by a Fakral ot ~ riate asency tincludina I.ender if Ltade~ is tuch an ins~itution). 1_ender shall apply the Fu~ds to pay uid taxa. sssasmen~s. iawranoa premiums and =round rents. I_ende~ may nat charge tor s~+ hoWinj snd sPplYins the F~mdc. analyzin~ said account. ; or veritpies~d complint said assessments and bills. unlas Lender pays Borrower intercst on the Funds and applicabk law = peRnits L,eoder to make wch a charge. Bor~ower and Lender may agroe ie writi~t at the time oi execution ot this Mon~,a~e that inte~est on the Funds shall be paid to Borrower. and ualas such agreeme~t is made o~ applicabk law , requires such interat to be prid~ Lende~ shall not be rcquirod to pay Bonower any intercst or earni~gs on the Funds. Lende~ ; s6a11 pve to Borrowe~. without charae, an annwl aocounting of the Funds stawina credits and debits to the Funds and the purpose for which eieh debit to the Funds was made• The Funds arc P~odBed u additional security tor the sums secured ; by this Mortp~e. If t1~e amount of tbe Fuads 6eld by Lender, togetl~er with the future monthly installmeats of Funds payabk prior to i the due dates of taxes. assestmeots. i~uranve premiums ar~d growsd t~enu. shall exceed the amount required to paY uid taxes. f asseumeats. iraunnoa premiums and aeouod rents as they tall due, such excess shall be. at Borrower s optio~. either promptly repaid to Borrower or credited to Bornower oei ~rwn~hly installments of Funds. If the amount ot the Funds bdd b~r L.eoder shal! not be sul6cient to pay taxa. sssessmenta. insurance premiums and ground re~ts as they fall due. BoRave~ shall pay to Lender any amount neassary to make up the deficiency within 30 days fmm the date notice is maikd by Irmder to Borrower roquest~n8 P~Y~nt thereof. Upon payment io full of aU sums socucrd by this Mongage, Lender shall promptly cefund to Borrower any Fun~ held by Leader. If uoder parasraph I8 I~ercof the Property i~ sold or the Propeny ~s othe~wise uquired by Lender. Lender sha11 apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. a~y Funds held bv I.eader at the time of application as a credit against the sums secured by this Mortgage. 3. A~~{~ U~less applicable law provides otherwise. all payme~ts [rceived by Lender under the Note and paragraphs 1 and 2 hereof shall be appliod by I.enckr first in payment ot amounts payable to Lender by Borrower under paragraph 2 hereof. tben to intercst payabk on the Note, then to the principal of the Note. and then to inte~est and priacipal on any Fut~ue Advances. ' ~ 1, C~es; I,kas. Borrower shalt pay all taaes, assessments and other chargcs. fines and impositions attributab{e to ~ the Property which may attain a priority over this Mortgage, and leasehold.p~ ~~d ~nts. if any. in the manner ~ pmvided onder paragraph 2 hercof or, i( not paid in such manner, by Boirower m~i~~ payment. wheo due, direcdy to the i payee thereof. Boaower shalt promptly furaish to Lender all notices of 3il~ll~ th~s MroBnPh. and ~R tbe event Borrower shall make payment directly. Borrower shaq promptly fum~~j~~+P~ ~~~~~~Q8 such paymenu. Borrower shall pranptly discharge any litn which has prioriry over this Morigage: prov~ded, that Borrower shall not be r+equircd to dixharge any such lien so long as Borrower shall agree i~ writing to the payment ot the obligatiun secured by suc6lien in a manner acceptable to Lender, or shall in good faith contest wch lien by, or defonJ enforcement of such lien ia, lega! proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or a~y part thereof• S. Ha:ard I~un~~wce. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod ~u againat 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 require; provided, that Lender shall not require that the amount ot ~ such rnverage exceed that amount of coverage required to pay the sums secured by this Mortaage. ~ 'ILe insunnca carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. provided, t6at such approval sha11 not be un[easonably withheld. All premiums on insurance po~ic~es sha11 be Pa~d in the manner ~ provided under paragraph 2 hereof or, if not pai~ in sucK manner, by Borrower making payment, when due, directly to the f IDSUfaDCC CBffltf. < ~ All insurance policies and renewals thereof shall be in form acceptable to l.ender and shall include a standard mortgage : clause in favor of and in form acceptable to Le~der. I.ender shall have the right to hold the policia and re~wafs ihereof. 4 and Borrower shall prompUy furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss. ~ : Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ' ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of F the Property damaged, proviJed 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 if the security of this Mortgage would ? be impaired. the insurance praceeds 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 ofiers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repa!r of ihe Property or to the sums secured 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 re(erred. to in paragraphs I and 2 hereof or change the amount of such installmeats. If under paragraph 18 hereof the ProFerty is acquired by Lender, all righe, title and interest of Borrower in and to any ituurance policies and in and to the proceeds thereof resulung from damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or E , acquisition. } 6. Presenalioo aod Maiatenance of Property; Leasehulds; Condominiums; Planned Unit Derebpmenls. Borrower shall ke~p the Property in good repair and shall not comrvit ri•aste or permit impairment or deterioration of the Property r=' and shall compl}' with the provisions of any lease if this Mortgage ic on a leasehold. 1[ this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration ~ or coreuants creat~og or guverning the ¢ondominium or planned unit develupment, the by-laws and regulations of the u condominium or planned unit development, and constituent Jaumcntc. if a condominium or planned i~nit development ~ rider is executed by Borrower a~d recorded ~ogether w~th this Mortgage. the covenants and agreements of such rider ~ ~ shall be incorporated into and shall aniend and supplement the co~•enants and agreements of this Mortgage as if the riJ~r ~ were a part hereof. 7. Praectwn of Leode~s Secu~it~. If B~RC~~er f~~ils t~, perform the covenants and aRreements contained in this ~ ~ ;I Mortgage, or if any acdon or proceeding ~s rommenced w~h~ch materially afiects Lender's interest in the Property, `i includ~ng, but not limded to, eminent domain, insolvenc~~. code enforcemem, or arrangements or proceedings invol~iog a . bankrupt or decedent, then Lender at l.enJer's op?ion, upon notice to Borrower, ma~ m•rke such appearances, disburse such ~I sums and take such action as is nece~sary to protect t_ender's interest. inclu~iing, but not limrted to, disbursement of reasonable auomey's (ees and eniry upon the Propcr~y ta makc rcpairs. 1( Lcndcr reyuircJ mortgage insurance as a cond~Uon of makmg thc loan secureJ by this llfongage. Barruv?er shall pay the premiums required to mainta~n such : insurance in efiect until wch time as the reyuiremem for wch insurance term~nates m:ic:ordance with Borrower s and . d~kr 302 ~31 _ ~ ~_Y~::~ : .