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HomeMy WebLinkAbout1616 Ut+trosus Oovtwertt'a. Sorwwer and Lender covenant and agree as tdlows: 1 ll~jtweat M hiaelMl ttrstl I~IessrA. Borrower shall promptly pay when due the principal of and interest on the indebtedrtea evidenced by the Note. prepayment and late charges ac provided in the Nde, and the principal of and interest oa say Futttro Advances secured by this Mortgage. . lEitl•da ter Taozea ttrti lwraac~e. Subject to applicalbk law ~x 1o a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest ~re paysbk under the Note, until the Note is paid in full. a sum (herein '•Funds'ti equal to one-twelfth of the yearl~• tax~~ and assessments which tray attain priority over this Mortgage, and ground rents on the Property. it any. plus one-twelfth of yearly premium installments for hazard insurance. plus otte•twelfth of yearly premium installments for mortgage insurance, if any. all ss reasonably estimated initially and frwn lima to lima by Lender on the basis of assesunents and hilh and reasonable estimates thereof. The Funds shall be heW in an institution the deposib or accounts of which arc insured or guaranteed by a F~denl of state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, inwrattce premiums and ground rents. lender may not charge for zn holding and applying the Fends. analysing said account. or verifyingsttd compiling said assessments and bills, unless Letder pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender tray agree in writing at the time of execution of this Mortgage tbat interat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law require such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pkdgod as additional security for the sums secured by this Motrtgage. It the amount o[ the Fund heW by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments. irtwrance premiums and ground rents. shall exceed the amount required to pay said taxes. aaatments, irauranoe premiuttu and ground rents as they. fall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. I( the amount of the 1~unds heW by Lender shall not be w~ieat to pay taxes, a:,essrrtents. insurance premiums and ground rents as they fall due. Borrower shag pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof: . Upon payment in fuU of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Property is sold or the Properly a otherwise acquired by Lenckr, Lender :hall apply, tto later than immediately prior to the sale of the Property or its acquisition by Lender, any Fundc held by Lender at the time of application e a credit against the sums secured by this Mortgage. 3. AppKcation of >rtp~satb. Unless applicable law provides otherwise, all payments received by Lender under .the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 1. Cram Liews. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to- the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents. if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by_ Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so beg as Borrower shall agree in writing to the. payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof. S. Hazard Iawrawce. Borrower shall 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 require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'I1te insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall 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 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~Lerider. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly 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 lass if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair. is economically feasible and the security of this Mortgage is i not thereby 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 secured by this Mortgage, with the excess,. if any. paid I 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 offers 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 repair of the 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 referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Pro ferry is acquired by Lender, all right, title and interest of Borrower in and to any Rtsurance policies and in and to the proceeds thereof resulting from damage to the Properly prior to the sale or acquisition shall pass to lender to the extent of the sums secured by this Mortgage- immediate{y prior to such sale or acquisition. 6. hraervatioa and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developttxnts. Borrower g shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a m condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ' condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider r were a part hereof. ~ 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this n Mortgage, or if any action ur proceeding is commenced which materially affects Lender's interest in the Property. including. but nut hmrted to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then i_ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender reyuircd mortgage insurance as a conddion of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and s n - - - -