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HomeMy WebLinkAbout1839 Untt*otat Oovttr+nwn. Dorr~ower std Lender covenant and agroe u follows: 1. Tagwaat of MtselMl tttw 1MarM1. BorroMrer shall promptly pay when due tba principal of and interest ora the indobtedness svideaoad by the Note, ptepayttrtseut and late charges sc provided in the Note. and the principal of sad interest oa soy Future Advaaoa secured by this Morrtgage. >Ert>.i tetr Tao<aa- ttatl lrwttaca. Subject to applicable law or to a written waiver by Lender, Bortower shall pay to Lender on the day monthly installments of principal and interest ~re payaMe under the Note. until the Note is paid in [ull, a sum (herein "Fuads'y equal to otte-twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage. srad ground tPatb on the Property. it any. plus owe-twtltth of yearlli pt+amium iastalhtterats for hazard insurance. plus oao-twd(th of yearly premium iastallttteats for mortgage insrtrance. it any. all u reasonably estimated initially and tr+om time to lima by Leader on the basis of assessments and hills and reasonable estimates thereof. 7Le Ponds shall be bald in an inuitution the deposits or accounts of which are insured or guaranteed by i Federal or state agettcy~(inchding Leader if lender is such an institution!. Lender shall apply the Funds to pay said taxes. assessrtttrtb. iawraace premiums and ground rents. !.ender may not charge for :n holding and applying the Funds. analyzing uid account, or verityirag_aud compling said assessments and bilk, unless Lender pays Borrower interest oa the Funds and sppligbk law permib Larder to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortpya that interest on the )Fltrads 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 tD Borrower, without charge, an annual accounting of tba Funds showing credits and debits to the. Funds and the .purpose for which each debit to the Funds wu made. The Funds are pledged u additional security for the sums secured by tba Mortgage- - lf the amount o[ tba Funds hdd by [.trader. together with the future monthly installments of Funds payable prior to the due dates of taxes. auasmerats, insurance premiums and ground rents, shall excxed the amount required to pay said taxes. apatauenb, irt:urattce praniums and ground rents u they fall due. such excess shall be, at Borrowtr's option. either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. if the amount o[ the Funds Geld by Leader shall not ba sufi~ieat to pay taxes. as,essrrtents. insurance premiums and ground, rents u they fall due. Borrower shall pay to Larder any amount rteoessary to make up the deficiency,,within 30 days from the date notice is mailed by Deader to Borrower requestirag payment thereof. . Upaw payaxat is fuU of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds Geld by Laden. if under paragraph 18 hereof the Property is sold or the Property n otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lewder, any Furrds held by header at the tithe of application u a credit agairast the sums secured by this Mortgage. 3. A}plicatimr of ly~esita. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. thew to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advaraoes. 4. CYages; Lkns. Borrower sfiall pay all taxes, assessments and other charges, fines and impositions attributable to tba Property which may attain a priority over this Mortgage, std leasehold payments or ground rents. if any. iw the manner providod under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the payee tbet+eof. Borrower shall promptly furnish to Lender all hollers of amounts due under this paragraph, sad is the event Borrower shall make payment diroctly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any !taro which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long u Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner accxptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien iw, .legal proceedings which operate to preverat the enforcement of the lien or [orfeiture of the Property or any part thereof. S. Hazard lrasraraoce. Borrovr~r shall keep the improvements now existing or hereafter erected on the Property insured agairut loss by fire, hazards included wihnin the term "extended coverage". and such other hazards as Lender may require sad 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 ~y this Mortgage. The instrrartce carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be urareasonably withheld. All premiums on insurance policies snail be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making paymerat, when due, directly to the f insurance carrier. All insurance policies arad renewals thereof shall be in form acceptable to Lender and shall ,include a standard mortgage ~ clause in favor of and in form acceptable to Landes. Lender shall have the right to hold the policies and renewals thereof, awd 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. Lerrder 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 the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is rat thereby impaired. It 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 to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date wotice 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 proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Uwlas 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 amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interat of Borrower in and to any hrsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lewder to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Treservatioa.aod Maiatenarace of Property; Leasclalds; Condominiums; Planned Unit ]tkvebpmeats. Borrower shelf keep the Property in good repair and shall not comrpit Waste or permit impairment or deterioration of the Property grad shall comply with the provisions of any lean if this Mortgage is on a leasehold. If 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 covenants creatiwg 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 agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Prolectioa of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a bankrupt or decedent, then 1_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 1_ender required mortgage insurance as a condition 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 wch insurance terminates in accordance with Borrowers and r gocK 3U2 raCE 1839 -'.i