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HomeMy WebLinkAbout2767 _ • Uwu~oara Oovat+etvrs, Borrower and Leader covenant and agree as fdbws: L >hQwNt of hied alai Wsretrl. Borrower shall promptly pay when dire the principal of arrd iatsreq on the ittdebtedrtetx svideaood by tbt Note, propayrtneat and Tate charges as provided in the Note, and the principal of aad interest j oa any Future Advances second by this Mortgage. 1 >E~i fee 7tio[sa ttri ltswresree. Subject to appticabk law ~?r to a written waiver by Leader. Horr+owa dull pay to Lender on the day marthty installments of principal and interest ~rc payabk under the Note. until the Note is paid in full, s sttra (htrrein "Fuads'~ equal to one-twelfth of the yearly taxs~ and aissssrttetrts which may attain priority rarer this Mortgage. and ground t'eab on the Property. it any. plus orte~twelfth d yearly' premium itrstallrrtents for hazard inwrartce, plus oae~twelfth of yearly premium installments for mortgage insurance. it airy, all as reasonably estimated initially and from ~ time to time by Leader on the boa of assessments and hills and rcasonabk estimates thereof. ' 'ILe Fund::hall be held in an institution the deposits or accounts of which are irauted or guaranteed by a Federal of state agency (irtchding bender if Lender a such an ittstitutionl. I.ettder shall apply the Funds to pay said taxes. assessntettb. insurance premiums and ground rents. lender may not charge for so holding strd applying the Fends. analyzing said account. or verifying.and compiling said assessments and bilk. unless Lender pays Borrower interest on the Funds and applicable law permits Lewder to make such a charge. Borrower and Lender may agred in writing at the time of execution of the Mortgage that iatersst on the Fund: shall be paid to Borrower. and unku such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Leader shall give to Borrower. without charge. an annual aooounting of the Funds showing credits and debits to the Funds and the putpae for which each debit to the Funds was made. The Funds are pledged as additional security for the sutras secured by t6a Mortgage. If the amount of the Funds held by Leader, together with the future monthly installments of Funds payable prior to the due dates of taxes. as:asrrrenta, inwrance premiums and ground rents, shall exceed the amount required to pay said taxes. anessroents, imurance prwniums and ground rents as they fall due. such excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower oa monthly inuallment: of Fund3. If the amoum of the Funds held by Lender shall not be wlBcieot to pay taxes, ataessrrrents, insurance premiums and gr+ottnd rents ss they [all due. Bocmwet shall pay- fo La~det any amount necessary to make up the defkiency within 30 days from the date notice is mailed by Loader to Borrower requesting paliment thereof. Upon payment is fuB of all sums secured by the Mortgage. Leader shall promptly refund to Borrower any Futtds held by Lender. >f under paragraph 1g hereof the Property is sold or the Progeny rs otherwise acquired by Leader. Lender shall apply. rte lour than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lsader at fire time of application as a credit against the sums secured by this Mortgage. - : 3. A~iicatNrs et Unless applicable law provides dherwise. all payments received by Lender under the Note and paragrtphs 1 aad 2 hereof shall be applied by Lender tint in payment of amounu payable to Lender by Borrower - under paragraph 2 hereof. they to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advantxs. - d. Granges; Lkais. 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 Z hereof or, if not paid in such manner. by Borrower making paytrtent. when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and is 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 arty 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 Leader, or shall in good faith contest such lien by, or defend enforcement of such lien ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of lira Property or any .part thereof. S. Igt+zard Iawrsaee. Boaower 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 aad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that thr amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The. iraurattce carrier providing the insurance shall be chosen by _Bomower subject to approval by~ Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shill be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dir~ectiy 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 Lender. 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. Tn 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 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 i 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 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 proceeds 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 inuallments referred to in paragraphs 1 and 2 hereof or change the amount of suclf installments. If under paragraph 1S hereof the ProFerty is acquired by Lender, all right, title and interest of Borrower in and to any Insurance policies and lit and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shelf pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6. lrsservatlon and Maintenance of Property; Leaselwlds; Condomiaiutns; Planned Utsit Developments. Borrower shall keep the Property in good repair and shall not comtpit 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. 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 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 were a part hereof. . 7. Protection of Letder's Security. if Borrower fails to perform the covenants and agreements contained in this F Mortgage, or if any action or proceeding is commenced which materially affects lender's interest in the Property, a including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a I bankrupt or decedent, then I_enderat Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and lake 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 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 such insurance terminates in accordance with Borrowers and OR aooK~OZ VAG~Z764 R _ _ 1.e. F V~~1~