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HomeMy WebLinkAbout2774 Uwttrost~s Oovu+et+ts. !>orroarer and Leader covseraet and agree ss folkrws: ><yrmey if hiseipal trti lateral. Borrower shall promptly pay when due the principal of and interest on the irtdebtedtrsss evidenced by tbs Note. prepaymart and late charges as provided in the Note, and the principal o[ and interest oa any Ftature Advatvoa second by fhb Mortgage. ifltttsis ter '1lsstes tttstl 1¦ttreeaee. Subject to applicabk law or to a written waiver by Lender, BorratMer shall pay to Leader on the day monthly irtstaltments o[ principal and intcreN ire payable under the Note. until the Note is paid in toll. a -soar (Irsnain "Fueds'9 equal to one-twalith o[ the yearly tax~~ and assessments which may attain priority over this Mortgage, and grottad nett oa the Property. it any. plus one-twelfth of yearty~ premium iauallments [a haurd inwrsnce. plus oas-twd[th o[ yearly premium iauallrnents for mortgage insurance, if any, all as reasonably estimated initially and from ' tirrre to time by Leader oa the bass of assessments and hills and rtasorrabk estimates thereof. The Funds shall be bell in an institution the depoaia or accounts of which are inwred or guaranteed by a Federal of stale agency (including Lender i[ Lender is such an institutionl. lender shall apply the Funds to pay said taxes, assessmeats, iewnnoe premiums and ground reefs. !.ender may not charge for sn holding and applying the Fends. analyzing said account, or verifyieg..aad compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and appliabk bw ~ permits Leader to make such a charge. Borrower and Letrder may agroe in writing at the time of execution o[ this Mortgage that interest oa the Funds shall be paid to Borrower, and unless such agreetrrerrt is made or applicable law ~ requires such interest to be paid. Lender shall na be required to pay Borrower any interest or earnings on the Funds. Lender sbaU give to Borrower, without charge, an annwl accarnting of the Funds showing credits and debits to the Funds and the purpose [or which each debit to the Funds was made. The Funds are pledged as additional security [or the wins secured by this Mortpge. - Tf the amount of the Funds held by !,ender. together with the future monthly installments of Funds payable prior to the due dates of taxes, asseameaa, insurance premiums and ground rents, shall exotxd the amount required to pay said taxes. saasmeats, iasurattce premiums and ground rents as they fall due. such excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrovvttr on monthly installments of Funds. If the amount of the Funds held by Leader shall not be sul6cseot to pay taxes, assessments. insurance premiums and ground rents ss they fall due, Bontosrer sbatl pay to Leader any amount eeoessary to make up the deficiency within 30 days from the date notice is mailed by Leader w Borrower requatieg payment thereof. f Upon payment in full of all sums secured. by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Leads. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender :ball apply. rro later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by . Lender at the time of application as a credit against the sums secured by this Mortgage. 3. A~iicatiea of lgaseti/s. 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 Advaooa. 1. Charges; Lktas. Borrower shall pay all taxes, assessmenu 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 evideacieg 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 lion so long 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 rnntest such lien by, or defend enforcement of such lien ie, kcal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Basard Iaarraace. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred 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 ~y this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall rrot be unreasonably withheld. All premiums on insurance policies shall be paid in the moaner 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 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. 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 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 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 installments referred to in paragraphs 1 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 interest of Borrower ~ in and to any fhsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tlrc sale or acquisition shall pass to lender to the extent of the wins secured by this Mortgage immediately prior to such sale or acquisition. f. Preaervatfioo sad Maintenance of Property; Leaseholds; Condominiums; Planned Utsk Devebpnreets. Borrower t shall keep the Prop~:rty in good repair and shall not ~comroit yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisions o[ any kale i[ 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 1 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 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. Protection of Leader's Secarlty. 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, i including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ( bankrupt or decedent. then Ixnder 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 condition of making the loan secure) by this Mortgage. Borrower shall pay the premiwns required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and i aooK 3Uz PACEz771 { - ~ _ f^z9.xs ~ srr _ ~ s i_ ::ks~ 5- - m. .