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HomeMy WebLinkAbout2780 Unt>fotut Covttrtatm. Uorrower and I~ertder covenant and agroe ss follows: 4 L -TsgtwstN s! hietNl ittM laMsed. Borrower shall promptly pay when due the priacipsl of and interest on the 1 ittdebtednat< eviderroed by tba Note, prepayment and late charges as provided in the Note. and the pritucipal of and interest ~ oa .ay FitRUro Advatttxs sttcw~ed by Wis Mortgage. i 1 >frWt felt 7Lttee ttN Irtttrtr+aaca Stitbjecl to applicable law or to a written waiver by Lender, Borrower shall pay i to Loader on the day monthly installments of principal and intcrcu arc payable under the Note. until the Note is paid in full, a stem (herein "Ftutds'q equal to one-twelfth of the yearl~• ta>«~ and sssessrrtertts which may attain priority osYr this Motigttge, and grotntd ratta oa the Ptoperty, if any. plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installment: for mortgage inutrancc, if any. all as reasonably estimated initially and from time to lima by Lender oa the basis of assesunents and hills and reasonable estimates thereof. 7Us fltrtds shall be held in as iratitutiort the deposiu or accounts of which aro irtsttr+ed or guaranteed by a Federal or state agency (inchtding Leader if Lender a such an institution). I~rtder shall apply the Fisnds to pay said taxes, sssesstrtettts. irottrartoe premiums and ground rent:. lender may not charge fpr sa holding and applying the Funds. analysing said account, or vsrifyiag~rtd compiling said snasirtents and bills, unless Leader pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower- gad Lender may agree in writing at the time of execution o[ this ~ Mortgage drat interest on the Funds :hall be paid to Borrower. and uttkss such agr+eernent 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. Lender shall pve W Borrower. without charge. an annwl aocountina of the Funds showing crsdits and debits to the Funds gad the i pttrpote~or which each debit to the Funds was made. 71te Funds are pledged as additional security for the sums secured TE the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and around rents. shall exceed the amount required to pay said taxes. asseseauats. insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's. option. either pr+otnplly repaid to Borrower or credited to Borrower on monthly inuallments of Funds. If the amount of the Funds ~ held by Leader shall not be sulBcieat to pay taxes. assessrrtertts. insurance premiums and ground rents as they [all duo. ~ Borrower ttbaU pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. - Upoa payment is full of all sum: secured by this Mortgage, Lender shall promptly refund to Borrower any Fund: held by Lender. If under paragraph 18 hereo[ the Properly is sold or the Property a otherwise acquired by Lender. Lender shall apply. no later Wan iratueai:tely prior to the sale of the Property or its acquisition by Lender. any Funds held by ~ Lender at the bate of application as a credit sgainst the sums secured by this Mortgage. 3. AplYeatirta d irap~t.renlr. 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 Advanotx. 1. Crarge~ Liens. 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, whet due. directly to the i payee therDOf. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, gad in the event j 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 rtot be i required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secuted by such lien in a manner acceptsbk to Lender, or shall in good faith contest such lien by, or defend enforcement. of such lien ia, t legal -proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hari lewrawee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured - agairtst loos by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require t 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 Eby this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. i that such approval shall not be uareasortably 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. AU 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, gad Borrower shall promptly furnish to L_ ender all renewal notices and all roceipts of paid premiums. in the event of loss, - ' Borrower shall give prompt notice to the ituurance carrier and Lender. Lender may make proof of loos if not made promptly by Borrower. e 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 not 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 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 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 interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or F acquisition. 6. Preserratlon and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Devebpmeats. -Borrower ~ shall keep the Property in good repair and shall not commit 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 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 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 Lender'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 Properly, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may make such a ppearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of reasonable auomey's fees and entry upon the Properly to make repairs. if Lender reyuircd 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 Borrower's and s - ° R ~z z~ . ~ . x~~