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HomeMy WebLinkAbout2786 Ut+ttraw OOVtiNANTS, Hormwsr and LsadeR tAVaynt and agree ss follows: 1~ FgaMtN st hlnefNl tttai dNi+wl. Borrower shall promptly pay when due tbs principal of and interest on the indebtedtrtw svideaoed by tbs Note, prepayttssat sad late charges sc provided in the Note, sad the principal of sad interest oa any Future Advatica sawed by this Mortgage. t lhtni fdstr'1lsrtss trai ittsssant~s. 3ltbject to applicable bw ~x to a written waiver by Lender, Bon+owsr shag pay to Leader on the day monthly installments of principal and interest are. payable under the Note, until the Note is paid in toll, a sum therein "Raab") equal to oaatwdith of the yearly tax~~ and assasnterits which troy attain priority oust this Mortgtage, sad grotatd rata on the Property, if any. plus one-twelfth of yearlli• premium installments for hazard inwrarics, Plus onatwelRh of yearly premium iastalltnents for mortgage inuararice. it say, all as reasonably estimated initiatly and tr+om time to time by Leader oa the basis of assessments and hilh and reasonable estimates thereof. The Funds shall be held is an institution the deposip or accounts of which are insured or gwranteed by a Federal otr suss agerityr (iaehrdins Larder if Lender is such an ittuitutionl. I~rider shall apply the Funds to pay said taxes. assessrtaatitz. iawraoos premiums and gt+ognd teat:. tender may not charge form holding and applying the Ftatic6s. analysing said account, or verityin~and eorripiling said assessments and bilk, unless Lender prays Borrower interest oa the Funds and applicable law permits Lender to make such a charge. Borrower sad Lender may agree in writing at the time of execution of the Mortgage that interest oa the Funds :!tall be paid to Borrower, and unless such agreement is made or applicable law . requires such interest to be paid. Lender shall not be required to pray Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge, an aanwl aocQunting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this Mortgage. )f the amount o[ the Fund: held by Lender, together with the future monthly installments of Funds payable prior to _ the dots dates of taxes. assessments. iastrrance premiutns and ground rents, shall exceed the amount required to pay said taxes, assasments, insurance premiums sad ground rails as they fall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds. if the amount of the Funds held by Leader shall not be suf&ieot to pay taxes, anesssment:. insurance premiums and ground rents as they fall due. Bono~arer :ball pay to Lender any amount rteceasary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sines secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender shall apply, no 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 crodit against the sums sxur+cd by this Mortgage. 3. A~iiealiors st Pgnetils. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 bernof 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.. Charms Line. Borrower shall pay all taxes, assessments and other charges, floes 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 providod under paragraph-2 heratf 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 ttquired to discharge any such lien so brag as Borrower shall agree in writing to the payment of the obligation secured by suc6liea 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 forfeiture of the Property or any part thereof. S. IHazard iawrarice. Borrower shall keep the improvement; 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 Eby this Mortgage. 'Ibe 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 shill be paid in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, what due, directly to the - insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standat+d 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. i ~ 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 E 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 S to Borrower. If the Property a abandoned by Borrower, or if Borrower faits 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 praoceds 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 i 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 ftisurance policies and in and to the proceeds thereof resulting from damage to the Properly prior to thy: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. heservation and Maiatenaace of Property; Leaseholds; Condominiums; Planned Unit Ihvelopmeats. Borrower i 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 Mortgagt ~s 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 t f rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ s s 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 Lender's Secnrfty. If Burrower fail; t~. perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects tender's interest in the Properly, including, but not limited to, eminent domain. insolvency. code enforcement, ur arrangements or proceedings involving a a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower. ma}' make such appearances, disburse such sums and take such action as is necessary to proteca Lender's interest, including. but not limited to, disbursement of t ~ reasonable attorney's fees and entry upon the Property to make repairs. If I_cnder 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 Borrower's and - BOOK PAGE ~ - -