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HomeMy WebLinkAbout2792 Uwttrottat (bvaHar+is. Borrows. and Leader covenant and agree as tolbws: L PywsM sf lreltre4al ttttri 1¦Iss+sttl. borrower shall promptly pay when due tbs principal d and iatsrea oa the ittdebtedrtess svideatxd by the Note, prepaynteat and late charges ss provided in the Note, and the principal of std interest as soy Futut+e Advsaoes secw~ed by thin 1?fottgaga 1 Flri isr 1latas tsttd lttaasatnw Subject to applicable bw ce b a written waiver by Lender. sorro*rst shall pay to Lander on the day monthly instalbtsertts of principal and intcrcu ire payable under the Note. until the Note is paid in toll, a sum (htuein "Funds'q equal to onatwelfth of the yearly tsx« and assessrrtertts which troy attain priority over this Mortgage, and ground teats on the Property. if any, phts aeatweltth of yearl~~ premium itwalbttsnb for hazard inwrsrtcs. plus one-twelfth o[ yearly premium installments for mortgage insuratta. if any. all as t+asonably estimated initially and from titrre b lima by Larder oa the bs:is of assessments and hills and reasonable estimates thereof. The Funds shall be held in an itrstitutioa the deposiu or accounts of which are inwred a guaranteed by a Federal of ~ rote agency (inchding Lender if Lender is such an institution). lender shall apply the Funds to pay :aid fazes. asse:tttteats. irrsurartoe premittrrq and ground rents. Lender may not charge for s<? holding and applying the Funds, analyzing said account, or verifying.aad canpling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permiq Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requires such interest b be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give b Borrower, without charge, a~ annual accounting of the Funds showing credits and debits b the Funds and the purpose for which eseh debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by tDit Mortpgs. Tf the amount o[ the Funds beW by Lender. together with the future monthly installments of Funds payable prior b the dos dates of taxes. assessments, imwance premiums and ground rcnta, sMtl exceed the amount roquired to pay said taxes. asseapnoents. insurance premiums and ground rents as they fall due. such excess shall ba, at Borrower'; option. either promptly repaid b Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Leader shat! tat be su~ciieat to pay taxes. a:sasntents, insurance premiums and ground rents a: they fall due, ! Bon+o~wet shall pay b Lender any amount necessary to make up the deficiency wittin 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in foil of all sutra secured by this Mortgage, Lender shall promptly refund to Borrower any Fund: heW by Lender. If under paragraph 18 hereof the Property is sold a the Property rs otherwise acquired by Lender. Lender :ball apply. no later than imtacdiately prior to the sale of the Property or its acquisition by Lender. any Funds held by i Lender at the time of applicatiat as a credit against the sums secured by this Mortgage. 3. A~iicatigrr o[ lgareab. 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 iaterrst payable on the Notc, then to the principal of the Note, and then to interest and principal on any Future Advances. - e. Crargesy Cleats. Borrower shall pay all taxes, assessments and other charges, tines and impositions attributable to the Property which tray attain a priority over this Mortgage. and leasehold payments or gt+ound 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, std in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. BorroMrer shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so bng as 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 rnntcst such lien by, or defend enforcement of such lien in, j legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ S. Hwrat Irraxsaee. Borrower shall koep the improvements now existing or hereafter erected on the Property itrsurod against loss by fire. hazards included within the term "extended coverage", and such other ho=ards as Lender may require and in such amounts and_for such periods ss Lender may require: provided, that Lender shall not require that the amount of such rnverage 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. that such approval shall not be unreasonably 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 paymatt, when due, directly to the - f insurance carrier. 1 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 ~ 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 Properly 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 eitlxr 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. I.f under paragraph 18 hereof the Pro ferty is acquired by Lender, all right, title and interest of Borrower t in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale i or acquisition shall pass to Lender to the extent of the sums securod by this Mortgage immediately prior to such sale or acquisition. f. heaerratioo and Maintenance of Property; Leaseholds; Condominiums; Phuroed Unit Developments. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property sad shall comply with the provisions of any lease if this Mortgage is on a leasehold. I[ 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 creattag 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. - Protecfioo of Lender's Security. It Borrower fails to perform the covenants and agreements contained in this ` Mortgage, or if any action ur 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 lxnder 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 o[ 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 elfect until such time as the requirement foreesuch insurance terminates in accordance with Borrowers and ~ ~ BOQK 3Q2 PAGELr7~ ' . • ~ t +.t ~ j d , 1 t ~ _i _ _ ~w 4`~ _ ~