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HomeMy WebLinkAbout2798 r i ~ • r~ Uwtrasus Oovttr~utvrs. •orrower sad Lender covenant and agree u fellows: L >AgmeN M leioerwl aoi 1rtlassrA. Borrower shall promptly pay when due the principal of sad interest on the E irtdebtedrtess svideaoed by tbt Note. prepayment and late charges as provided in the Note, and the principgl of tad interest ~ as aey FttRw+e Advances second by this Mortgage. >ltini hts 'l'amas ttrti l~strrtrnce. Stirbjat to applicable law ~x to a written waiver by Lertder, Borrower shag pay to Leader on the day monthly itutallmenb of principal and interest are payable under the Nola, until the Note is paid in fuU. a atsta (httreIn "Fuads'~ equal to ortts-twdtth of the yearlt• taz~~ anct assasrnents which may attain priority over this Mortgages, and grotntd rents oa the Property. if any. plus one-twelfth of yeartli-premium iasttlb'nents for haurd insurarce, plus ooe•tweltth of yearly premium installments for mortgage inutranca, if any. ell as reasonably estimated initially and from liana to time by Lender on the bases of assessments and hills and rcasonabk estimates thereof. 'Ibe Funds shall be held in an institution the depoaia or accounts of which era insured or guaranteed by a Federal opt state agency (including Lender if Lender is such an institution). I.ertder shall apply the Funds to pay slid taxes, ttssesstttents. iawtaop premiums and ground rents. 1_ender may not charge for so holding srtd applying the Funds, analyzing said account, or verifying.aad compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Leader.to. make such a charge. Borrower and Lender may agree in writing at the time of execution of the Mortgage that interest on .the Funds :ball be paid -to Borrower. and oaks: such agreement is made or applicable law I roquiras such interest to be paid. Lertder shall not be required to ply Borrower any interest or arnings on the Funds. Lender shall gives to Borrower, without charge, an annual accounting of the Funds showing credits and debits to tble Funds sad the purpose~or which each-debit to tbs Funds was made. The Funds• are pledged as additional security for the sums secured - ortgage, If the amount of the Fuadt held by Lender. together with the future monthly installments of Funds payable prior to the dues dates of taxes, assessments, inwtartce premiums and ground rents. shall exceed the amount required to pay said taxes. saessmeab. irauraaoe premiums and ground rents as they fall due. such excess shall be. at Borrower's option, either promptly repaid to Borrower a credited to Borrower on monthly installment: of Funds. if the amount of the Fund: held by Leader shall not be wfBdeat to pay- taxes. assessment:, insurance premiums and ground rents ss they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days [rom the date notice is mailed by Leader to Borrower requesting pa~iment thereof. Upon payment is full of all sums 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 is otherwise acquired by Lender, Lender shall apply, no later rhea immediately prior to the sale of the Property or it: acquisition by Lender, :,ty Funds held by Loader at the time of application a: a credit against the sums stxured by this Mortgage. 3. A~iicatiarr of Pap~enb. 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 smounts payable to Lender by Borrower under paragraph 2 hereof. rhea to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. . I. Crarga; Lkas. 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 renu. if any. is ttte manner providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. what due. directly to the payee thereof. Borrower shall pranptly furnish to-Lender all notices of amounts due under this paragraph, sad in the event Borrower shall make payment directly, Borrower ~shal) promptly furnish to lender receipts evidescing 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 lien so bng as Borrower shall agree in writing to the payment of the obligation encored by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such liar in. - kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. llasard Inwesnee. Borrower shall koep the improvements now existing or hereafter erected on the Property ituured 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 not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner # providod under paragraph 2 hereof or, if .not paid in such meaner, by Borrower making paymatt. when due, directly to the 'i iawrance 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. i and Borrower shall promptly furnish to Leader 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 f the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is -not thereby impaired. I[ 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 procceds 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 applicaltion 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 ProFerty is acquired by Lender, all right, title and interest of Borrower in sad to any Atsurance policies and in and to the proceeds thereof rewlting from damage to the Property prior to the sale a or acquisition shall pass to header to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. _ 6. Preservation and Maintenance of Property; LtttseM?Ids; Condominiums; Planned Unit Devebpraeats. Borrower e shall keep the Property in good repair and shall not commit Waste or permit impairment or deterioration of the Property ~ sad shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a i 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 s rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider :hail 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 Security. If Borrower faik ro 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, ~ z i including, but ni?t 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 makes such appearances, disburse such ~ I -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 reyuired 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 far wch insurance terminates in accordance with Borrowers and i ! I ~~nn i. t • ~SOOK DACE - z, e - - - - - ~ ` ~ u ~ ~ -