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HomeMy WebLinkAbout2900 i ~i y ti D~ Borrower and Leader oovonant and sgra a• folbwa: 1. Payment of Prinelpal and Interest. Borrower shall promptly pay when des the principal of and interest on the indebtednea avidenoed by the Hots, prepayment and late charges as provided is the Note, and the prindpal of and intered on any Futon Advances secured by this Mortgage. 9. Funds for Taxes and Insurance. 3ubjed to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly instalbnea4 of principal sad iatecest are payable under the Note, until the Note is paid in full, a sum (herein "Fanda'~ equal b one- twelfth of the yearly tares and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, pies oaa twelRh of yearly premium indalbaeata for hasard insurance. pies oae•twelfth of yearly Premium installmenp for mortgage insurance, itany, all as reawnab(y estimated initially and tkoas time to time by Lender on the basis of aaaeesamenta and biW and reasonable estimates thenoi Ths Fnnda shall b held in an institution the deposits or aoooanta of which are insured or guaranteed by a Federal or State egeacy (inducting Leader it Leader is such an institution). Leader shall apply the Funds to pay acid fazes, aaeamenta, insurance premiums and ground tenb. Crudes may not duugs fa ao bolding and applying the Funds. anaurdng acid account, or verifying and compiling said apessrneata and bill, unlea I.er?der pays Borrower interest on tbs Funds and applicable law per~aita Leader to make such a duarge.Borrower and Lsndec may agree in writing eat the flans of asecntioa of this Mortgage that intered on the Fonda shall be paid to Borrower, and unless arch agreement is made or applicable law regains arch interest to be paid, Lender shall sot be required to pay Borrower any intered or earnings on the Fends. Lender shall give to Borrower, without dusrge, an annual aeconntiag of the Fonda showing credits and debits to the Fonda and the purpose for which each debit to the Funds was made. The Fnnda are pledged as additional security for the luau ae~vred by Chia Mortgage. If the amount of the Funds held by Lender, together with We fatnre monthly inatallmaats of Funds payable prior to the des data of lases, assewm~ts. insurance premiums and geouad rents, shall ezoeed the amount required to pay said taxes. a.ae..ments, iruurauoe premiums and ground rests w they fall due, such esosa shall bs. at Borrower's option, either promptl3 repaid to Bosrower or credited to Borrower on monthly iustallmenta of Funds. ff the amount of We Fnnda held by Lender shaA not be sutficieat to pay tries, assas~enta, insurance premiums and ground rent. w they fall due. Borrower shall pay Lo Lender say amount neoegagr to make rep the deScieacy within 30 Jaya from the dab notice is mailed by Leader to Borrower requesting payment thereoL Upon payment in full of all sums secured by this Mortgage, Lender shall promptlyy refund fo Borrower any funds held by Lender. Tf render paragraph 18 hereotthe Property is Bold or We Property ie otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property a its acgnisition by Lender,any Fonds held by Lendet at the time of application as a credit against the sums secured by Chia Marfgaga _ ~ • 3. Applicat~n of Payments. Unless applicable law provides otherwise, all payaneuti received by Leader ands: the Note and paragraphs 1 and 2 hereof shall be applied by Lender Furst in payment of amounts payable to Lewder by Boerow?er Wade: paragraph 2 hereof; then to intend P0.Yable on the Note, they to the principal of the Note, and then to igtered and principal on any Future Advances. 4. Charles; Lieu. Borrower shall pay all fazes, assessments and other charges, fines and impositions attribntabk to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rests, if any, in We manned provided under paragraph 2 hereof or, if not paid is such manner, by Borrower making payment, when due, directly to the payee thereof.Bon+ower shall prompdy furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall P~PilY furnish to Lender reoripta evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; Provided, that Borrower shall not be required to discharge agyr such lien so long as Borrows shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to I.ender, or shaA in good faith.eonteat such lien by, or defend enforcement of wch lien in, legal proceedings ,which operate to prevent the enforcement of the lien ~ forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, harsrda included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for each periods as Lender may require; Provided. that Lender shall not require such coverage amount exceeding the minimum, as may be required by elate or federal regulations governing activities of Lender, or that amount of coverage required to pay We sums secured by this Mortgage, whidiever is the greater. . 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 arch 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 Lewder. Lender shall have the right to hold the policies and renewals thereof; and Borrower shall promptly furnish to i.eader all renewal notices and all receipts of paid premiums. In the event of lass, 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 err repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration aT repair is loot economically feasible or if the security of this Mortgage would beimpaired, the insurance proceeds shall be applied ~ to the soma secured by this Mortgage, with the excess. if anY, P~ ~ Borrows:. If the Property is abandoned by Harrower, or if Borrower fails to respond to Leader within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle s claim for insurance benefits, Lender is antl~orized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Leader and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend err postpone the due date of the monthly inatallm~ta referred to in paragraphs 1 and 2 hereof or drange the amount of such installments. If under paragraph 18 hereof the Property is aogaired by lender, all right, title and interest of Harrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately pries to arch sale or acquisition. . 6. Preservation and Illaintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not ovmmit waste 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 Borrower's obligatioru under the dedaration or covenants creatingor governing the condominium or planned unit development, the bylaws and regulations of the condominium or planned unit development, and oonatitnent documents. If a condominium or planned unit development rider is ezewted by Borrower and recorded together with this Mortgage, the oovenaats sad agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if We rider were a part hereof: 7. Protection of Lender's Security. U Borrower tails to perform the ooveaanb and agreements contained in this Mortgage, or if at;y action or proceeding is oommenoed which materially affects Lender's intend in the Property, indnding, but not limited to, ernineat domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Leader at Lender's option,npon notice to Borrower may make such appearances, disbaree such soma and take arch action as is necessary to protect Lender's interest. indtding, bat not limited to. dubureemeat of reasonable attorney's fees and entry upon the Property to make repairs. Tt 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 effect until each time w the requirement for sad? insurance terminates in accordance with Borrower's and Lendds written agreement err applicable Law. Borrower shall prey the amount of all mortgage insurance premiums is the manna provided under paragraph 2 hereof. Aay amounts disbareed by Lender pereuant to this paragraph with interest thereon, shall become additional indebtedness of Borrows secured by ibis Mortgage. Unless Borrower and Lender agree to other terms of payment, each amounts shall be payable upon notice from Lends to Borrower requesting payment thereof, and shall bear intend from the date of disbursement at the rate payable from time to time on ontstsading principal render the Note unless paym~t of intend at each rate would be contrary to applicable law, in which event such amounts shall bear interest at the highed rate permissible Hader applicable law. Nothing contained in this paragraph shall { require Lender to incur any expense or take any action hereunder. ~ BOOK JV~r oACE2897 r! , _ _ - _ - - ` w~ a