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HomeMy WebLinkAbout0575 Un~ Opvat+et~tTS. Horrower and L,p~de~ cove~ant and at~ee u follows: y, ~y ~f ~ei~eiMl a~/ t~lerpt. Bormwer shall ~xomp~l) paY when due the princl{ul of aod interest oo ~he' it~debtednest evidptoed by tbe Nd0. p~~pi~nt snd late charge~ ac ~uovidcd in 1he NMe. and the principal ot aed inte~+est on ~oy Puttu+e Advanca ~ecurod b~r this Mortsaje. 2. twi t~r T~aus ~M Iw~ce. Subjat to applicabk law ur to ~ written waiver bp Lenck~. Borro*?e~ shall WY to I.eadec on the dsy monthly installments ot principal anJ in~c~ect ~re payahk unde~ the Note. until the Note is paid in tull. s wm (hereio "Fuadt'~ equal to o~e-twelfth of ~he yearl~' tas~~ s~xl assessments which may attain priority ovet ~his Mortsa~e. and ~round rents on the Property. if any, plus one-twelfth ot yeuly~ prcmium installments tor hazard iosunnce. plus oao-twel[th of yea~ly premium iouallments tor mongage insursncc. if any. all as r~ssonably estimated initially ~nd trom tiene to time by Leader on t6e buis ot asxssmcets and hills and rcasonabk atimata theceot. The P1mds shafl be beld in an insti~uticx~ the deposia or •rccounts of which are insured o~ guaranteed by a Fedenl ot ttate a~ency (iacludint Lende~ if Lcnder is such an inslitwionl. I.ender shall apply ~he Funds to pay said tanes. auessmeMS. inwnt~oe premiums aod ~ound rents. 1.ender may not charae for u+ holding a~d applyina the Fundc. analyzing said accoun~ or veritpins.and compilinj said sssessmeats and bilh, unlas Le~der pays Borrowcr interat on the Funds and applicabk law petmits Leader to make such a char~e. Borrowe~ aod Lender may agree in writi~a at the time af execution ot this Mortta~e tbat interat on the Fuads shall. be paid to Bonower. a~d unleu such aareement is made o~ applicabk law requira wch interat to be paid. Lende~ sh~ll not be rcquircd to pay Borrower any intercst or earnings on the Funds. Lender shaU pve to Bono~rer. witbout cbar~e, an annwl accounting of the Funds showina credits and debits to the Funds and the purposa [or which each debit to t6e Funds was made. The Funds arc plodgod u additional xcurity for ~he sums socured b'Y tba MoCVita It tl~e amount o[ tba Fuad~ held by Lender, together with the futute monthly installments of Funds payabk prar to the due data ot taua, assasmeats. insurance premiums and ground rents, shall eaceed the amount roquired to pay said taxa. ~ments. i~uranoe premiums and ground rents as they fall due, such excess shall be. at Borrower's option. either. prompdy tepaid to Honvwer ~ credited to Horrower on monthly installments of Futids. I[ the amount o( the Funds 6dd bgr Lender shall not be aulficieat to psy tsxa, sss~xmenu. insurance premiums and ground rents at they fall due. Bormaer shall pay to LeAder any amount necesury to make up the deficiency within 30 days from the date notice is mailed by I.eader W Horrower requesting payment theceof. Upon paymeat in fuU of all suma secured by this Mortgage, l_ender shall promptly retund to Borrower any Funtfs held by L.eoder. It under parasraph 18 hercof the Property ia sold or the Property ~s wherwise acquircd by Lender, Lender shaU apply. ra later tdan immediately prior to the sak of the Property or its acquisition by Lender. any Funds held bv L.eo~kr at the titne of applicatan as a credit against the :ums socured by this Mortgage. 3. A~lieatie~ o[ la~. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragcaphs 1 and 2 l~ereof shall be applied by Lcnder first in paymeot of amounts payable to Lender by Borrower uader puagraph 2 hereof. thea to i~terest payable on the Note, then to 1he principal of the Note. and then to interest .and principal on any Future Advances. ' t 1. Cktrtex Lk~s. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to tbe Property which roay attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manoer ' provided under pusgraph 2 hereof or, if not paid in such manner, by Borrower making payment, wha~ due, directly to the payee tl~ereof. Bortower ahall promptly furnish to Lender all notices of amounts due underthis paragrtph. and in the eveat Borrower shall make payment directly, Borrower shall promptly furnish t4 Lender receipts evidencing such payments. Borrovver shall promptly discharge sny lien which has priority over this Mongage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing lo the payment of the obligation secured by such litn in a man~er acceptabk to Le~der, 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. Hazard I~nrawct. Borrower shall kcep the improvements now existing or hereafter erec~ed on the .Property insured agair~t loss by fire, hazards included within the term "extended coverage", and such other huards u Lender may require and in such amounts and for such periods as L-ender may require; provided, that l.ender shalt not requirc that the amount of ; such covcrage exceed that amount of coverage required to pay the sums secured by this Mort6age. i '[be insururce ~arrier providing the insurance shall be chosen by Borrower subject to approval by Len~r, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraQh 2 hercof or, if not pai~ in such manner. by Borrower making payment, when due, direcdy to the ' inwrance carrier. : All insurance policies and renewals therrof 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 re~wals thereof, ; G 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 loas if not made promptly j by Sorrower. ~ ~ Uoless I~nder and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoratan or repair of the Property damaged, provided such restorat~on or repair is economically feasible and the security of this Mortgage is ~ not ~hereby impaired. lf such restoration or repair is not economically [easible 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 Propeny is abandoned by Barrower, or i( Borrower fails to respond to Lender within 30 days from the date notice is mailed by L.ender to Borrower that ~he insurance carrier ofiers to settle a claim for insurance benefits. Lender is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propenv or to the sums securod by this Mortgage. Unles.c Lender and Borrower otherv~ise agree in w~riting, any such application of proceeds to principal shall not extend or poatpone the due date of the monthly installments referred to in pa~agraph~ 1 and 2 hereof or change the amount of such installmeots. If under paragraQh 18 hereof the Propeny is acyuired by l.endcr, all right, title and interat of Borrower in and to any Auurance policia and in and to the proceeds thereof resulting from damage to the Property prior to thc sale ~ or acquis'ition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquiaition. ~ 6. h+eservatbn aod Maintenance of Property; Leasehulds; Condominiums; Planned Unit Derebpments. Borrower shall keep the Property in good repair and shall not comrUil Waste or permit impairment or deterioration of the Property aad shall comply with the provisions of any lease if thn Mortgage is on a leaschold. !f this Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaratiun or coveou?ts creating or governing the condominium or planned unit development, the by-laws and regulations of the - ~ condominium or planned unit development, and constituent doc;umenis. If a conJominium or planned unit development - ~ rider ~s executed by Borrower and recorded together with th~s 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 riJer were a part hereof. ~ 7. Protection of Leader's Securfty. If Borrower fa~k t~~ perfurm the covenanls and agreements contained in this r ~ Mor~gage, or if any action or proceeding ~s commcnced vrhich maleriall} aftecis 1_ender's interest in the Property. includ~ng, but not limited to, eminent domain. inte?Ivenc~, c«de enforcemcnt, or arrangements or proceedings invoh•ing a ~ bankrupt or deceden~, then Lender at LenJer'~ option, upon notice to Borrower, ma~ make such appearances, disburse such " ~ sums and take such action ac is nece~cary tu prutect Lender s mterest. ~ncluJmg. but not limrted to, disbursement of reuonable attomey's tees and entry up«n ~hc propcr~y to mahc rcpain. lf I.ender reyuircd mortgage insurance as a condiUon of makmg ~he loan secureJ by this Mongage. B~~rruwer shall pay the premiwns requireJ to maintain such insurance in efTect until such time as ~he reyuiremen~ tor tiuch insui ance term~n•rtes in accordance wilh $orruwer s and y ~ ~ ~ ~Q~K 3U3 PAGE 574 . _c ~ y.M,: - - - . - - - - - , ~ ' z ,H.~~;°- : - s . _ .