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HomeMy WebLinkAbout0750 w ~ Borrowe~ and ix~der covenant and agree aa [ollows: 1. Paymeat ot Prlncipal and Iatere~~ Borrower shall promptly pay when due lhe principal of aad interret on the indebtedneas evidenced by the Note, prepayment aad late charges aa pmvided in the Note, aad the principal of and intereat on aoy ~Lture Advancee secured by thiu Mortgage. 2. F~nds forTrut~ and Inaurance: Subject to applicable law or t~o a written waiver by I.ender.l3or~ower ahall pay to [.ende~ on thedey monthly inetallments o[ principal and interest are payable under the Note, unW the Note ie paid in full, a sum (he~ein "Fu~ds") equal to one- ; twelfth of the yearly taxea and aseeeamente which may attain priorily over this Mortgage, und g~ound renta on the Property. if any, plus one- twelfth of yearly premium inetallmente for hazard insurance, plus one-twelRh of yeady premium inetallments for mortgage insurance, if any, ~ aU as reaeonably eatimated initially and from time to time by [.ender on the baaia of asaessmente and billa and reasonable eetimates thereof. The Flmds ahall be held ia an institution the deposits or accounts of which ure inaured or guaranteed by a Federal or State agency (including Leader if I.endet is such an inatitution). I.ender shall apply the ~nda to pay said taxes. eseesements, ineurance premiume end ground rents. Lender m~yr not charge for so holding and applying the Flmds. analyzing said account, or veri[ying and compiling said aeeeeaments aad biUs. unlese I.ender pays Borrower in~t on the Funda and appUcable law permits I.ender to make auch a charge. Borrower and Lender may agtee in writing at the time of e:ecution of thia Mortgage that intereet on the ~nda ahaU be paid to Borrower, and unlesa euch agreement is made or applicabk law requires such interest to be paid, Lender ahall not be required to pay Borrower eny interest or earninga on the Phnds. Lender ehaU give to Borrower, without charge, an annual accounting of the ~nde ahowing credite and debit8 to the Funds and the purpoee for which each debit b the.Ftinds was made. The Funds are pledged as addidonal aecwity for the eums eecured by thia Mortgage. If the amount of the Fl~nds held by Lender. together with the future monthly inetallmenta of Funda payrable prior to the due dates of tazes, asseeamenta, ineurance premiums and ground rents, ahall e:c~ed the amount required to pay eaid tasea. asaeasmenta, insurance premiuma and ground rent8 as they fall due, auch e:ce8a ehall be, at Borrower s option, eiLher pmmptly repaid to Borrower or credited to Borrower on monthly inatallmenta of ~nda. If the amount of the ~nds held by I.ender shall not be eufficient to pay tazea. aes~samente. insurance premiume and ground renfa as they fall due, Borrower ahall pay to I.ender any amount neceaeary to make up the deficiency within 30 daye from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all aume eecured by thie Mortgage. Lender ahall prompdy refund to Borrower any funda held by Lender. If under patagrap618 hereof the Property ie eold or the Property is otherwiee acquired by Lender. Lender ahall apply, no later than immediately prior to the eale of the Property or ite soquiaition by I.ender, any ~nda held by Lender at the time of application as a credit againat t}~e s~uns secured by thie Mortgage. ~ 3. Applieation of Payments. Unleea applicable law providea otherwise, all paymenta received by Lender under the Note and paragraphe 1 and 2 hereof ehall be applied by Lender fitet in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to intersat and principal on any Future Advancea. 4. Chargee; Liena. Borrower ahall pay all tazea, asaessments and other chargea, fines and impositions attributable to the Property which may atlain a priority over this Mortgage. and leasehold paymenta or ground renta, 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 ahall promptly fumish to Lender all noticea of amounts due unde~r thia paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to ~ Lender reoeipts evidencing such payments. Bormwer ahall promptly discharge any lien which has priority over this Mortgage; provided, that - Borrower ahall not be required to discharge any such lien so long as Borrower ahall agree in writing to the payment otthe obligation secured by t such lien in a manner acceptable to [.ender, or shall in good taith rnntest such lien by, or defend enforcement of such lien in, legal prooeedings f which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof ~ 5. Hazard Iasurance. Borrower shall keep the improvemente now exiating or hereafter erected on the Property insured againat losa by ' fire. hazaids included within the ter~ "eztended coverage," and auch other hazards as I.ender may require and in such amounts and for auch perioda ea I.ender may require; pmvided, that I.ender ahall not require such rnverage amount ezceeding the minimum, as may be required by atate or federal regulatione governing activitiea of i.ender, or that amount of rnverage required to pay the suma secured by this Mortgage, whichevet is the greater. • The insurance carrier providing the insurance shall be choaen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ineurance carrier. All inBUrance policies and renewals thereof ahall be it? form acceptable to Lender and ahaU include a standard mortgage clause in favor of ~ and in form aoceptsble to Lender. Lender ahall have the right to hold the policiea and renewala thereof, and Borrower shall promptly f~unish to iender all renewal noticea and all receipts of paid premiume. In the event of loss, Borrower ahali give prompt notice to the inaurance carrier and Lender. Lender may malce proof of loee if not made prompdy by Borrower. I Unlees Lender and Borrower otherwiee agree in writing, inaurance proceeda ahall be applied to restoration or repair of the Property ~ dameged, provided such restoration or repair is economically feasible and the aecurity of this Mortgage ie not thereby impaired. If auch ~ i reetoration or repair is not economically feasible or if the security of Lhia Mortgage would be impaired, the inaurance pmceeda ahall be appGed ~ to the auma secured by thie Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender w ithin 30 daya from the date notice is mailed by I.ender to Borrower that the insurance carrier of1'era to aettle a claim for j ineurance benefite, I.ender is authorized to collect and apply the insurance proceeda at Lender a option either to reatotation or rnpair of the l ~ Propertyr or the aums eecured by thie Mortgage. ~ ~ Unless L'ender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ehall not eutend or postpone the due f date of the monthly inetailmente refernd to in paragrapha 1 and 2 hereof or change the amount of auch installmenta. If under psragraph 18 hereof the Property ie acquired by Lender. all right. title and interest of Borrower in and to any insurance policies and in and to the proceede thereof reaulting from damage to Property prior to the sale or soquieition ahall paea to Lender to the e:tent of the auma secured by this Mortgage immediately prior to euch eale or aoquisition. - s. Preservaaon and Maintenance of Propercy; Leseeholda; Condominums; Planned Unit Developmente. Borrower ahall keep - the Property in good cepair and ahall not oommit waste or pennit impairment or deterioration of the Property and shall comply with the proviaiona of any lesee if thie Mortgage is on a leaeehold. I! this Mortgage ie on e unit in a oondominium or a planned unit development, Borrower ehall perform all of Borrower'e obligationa under the declaration or covenanta creatingor governing the condominium or planned unit development, the by-lawe and regulations of the condominium or pianned unit development. and conatituent docwnents. If a condoaunium or planned unit developmenL rider is e:ecuted by Borrower and recorded together with thie Mortgage. the oovenanta and agreementa of such rider shall be incorporated into and shall amend and aupplement the rnvenanta and agreemente of thia Mortgage as if the rider were a part hereof. ~ 7. Protection of Leader's 3ecurity. If Borrower feila to perform the oovenants and agreements contained in this Mortgage. or if any action or proceeding ia commenced which materially affecte Lendei's interest in the Property, including, but not limited to, eminent domain, ~ ineolvency. oode enforcement, or arrangementa or proceedinga involving a banim~pt or deceden~ then Leader at Lender's option.upon notice to Bormwer max make euch appearancea. diaburee such eums end take such action aa is neoeasary to protect I.endei e interest, incinding, bnt not limited to, disburaement of reasonable attorney e fcee and entry npon the Property to make repairs. If I.enda reqnised ; mortgage insurance aa a condition of making the loan eecured by thia Mortgage, Borrower ehall pay the premiume required to maintain such insurance in effect nntil such time as the requirement for auch insurance terminatea in accordance with Borrower'e and Le~da's written agreement or appliceble Law. Borrower shall pay the amount of all mortgage insnrance premiums in the manner provided under ~ paragreph 2 hereoL ' , p My amounts disbureed by I.end~ pereuant to this paragraph with intereet thereon. ehall beoome additional indebtedaeea of : ~ Borrower sec~red by this Mortgage. Unlees Borrower and Lender agree to other terme of payment, snch amounts shall be payable upon I ~ notice from Lender to Borrower requeating pay,ment thereof, and ahall bear in~t from the date of disbureement at the rate payable from ~ ~ time to time on outstanding principal under the Note unlesa paymeat of interest at such rate would be oonbrary to applicable law, in which I ~ event auch smounte ehall bear intereat at the highest rate permiasible under epplicable law. Nothing conteined in this paragraph 7, ehall : i ~ require Lender to incur any cncpenee or take any action hereunder. • ~ ~ ~ . - 3GOr 3U3 ~A~E 74~ ~ ~ ~ „ - ~,~?:`v` ~ ~~~.ar,~ ~ - :