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HomeMy WebLinkAbout2035 ~L UNtroRat Qovatrartra. borrower and Larder cw~enant and agree as tdlows: >a itq~wf et >rsise4el ttM loltinal. Borrower shall promptly pay when dos tM principal of and inter+sN on the ardsbtedaas widened by the Note. pe+apaytaeat and late charges ss provided in the NoN. and the principal of std interest on tttsy Futuro Advances second by this Mortgage. , 1 Fttttti hr 1'atoss ttrttl taettnnc+t. Subject to applicable law nr to a written waiver by Lender. eortroeretr sbap py to Lsttdar on the day tuatihyr installments of principal and intercct arc. payable under the Note. until the Note is paid in full. a srtm (harsin "Fuads'~ egwl to ase-twelfth of the yearn taxc. and assessments which may attain ~rioriry over this Mortgage. and ground rwrb ou tbs Proptuty. if any. plus one-twdfeh of yearly premium iastdltnenb for hazard itrsurattce, plus oao-twdith of ya?rly premium itutallmenb for mortgage inurrancc, if any. all ss reasonably estimated initially and teom time to tithe by Lender on the basis of asse:<ments sad hills and reasonable estimates thereof. • 1be Funds shall be held in an institution the deposits or accounts of Mrhich an insured a guaranteed by a Federal of state sgetrcy (including Fender if Lender is such an institution). lender shall apply the Funds to pay Baia taxes. assasrrrents. iawranoe paemlums sad ground rents. !.ender may not charge for :n holding and applying the Fends. analyzing said account. or verifyingaad compiling said assessttrents and bills. unless Leader pays Borrower interest on the Funds and appligbk law perndb Lander to make such a charge. Borrower sad Lender pray agree in writing at the tithe of execution of this Mortgap )bat interest on the Funds drall be paid to Borrower. and unless such agreement it made or applicable law requires such interest to be paid. Leader shall trd be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge, an annual acoottnting of the Furrds showing credib and debits to the Funds and the purpose for wbidr eatdt debit to the Furls was made. 'T1re Funds are pledged as additional security for the wins secured t6k M ~ It the amount o[ the Funds fill by Lender, together with the future raarthly installments of Funds payable prat to the due dates of taxes. assesstrreab. inwrance premium. sand ground rents. shall exceed the anaunt required to pay said taxes. aaaamenb. insurance premirrtm sad ground rcnb as they fall due. such excess shall be. at Borrower's option, either promptly repaid to Borrower a credited to Borrows on monthly installments of Funds. If the amount of the Furrds held by Leader shall not ba stdRaeot to pay taxes. assessments. insurarra premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leffler to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. It under paragraph 18 hereof the Property u sold or the Progeny is otherwise acquired by Lender, Lender sbaU apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by I.eoder at the time of application ss a crodit agaitrat the sums secured by this Mortgage. 3. A~i{eatian d Unless applicable law provides otherwise, all payments received by Lender under the Nora and patagraplu 1 and 2 hereof shall be applied by Lender flat in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Notc. and then to intereu acrd principal on any Future Advance. 1. CYrges; Llews. Borrower shall pay all taxes, assessments and other charges, floes and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the manner provided under puagraph 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. sad is the cutest Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing 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 beg as Borrower. shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contest such lien. by, or defend enfot~cement of such lien io, legal proceedings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof. S. Hazard Iearratrce. Borrower shall koep the improvements now existing or hereafter erected on the Property itrsrrred against loss by fire, hazards included within the term "extended coverage", and such other hazards ss Lender may require sad in wch amounts and for such periods as Lender may require; provided. that Lender shall not rtxluire that the amount of wch coverage exceed that amount of coverage required to pay the sums secured ~,y this Mortgage. 'Ibe iasurarrce carrier providing the insurance shall be chosen by Borrower subject to approval by Leader, provided, that such approval shall not be unreasonably-withheld. All premiums on inwrarrce policies shall be paid in the manner provided under puagraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. directly to the insurance carrier. AB 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 tight 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 'j by Borrower. i Uakss Lender sad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economicapy feasible and the security of this Mortgage is rat thereby impaired. If such t~cstoration or repair is not economically feasible or i[ 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 proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othewise 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 I and 2 hereof or change the amount of such irutallmeots. if under paragraph 18 hereof the Pro ferty is acquired by Lender, all right, title and interest of Borrower in sad to any Arsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thy: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. hcaervatloa sad Maiateaatrce of Property; Leaseholds; Condominiums; Pbnaed Utatit Developtrtents. Borrower shall keep the Property is 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. If 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 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 rider is executed by Borrower and recorded together with this 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 rider were a part Hereof. 7. Protectioe of Leodels Security. If Borrower fails to 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, including, but not limited fo, 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 make such appearances, disburse such sums and take such action as is necessary ru protect Lenders interest. including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If 1_ender required mortgage insurance as a condition of making the loan secured by this Mortgage, Bornwer shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance term~nales- in accordance with Borrowers arld . BCOKJV~ !'AGf ZOJz ~ - - ~ _ _