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HomeMy WebLinkAbout2100 UNtt~cww CovEr~teNrs. Borrower and Lender covenant and agree u follows: 1. l~yawat of lriaclpt anti 1Mereat. Borrower shall P~POY PaY when due the principal of and interest on the indebtedness evidestced by the Note. pnpayaaeat and late charges u provided in the Note, and the principal of and interest oa any Future Advances second by Chia Mortgage. - ~ . 1 1!<rntia let 1Yasee atN Irorsree. Shrbject to applicable law or to a written waive by Lendsr, Borrower shall pay to Lender on the day tnonthty irrstallmenb of principal and interest-arc payable under the Note. until the Note is paid in fuQ, a sum (herein "Fuada'~ equal to one-twelfth of the yearly taxes and assasrnertts. which tray attain priority over the Mortgage. sad ground rears on the Property, if any. pltrs one-twelfth of yeuly premium inuaWstostt: for hazard insurasKx, plus one-twelfth of yearly premium instslltpenta for mortgage isuurantx. if any. al! u tessonabty estimated initially and from time to time by Lender on the bans of assasmenb and bills and reasonable estimate: thereof. 1Ue Fund: shall be heW in an institution the deposits or accounb o[ which are insured or gusnoteed by a Federal or state sgeacy (including Lender if Lender is such an inuitution). Lestder shall apply the Funds to pay said taxes, asseuments, iasurartce premiums and gratod rents. Lender may trot charge for so holding and applying the Funds. analyzing said account. or verifying and oorapiliog said usessments and bills, unks: Lender pays Borrower interest on the Funds and applicable law permits Lender to snake welt a charge. Borrower and Lender may agree in writing at the tune of execution of this Mortgage that interat on the Fonda shall be paid to Borrower, and unless such agreement is made or applicable law requires such interat to be paid. Leader shall not be required to pay Borrower any interat or earnings on the Funds. Lender shall give to Borrower, without charge, an annual aooounting of the Funds showing ct+edib and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds are pledged u additional security for the sums secured by this Mortgage. TE the arrrount of the Fund: Geld by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shall exioed the amount required to pay said taxes, . ssse::ttteats, insurance premiums and ground rents as they fall due. such excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Fund: held by Lender shall not be wl8cieat to pay taxes, assessments, insurance premiums and ground rents u they fall due, Borrower shall pay to Lender any amount accessary to make up the deficiency within 30 days from the date notice is mailed by Lander to Borrower requesting payment thereof. Upon payment in full of all sums escured by this Mortgage, Lender shall promptly refund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Property. is sold or the Property is otherwise acquired by Lender. Lender shall apply. no later than immediately prior to the sale of the Property or its ~acquisitiosr by Lender. any Funds held by Lender at the lima of application as a credit against the sums secured by this Mortgage. 3. Applkatioa of Psymeats. 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 amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and . principal on any Future Advances. 4. Chsrses; Likr+s. 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 gtourd rents, 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 ther+oof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event 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; providod. 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 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. Biszud Isnoraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by Ere. hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts sad for such periods as Lender may require; provided. that Lender shall not require that the amount of such coverage excxed that amount of coverage required to pay the sums scoured by this Mortgage. 'Ibe insurance carrier providipg the insurance shall be chosen by Borrower :object 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 herrof or, if not paid in such manner. by Borrower snaking payment, when due, directly to the inwraax curler. AU insurance policies and renewab 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, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, t 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 or repair is economically feasible and the security of this Mortgage is not thereby unpaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inuuranoe proceeds shall be applied to the soma 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 malted 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 procoods at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage: Udess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments refereed to in paragraphs 1 and 2 hereof or change the amount of such inutallments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title artd interest of Borrower in and to any insurance policies and in and to the procceds thereof resulting from damage to the Property prior to the 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. Ps+eservatbo sad Maintenance of Property; Leaseholds; Coadomiaiuurs; Planned Unit iDeveloprnents. Borrower steal! keep the Property in good repair and shall not commit 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 ti': 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 agrcements 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. Protectiota of Leader's Security. If Borrower fails to perform the covenants and agrcements 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 to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon noticx to Borrower, may make such appearances, disburse such sums and take such action as is naessary to protect Lenckr s interest, including, but ~ limited to, disbursement of reasonable attorney'; fees and entry upon the Property to make repairs. If Lender required mortgage insurance u a condition of making -the loan secured by this Mortgage, Borrower shall pay the premiums required to snaintaiq,such insurance in effect until such time as the requirement for such insurance terminates in aeoordance with Borower's and _ ~ 9t~Gr 3U3 `ArE~G~a7/