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HomeMy WebLinkAbout2346 1 ~ 4 f i 3 Borrows and Lender covenant sad agree as folbvw: 1. Payment o[ Principal and Interest. Borrower shall promptly p.y when due the principal of and interest on the iadebtedneea evidenced by the Note. prepayenest and fats diasges as provided iA the Nots.sad the principal of and intact on any Future Advances aecared by this Mortgage. Z. Fonda for Taxes and lnwranoe. Subject b applicable law or to a written waive by Lender, Borrows shall pay to Lender on the day monthly uutallments of principal and falsest are payable ands the Note, until We Note is paid in full. a sum (herein "Funds") equal to ore~~ twelhh of the yearly lases and assessments which may attain priority ova this Mortgage. and ground rents on the Property, if any. plys oae• twelfth of yearly premiam installments far hasard insurance, plw oae•twellW ofyearly premium installments for mortgage insuranee, if any. all as reasonably estimated initially and from bane to time by Lrnder on the basis of asseameats and bills and reasonable estiq?ates thereof. The Panels shall be held in as institution the dsposita or aooounb of which errs iasnnd or guaranteed by a Federal oz State agency t (inducting Lender if Lends i. such as institution). Lends shall apply the Funds to pay said taxes, asseasanenta, iwnrance premiums and ground rents. Lends may not d~arge for so holding and applying We Fonda. aaa~yzing said account. or verifying and compiling said anessments and biW, useless Lender pays Borrows interest on We Funds and applicable law permits Lends to make such a charge. Borrows and Lends may agree in writing at the time of execution of this Mortgage that interest on We Fonds shall be paid to Borrower, and unless such agreeament is made or applicable law requires such interest to bs paid. Lends shall not be regtured to pay Borrows any interest or ~ esrainga on the Farads. Leads shall give to Borrow~r.•wiWoutcharge. an annual aooonnting of the Fends showing credits and debits to the t Funds and the purpose for which each debit to the Funds was made. The Fends are pledged a• additional security for the toms secured by this Mortgage. If We amount of the Panels hdd by Gender. togeWs with the future monthly installments of Funds payable prior to We due dates of lases, aaeaaanents, insurance preaninans and ground yenta. shall eso~aed the amount required to pay acid lases, agepmeats, insurance premiums and ground rents ea they fall doe. sorb esaa shall be. at Borrower's option. eiWs promptly repaid to Borrows or credited to Borrows on monthly installments a[ Funds. If the amount of We Farads heW by Lends shall not be sntficient to pay lases. assessments. inanranoe pnminms and ground rents as they fall else, Borrower shall pay to Lends any amount necessary to make cep the deficiency within 30 days from the date notices is mailed by Lends to Borrows requesting payment Wereof. Upon payment in roll of all assess secured by this Mortgage. Lends shall promptly refund to Borrows any fonds hdd by Lends. Tf ands Paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lends shall apply, ao lets than immediately prix to the sale of the Property oe its acquisition by I.ends, any fimda hdd b_ y Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides oWawise, all payments received by Lends ands the Note and paragraphs 1 and 2 heeeod' shall be applied by Lends first in payment of amounts payable to Lender by Borrows ands paragraph 2 hereof, then to interest payable on We Note. Wen to the principal of the Note, and Wes to interest and principal on any Future Advances. 4. Charges; Liens. Borrows shall pay all fazes, aaeessmenta and other charges, fines and impositions attributable to We Properly which may attain a priority ovs Wis Mortgage, and leasehold payments or ground rents, if any. in the manner provided ands paragraph 2 hereof or, if not paid in ands manna, by Borrows making payment. when due, directly to the payee thereof. Borrower shall promptly furnish to Lends . all notices of amounts due render this paragraph, and in the event Borrows shall make payment directly, Borrower shall P~Pfiy furnish to Lends receipts evidencing snch~payments. Borrows shall promptly discharge any Gen which has priority ovs Wis Mortgage; provided, Wat Borrows shall not be required to discharge any such lien s61o»g as Borrows shall agree in writing to the payment of the obligation aecared by such lien in a manner acceptable to Leader. or shall in good faiW contest tuck Gen by, or defend enforcement of such lien in, legal proceedings which opsate to prevent We enforoe~aent of the Gees or forfeiture of the Property or any part Wereof. 5. Hazard Insaranoe. Borrows shall keep We improvements rww ezisting or hseafts erected on the Property inanred against loss by fire. hasarda indnded within the term "extended oovsage," and sorb other hazards as Lender may require and is wch amounts and for such pexiods as Lender may ='eq~ Provided, that Lends shall not require each coverage amount a:reeding the minimum, as may be required by state or federal ngulationa governing adivities_ of Lends, or that amount of coverage required to pay the sums secured by Wier Mortgage, whichevs is We greats. The insurance cams providing We insurance shall be chosen by Borrows 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 such manna, by Borrows making payment. when due, directly to We insurance carrier. AU inauranoepolicies and renewals Wseof shall be in form acceptable to Lender and shall indude a standard mortgage clause in favor of ~ . and in form acceptable to Lends. Lends shall have the right to hold We polities and renewals Wereof,and Borrows shall promptly fnrniah to i..ends all renewal notices and all receipts of paid premiums. In the event of toes, Borrower shall give prompt notice to We insurance carris ! and Lends. Lends may make proof oaf law if not made promptly by Borrower- Unless Leader and Borrows oWerwise agree in writing, insurance proceeds shall be applied to restoration or repair of We Property damaged, provided such netoration or repair is economically feasible and We security of this Mortgage is not Wenby impaired. If such restoration err repair is not economically feasible or if We security of this Mortgage would be impaired, the insurance proceeds shall be applied e w We sums secured by this Mortgage. wiW We excess, if any, Paid to Borrows. If We Property is abandoned by Borrows, or if Borrows fails to respond to Leads wiWin 30 days from the date notice is mailed by Lends to Borrows West the insurance carris offers to settle a claim for insnrana benefits, Lends is authorized to collect and apply We insaraaoe proceeds at Lender's option eiths to restoration or repair of We j Propsty or We soma eecnred by this Mortgage. Unless Leads and Borrows otherwise agree in writing. any each application of proceeds to principal shall not eztend or postpone the due E dots of the monthly installments referred to in paragraphs 1 and 2 hseof or du~nge the amount of such installments. If Wads paragraph 18 ~ hereof the Property is aognired by Lends. all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds ; thereof resulting from damage b Property prior to We sale or acquisition shall peas to Lender to We extent of the auras secured by Wis I Mortgage immediately prior to such sale or acquisition. ~ 6. Preservation and Maintenance of Property; Leaseholds; Condomiaums; Planned Unit Developments. Borrows shall keep the Property in good repair and shall red commit waste or permit impairment or deterioration of the Properly and shall comply wiW the ~ E 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, s Borrows shall psform all of Borrower's obligations ands the declaration or covenants creatingor governing We condominium or planned unit development, We by-laws and regulations of We condominium or planned unit development, and constituent documents. If a i ~ condominium or planned unit development rids is executed by Borrows and recorded togeths wiW this Mortgage. We covenants and agreements of sorb rids 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. Protection of Lender's Secarlty. Tt Borrows faile to psform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which.matsially affects Lender's interest is the Property. indnding, bet not limited to, eminent domain, insolvency. code enforcement, a arrangements or praxedings involving a bankrupt s deadest, then Lender. at I.sadar's option,npon notice to Barrows may make such appearances. disburse such sums and take such action er is neoewary to ported Lender's interest, indnding, bat not limited to, disbursement of reasonable attorney's fees and entry aeon the Properly to make repairs. If Lends required mortgage insurance w a condition of making We loan secured by this Mortgage, Borrower.shsll pay the premiums required to maintain 1 each insurance in affect until such time a. We requirement for sack insurance laminates in accordance with Borrows's and Lender's written agreement or applicable Law. Borrower shall pay the amount of all anoregsge inwranee premiums in the manna provided ender paragraph 2 hereof. Any amonnis disbursed by Lends pennant to this paragraph 7, wiW intsest Wereon, shall beeo~ additional indebtedness of Borrows secured by this Mortgage. Unless Borrows and Lends agree to oWs terms of payment, each amounts shall be payable upon notice from Leads to Borrows requesting payment Wereof, and shall bear interest from We date of disbursement at the rate payable tiom ~ time to time on outstanding principal ands We Note nukes payment of interest at sash sate would be contrary to applicable law, in which event each amounts shall bear interest at the highest rate permissible ands applicable law. Nothing contained in this paragraph 7, shall require Leads to incur any ezpense or take any action hereunds. ~ . s` ~ SOOM. Vll~ oACEZ3~ f ~ r ~ ~ 5 - . _ i - _ m +5~