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HomeMy WebLinkAbout2592 Borrower and Leader covenant and agree as folbws: 1. Payment of Principal and Interest. Horrower shall promptly pay when dos the principal of and intered on Ws indebtednew evideaead by the Note. prepayment and tats charges as provided in the Note. and the principal of and interest on any Future Advances secured by this Mortgage. Z. Footle for Ta:ea and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in fill. a sum (herein "Fuads'~ equal to ores twelRh of the yearly to:es and assessments which may attaip priority over this Mortgage. and ground rents on the Property. If any, plus ores . twelfth of yearly premium installments for harsrd iiuurance, plus onstwelfth of year~lr premium installments for mortgage ina4rance, if any. all es reasonably estimated initially and lrnm time to time by Lender on the basis of assessments and biAs and reasonable estimates thereof The Funds shall bs held in an inditution the deposits or aoooants of whid? an insured or guaranteed by a Federal or State agency (indadwg Lender if Lender is sucb an institution). Lender sbaU apply the Ftinds to pay said tares. assessments, iiuurance premiums and ground rents. Lender may not diargs for so holding and applying the Funds. analyzing said account, or verifying and compiling said asaesaanenta and bills, nalese Lender pays Borrower interest on the Fends and applicable law permits Leader to make such a charge. Borrower and Lender may agree in writing at the time of a:ecution of this Mortgage that interest on the Funds shall be paid to Borrower, and unlaa such agreement is made or applicable law regaires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on Ws Funds. Lender shell give to Borrower. without charge. an annual eooouating of the Funds showing credits and debits to the Ftinds and the patpas for which each debit to the F1mds was made. The Funds are pledged as additional security for the sums securedby thin Mortgage. If the amount of the Funds held by Lender. togeWer with the future more Wly installments of Funds payable prior to the due dates of taxes. aness4nents, insurance premiums and ground rents, shall e:oaed the amount required to pay said lases, assessments, iruuranoe premiums and ground rents as they fall due, each ezoea shall be. at Botiowe~s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Fluids. if the amount of the Fonds held by Lender shall sot be sufficient to pay fazes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay b Lender any amount necessary to mate aP the defici¢ncy within 30 days - from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full o[all sums secured by this Mortgage. Leader shall Promptly refund to Borrower any fonds held by Lender. Tf under paragraph 18 hereof the Property i. sold or the Property is otherwise acquired by Lender. Lender shall apply, no later Wan immediately prior to We sale of the Property or its acquisition by Lender. any Fonda held by Lander at the time of application as a credit against the sums secured by this Mortgage. . 3. Applkation of Payments. Unless applicable law provides oWerwise, alt payments received by Lender render the Note and paragraphs 1 and 2 bereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower Hader paragraph 2 hereof, then to interest payable on We Note, Wen to the principal of We Note, and Wen to intered and principal on any Future Advances. 4. Charles; Liens. Borrower shall pay all tares, assessments and older charges, fines and impositions attributable to' We Property which may attain a priority ova;this Mortgage. and leasehold payments err ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Bonrowei making payment, when due, directly to the payce thereof. Borrower shall promptly furnish to Lender all notices of amounts due undo: 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: Provided, that Borrower shall not be required to discharge any such lien so long ere Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner aooeptable to Lender, or shall in good faiW contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent We enforcement of the lien or forfeiture of the Property or any part thereof. 5. Razard Insurance. Borrows shall keep the improvements rww ezisting or hereafter erected on the Property insured against toes by firms hazards indnded within We term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods es Lender may require; provided, that Lender shall not require such coverage amount exceeding the minimum. as may be required by state or federal regulations governing activities of Lender. or that amount of coverage required to pay We sums secured by this Mortgage, whichever is the greater. - - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on ineurarice poliQes shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower malring payment. when due. directly to the insurance carrier. All insurance polides and r~evrals thereof shall be in form aeoeptable to Lender and shall include s standard mortgage clause in favor of and in from acceptable to Lender. Lender shall have the right to hold the policies and raiewals thereof, and Borrows: shall P~PtiY furnish to i,ender all renewal notices and all receipts of paid premiums. la the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loos if not made promptly by Borrower.. Udess Lender and Borrower oWerwise 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 impaired. If each resbration err repair is not economically feasible or if the security of this Mortgage would be impaired, the insnrancx proceeds shall be applied to the sums secured by this Mortgage, wild the ezeees, itany, Paid to Borrows:. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days fironn We date notice is mailed by Leader to Borrower that We iasnranoe carrier offers to settle a daim for inanranoe benefits, Leader is authorized to ooilect and apply the inanranoe proceeds at Lender's option either to restoration or repair of the Property err We sums secured by this Mortgage. - ~ Unless Lender and Borrower otherwise agree in writing. any each application of proceeds to principal shall not extend or postpone the due date of We monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of erects installments. If Hader paragraph 18 hereof the Property i. aognired by I.ender. all right. title sad interest of Borrower in and to any insaranos policies and in and to the pr~oeesda ~ thereof resulting from damage to Property psi to We sale err acquisition shall peas to Lender to the extent of the sums secured by this Mortgage immediaWy prior to wch sale or aoquisitian. 6. Preaervadon and l[ainteaanoe of Property; Leaseholds; Condominnms; Planned Unit iflevebpmenta. Borrower shall keep the Property in good repair and shall not commit wads ~ permit impairment or deterioration of the Property and shall comply wild the ~ provi,rioas d any kale 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 Borrower's obligations undce the declaration or oovenanta creatingor governing the oondomiruum or planned snit development, the by-laws and regulations-of We 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 sucb rider shall be incorporated into and shall amend and supplement We covenants and agreements of this Mortgage es if the ! rider were a part hereof. 7. Protection of Lender's Secarky. It Borrower fail to perform the covenants and agrements contained in this Mortgage, or if any action or. proceeding is commenced which materially affects Lender's intered in the Property, indnding, bat not limited to, emiamt domain, insolvency. code enforcement, err arrangement or proceedings involving a banlQnpt err decedent, Wen Lender at Lender's option,upon ~ notice to Borrower may make erect appearance. disburse such sums and tales such action esu necessary to protect Leader's iatered, 6 indoding, bat not limited to, disburs~t of reasonable attorney's fees and entry upon the Property to melee roPairs. U Leader required mortgage insurance as a condition of mating the loan secored by this Mortgage, Borrower shall pay the premiums required to maintain lath insurance in effect until sock time as the requirement for such inswanoe te:.ainatss in aooordanoe with Borrower's and Lender's written agreement or applicable Law. Borrower shall pay the amount of all mortgage inwrance prsrniums in the manner provided render paragraph 2 hereof My amounts disbursed by Lender persuant to this paragraph 7, wild interest Wereon, shall become additional indebtedness of Borrows secured by this Mortgage. Unless Borrower and Lender agree to older terms of payment, such amounts shall be Payable upon notice from Lender to Borrower requesting payment thereof, and shall bear intered from We date of dubnrsemart at the rate payable from time to time on outstanding principal render We Note wiles payment of introst at such rats would be contrary to applicable law. in which evert such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in thin paragraph 7, shall g Hire Lender to incur an e: req y pease or take any action herwnder. BOOKJVV ~~E25SH - , - - - F _ - _ r ~-.z