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HomeMy WebLinkAbout2658 Utrtrottrr Gbvu+xt+re.- Dotrower and Lsoder covenant and agree as follows: L lywaM et hiaclpal a>,tl t.Mnst. Borrower shall promptly pay when due the principal of and interest on the atdebtedntas evidenced by the Note. prepayment and late charges as provided in the Note. and tbs principal of snd interest oa any Fwun Advances eecund by this Mortgage. 3, 1llsrstis 1ee'11s:ea arrtl Iaeeerl¦a~e. Stirbject to applicable law or to a written waiver by Lerwkr. 8o~rro~a+er shall pay to Leader on the day monthllr installments of principal and interest ~rc payable under the Note. until the Note is paid in lull, a error (lKrein "Futtds'~ equal to one-twelfth of the yearly tax~~ and a:sessrnents which aray attain priority over this Mortgage. and ground gents os the Property. it any, plus one-twelfth of yearyr~ preaaitua imtalhnents [or hazard insurance, plus onatwdith at yearly prerrritun installments for mortgage insurance. it any, all as reasonably estimated initially and moat time to lima by Lender oa the basis of assessments and hills and reasonsbk estimates thereof. The Funds shall be held in as institution the deposits or accounq of which an insured of guaranteed by a Federal of state agency (inchding ).ender it Lender is such an institution). Fender shall apply the Frrrrds to pay said taxes, assemrrrents. iawranoe premiums and ground rents. lender may not charge For se holding and spplying the Funds. analyzing said account, or verifying.aud compiling said assessments and bills, unless Lender Pays Borrower interest on the Funds and appliabk law permits Lerdcr to make such a charge. Borrower and Lender may agree in writing at the tune of execution of this. Mortgage that interest on the Funds :hall be paid to Borrower. and unless such agrtxnrent s made or applicable law requires such interest to be paid. Lender shalt not be required to pay Borrower any interest or earnings on the Funds. Lender - shag pve to Borrower. without charge, an annwl accounting of the Fund: showing credits and debits to the Fund: and the - purpose [or which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by-this Mortgage. TE the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, inwrance premiums and ground rents, shall exceed the amount required to pay said taxes. asse«ments, instrranoe 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 ore monthly installments of Funds. It the amount of the Funds hNd by Lender shall not be wlBcieat tii pay taxes, assessments, insurance premiums and ~ ground rents as they fall due, Bon~ower shall pay to Leader any amount rreoaaary to make up the deficiency within 30 days front the date notice is mailed by Lender to Borrower requesting Payment thereof. Upoa payment in fuu of au :tents secured by this Mortgage, Leader shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is soW or the Propeny a otherwise acquired by Lender, Lender shall apply. no hoer than immediately prior to the sale of the Property or its acquisition by Lender. any Funs' held by Leader at the time of application a: a credit against the :tuns secured by this Mortgage. 3. A~ifeatiotr d lgseeaU. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I 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 Puture Advances. 1. Charges; Liie~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 ground rents, if any. in the meaner provided under puagraph 2 hereof or, if not paid in such manner. by Borrower making payment, whtm due. directly to the payee thereof. 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; provided. that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of ibe 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 iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ S. Hazard lsarrssee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured ! against loss by fire. hazards included within the term "extended coverage", and such other haurds as Lender may require sad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. The inwrantx carrier providing the insurance shall be chosen by Borrower aubjoct to spproval by Lender. proyidpl, that such approval shall not be unreasonably withheld. All premiums on inwrance policies shsU 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 insurance carrier. Aq insurance policies sad renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clatue 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 Mss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of less if not made promptly by Borrower. Unless Lender and Borrower otherwise agrce 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 such restoration er repair is not economically feasible or if 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 E date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefiu, 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 wens secured by this Mortgage. Unless 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 inuallments referred to in paragraphs I and 2 hereof or change the amount of ~ such installmetts. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof rewlting from damage to the Property prior to tM: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 1 ~ 6. ir+eservatioa and Maiateneoce of Property; Leaseholds; Condominiums; Pleased Unit Devdopmeats. Borrower I shall keep the Property in good repair and shall not comroil yvaste 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 - condominium or a planned unit development, Borrower shall -perform all of Borrower's 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. Protection of Leader's 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, t 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 notice to $orrower. may make such appearances, disburse such _ ~ sums and take such action as is necessary to protect Lenders interest, including. but not limited to, disbursement of reasonable auomey's tees and entry upon the Property to make repairs. It lender required mortgage insurance as a condition of making the loan secured by this MonRage. &?rrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance term+nates in accordance with Borrowers and - I ~ - < _ ~ - -