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HomeMy WebLinkAbout2676 t t' UnQOttry CovtNetrn. ItormMnr and Leader ooveaant and agroe s: fabws: L FymNt et hine4il ttrd InMrraf. Borrower shall Promptly pay when duce the principal of and iaterwt on the atdsbledrttta svidettoed by the Note. prepaymsat and Tats cMrges ss Provided in the Nora. and tM principal of sad intsteat oa say Future /ldvattioea ttes'nred by tba Mortgags. lhiai flat Taaee atti tawrtaea Subject to applicable bw ~x b a written waiver by Leader. Borrower shag pay to Lander on the day monthly instalbents of principal and intercN err payable under the Note. until the Nots is paid in full. a attest (herein "Futsda") equal to else-twelfth of the yearly taxc~c and aaesstrreYtts which may attain priority oust this Mortjap. and ground rants oa the Property. it any. plus orre~tweltth a ysarlli~ premitaa aWallnfenta for bsiard insurance, plus oaatwdith of yearly premium iagsllntenls for mortgage inutrattce, if any. all ss reasonable estimated initially and from lima to tiros by Leader as the basis o[ assessments and hills and reasonable euintata thersot. 'Ibe Fbrids sball'be held in an institution the deposiq or account: o~f which are insured or gwranteed by • Federal otr :tats agency (iachtding Leader if Lender is such an institution). I.ertder shall apply the Fund: to pay said taxei, assessrrrertts. iasuraaoe premiums and ground real:. lender may not charge for sn holding and applying the Funds, analyzing said account. or veritying.aad compiling said saessments and bills. unless Leader pays Borrower interest oa the Funds and applicable law pttrmits Lender to make such :charge. Borrower and Lender may agroe in writing at the tune of execution of this Mortgags that interest on the Funds :hall be paid to Borrower, and unless such agroemertt a made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the ptupese for which each debit to the Funds was made: The Funds are pledged as additional security for the wins secured by this Mortgage. Tt the amount of tbe~ Funds held by Leader. together with the future monthly installments of Funds payable prior to the duce data of taxes, as:esesments, imunntx premiums and ground 'rents. shall exceed the amount required to pay said taxes. aasatpaeats, insurartoe premiums sad ground rents as they tall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds. If the amount of the Funds btdd by Lender shall not be suAicient tb pay taxes. assessments, iawanoe premiums and ground rents ss they fall due. Borrower abaU pay to Lender any amount necessary to make up the deficiency within 30 days [rom the date ratite is mailed by Deader to Borrower requatiag payment thereof. Upon payment in full of cell sums secured by this Mortgige, Lender :ball promptly refund to Borrower any Funds heW by Leodw. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender :ball apply. ra later than immediately prior to the_sak of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit agaimt the sums secured by this Mortgage. 3. Appiieatiett at I<apwreab. Unless applicable law provides otherwise. all payments received by Lender under the Nets sad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 heteof. then to interest payable on the Note, then to the principal of the-Note, and then to interest and principal on any Future Advances. . 1. CWrges; I.kaa. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mongage. and leasehold payments or ground 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 pilyee thereof. Borrower :ball promptly furnish to Lender all notices of amounts due under this paragraph, sad is the event Borrower shall make payment diroctly. 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 bng as Borrower shall agree in writing to the payment of the obligation secured by web lien in a manner acceptable to Lender. or shall in good faith contest wch lien by, or defend enforcement of such lien iq legal proceedings which .operate to prevent the enforcement of the Iron or forfeiture of the Property or any part thereof. . S. Aasara tawra~ee. Borrower shall keep-the improvements now existing or hereafter erected on the Property irrwrod against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed /hat amount of coverage required to pay the sums secured Eby this Mortgage. 'I'be iawrantx 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 inwnnce policies shag be paid in the meaner provided under paragraph 2 hereof or, if rat paid in such manner, by Borrower making payment, when due, directly to the Ij insurances carrier. All 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 right to hold the policies and renewals thereof. sad 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-bss 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 rat thereby impaired. if such restoration or 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 , date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for inswanoe benefits, Lender is authorized to collect and apply the insurance protxeds at Lender's option either to restoration or repair of the Property or to the sums 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 installments referred Yo in paragraphs I and 2 hereof or change the amount of wc6 installments. !f under paragraph 18 hereof the Pro~,erty is acquired by Lender, all right, title and interest of Borrower in and to any Aisurance 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. f. Preservatloo aed Maiateoaoce of Properly; Leaseholds; Condominiums; Planned Unit Devebpmeats. Borrower shall keep the Property in good repair and shall not. comrvit yvaue or permit impairment or deterioration of the Property { and shall comply with the provisions of any lease if this Mortgage is on a leasehold. !f 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 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 I 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 Fender at I_eneier's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest,- including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. It Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain wch insurance in effect until such time as the reyuirement for wch insurance terminates in accordance with Borrowers and , a i g~oK 303 yA~~2672 ~ - - -