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HomeMy WebLinkAbout2695 - 3 t . ~i L UKStratM Oovotusn». Borrower sad Lttends covenant and sgroe as tdbws: L ~ w Barower mall a~taly wr when dos the principal of and interest on the ` utdtbkdnea evidertoed by tM Note, peepayeaeat and late cFwrges as provided in the Noss, and the prietdpal of sad intstat i oa saty Future Adrartcea sttctu+ed by tba Moctgags. E 3. lr,ertis tK 7'aase M Iastesnat.~e. Subject to applicable law ar to a written waiver by Lender. Borrower shall pay to Leadgr on the day monthly itatallnrents of principal and inteeed arc payable under. the Note, until the Note is paid in full. a soot (Imein "Fuads'~ equal to oae•twetfth of the yearly tax~~ and assasettettts which easy attain priority over this Mortgage, sad grottrtd rafts oa tbs Penpsrty. if say. plus oetc~•twelfth d yearly' premitun irtstallertants fa harard inwratrce. plus one-twelfth of yearly ptrauium iastallntents for ttnortgage inutrance, it atty. all as reasonably estimated initially and foram time to firm by Leetder oa the basis of assessments std hills and reasonable estimates thereof. '[Le Fund: shall be held in an institution the deposits or accounts of which are inwrod a guaranteed by a Federal of state agency (including Leader i[ Lcrtder a such an institution). Lender shall apply the Funds to pay :aid fazes. assessments. iaautaooe premiums sad ground tents. Lender may red charge form holding and applying the Funds, analysing said account, or verifyitrs.aad compiling said assessments and bills. unku Leader pays Borrower interest on the Fund and appligbk law ~ permits I.eerder to make such a chuge. Borrower std Lender may agree in writing at the time of execution of this Mortgage that interest oft the Ftutds shall be paid to Borrower, and unless wcb agreement is made or applicable law s+equirat such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Furls. Lender shag give to Borrower, without charge. an annwl secarnting of the Funds showing credits and debits to the Funds and the pupae for which eaeb debit to the Funds was made. The Fund: are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds bdd by Leader. togdher with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, inswance premiums and ground rents, shall exceed the amount required to pay said taxes. attsasmeats, iawrauoe premiums sad ground rents ss they fall due. such excess shall be, at Borrower's option. either promptbr repaid to Boreowet ar txeditod to Borrower on monthly installments of Funds. if the amount of the Funds held by Lender shall not be stst6tdeat to pay taxes, _ aoessments. insurance premiums and ground rents as they fall due. Borrower sbaU pay to Ltmder say amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrows regtsestiag payment thereof. Upon payeaeat is fuU of aU sums secured by this Mortgage, Lender sbsll promptly rotund to Borrower any Fund: bdd by Lender. If wads paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender sbttU apply. no lets than immediately prior to the sale of the Property or its aosatusition by Lender, any Funds held by Leader at the tiara of application as a credit against the sums sxured by this .Mortgage. Algiieatioa d lgttaeale. Unless app(icabk law provida_ otbe ~ tset'all payments received by Lender under the Note sad paragraphs 1 sad 2 hereof shall be applied by Lender. first in pant'llE atswtrnts payable to Lender by Borrower under paragraph 2 heeeof. rhea to interest payable oa the Note, tlien~io lM~ipaJ of tht: Matt: and then to interest and principal on any Future Advaaoes. - ~ `.'`r' `~tttu'wi;:.• 1. Charger. Lhms. Borrower shall pay all taxes; assessments and other d~t~l~-Apa~nd_~,~sitions attributable to the Property which may attaas a priority over this Mortgage, and leasehold payments or ground'rer3ll.d any, in the manner proovided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee tbee+eof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph, sad is 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 brag as Borrower shall agree in writing to the payment of the obligation secured by such lies 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. Hasard Itwrarece. Borrower shall keep the improvements now existing or hereafter erected oo the Property insured sgain:t loss by f3rc, hazards included within the term "extended coverage", and such other hazards 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 by this Mortgage. '!be insurance carcier providing the iawrance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on insurance pdicies shall be paid in the meaner provided under paragraph 2 hereof or, if not paid in such manner, by Borrows making payment, when due, directly to the inwrance carrier. , AU insurance policies sad 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 Leader ail renewal notices and all receipts of paid premiums. in the event of bss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of bas if not made promptly by Borrower. Uaksc Lender sad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of E the Property damaged, provided such restoration or repair is economically feasiblt and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the sceurity of this Mortgage would - ~ be impaired, the insurance proceeds "shall be applied to the sums scoured by this Mortgage, with the excess, if any, paid E to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the f date notice is mailed by Leader to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lcnder'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 to in paragraphs 1 and 2 hereof or change the amount of such installments. I[ under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower `t in sad 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. f. Peetervatioo and Maintenance of Property; Lettselwlds; Condominiums; Planned Unit Devebpmeats. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property F 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 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 snit development I rider is executed by Borrower and recorded• together with this Mortgage, the covenants and agreements 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 Lender's Security. If Borrower fails to perform the covenants anJ agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but nM IimUed to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a ' bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is neceswy to protect Lender's interest, including. but not limned to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ''s condition of making the .loan secure) by this Mortgage. Borros+rr shall pay the premiums required to maintain such P insurance in effect until such time as the rcyuiremem for such insurance terminates ~n accordance with Borrower's and • ~ ' f y • _ ~ ; ~ecK 3U3 ~cE 2691 T