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HomeMy WebLinkAbout2701 , y _ , Uwttroewt (bvawaNra. ~ortower and Lender covsnant and agree as tolbws: 1 tgt~t M Mae+ttl atsti laNral. Borrower :hall promptly pay when due tM principal of and iaterrat oa the utdebtedaea svidettosd by the NoN, prepayment sad late charges ss provided in the NoN, and tbs principd of dad iatst+mt ea aoy Futuue Advattoes secured by obis Irtortgage. t ft<~tts leer 7lattes eM lawetres. Subject to applicahk law .x to a written waiver by Lender. Botrawr :ball pay to Leader oa the day monthly iastalUnents of principal and interest +rc payable under the Note. until the Note is paid in tap. s won p?ereia "Ftmds'~ equal to one-twdtth of the yearly tax« and assessments which may attain priority over this Mortgage. and ground rents on the Property. it any, plus one-twelfth of yearfy~ premium itWalbtxnb for hazard iraurartes, plus one-twelfth o[ yearly premium installments for mortgage instrrartoe. it any, all as reasonably estimated initially and from time b tune by Leader oa the base of assessments and hills and reasonable estimates thereof. 'fits Funds :ball be held in en institution the deposits or accounts of which are itt:trrod or guaranteed by a Federal of state agency (including Lender if Lender is such an itWitutionl. I~nder shat! apply the Funds to pay said taxes. at~saernents. ~ iaeuraace premittrtts and ground rents. !.coder may not charge for sn holding and applying the Fronds, analyzing said account. ~ or veritying~rtd compiling said assessments and bills, unless Corder pays Borrower interest on the Funds and appligbk law petmria Leader to make such acharge. -Borrower and Lender may agree in writing at the time of execution of the Mortgage that iater+at on the Funds shall be paid to Borrower, and unkas such agreement is made or applicable law requires such interest b be paid. Lender shall not be r+tquired to pay Borrower any interest or earnings on the Funds. Lender shop give to Borrowrr. without charge, an annwl accounting of the Funds showing credits and debits to the Funds and the putpote for which esch debit to the Funds was made. The Funds are pledged as additional security for the sums secured ~ by tbt: Mortgage. - I - ZE the amount of the Funds held by Lender. togdher with the future monthly installments of Funds payable prior to ; the due dates of taxes. sssesameab, insurance premiums and ground rcnta, shall exceed the amount required to pay said taxes. aaataoents, insurance premiums and ground rents ss they fall due. such excess shall be, at Borrower's option. either promptly repaid to Bocrowet ar credited b Borrower on monthly installments of Funds. If the amount of the Fund: i held by fender shag not bs svAi~t to pay taxes. assessrrtertts. irtsurantx premiums and ground rents ss they fall due, Borrower shall pay b Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader b Borrower requesting payment thereof. i Upon payment in fop of ap sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds tout by Lender. If under paragraph 18 hereof the Property is sold or the Properly u otherwise acquired by Lender. Lrnder i :hap apply. no late than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by , Leader at the time of application at a credit against the sums secured by this Mortgage. 3. A~iicatiaa at ft'grmetals. Unless applicable law provides otherwise, all payments receiyod by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender prat` in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Notq then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Cprges; Liens. Borrower shall pay all taxes, assessments and other charges. tines and impositions atlributabk to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the manner provided under puagraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due. directly to the - payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. sad in the went 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 tat be required to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acoeptsbk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, - - 3 legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard laaeraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "eietended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require: provided, that tender shall not require that the amount of such rnverage exceed that amount of rnverage required to pay the arms secured y this Mortgage. 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 insurance policies shall be paid in the mantrer I~~ provided under paragraph 2 hereof or, if not paid in. such manner, by Borrower making payment, when due, directly to the inwtYnce 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. ~ and 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 theinsurance carrier and Lender. Lender may make proof of loss if not made promptly by borrower. - Unless Lender and Borrower otherwise agree in writing, inwrance proceeds shall be applied to restoratan 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 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 insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the wins 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 I and 2 hereof or change the amount of such installments. if under paragraph 18 hereof the Pro~,erty is acquired by Lender, all right, tick 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 tlx: sale ' or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ' acquisition. fti 1'riscrvatba dad Maiateoaoce of Property; Leaseholds; Condominiums; Planned Udt Developaseets. Borrower shall k the Pro rt in cod re air-and shall not commit Waste or cep pe y g p 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 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 planced 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 such rider shall be incorporated rnto 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 fads 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, ~ including, but not limited to, eminent domain, insolvency. code enforcement. or arrangements or proceedings involving a bankrupt or decedent, then 1_ender at tender'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 i fees and entry upon the Property to make repairs. if 1_ender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such # insyrance in effect until such time as the requirement for such insurance terminates m accordance with Borrowers and r yr - BOOK tJil3 FAGE i 2697 - a :r..~ - - - - .