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HomeMy WebLinkAbout2757 Untrottw OovaNarns. borrower and Leader covenant and agree as tolbws: 1 iiymsN ~ IhYe~Y runt Irtlsswl. Borrower shall pro+nptly pay when due tM principal of and iatstwt on the irdebtedntns evideaoed by the Hots. prepaytrteat and late charges as provided in the Note. and the principal of and interest as my Future Advances eectrred by this Mortgage. . ftr~is raft Tamea ttrai lttwrsnes. Subject to applicable law ce to a written waiver by Lender. borrower tattap pay to Candor on the day rrtoathly instalUaents of priaciipal and interest arc payable under the Note, until the Note is paid in full. a tutor (htrsin "Fuads'~ equal to one-twelfth of tlta yearly taxcc and assmsrrtents which tray attain priority over this Mortgage, and ground rents oa the Prroperty. it any, plus otte•twelfth of yearily~ premittm iastalbrtents for hazard inwtartcs. plus ott~twslfth of yearly premium installments for mortgage inurrantx, it any. sll a: reasonably estimated initially and tram time to fiats by Lander oa the basis of assessments and Mlls and reasonable estimates thereof. The Funds shall be heW in an institution the deposits or accounts of which are itusrred or guaranteed by a Federal of state agency (inchding Lander i[ Lender is such an irtstitutionl. Lender shall apply the Furtds to pay said taxes. assesstrtatts. iawranoa premiums and ground tents. lender may not charge for so holding and applying the Fnndt, analyzing said account, or verifying-and compiling said assessments and bills. unless Leader pays Borrower intereu on the Funds and applicable law pormia Deader to tusks such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to .Borrower, and unku such agreement a made or applicable law ° requires such intece:t 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 annwl aooounting of the Funds showing credits and debits to the Furls and the ' purpose for which calf debit to the Funds was made. The Funds are pledged a: additional security for the wms secured by this Mortgage. ; TE the amount of the Funds hdd by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments; irnurantx premiums and ground rents. shall exceed the amount required to pay said taxes. aaetemeats, iawrartos premiums and ground rents as they fall due. such excess shall be. at Borrowers option. either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. if the amount of the Fund: ` hold by Leader shall not be atl8cieat to pay taxes. aaessrrtertts. irsurance premiums and ground rents as they fall due. , Borrower shall pay to Leader any amount necessary to males up the deficiency within 30 days from the date notice is mailed 3 by Leader to Borrower requesting payment thereof. ~ . Upon paytneM is fuU of all sums secured by this Mortgage. Lender :ball promptly refund to Borrower any Funds beW by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender shall apply. no later than immediately prior to the sale of -the Property or it: acquisition by Lender, any Funds held by Lsoder M the time of application at a credit against the sums sxured by this Mortgage. 3. A~litatlats of rgtrseab. Unless applicable law provides otherwise. all payment; received by Lender under the Nets and parsgrapbs 1 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 Future Advance. 1. Crargea; Llieas. 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 trots. if any. is the manner provided under puagraph 2 hereof or, if not paid in such manner. by Borrower making payment. whet due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and io 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, thst Borrower shop not be requited to discharge any such lien so bog as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner at:ceptabk 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• Blasard Iwwsawee. 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 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 rnverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. • 'llte inwranoe carrier providing the insurance shall be~chosen by Borrower subject to spproval by Lender, provided. that such approval shall not be unreasonably withheld.. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. if not paid in such meaner, by Borrower making payment, when due, directly to the 'i inwrance carrier. All insurance policies and renewals thertof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Linder 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 ev4at of loss. Borrower shall give promq notice to the insurance carrier and Lender. Lender may make proof .of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance procteds shall be applied to ratoration 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 ratoration 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 , t to Borrower. If the Property a abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lendtr 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 t or to the wms 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. 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 resulting from damage to the Property prior to tlr~ 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. Preservation arsd Msuatenaoce of Property Leaseholds; Condominiums; PWtoed Unit Dev ebpsaeats. Borrower shall keep the Property is good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of 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 Borrowers obligations under the declaration { a 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. )f 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 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, 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 Borrower, ma make such a Y ppearances, disburse such i wms and take such action as is necessary to protect Lenders interest, including, but not limited to, disbursement of i reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secure) by this Mortgage, Borrower shall pay the premiums required to maintain such ~ inwrance in effect until such. time as the requirement for such insurance terminates m accordance with Borrowers and . soox ~3 ~e~2~'-~` ~u -