Loading...
HomeMy WebLinkAbout2763 - ~ Uwtrostnt Lbvtu+~tvts. •orr+owsr and Leader covenant and agroe ss follows: L >?,ywsat M hiac}al tttM MlsrsM. Borrower shall promptly pay when due the principal of and interest on the itdebtedaas evideawd by the Hots. ptrepayraeat and late charges a: provided in the Hots. and the prhtcipal of and iatsre:t os .ey Ptrtun Advantxs secured by this Mortgags. ifh.de hr'lhtaa ttad tastrrrtrK~e. Stitbject to applicable law or to a written waive by Lader. Bortrorwr chap pay to Lender oa the day tttoathty installments of principal and intereN ire payable under the Note, until the Note is paid is fuU. s sttm (bttrein "Fundt<'ry equal ro oaatwelfth of the yearly tazc~. and assessntarts which stay attain priority over this Mortgage, and ground teas oa tbs Property. it any. plus one-twelfth of yearyi~ premium ia:tallnterta for hstard irtsurartce. • plus oas•tttrdith of yearly premium installments for mortgage irrstrrartcs. if any, all ss reasonably estimated initially and from - time to time by Leader oa the basis of assessments and hills and reasonable atimata thereof. - The Ftrrrds shalt be befd in an institution the deposits or accounts of which are insured or guaranteed by a Federal or i sea agency (including Lender it Lender is such an institution). Lender :!tall apply the Funds ro pay said taxes. assessrrratts. it>strrance pemiums and ground vents. !.ender may not chsrgs for so holding and applying the F:mds. analysing said a¢tount. or vetitying_sad compiling said assessments and bills. unless Lender pays Bot:rowsr interest on the Funds std applicable law permits Lender to make such a charge. Borrower sad Lender may agree in writing at the time of execution of this ' Mortgage that interest on the Funds shall be paid to Borrower, and ualas such agreement is made or applicable law requitrs such interest ro be paid. Lender shall nd be required to pay Borrower any interest or earnings on the Funds. Lender ~ chap give ro Borrower, without charge. an annual atxounting of the Funds showing credits and debits to the Funds std the ' purpae for which-each debit to the Funds was made. The Funds are pledged as .additional security for the sums secured by the Mortgage. U the amount of the Fuade hdd by Lender. together with the future-monthly installments of Funds payable prior to the due data of taxes. a:sasmeats. iastrranoe praniums and ground rents. shall exceed •the amo~urtt required to pay said taxes. F rresmsments, iawraaoe ptemiutm and ground read ss they fall due. such excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower oa monthly installments of Funds. If the amount of the Funds heW by Leader :ball trot be sulBcieat to pay taxes. assessments. insurance premiums and ground rents a: they fall due. Borrower :ball pay ro bender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader ro Borrower requesting payment thereof. - ~ Upon payment is fuU of all sums secured by this Mortgage, lender shall promptly refutd to Borrower any Funds Geld by Lender. It under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender shall apply. rro later than immediately prior to the sale o[ the Property or its acquisition by Fender. any Funs' ~ held br Lender at the time of application as a credit against the sums secured by this Mortgage. • 3. A~iicatiaa of lgmeab. Unless applicable law provides otherwise, all payments received by -Lender under the { Noes sad parsgraphs 1 and 2 hereof shall be applied by Lender 5rst in payment of amounts payable to Lender by Borrower tI under paragraph 2 hereof, then ro interest payable on the Note, then to the principal of the Note. and then to interest and , principal on any Future Advances. I. Cttargefi Lktas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property whiclt may attain a priority over this Mortgage. and leasehold payments or ground rents, iE any. is the manner ~ provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due. directly ro the payee tbetoof. Borrower shall promptly furnish to Lender all notices of amounts due under-this paragraph, and iu the event ~ Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hss priority over this Mortgage; provided, that Borrower shag 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 liar in a manner acceptable to Lender. a shall in good faith rnntest such lien by, or defend enforcement of such liar iq legal procoedirtgs which operate to prevent the enforcement of the lion or forfeiture of the Property or any part thereof. ! S. Hasard laarraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured - against loss by lire, hazards included within the term "extended coverage", and such other hanrds 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 i . such wverage exceob that amount of coverage required to pay the sums secured `by this Mortgage. The inwrauee carrier providing the insurantx shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unressonably withheld. All premiums on insurance policies shill be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. di>ectly to the iasurantx 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 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 proceeds shall be applied to restoratlen or repair of j the Property damaged, providod such restoration or repair is economically feasible and the security of this Mortgage is I I not thereby impaired. If such reuoration 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 exor:ss, 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 matted by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender 1 F is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or ro 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 • wch 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 the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior.to such sale or E acquisition. f. Preaervatfioa soil Maiateoaace of Property; Leaseholds; Condominiums; Planned Unit DcwdoMaeats. Borrower g shall keep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property I sad shall comply with the provisions of any lease it 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 3 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 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, insc?Ivency. code enforcement. or arrangements or proceedings- involving a bankrupt or decedent, then Lender at Lender's option, upon notict to Borrower, may make such appearance, disburse such sums and take such action as is necessary to protect Lenders interest. including. but not limited- to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secureii by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect. until such time as the requirement for such insurance terminates iri accordance with Borrowers and _ ~ _ ~~(Q~ i ~ 90G1? 3U3 yAf c 2 1 c.lt7 . l ~ _ -