Loading...
HomeMy WebLinkAbout2769 i~ } Ut+tt*ottnc Dovttnstvts. Borwsnsr std Leader covenant and agree as tdbwa: tti. 1fly~ssM et hite4al arcs Warts. Borrower that! promptly pay when due the principal of and interact oa the urdabtedrrea sviderroed by tbs Note. prepayttcent and late charges ss provided in the Note. aed tlrs prirrcipat of acrd interep as any Futtute Advttaoes setauued by this Martgass. - Ilitstti tar 'ILrtsa aretl lrtwatrea Subject to spplicabk law ar to • written waiver by -Lender. Borrower- shall pay to Lender on the day monthly itrpallments of principal and interest arc payable under the Note. until the Note is paid in full. a wm (huein "Fturds'~ equal to one-twelfth of the yearl~• tax~~ and assesstrrents whicA tray attain priority over this Mortgage, and grourd roab on tM Pt+opsrty. it any, phis orre-twelfth of yearly' premium inpallnrenb for hrnsard insurance, ' plus oartwelfth of yearly premium installtents for mortgage insrtrance. it airy. all as reasonably estimated initially and from tins to time by !.ender oa the basic of assessments and hills and rcasonabk epimata tlrsrsot. ~ The Fttnds shall be held in an institwicxr the dsposits or account of which an ittatseed a guaranteed by a Federal or pate ageercy (inchtding Lender i[ Lender is such an institution!. I.errder shall apply the Funds to pay said taxes, assessrrrenb, incuraaa pranlunat and grourd rents. Lender may not charge for w holding and applying the Funds. analysing aid account, ~ or verifying.aad compiling said assessments and bills, unku Larder pays Borrower interest on the Funds and applicabb law permit Lender to make such a charge. Borroww cad Lender may agree iri writing at the time of execution of this Mortgage that iater+est on .the Fua~ shall be paid to Borrower. and ants: such agreement is made or applicabls law ~ requires such interest to be paid, Lender shall not be required to pay Borrower any intereu or earnings on the Funds. Lender shall give to Borrower, without charge, an annwl aooounting of the Funds showing credits and debits to the. Funds and the g purpoae~or which esch debit to the Funds was made. The Fund: arc pledged ss sniditional security for the wms secured ortgage. , TE the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to ~ the due dates of taxes, assasnreab, inwrarrce premiums and ground rents, shall exceed the amount required to pay said taxes. aagmteats, insurance premiums ctrl ground rents as they fall due, such excest shall be, at Borrower's optics, either promptly repaid to Borrower or credited -to Borrower on monthly installment: of Funds. If the amount of the Funds j hdd by I.todsr sbaU not be std6cieat to pay taxes, aasewnents. insurance praaiums ardiground rents a: they fall due, Borrower shall pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requnxtitrg payment thereof. Upon payment is fuU of all stuns secured by this Mortgage, Lender shall promptly refund to Borrower any Fund: ~ held by Leader. It under paragraph 18 hereof the Property is soW or the Progeny rs otherwise acquired by Lender, Lender shall apply. rro later than immediately prior to the sale of the Property or its scquisition by Lender. any Funds held by Lander at the time of application a: a credit against the sums secured by this Mortgage. - 3. A~lkatiort et tayare•L. Unless applicable law provides otherwise, all payments received by Leader under the Note cad paragraphs I and 2 hereof shall be applied by Lender first in payment o[ amounts payable to Lender by Borrower under paragraph 2 hereof, char to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. I. Cttargesy Ellett:. 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 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, std is the event Borrover :ball 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 lien 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. Hazard Iasnraace. Borrower shall keep the improvements now existing or hereafter erected on the Property itrsurtid against loss by fire. hoards 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 that amount of coverage required to pay the sums secured by 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 manner provided under paragraph 2 hereof or, if not paid in such- manner. by Borrower making payment, when, due, dirnctly to the insurance 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, f 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 restoration or repair of the Properly 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 i[ 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 marled by Lender to Borrower that the insurance carrier offers to settle a claim for iruurance 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 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 o[ ~ 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 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. 6. ~reservatba aed lfaiateaance of Property; Leaseholds; Condominiums; Planned Unit Deveiiopments. Borrower - shall keep the Property in good repair and shall not comrgit yvaste or permit impairment or deterioration of the Property anti 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 Borrower's 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. a ; 7. ProtectltMr of Lender's Secnrtty. If Borrower fails to perform the covenants and agreements contained in this 1 } Mortgage, or if any action or proceeding is cummenced which materially sliest: tender's interest in the Property, 6 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, may make such appearances, disburse such f sums and take such action as is necessary to protect Lender's interest. including, but not limited to, disbursement of; reasonable attorney's tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a - condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such 1 insurance in sliest until such time as the requirement for such insurance terminates in accordance with Borrower's and 3C'P~ ~~3 ~Arc27 i ' - ~ T k:~ _ _ -~~,3-~ - -