Loading...
HomeMy WebLinkAbout2787 ~ ~ UntroRS[ CbvtN~t+ri. lsort+ower and Deader oovwtant and agree u follows: lip 1<gtraettt at hiee4al tM ItNesaw. BorroM?er shall promptly pay when due the principal of and interep on the ittdebtedetpe evideraoed by tbs Nrxe, prepaytts«Zat and late clwrges ss provided in the Note, and the ptittcipd o[ attd interest as any Ftttwe Advances exwed by this Mortgage. lrris tar 1leaee ttrttl Btteaea¦r,~e. Slrbject to applicable law or to a writtsn waiver by Lender. Borrower shag pay to Leader oo the day monthly itstallments of principal and interest are. payable under the Note. until tlrs Nole is paid is full, a wm (htarein "Futtds'~ equal to ottatwelfth of the yearly tax« and ssssssraterrts which tray strain priority over this Mortgage, turd ground teats oa tM Property. it any, phts otre-twelfth of ytartli• premitna instalbtnxnb for heard ituwratacs. plus Dora-twelfth of yearly premium iattalltnents for mortgage insuratace. it nay, all ss reasonably estimated initially and from lima to tints .by Lender oa the base of assessments and bills .nd reasonable estimates thereof. The Funds shall be held in an itrstitutiora the depoaiq or accounu of which are itaau~ed or guaranteed by a Federsl of teats agency-(including Let><!er iI Lender is such an institution). I.etrder shall apply the Funds to pray said taxes. assesstrratts. iowrarros premiutrrs and ground rents. Lender may not charge for si+ holding and applying the Frrrrds. analyzing said account, - or verifyitrg.snd compiling said assessments and bills. unless Leader pays Borrower interest on the F~uttds and applicable law permits Leader to make such a charge. Borrower attd Lender may agree in writing at the time of execution of the Mortgags that interest on the Fonds shall be paid to Borrower. and unless such agreement is made or applicable law requires strclr interest 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 annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured br this M~• Tf the amount of the Funds beW by Lender, together with the future monthly installments of Funds payable prior to the dos dates of taxes, sssessmerab, itaauanoe premiums and ground retlts. shall exceed the amount required to pay aid taxes. asseaments, iosut'araoe premiums and ground rents ss they fait due, such excess shall be, at Borrower's option. either proosptly repaid to Borrower or credited to Borrower on monthly installments of Funds. It the amount of the Fund: btdd bar Lender drat! not be suit to pay taxes, assessments. insurance premiums and ground rents ss they fall due, Borroorec shall pay to Lender any amount ntxxsury to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment io full of aB name secured by this Mortgage, Lender shall promptly refund to Borrower any Fund: heW 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 its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. A~licatiata of la~reab. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower trader paragraph 2 hereof. then to interest payable oa the Note. then to the principal of the Note, and then to interest and principal on any Futurr Advances. 1._ CMuges; Liens. 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 meaner provided under paragraph 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 in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall ptmptly discharge any lien which ha: priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to. the payment of the obligation secured by such lice in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iaatrrawee. 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 rat require that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~y this Mortgage. The insurance carrier providing• the inwrance shall be chosen by Borrower subject to approval by Lender, provided, thst such approval shall not be tmreasonably withheld. All premiums on insurance policies shat) be paid in the manner provided wader paragraph 2 hereof or, if not paid in such manner. by Borrower making paymart, when due. directly 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. and Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. In the eveoc of leas, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lost 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 Property damaged, provided such restoration or repair is economically feasibly and the security of this Mortgage is ~ rat thereby impaired. 'if such restoration or repair is not economically feasible or if the security of this Mortgage would E be impaired, the insurattcx proceeds shall be applied to the sums secured by this Mortgage, with the excyss,-if any, paid to Borrower. )f 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 I or to the sums secured by chi's Mortgage. Unless !.ender 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 tlrc 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. Preservatloo and Maiateaaace of Property; Lesisehulds; Condominiums; Planned Ueit lDevelopmeats. Borrower [ shall keep the Property in good repair and shall not commit yvaste or 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 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 co~•enants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. !f 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, F including, but not limited to, eminent domain, insolvency, code enf~~rcement, 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 i sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable auomey's fees and entry upon the Property to make repairs. If Lender reyuircd mortgage insurance as a j condrtion of makrng the loan secured 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 in accordance with Borrowers and ; . - i - sCVr 303 !'4f:F27~ f • ~1 ~ , - - - . r _ » ~ ~ w