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HomeMy WebLinkAbout2811 UNnwRw OovsnaKra. Borrower sad leader covenant and agree ss follows: 1 ltgwe~t et hiae*rtl aM IMsrwt. Borrower shall promptly pay when due fire principal of and interest oa the irsdebbdrtess evidertoed by tbs Nob. prepayasatt and late charges as provided in the Note. and the principal of and interest as say Fortes Advsooes seeurod by this Mortgage. . 3. lhui hr'1'aaw aM l~aaeaac~e. Stirbject to applicable law ~x to a written waiver by Lender. Borrower sbap pay to Leader on the day monthly installments of principal and interest ire. payable under the Nob. until the Nob is paid in tuq, • sum (bereirt "Fttrtds'y equal to oro-twelfth of the yearly faze. and astessrrtents which may attain priority over this Mortgage. and grotrrtd reab oa the Property. if say. plus one-twelfth of yearly' premium iratallntertb [a barard irtsuraact, plus ooe•twelfth of ysarly premium installments for mortgsge instrrancc, it any, all es reasonably estimated initially and from tints to titrte by Leader ua the basis of assessments and Mlle and ressonabk estimates thereof. . 7be FWads slop be held in as inuitution the deposits or accounts of which are insured a guaranteed by a Federal of stab agertry (inchtding Lender it Lender is such an institutionl. l~rtder shall apply the Funds to pay :aid faze, astessntatb, iawraaoe premium and ground ants. lender may nd charge for so holding and applying the Funds, analyzing said account, or verifying_and compiling said assessments and bilk. unless Leadu pays Borrower interest'on the Funds and appligbk law permib Leader to mske twclt a charge. Borrower sad Lender may agree in writing at the time of execution of this Mortgye that interest on the Funds shall be paid to Borrower, and unless such agroement is made or applieabk law requires such interest to be paid. Lender shall not be requited to pay Borrower any interest ~ araings on the Funds. Lender sAap give to Borrower. without dtarge, an annual accounting of the Funds showing credib and debits to the Fund: and the purpoat for which each debit to the Funds was made.. The Funds are pledged u additional security for the wins secured b'Y thi: M~• If the amount of the Funds held by Lender. together with the future monthly installments. of Funds paysbk prior to the due data of taxes, assenrrreab, irounrtce premiums and ground ants, shall exceed the amount required to pay said taxes. assessments, iawraace premiums and ground rents as they fall due, such excess. shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly inuallment: of Funds. If the amount ~ of the Funds held by Lender Mall not be suffcieat to pay taxes. a:sessrrtenb. insurance premiums and ground rcnb as they fall due. Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed - by Leader to Borrower requesting payment thereof. Upon payment is [ull of a!1 sums secuad by this Mortgage, Lender. shall promptly refund to Borrower any Funds held by Lender. If under pantgrapit l8 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender :ball apply: rto 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 at a credit against the sums secured by this Mortgage. 3. Apliieatiaa at laytieNs. Unless applicable law provides otherwise, all payments received by Lender under the Note sad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, rhea to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances.- ~ . 1. Charges; I.ieas. 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. it any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the payee thereof. Borrower :hall promptly fur»ish to Lender sll notices of amounts due under this paragraph. and is the event Borcovrer 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 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 lien in a manner aaxptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such liar ia, legal proceedings which operate to prevent the enforcement of the lion or forfeiture of the Property or any part thenoof. S. )Elfs:ard Iatwrattee. Borrower shall keep the improvements now exiuing 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 tat require that the amount of such coverage exceed that amount of coverage required to pay the wins secured Eby this Mortgage. 'ILe inwranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that wch spproval 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. 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 tight to hold-the policies and renewals thereof, sad Borrower shall promptly furnish to Leader 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 lase if not made promptly by Borrower. _ ~ ~ Unless Lender and Borrower otherwise agree in writing. insurance 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 proeeods 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 agrce 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 t 8 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 t or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquitutioa. f. Irreserration acrd Maiateaaace of Property; Leaseholds; Condominiums; Planned Utait Devebpmeats. 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. It 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 Lender's Secfuffy. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or it 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 lxnder at. Lender'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 I reasonable attorney's tees and entry upon the Property to make repairs. It Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required. to maintain wch insurance in effect until such time as the requirement for zuch insurance terminates in accordance with Borrowers and saR~ 3U3 Pa~F2807 - { .t~ ~