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HomeMy WebLinkAbout0006 . . . V ~ ~ i i • ' [ UKa~ut Cati•sr:~?rm. Hoct~awer and l~cr ca.~taant and a=*x ss tolMws: 4!~1'~~M af hi~e~l a~i alenrl. 6onower shall promW~) Wy when due tbe priecipal ot tad iaterat oo the ~ndeb~ednat evidenoed by ths Not~, PreWyanent and late char~es s~ ~ovided in the Nate. ~nd the p~~cip~l ot and interest on wy Fwuro Advaoas sxund by this Mat~aja. , ~ 1~ri hr'tyzw a~i I~ca Subjoct to spplicabk law ax ~o ~ written waiver by Lende~. oor~ ~u wr to Lender on the day moothl~? instaliments of principal and iotercsl arc paYabk under the Note. until the hr~te is psW in tuli. a tum (hetejn "Fuad~'~ equal to a~e-twdtth of the yearl~ taz~~c snJ auasn~ts which may ~tt+~n pr~xihr ova~ this Moet~a~e..ad ~rouad ra~a on cba Propany. if aey, plus ooc-tweltth of yeuty~ premium iasultmenb fot haurd inwraace. pl~n oae-twdith oi yearty premium inttaUments for mott`a~e i~nu~ancc, if any. sli as r~tssooably e~imat~ inetiaity and tr~et - n Bme to time by i.s~der on tbe basa ot assasments and hills and nasonabk atinuta theteot. ~ 7'l~e FLnds shali be l~eld in an institutic+n the deposiu or accouou of ~rhich ate inwrei! or Naranteed by a Fedenl ot ~ :tate a~ency (includinj L=ade~ if Lende~ is such an irWitutiool. I.ender shall apply the Runds to pay uid taxa. asse~ments. iusurat~oe pcemiums and ~round rcnts: l.ende~ may oot cha~ae (or sc+ holdin= and applyin= the F~md~. analyzin= said accoun~ ? or v~rifyirt~snd compli~s ssid assessments and bilh. unkss Leader Qays Borto~we~ interat oe the Funds and appliqbk law • pemats I.~nde~ to make such a char~e. Borrovre~ aad Lender may a~rcs in writin~ at the time of exxutia? of this Mort~je tdat interat on the Fuads shall be paid to Borwwer. and ualas wch atroeme~t a made or applicabk law . i requira such iatarat to be paid. Lender sliall not be required to pay Bonower a~y interest or arninas on the Fw~ds. 1-ender sh~ll pva to ao?rnwer, witl~out c6uge. an annuat aocounting of the Funds showins crcdits and debits to the Funds and the purpo~e for whicb ~ach debit to t6e Fu~ds was made. The Funds ar+e pledsod as additiona~ sce~rity for the sums securcd by ibis Mart~ jpe. If tbe amount ot tbe Fuod~ bdd by I~nder. together with the futurc monthly installmeots oE Funds payabk prior to t6e due data of tues, assessmenta, ~nauance premiums and ground rcnts, shall eaoeed the amoun[ requirod to pay. uid taxes. as~eneats. insuranoe premiunu and tround re~ts ss they fall due. such ezcess shall be. af Borrower's option. either proa~ptty repaid to Bormwer ar credited to Borrowa on monthly installments of Fun~. If the amount of the Funds bdd by l,.ender s1~al1 aot be u~c~t to pay tues. asses.unents. insuranoe p~emiums and ground rcnts as they fall dua. Borro~ver sball pay to La~der any amount ~ecaaary to make up the deficieocy within 30 days fmm the date notice is maikd by Leader W BoROwer requatin8 PaYment thereof. Upoo payment ia fu0 of all swm sxueod by lhis Mongage, Lender shall promptly refuod to Borrower any Funds held bp Lender. ~f under parajrspN 18 hereof the Property ia soW or the Property ~s otherwise acquired by Lender. Lender :ball appty. no ~ater than immediately prior to the sak of the Propeny or it: acquisition by Lender. any Funds held bv I.eader at the time of application as a credit aasinst the sums socund by this Mortgage. 3. A~licatlo~ oE lqreab. Unlas applicabk law provides otherwise. all payments received by Lender under the I+late and psragr~s 1 aad 2 hereof shall be appl~u! by LFn+~r hrst in pa~rment of amounts payable to ~ender by Bonower under paragraph 2 hetcof. tbea to iaterest payable on the Note, then to the principal of the Note. and then to i~ercst and priacipal on any Future Advances. ' 1. CWttes; I3e~s. Borrower shall pay all taxes, assessments and other charges, 6na and impositions att~ibutable to tbe PropeRy which may attain a priority ovcr this Mortgage. and kasehold paymcnts or ground rents. if any, in the manner prvvided under pusgnph 2 hereof or, if not paid in such manner, by Borrower making payment, whea due, directly to the payee thaeof. Borrower shall promptly fumish to Lender all notites of amouats due under this parasraph, and in the event Bormwer shall malce payanent directly. Borrowe~ shal! promptly turnish to Lender .receipts evidencing such paymenu. Borrower shall promptly discbarge any licn which hu priority over tfiis Mortgage; providcd, that Borrower shall not be ~+equirod to discharge any such lien so bng u Borrower shall agrce in writing to the payment of the obligatiwn socurtd by ; ~e~ ~ t e.. ~ ~ F_ ~ r.~~ ~~u~ ~ hy ~r ~fend enfnrcement of such lien in, i Si'w.~i ~'w'ii iii Ti ~i~iTif'w'.i ~.wrZ3w~. C..~....`f.,'.~ ..~l3l. !R e...,~ L~R---- ~lr-- legal proceedings which operate to~preveat the entorcement of the lien or focfeiture of the Pmperty or any part thereof. ~ S. Nasard I~nrawce. Borrower shall keep the improvements now existing or hereafter etected on th~ Property insurod against loas by fire, hazuds ineluded within the term ''extended coverage", and such other huacds as l.ender may require aad in such amounts and for such periods u Lender may require; provided, that Lender shall not requirc that the amount of wch coverage exceed that amount of coverage required to pay the wms securcd ~by this MortEage. : '[Le iasuranoe carrier providing the insurance shall be choun by Borrower subject to approval by Lender. providod. ` thst such appmval shall not be unreasonably withheld. All premiums on insurance policia shail' be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment, when due, directly to tlie ; inwrance curier. { ! All insurance policies and ronewals thereof shall be in form acceptable ro Lende~ and shall include a standard mortgage k clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and rcnewals thercof. C and Borrower shall promptly furnish to Leader all renewal not~ces and all receipts of paid premiums. In the event of loss. ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made promptly by Borrower. ~ ~ Ualesa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property J~maged, provided such rcstoration or repair is ecoaomically feasible and the socurity of this Mortgage is ~ not thereby impaired. If such restoraticx~ 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 securcd by this Mortgage, with the eacess, if any. paid i to Borrower. lf the Property is abandoned by Borrower, or if Borrower fails to resp~nd to Lender within 30 days from the ~ date notice is maited by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender ~ is authoriud to collect and apply t6e insurance proceeds at Lender's option either to restoration or repaer of the Property ~ or to the sums secured by this Mortgage. ' Unltss L.ender and Borrower otherwiu agree in writing, any such application of procetds to principa) shall not extend ~ or pcutpone the due date of the monthly mstallments referred to in paragraphs 1 and 2 hereof or change the amount of such installmepts. If under pangraph 18 hereof the ProFerty is acquired by Lender, all right. title and interest of Borrower ~ in and to any Ruuranee policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent o[ the sums securod by this Mortgage immediately prior to such sale or ( ~ acqaisition. ~ ~ 6. Prrservation and 1Naiatenance ot ProperiY; Leasehulds; Condominiums; Planaed Uait Devebpmeats. Borrower ; ~ shall keep the Property in good rtpair and shall not comroit jvaste or permit impairment or deterioration of the Property ~ and shall compl~~ with the provisions of any lease if this Mortgage is on a leauhotd. lf this Mortgage is on a unit in a - condominium or a ptanned unit development, Borrower shall perform all of Borrower's obligations under the declaration ~ or coveoants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the ; condominium or planned unit development, and constiwent documentc. If a condominium or planned unit cievelopment 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 riJer ~ ~ were a part hereof. ~ ~ 7. Protection of I.ender's Security. 1f BorroKer failc tc? perform the covenants anJ agreements containtd in this ~ Mongage, or if any action or proceed~ng is cummenced w~hich materially atiects Lender's interest in the Property, ~ including, but no~ limited to, eminent domain, insolvency, code en(orcemen~, or arrangements or proceedings involving a ~ bankrupt or dccedent. ~hen 1_ender at Lender's option, upon notice to Borrower, ma}• make such appearances, disburse such ~ sums and take such aclion as is necessar} tu protect Lender's inrerest, incluJin~. but not limited to, disbursement of . rc~sonable aUomey's fees and eniry upan thc Property to make rcpairs. It Lcnder reyuircd mortgag~ insurance as a ~ cond~Uon of making thc loan cccured by this Mortgagc. B~~rroKCr shall pay thc premiums required to maintain such c ~ insurance in efiect un~il such time as tbe reyuiremcnt for wch insuranee terminates m accordanee with Bormwer's and i ~ . ~ C ~ ~(l~ ; ~ - ~ :~•.K! :'•i; _ • . i ~ - ~ .~s . ~ ~ = ;~z~ ~ : ~ ~ ` ' "