Loading...
HomeMy WebLinkAbout1655 Urrtroant CoveNxN•rs. Borrower and Lender covenant and agree as follows: 1• P~enl o[ PAaclpal and lnterest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. ~ attes ~ ~ wer shall a to r on the day monthly installments of principal and interest are payable under the Note, until the Note is patd in a sum 'n "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority o thi Mortgage. an and rents on the Property, if any, plus otte-twelfth of }•early premium installments for haze nsurance plus one-twelfth o ly premium installments fog mortgage insurance, if any, all as reasonably estimated • tally and f time to time by Lender he basis of assessments and hills and reasonable estimates thereof. 'I1te Funds shall be hel an institution the deposits or accounts of which are insured or ranteed by a Federal o state agency (including Lender i der is such an institution). lender shall apply the Fun o pay said taxes, assessments, insurance premiums and ground rents. der may not charge for so holding and apply Funds, analyzing said account, or verifying and compiling said assessments bills, unless Lender pays Borrowe erect on the Funds and applicable law permits Lender to make such a charge. Burro and Lender may agree writing at the time of execution of this Mortgage that interest on the Funds shall be paid mower, and ess such agreement is made or applicable law requires such interest to be paid. Lender shall not be rcqut to pa • mower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting o Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. unds pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender gether with the future thly installments of Funds payable prior to the due dates of taxes. assessments, insuranc emiurns and ground rents, shall ex the amount required to pay said taxes. cots, insurance premiums and and rents as they fall due, such excess s be, at Borrower's option, either romptly repaid to Borrower or tted to Borrower on monthly installments of Fun f the amount of the Funds Id by Lender shall not be dent to pay taxes, assessments, insurance premiums and gro rents as they fall due, orrower shall pay to Le r any amount necessary to make up the deficiency within 30 days from t ate notice is mailed y Lender to Burro requesting payment thereof. Upon pay tin full of all sums secured by this Mortgage. Lender shall promptly refund to Borrow ny Funds Id by Lt r. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lende , ender all y, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds he er at the time of a lication as a credit a ainst the sums secured b this Mort a e. Application of Payments. Unless applicable law provides otherwise; all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens, Borrower shall pay all taxes, assessments and other charges, tines and impositions attributable to We Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if 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 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 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 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. S. Hazard Insurance. 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 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, directly to the insurance carrier. Atl 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 restoration 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 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 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 the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or s acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Uuit Ikvebpments. Borrower shall keep the Property in good repair and shall not commit waste 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 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 wtth 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. Protection of bender'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, 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 sums and take such action as is necessary to protect Lender's 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 E condition of making 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 Borrower's and 3:~`• ~f1s -,,~=1654 s _ ~.v_