Loading...
HomeMy WebLinkAbout2582 t - , : . - ~ , : ~ it Ut+ttrostrr Oovanatns. oorrowsr std Leader covenant and agroe as follows: ~ hgtweN et hitdpal tttM hlssrM. sorrower shall promptly par whrn due the principal d and interest on the atdebtednas evidenood by the Note, prepaymsat sod late charges as provided in the Note, and the principal of and interest oa any Futuue Advances trttcut!ed by tba Motrtgage. ltiais fir 71aea ttr.d lststrrrcw Subject to tupplicabk law sx w a written waiver by Letttler, Borrow+ar shall pay to Lender on the day monthly installments d principal and interest ~rc payable under the Note. until the Note is paid in full, a :fret (hsrdn "Ftrads'~ equal to one-twelfth of the yearly is;« and assessments which rosy attain priority over this Mortgage. and ground rents on tba Property, it say. phrs one-twelfth d yearly preusium iastaalhrterrb for hsurd insurance. ; pltr: oaatwelfth of yearly premium iastallrttents for mortgage instrranoe. it say. all as treasonably estimated initially and from time to tuna by Lender on the basis d assessmenu and hilh; and reasonable estimates thereof. 71te Fwtds :ball be held in an institution the deposits a accounts d w?bich are itrRw~ed a guaranteed by a Federal of . tttate agency (including Lender if Lender is such an institution!. Lender shall apply the Funds to pay said taxes. assessrrtents. . iawraaos ptrarrittms and ground rents. !.ender may raw charge for so holding and applying the Frrrrds. analyzing said account, or verifying_aad compiling said assessments and bills, unless Lender pays Borrower interest oa the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing st the time of .exaution of this Mortgage that intereu on the Fund: dtall be paid to Borrower. sad oaks: such agr+oentent is made or applicable law rogtrires such interest to be paid. Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall pva to Borrower, without charge, an annual accounting d the Funds showing credits and debits to the Funds arrd the r purpose for which each debit to the Funds was made The Funds are pledged as additional security for the sums secured - by this Mortgage. _ It the amamt of the Funds held by Lender. together with the future taarthly installments of Funds payable prior to the due data of taxes, assessments, insurance premiums and ground rents, shall exeood the amount required to pay said taxes. _ assestnteats. insurance premiums sad ground rents as they fall due. wch excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments d Funds. if the amount of the Fund: t httid by Leader shall not be wf6cieot to pay taxes. assessments, insurance premiums and ground rents as they fall due. Borrottrer shall pay to Lender any amount rreoasary to make up the deficiency within 39 days from the date notice is mailed by Leader to Borrower regtratiag payment thereof. Upon payment in full d all strtns stxured by this Mortgage, Lender shsll prorrlptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold a the Property rs otYie~wise enquired by Lender.-Lender shall apply. rro later than immediately prior to the. sale d the Property or its acquisition by Lender. any Funds held by Lander at the time of applicatiat as a credit against the rrturu secured by this Mortgage. 3. ApNicadort et TgraeNs. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 tiered shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. they to interest payable oa the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 1. Ctsrges; Liens. Borrower shall pay all taxes, assessments and whey charges. tines 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 paragraph 2 hexed or, if not paid in such manner, by Borrower making payment, what due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices d amounts due under this paragraph. and is the event Borrower shall make payment directly. Borrower shall promptly furnish to lender receipts evidencing such payments. Borrower shall promptly discharge arty. lien which has priorrty over this Mortgsge: provided, that Borrower shall not be required to discharge any such lien so bog 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 d the Property or any part thereof. S. Award Inarsnee. Borrower shall keep the improvements now existing a hereafter erected on the Property insured agairta loss by fire, hazards included within the term "extended coverage", and such whey 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. 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, ~ that such approval shall raw be unreasonably withheld. All premiums on inwrarrce 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 irutrrattce carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage claux in favor of and in form acceptable to Lender. Lender shall have the right to hoW the policies and renewals thereof, and 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 loss if raw made promptly - by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of s the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. 1[ such restoration or repair is not economically feasible or it tht security d this Mortgage would z i be impaired, the insurancx 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 it 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 I and 2 hereof or change the amount of ~ sucb installments. I[ under paragraph 18 hereof the Property is acquired by Lender, all right. title and interest of Borrower € in sad to any Insurance policies and in and to the proceeds thereof resulting [tom 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. t 6. lreservatioa sad Maiateaaoce of Property; Lt><sehoWs; Condomioiams; Planaed Unit Dereloprtxnts. Borrower ' 3 shall keep the Property in good repair and shall not commit Kaste or permit impairment or deterioration of the Property j and shall comply with the provisions of any lease if this Mortgage is on a leasehold. 1f 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. (t 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. 1 € 7. Protection of Lender's Security. If Borrower fails too perform the covenants and agreements contained in this Mortgage, or if any action or proceeding rs commenced whrch materially affects Lender's interest in the Property, including. but not limited to, eminent domain. insolvency. code enforcement, or arrangements or proceedings invoking a bankrupt or decedent. then lender at Lender's option, upon notice to Borrower, mad make such appearances, disburse such sums and take such action es is necessary to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upim the Property Io make rcpa~rs. If Lender required mortgage insurance' as a condition of making the loan secured by thrs Mortgage. Bo~nuwrr shall pay the premiums required to maintain such insurance in effect until such time as the rcyuirement for +uch insurance terminates in accordance with Borrowers and , gear 3U6 ~E2579 - _