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HomeMy WebLinkAbout2606 ~ ~ rt i~ UNrrOR?t Gbvat~rAtrta. 8orrowtr sad Leader covenant and agroe ss tollo+ws: L hty¦sa~t of leMsel~al M IoMtreM. Borw7trer :hall promptly pay when due the principal of and interest on the irtdebledrtas evidertad by the Note. pnpaymeat and late charges as provided in the Note, and the principal o[ and interest i on any Future Advattoes second by this Mt>ttgage. liwi fir '1lattea ttstd IrrrMea Subject to applicable law r~r to s written waiver by Leader. Borrower shall pay to Leader on the day monthly installment of principal and inttresl arc payable under the Note. until the Note is paid in full, ~ a sum (herein "Fuads'~ equal to orte-twelfth of the yeart~• tax~~ and assessments which may attain priority over this Mortgage. ttad growtd teat on the Property. if any, plus one-twelfth of yearly premium iastallrrtents for hazard insurance. plus oas-twelfth of yearly premium ittstallrrratt for mortgage insttrana, it any, all as reasonably estimated initially and from time to time by Lender oa the basis of assessments sad hills and reasonable estimates thereof. 'ILe Funds shall be held in an itrstitution the depaia or account of twrhich are insured or guaranteed by a Federal of ' stale agency (including Lender if Lender is such an institutionl. Lender shall apply the Funds to pay said taxes, asse:srtrents, inwraaoe premiums and ground rent. Lender may not charge for ro holding and applying the Fonda. analyzing said account. or verifying.artd compiling said assessment and bilk, unless Lender pays Borrower interest on the Funds and appligbk law ' permit Loader to mske such a charge, Borrower and Lender may agree in writing at the time of exxution of this ' Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law - nquires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Leader :ball give to Borrower. without charge, an annual accounting of the Funds showing credit and debit to the Funds and the , pupae for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by the Mortgage. u the amount o[ the Funds held by Lender. together with the future monthly installment: of Funds payable prior to the due dates of taxes, astasrrreat, iawranee premiums and ground rents. shall exceed the amount required to pay said taxes. assessments, in><urarroe premiums and ground -rent as they tall due. such exceu shall be. at Borrower's option, either promptly repaid to Borrower ac credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessment. insurance premiums and ground rents a: they fall due. Borro~rer shall pay to bender any arnotrnt necessary to make up the deficiency within 30 days from the date notice is mailed } by header to Borrowee txquestiog payment thereof. Upon payment is full of aU sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Progeny rs otherwise acquired by Lender. Lender :ball apply. rro later than immediately prior to the sale of ttte Property or its acquisition by Lender, any Funds held by Leader at the time of application as a credit against the~sums~sec'trred by this Mortgage. 3. A~eatian eft 1Pgysxab. 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 amount 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 priucipal on any Future Advances. Charges; ijeas. 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 manner provided under paragraph 2 hereof or, it 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 is 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 r+equirod 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. t S. Hazard Iwrarrce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured I against loss by fire. hazards included within the term "extended coverage", and such other hazards as I~nder 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 iruurantx shall be chosen by Borrower subject to approval by Lender provided, . that wch 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 i itrwraace 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, wd 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 i 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 procceds to principal shall not extend I 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 sad to any Auurance 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 j acquisition. i L. lheservatko sad Maintenaoce_ of Property; Leaseholds; -Condominiums; Planned Unit IDevebpmeats. Borrower e shall keep the Property in good repair and shall not comrDit waste or permit impairment or deterioration of the Property r 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 Joc:uments. 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 anJ supplement the covenants anJ agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Leader's Security. If Borrower fails to perform the covenants anJ agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including. but nit limited to, eminent domain. insolvency, code enforcement. or arrangements or proceedings involving a bankrupt or Decedent, then Ixnder at Lender's option, upon Halite to Borrower. may make such appearances, disburse such sums and takt such action ac is necessary to protect Lender's interest, including. but not IimiteD to. disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender require) mortgage insurance as a conDiUon of making the loan secure) by this Mortgage. Borrower shall pay the premiums require) to maintain such insurance in effect until such time as the requirement for such insurance terminates m accordance with Borrower's anD ' ~ ~ ~ • 600K 306 PAGE _ - ~ _ r