Loading...
HomeMy WebLinkAbout2653 i • ' ~ M Utttrortra CovsNarm. Borrower std Lender covenant and agree s: follows: )ti. Tq~M M hYttNl aM hMrsal. Borrower shall promptly pay when due the principal of and interest on the ittdebtedrtea evidetroed by the Note, prepaymatt and late charges as provided in the Note, and the principal of and interest oa soy Future Advances secured by this Mortgsge. t lltst.i tat Tetras tt~ Gtattrtrte. Slrbject to applicable law ~x to a written waiver by Lender, Borrower shall pay to Leader on the day monthly installments of principal and interest arc. payable under the Note. uMi) the Note is paid in full. a sttm (herein "Funds' equal to otre~twelith of the yearly taz~~ and assessments which may attain priority over this Mortgage. and ground rents on tbs Property, if any, plus one-twelfth of yearly premium installment: for hasard insurance. plus ot>ttwelfth o[ yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from lima to tints by Lender on the basis of assessments and hills and reasonable estimates thereof. 'Ilse Funds shall be held in an institution the deposits or account: of which arc instu+ed or guaranteed by a Federal of state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. inwranos premiums and ground rents. lender may not charge for :n holding and applying the Funds. analyzing said account, or vtrifying_arrd compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time o[ execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall pve to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as sdditional security [or the sums secured by this Mortpge. t it the amount o[ the Fund: held by Lender, together with the future monthly installments of Funds payable prior to ~ the due dates of taxes. assessments. insurance premiums and ground rents. shall exceed the amount required to pay said taxes. ~ ast~eaments, iruuranee 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 installments of Funds. If the amount of the Funds btdd by Lender shag not be wt6cient to pay taxes. assassrrrent:, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requestin8 payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Properly is sold or the Property cs otherwise acquired by Lender. Lender shall apply. rte later than imattediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application a: a credit against the sums secured by this Mortgage. 3. A~iicatiorr of tproeib. 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 amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Nae, then to the principal of the Note, and then to interest and principal on any Future Advances. s 4. (,'barges; Lkns. Borrower shall pay all taxes, assessments and other charges. fiucs 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 parsgraph 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 is the event Borrower shall make payment directly, Borrower shall promptly furnish to lender receipts evidencing such payments. Borrower shall pranptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so bng 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 lestrawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured agairut bas 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. 3 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 i inwrwce 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, 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. I[ 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 r 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 procceds at Lender's option either to restoration or repair of the Propem• or to the sums secured by this Mortgage. t- ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend t or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of t such itxtallments. 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 acquisition. 6. Treservatbn and Maintenance of Property; Leaseholds; Condominiums; Planned Unit IDerebptneals. 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 s condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration F or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituc~t documents. 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 and supplement the covenants and agreements of this Mortgage as if the rider ' were a part hereof. 7. Protection of Lender's Security. If Borrower fads to perform the covenants and agreements contained in this - Mortgage, or if any action ur proceeding commenced which materially affects lender's interest in the Property. including, but not limited to, eminent domain, inu~lvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedtnt, then lxnder at Lender's option, upcin 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 reasgnahle attorney's ices and entry upon the Property to make repairs. If Lender required mortgage insurance as a ' condition of making the loan secured by this Mortgage. Borrawcr shall pay the premiums required to maintain such g insurance in elTect until such time as the requirement for wch insurance terminates in accordance with Borrower's and • : ~oK306 ~A~E2649 F _ _ _ r