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HomeMy WebLinkAbout2665 4 t i t v UNtrouw CovaNAtVTa, Hort+owat sari Leader covenant and agree as tollowf: ~4<iNt K hitiNl stet 1Mseust. Borrower :hall promptly pay when due the prascipsl of and interest on the indebtedness avidertoed by tM Note. ptttpayraeut and late charges ax provided in the Note, and the principal of and interest j as soy Future Advaaas second by tbk Motrtgage. lhni ter Taaas start lasaeaaa~, Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender oa the day monthly installments of principal and intcrcat arc. payable under the Note. until the Note is paid in full, ~ a sum (ltttrairt "Fuadt'q equal to ono-twelfth of the yearly tax~~ and assessments which tray attain priority over this ~ Mortgage, and gtottrtd gents oa the Pt~operty, it any, plus orte-twelfth of yeatilt promittm installments [a hazard insurance. ~ plus oao•tweltth of yearly premium installments for aortgage inutrancc, it any, sll as reasonably estimated initially and from time to tints by Leader on the basis o[ assessment: and hills and reasonable estimates thereof. i The Frtrtds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal otr fi . state agency (including Lender it Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. iawrastce premiums and ground rents. Lender may not charge for so holding snd applying the Funds. analyzing said account, or verifying sad compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law permits Fender to make such a charge. Borrower sad 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 wch agreement a made or applicable law requires such interest to be paid. Lender shall not be requirod to pay Borrower any interest or earnings on the Funds. Lender shall give W Borrower, without charge, an annual accounting of fhe Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lander, 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. assestrlnneets. irtsuranoe premiums and ground rents as they fall due, such excess shall be. at Borrowers option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the Funds heW by Leader shall not be wt8ciwt to pay taxes. assessments, insurance premiums and ground rents as they fall due. j Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lauder W Borrower requesting payment thereof. ~ , Upon paytaent is fop of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds s held by Leader. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. t 3. A~cation et )raytweMs. Unless applicable law provides otherwise, all payments received by Lender under the Nora sad paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interact payable on the Note, then to the principal of the Note. and then to interest and 1 principal on any Future Advances. 4. Chargex IJeas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which racy 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 tlxr+eof. 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 Iewnwce. 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 grid 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. t 11te insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, t 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 inwrance 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. i sad 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 Sorrower. 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 ; 0 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 I8 hereof the ProFerty is acyuired by Lender, all tight. 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 i or acquisition shall pass to Linder to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ I acquisition. j 6. Itrcaervation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit lhvelopments. Borrower shall keep the Property in good repair and shall not commit yvaste 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 i 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 s rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider S 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 fails to perform the covenants and agreements contained in this Mortgage, or i( any action ur proceeding rs cummenceJ which materially affects Lender's rnterest in the Property, including, but nut limited to, eminent domain. insolvency, axle enforcement: ur arrangements or proceedings involving a I bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action ac is necessary w protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairc. I( Lender required mortgage insurance as a condrUon of making the loan xcured by this Mortgage, Borruwrr shall pay the premiums required to maintain such insurance in effect until such time as the reyuiremem fur wch insurance terminates rn acco++rdance with Borrower's and g00K 3OU PAGE~„U~~ rt-- - '