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HomeMy WebLinkAbout0500 . , . . . . ~ . ~ . , UtttroR~t Oovae+~rns. Borrawer aad L.ender coveaant and a~rot ss tolbws: hp~wN hi~e~1 a~i bMenrf. 9on~ower shall prompU~ psY when due the principa{ ot and intercst on the ~ndebeednew~evidw~ocd by the Nae, propayaaene and Iace chanec s~ ~rovided io ~he Nae. and tha principd o[ snd intetest ca aoy Futu~e Advan~a aecurod b~r this Monsa~e. llyi ter T~sM pi I~w~ce. Subject to applicabk law ~x to a written waiver by Lender. Botro~?er sha11 My to Laader on ~he dsy monthty installa~ents of principal aod intcrcst ~ro payaMe u~der the NWe. until the Note is paid in full. a wen (Nenein "Fundt'ti eqwi to oro-twelfth ot the yeady tax~~ anJ auasments which may attain priority ove~ this Mortsase. and ~round rents on tl~e Pt~operty. if any. plus one-twelfth of yearl)i Premiutn installments for hazard insurance. plus ooe-tweltth ot yearly premium iastallments tor mortaa~e insurancc. it any. all ss ressonably atimated initially aod troaa time to time by Lender on tbe b~is of assessments and hills and rcasonabk atimata thereof. 7Le flinds thall b~ beld in an instituticM the deposiu or accounts of ~rhich are insured or ~wnMCed bY ~ Fede~~~ a' state asency (includina L,ende~ if Lcnde~ is such an icistitutionl. 1_ender shall apply the Funds to pay said taxa. assasments. iowraaoe p~emiums and ~ound rcnts. !_ende~ may na charge lor u+ holdins and sPplYins the F~mds. analyzins said account, or verifyint.and oompli~= said suessments and bills. unku Lender pays Borrowe~ interat on the Funds and applic~bk law pecmits Lender to make wch a char~e. Borrowe~ aad Lender msy atrce in writin` at the time ot execution of this Mo~t~aje that intereat on the Fuads shall be paid to Borrowe~. and unlas such aaroement a made or applicabk law c~equira such interat to be paid. Lender shall not be rcquired ~o pay Borrower any interat or earnings.on the Funds. Lende~ sluU pve to Borrower. witlwut charje, ae a~~wl accountiog of the Funds showint crcdits and debits to the Funds and the purpo~e for which each debit to tha Funds was made. The Funds are plalged u additior~al security for ~he sums secured by tdis Mortpse. ~ ~ If tbe amount ot the Fundt hd8 by L.ender. together with the tuture awnthly installments of Funds payabk prior to t6e due data of taxa, assessme~ts, imurance premiums and ground rcnts, shall exceed the amount rcquired to pay said taxa. at~tmeats. insuraace premiuau aad 6round renis u they fall due, such excess shall be, at Bonower's option. either pc~omptly npaid to Borrower ot cndited to Borrower oe monthly instatlments of Funds. lf the amount of the Funds heW b~r Lender shaU not be su~at to p~y taxa. assessments. imuraxe premiums and gcound rents sa they fall due. Horro~rer shatl pay W I.eader any amount necasary to make up the deficiency within 30 days from the date notice is maikd by Lendec W Hortower requatios payment thereof. Upon payment in fuA of all sums secured by this Mongage, Lender shdl promptly rcfund to Borrower any Funds held by Lender. If unda paragraph 18 hereof the Property ia sold or the Propeny ~s Mherwise acquired by Lender. I.eoder s0a11 appty. no later Wan immodiately prior to the sale of the Propeny or its acq~isition by Lender. any Funds held bv L:eader at the time of application as a crodit against the sums sccurcd by this Mortgage. 3. Alplicatlo~ ot t~eds. Unlaa applicabk law pmvides otherwise, all psyments 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. tben to interest payabk on the Note, then to the princiQal of the Note. and then to interest and priacipal on any Futun Advu~oe.s. ~ . 4. Crar~es; Lk~s. Borrower shall pay all taxa, assessments and otber charges, fioes and impositions attributabk to tbe Property which may attain a priority over this Mortgage, and le,isehold payments or ground rents, if any. in the manner providod under patagraph 2 heroof or, if not paid in such manner, by Borrower making payment, whon due. direcdy to the psyae the~eof. Borrower shall promptly furnish to Lender all notices of amounts due under this parasraph. and in the eveat Borrower shal) make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrowa~ shall praaptly discharge any lirn which hu priority over this Mongage; provided, that Borrower shall not be rcquired to discharge any such lien so bng as Borrower shall agree in writing to the payannt of t6e obligation secuced by such lien in a manner acceptabk to Lender. or shall in good taith contest such lien by, or defend enforcement of sueh lirn in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof. S. Ha~rd lowrawee. Borrower shall keep the improvements novv existing or hereafter erected on the Property insured against loss by fire, hazuds included within the terrr~ "extended coverage", and such other haurds as Lender may require , aad in such utwunts ~nd for such periods u Lender may require; provided, thxt Lender shall not require that ttie amount of wch coverage exceed that amount of coverage required to pay the sums secured by ~his Mortaage. The iasuranix carrier providing tbe insurance shall be chosen by Bonower subject to approval by Lender, providod, ' that such approval shall not be unreuonably withheld. All premiums on insurance policies sha11 be paid in the manner ~ providod under paragraph 2 hercof or. if not pai~ in such manner. by Borrower making payment. when due, diroctly to the ~ iawnnce csrrier. ; All insurance policies and renewats thereof shall be in fotm acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form uceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shalt 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 l.ender. Lender may make proof of loss if not made promptly ` by Borrower. ~ ~ Unltst Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provickd such restontion 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 procceds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower_ If the Property is at~andoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by [.ender to Borrower that the insurance carrier oBers to xttle a claim for insurance benefits, Lender ~ is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of ihe Property or to t6e sums secured by this Mortgage. . Unless Lender and Borrower otherwise agree in writing, any such applica~ion of proceeds to princiPal shall not extend or postpone the due date of the monthly installmen~s referred to in paragraphs I and 2 hereof or change the amount of sucb installmeuts. If under paragraph 18 heroof the Property is acquired by I.ender, all right, title and interat of Borrower in aad to any tnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent of the sums xcured by this Mortgage immediately prior to such sale or acquisition. 6. heiervatioo and Maintenance of ProperiY; I.easeholds; Condominiums; Plsn~td Unit Devebpmenls. Borrower shall keep the Property in good repair and s6a11 not comro~~ ~aste or permit impairment or deterioration of the Properiy ~ and shall comply with the provisions of any Iestse it this Mor~gage ~s on a leaschold. I( 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 coveoants creating or governing the condominium or planned uoit develupment, the by-laws and regulations of the ~ condominium or planaed unit development, and constituent Jocumentz. If a condominium or planned unit cievelopment ~ rider is eaecuted by Borrower and recorded ~ogether with ~his Mortgage, the covenants and agreements of such rider ~ shall be incorporated ~nto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. ~ 7. Prottctioa of I.eode~s Security. If Borrower failc tn perform the covenants and agreements contained in this 4~ Mortgage, or if any action or proceeding ~s commcnced ~-h~ch materially aliects Lender's interest in the Properry, including, but not limrted to. eminent domain, inu?Ivency, code en(orcement, or arrangements or proceedings involving a ~ bankrupt or decedent. then Lender at I.ender's option, upon notice to Borrower, ma~• make such appearances, disburse such ~ ~ sums ~nd take such actiun as is nerecsary tu pro~ect l.ender's mterest. ir,cluding. but not limrted to, disbursement of ~ reasonablc auomey's teec and emry upon the Proper~y to make repairs. If Lender rryuired mortgage insurance as a ; ~ cond~t~on of makmg thc loan xcured by this Mortgagc. B~~rruwcr shall pay the premiums requireJ to mainlain such ~ insurance in etfiect until such time as ~he reyuiremen~ for wch msurance terminales in accordance with Borrower s and ~ ~ ~ - ~ - ~ ' ' ~ S~~r 307 ~acE . 500 ~ i . .,Y*"~~ s '~.'.``c'~z<x-z. _ _.....n . .