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HomeMy WebLinkAbout0524 ~ Unt~w Covsr+~em. 8ormwu and l~de~ coveeam and ssroe u follows: . ~ f4M~t ~t hi~l ~¦i 1~Nre~1. Borrower ~all {xomW~) .PaY whcn due tbe principal of aad interat oe the ;ndebtednat evidanood by tha Note. prepayment and late char~a a.~ ~xovided in the Note, and the pr9ncipd ot ud interest an ~oy Fudu» Advances securod b~? this Mortsa~e. ~ri t~ 71~ans s~i 1~we~~e. Subjeet to applical+k law .x to a written waieer by Lrende~. BoRO~ww ~ P~y to Le~der on the dsy awnthlp insullments ot principal and intcrc~t ~ro parabk unde~ the Note. until tl~e Note is pald io tull. a wun (hsrein "Fuad~'~ eqwl to ono-twelfth ot tl~e yea~ly tax~~ ~~I assasme^u which auy attain prio~itl? over this Mortsa=e. and ~round reAts on tbe Property. if any. plus oae-twelfth of yeufy premium iratsllmena tor hmrd inwrance. plus oae-twelfth ot yeartY premium installments to~ mottas=e insunnce, it any. all u reasooabtl? estimated initially and tmm time to tims bp Leoder oa t6e bua of asxssments and Mlls and reasonabk atimata theeeof. nnteed by a Fedenl ot ' 'ILe Fnnds shall be beW in an ins~itutic+o the deposia or accounts of ~rhich aoe insurod or Na uid tua. tss~+~~~s. stats a~ency (iacludina l:ender if Lender is such an institution). i_~~~ ~u ~~+y ~ eo wr iawraooa premiums and pouind tents. l.ende~ may na cha~~e for u+ holdina and applyins ~he F~mdx. analyzin` ~id atco~n~ or vaifyintsad complin~ said assessments and bills. unlas Leader pays Borrower inlerest on the Funds and applicabk law ' permiti Lender to make wch a char~e. Bonower aad Lcnder may a~ra in writint at the time oi exceution ot this Mo~t~e tbat iotuat on the ~ads shall be paid to Borrower. a~d uakss such a~eeme~~ a made o~ applicabk law ~ requira wci~ interest to be paid. Lender shall not be rcquircd to pay Bo~ro~?er any interest or earnings on the Funds. Lender sha11 pve to Borro~ve~. wit6out charge, an annual accounti~a oE the Funds showina crcdits and debiu to the Funds and the purpae tor which eacb debit to tbe Funds wu made. The Funds arc PledBod as add~tional security [or ~he sums secured ' ~ by this Moctpse. ' If the amount ot tbe Fund~ held by Lender. together with the future mor~thly•instdlrtxnts of Fu~ds payabk prior to t the due data of tua. atsasmeats. iusunna prcmiums and around rents, shall exacd the amount required to pay said taxa. . ~~ts, ins~nnea Premiums and ground renu as tl~ey fall due. auch excess shall be. at Bonowe~'s option. either ~ proooptly repaid to Borruwer or ccedited to Borrowe.~ on monthly installments of Fuads. If the amount ot the Funds ; t~dd b~? I.ead~r s6all not be w8'icient to pay taxa. as~ne~ts. insurana p~emiums and ~roued rents s: they fall due. ; Borm*r~r shatl pay to l.ender any amount neoessary to make up the de6ciency within 30 days from the date notice is mailcd by I,eader to Borrower re9~~6 WY~nt theroof. Upon pryment ia fuU of all wms secured by this Mortgage. Lender ahdl promptly retund to Bo~mwer any Funds 1~eW by Lender. If uada para=raph 18 hereof the Property u sold or the Propeny u othen~?ise acquired by Lender, Lender ~bal! apply. nu Iater than immediately prior to the sak of the Propecty or its acquisition by Lender. any Funds held br I.eoder at the time of application a= a crcdit agaiast the :ums secured by this Mortgsge. 3. A~piicatio~ ot rap~eNs. Unlas spplicabk lavv provides otherwise. all payments roceivod by Lender under the pot~ and pangnphs 1 and 2 hereof shall be appliod by I.ender ficst in payment of amounts payabk to Lender by Borrower under parsaraph 2 herwf. t6en to intercst payabk oa the Note. then to the principal of the Note. and then to interat and principal on any Future Advaoas. 1, CYa~e~ I,iews. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributabk to tLe pcaperty which may attsin a priority over this Mortgage. and kasehold payments or g~+ound rtnts, if any. in the manner p[ovided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payrneat. whai due. direcdy to the psyee thereof, Borrower s6a11 prompily furnish to Lender all notices of amouats due under this parajnph. and io t6e ~vent Borrovrer shall make payment diroctly. Borrower shap promptly fumish to Lender roceipts evideecing such paymeots- $orroyve~ shall promptly d'acharge any lien which has priority over this Mortgage; provided. that Borrower sha1~ not be rcquirod to discharge any such lien so bng u Borrower shall agree in writing to the payment of the obligatioo socured bY suc6 lien in a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Properiy or ar~y put thereof• S. Ha:srd Iewra~ce. Borrower shall keep the improvements now existing or hereafter erccted on the PropertY ~~nured againet loss by fire, ha7ards included within the term "extended coverage and such other haurds as 1-ender may rcquire and in such amounts and for such periods u Lender may rcquire; providad, that Lender shall not require that the amount of j such coverage excesd that amount of rnverage required to pay the sums secured ~by this Mort6a~e. T6e i~urance carrier providing t6e insurance shall be chosen by Bonower subject to apQroval by I.ender, provided. that wch approval shall not be unreasonably withheld_ All premiums on insurance policies sl~all be paid in the manner providod under paragraph 2 hereof or. if not pai~ in such manner. by Borrower making payment. when due, directly to the ; insutance carrier. E All insurance policies aad renewals thereoF shall be in form acceptable to Lender and shall inctude a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals theroof. and BorrowYr shall proroptly furnish to Leader all renewal notices and all receipts of paid prcmiums. In the event of loss, ~ Borrower shall give prompE notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ ' Unless Lender and Borrower whenvise agree in wnting, insurance procceds shall be applitd to restoration or repair of ~ the Property damaged, provided such restoration or repair is economicaUy feasible•and tht socurity of this Mortgage is not thereby impaircd. If such ratoration or repair is not economically feasible or if the security of this Mortgage would be impaired. lhe insurance procceds shall be a~plied to the sums secured by this Mortgage, with the excas. if any, paid ~ to Borrower. lf the Propeny is abandonod by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date nocice is mailed by Lender to Borrower that ~he insurance carrier oHers to settle a claim for insurance benefits, Lender is authoriud to collect and apply ttie insurance proceeds at Lcnder's option either to restoration ot repair of the Propeny ~ or to t6e sums sccurod by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such applicatio~ of proceeds to principal shall not extend ~ or poatpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change ~he amount of ~ sucb installmeots. If under paragraph 18 hereof the Pro~,erty is acquired by Lender, all right, titk and interest of Borrower in and to any huurance policies and in and to the procceds thereof resulting from damage to the Propehy prior to thc sale or acquisipon shall pass to Lender to thc extent of the sums secured by ihis Mortgage immediately prior to such sak or ~ icquisition. preserratioo aod Maintenance of Property; Lease6old~ Condomiaiems; PIaD11td UOM D!YlIO~~DlIIfS. Borrower .F shall keep the Propecty in good repair and shall not com~oit yvaste or permit impairment or deterioration of the Property : and shall compl} 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 per(orm 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 R; condominium or planoed unit developmtnt. and constituent documents. If a condominium or planned onit development ~ rid~r is executed by Borrower and rccorded together with ~his Mortgage, the covenants and agrcements of such rider _ ~ shall be incorporated into and shall amend anJ supplement the covenants and agreemcnts of this Mortgage as if the rider ~ were a part hereof. ~ 7. Protectioo of Leader's Securfty. If Barrower fails tc. perform the covenants anJ agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Properry, ~ including, but not lim~ted to, eminent domain, in~lvency, code enforcement, or arrangements or proceedings invol~ing a ~ bankrupt or decedent, ~hen Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such ac~iun as is necessary w protect Lender s~n~erest, including. but not limited to, disbursement of reasonable attomey's fces and entry upon the Proper~y to make repairs. If Lender reyuircJ mortgage insurance as a , ~ condition of mak~ng the loan secured by th~s Mongage. Borrower shall pay the premiums requireJ to maintain such ~ insurance in efTect until such time as the reyuirement for wch msurance terminates ~n accordance with Borrower s and ~ ~ , - . . ~ ~oo~ 307 PACE 524 ~ . . 6~ ~ _ _ . . h~ 'K"t~'. . _ .