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HomeMy WebLinkAbout1299 UNtt'URM COYkt~iANTS. BO[rONer and Lender cavcnant and agree as follows: 1. Payment of Principal and Interest. Burrower shall promptl}• pay when due the principal of and interest on the indebtedness evidenced by the Note, repayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured b~his i?lortgage. 2. Funds for Toes and Insurance. Subject to applicable law ar to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interea arc payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to ane-twelfth of the yearly faces and assessments which may attain priority over this 'Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments far hazard insurance, plus one-twelfth of yearly premium installments tar mortgage insurance. if any, atl as reasonably estimated initial)}• and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits ar accaunts of which are insured or guarantccd by a Federal or state agency (including Lender if Lender is such an institution). lender shall apply the Funds to pa}• said taxes, assessments, insurance premiums and ground rents. Lender ma}• not charge for sa holding and applying the Funds, anal}zing said account, or verifying and compiling said assessments and bills, unless Lender pa}•s Borrower interest on the Funds and applicable law ' permits Lender to make such a charge. Borrower and !.ender may agree in writing at the time at execution of this Mortgage that interest an 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 reyuirr.~l to pay Borrower any interest or earnings un the Funds. Lender shall give 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 are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds 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, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid ~to Borrower or credited to Burrower on monthly installments of Funds. if the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance prcr.>tiums and ground rents as they fall due, Borrower shall pay to Lender an}• amount necessary to make up the deficiency within 30 r.iays from the date notice is mailed by Lender to Borrower requesting pa}'ment thereof. Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Barravecr anti• Funds held by Lender. If under paragraph 18 hereof the Propert}• is sold ar the Property is otherwise acquired by tender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by !.ender, any Funds held by 1_ender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the `Ole and paragraph, 1 and 2 hereof shall be applied by 1_endcr first m payment of am.nrnts payable to I_cndcr by Borrower under paragraph ? hereoL then to interest pa}•able on the Nutc, then to the principal of the Note, and then to interest and principal un any Future Advances. -1. Chat•Res: t.iens. Borruaer shall pay all tapes, assessments .?nd other charges. fines and imlxnitions attributable to the Propcrtc which ma~~ attain a priority aver This Mortgage. and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof ar. if nut paid in such manner, b~• Borrower making payment, when dtte. Directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event t3orruveer shall make payment direeth•, Burrower 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 an}• such lien so long as Borrower shall agree in writing to the payment of the abligation secured b}• ,ueh lien in a manner acceptable to Lender, or shall in gcrxl faith contest such lien hy, or defend enforcement of such lien in, legal pm~cedine, which operate to prevent the enforcement of the hen or forfeiture of the Property ar an}• part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Prulxrty insured against loss by fire. hazaads imluded within the term "C~tended coverage", and wth other hazards ac Lender may reyu+re and in such amounts and for sorb pcri+xls as I_cnder ma}• require: provided, that ).ender shall not reyuiri: that the amount of uich crn•cr;,~c exceed that amount of Coverage required to pay the ,ums secured by this \longage. The insurance carrier providing the insurance shall be eho,en h}• Borrower subject to approval by I_en+kr, provided. !hat such approval shall nut be unreasonahh• withheld. All premiums an insurance policies shall be paid u>; the manner provided under paragraph 2 hereof or, if not paid in such manner, b}• Borrower making payment, when due, directly to the imurance earner. . All insurance politic; and rrrewals thcre~l shall he in form acceptable to Lender and shall include a standard mortgage i clause in favor of and in form arccptihlc to Lender. Lender .hall have the right to hold the polities and renews?~ thereof. ,+nd Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premium,. In the went of lose, Borrower shall gisc prompt notice to the insurance Carrier and Lender. l_endcr may make proof of loss it nut made promptly M Burrower. Unless 1_ender and Borrower atherwi,e agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration ur repair is economically feasible and the security of this Martgage is not thereby impaired. If such resturanan or repair is not economically feasible or if the security of this Mortgage would 6 be impaired, the insurance: proceeds shall be cep, lied to the sums secured h}' this Mortgage. with the excess, if any, paid to Borrower. If the Propcrtc is :_handoned h. Borrower. or if Borrower fails to respond to Lender within 30 days from the date notice a mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, 1_ender r i, authorized to Collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property' a or to the sums secured h}• chi, iVtortgage. t:nless Lender and Burrower alhCrwlse ,igree in venting. am such application of proceeds to principal ,hall not extend ar postpone the Due date of the mrnthh• installments referred to in paragraphs 1 and 2 hereof or change the amount of a wth installments. It under paragraph IS hereof the Pmpc:rty is acquired by Lender, all right. title and interest of Borrower in and to am insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale t or acquisition shall pass to Lender to the extent of the sums secured b} Chu Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Propert}'; Leaseholds; Condominiums; Planned Unit Developments. Borrower ~ shall keep the Property in good repair and shall not commit waste rr permit impairment or deterioration of the Property and shall campt} with the provisions of any lease if Chu Mortgage is un a kaxhold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall pCrform all of Borrower's obligations under the declaration _ or covenants creating or governing the condommium ar planned unit development, the by-laws and regulations of the - conduminium or planned unit development, and constituent documents. li a condominium or planned unit development rider is executed by Borrower and retarded together w,th this Mortgage, the covenants and agreements of such rider R shall tx: uuarporatcd into and shall amend and. supplement the covenants and agreements of this Mortgage as if the rider e were a part hereof. Protection of i.enders Security. If Borrower fails to perform the covenants and agreements contained in this , Mortgage, or if any action or proceeding is commenced which materially atiects Lender's interest in the Property, including. but not limited to. eminent domain. insahency. code enfurremem, or arrangements ar proceedings involving a 's~ bankrupt ur decedent, then Lender at Lender's option, upon notice ro Borrower, ma} make such appearances, disburse such sums and take such action as is necessan~ to protect Lender's interest. including. but not limited to, disbursement of reasonable attome}•'s fees and entry open the Propcrtc to make repairs. If Lender required mortgage insurance as a cundrtiun of making the loan secured h} this M~~rtgaee, Borrower shall pay the premiums required to maintain such insurance in etTcet until such time av the requirement far such insurance termii:ates in accordance with Borrowers and s gQ~K3U7 ?acE1z~~ ` - - .