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HomeMy WebLinkAbout1788 ; r _ ~ ' ~ 4 i • Uxtraat Covtxenr~s. Borrower and Le~der corenaat and agtee u folloMn: 1. Psymeat of Prtacipsl aad Inten~t. Borrower shall promptly pay when due the principal oE and interest o~ the ~ indebtedness evidenoed br the Note. prepayme~t and late charga as provided i~ the Note. and the principat oE and inter- est on an~ Future Advanca aecvred br tha Mortgage. 4, Fandi for Taua and Inwraaa. Subject to appltcabl~ law or to a written waiver by I.ender. Borrower shaU pay to l.ender oo tht day monthly installments of principal and interest are payable under the Note, u~til the Note is paid in tull. a sum (herlin "Funds'7 equal to onatwelfth of the yearly taxa and assesunenu which may attain priority over this Mortgage. and ground nnts oa the Property. if any. plus onatwelEth of yeuly premium installmen[s tor hazard inwrance. plus onatrrelith oE peuly premium inatallmcnts (or mottgage i~surante. iCany. aU u nasonably estimated initially and [rom time to timt by Lender on the buis ot assessmeats and biUs and reasonable estimata thereof. The Funds ahaU be held in an in:titutlon the depoaita or accounts ot which are insuted or guaranteed by a Federal or state age~cy (including Lender i[ Lender is auch an institution). Lender shall apply ihe Funds to pay said taxa. assessmenu. inwnnce preaniums and around rents. Leader may not chuge [or w holding and applying tht Funds, analyzing uid ao- count. or vaifying and oompiling uid assessments and billt. unless I.er~der paya Borrower interest on the Fun~ and ap~ pliable law permits Lender to make such a charge. Borrowet and Lender may agree in wtiting at the time of execution of this Mortgage that intereu on the Funds shall be paid to Borrower. and unltss such agreement is made or applicable la~r reqaires wch interest to be paid. Lender shall not be requircd to pay Borro~rer any interest or earnings on the Funds. I.eader ~ ~all give to Borrawer. writhout chuge. an annual acoounting ot che Funds showing crediu and debiu to the Funds and the purpose tor ~rhich each debit to the Funds was made. The Funds are pledged as additional security for the swns secured by this Mott~e. It the amount oE the Funds held by Lender. together ~vith the future monthly Pnstallmenu ot Funds payable prior to che due dates of taxes. auesnnents, insurance premiums and ground rents. shall exceed the amount required to pay said taxes, asse.ssments. insurance preminms and gtound n~ts as they [all due. such excess shaU be, at Borrowei s option. either prompdy repaid to Bortower or etrdited to Borrower on monthlr installmenu oE Funds IE the amount o[ the Funds held b' Lender s6a11 not be sufficient to par taxes. assessmenu, insnrance premiums and ground rents u they fall due, Borrower shall pay to i.ender any amaunt naessary to make up the deficiency within 30 days from the date no[ice is mailed by Lender ~ to Borro~rer requeseing papment thereof. ~ Upon pa~muent in full of all sums stcured by this Mongage. I.ender shall prompcly refund to Borrower any Funds ; held by Lendet. If under paragraph 18 hereof the Property is wld or the Property is othtrwise acquired by Lender, Lender t shall apply, no later than immediately prior to the ult of the Property or iu acquisition by Lender, any Funds heid by ' I.ender at the time of appliation u a uedit against the sums secured by this Atortgage. i 3. Appliation of Paya~ents. Unless applicable law provides otherwise. all payments receiced by Let~der under tht Note and paragraphs 1 and Y hereo[ shall be applied by Lrnder (int in pa}'mtnt of amounts pa}able to Lender by Borrower under pangraph Y hereot. then to interest payable on che Note. then to the principal o[ [he Note, and then to interat and principal on mq Future Advances. 4, ('.harge~ Liens. Borrower shall pay all taxes. assessments and other charges. Eines and impositions attributable to the Propeny which may attain a priority over this htortgage. and leasehold payments or ground renu, i[ any, in the man- s net pro~ided under paragnph 2 hereof or, if not paid in such manner. by Borrower making pa~znent, when due, directly to ~ the payee thereof. Botrower shall promptly iurnish to Lender all notices ot amoants due under this paragraph, and in the . evEnt Borrower shall make payment directly, Borrower shall promptly furnish to I.ender receipu evidencing such parments. ~ Borrower shall promptly dischuge any lien which has priority o.er this ~tortgage; provided, thac Borrower shall not be re- ` quired to discharge any such lien so long as Borrower shall agree in writing to the payment o[ the obligation secured by such lien in a mannrr acceptable to Lender, or shail in good faith coutest such lien b}, or de[end enforcement of such lien in, le- gal proceedings ~rhich operate to prevent the enforcement of the lien or forEeiture of the Property or any part thereof. . ± 5. Harard Inwranoe. Borrower shall keep the improvemenu now existing or herea[ter erected on the Property in- sured against loss by fire, hu~rds induded within the term "extended covenge". and such other hazards as I.ender mar re- quin and in such amounts and [or such periods as I.ender may require: provided, that Lender shall not require that the amount oE such covenge exceed that amount of rn~enge required to pay the sums setured by this ~iortqage. ~ i The insunnce canier providing the insurance shall be chosen by Borrower subject to appro~•al by Lender: provided, i ~ that such appro~al shall not be unnasonably withheld. All premiums on insurance policies shall be paid in the manner i ( provided under pangraph 2 hereof or. iE not paid in such manner, by Borrower makinq paymenc, when due, direcdr to ; che insutance carrier. ~ ~ All insuranct policies and renewals thereo[ shall be in form acceptable to Lender and~ shall include a standard mort- ~ gage clause in ta~or of and in fotm acceptable to Lender. Lender shall have the right to hold the policies and renewals ~ thereoE, and Botrower shall promptly furnish to L.ender all renewal nonces and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. I.ender may make proo[ ot loss iE not mad~ # prompdy by Borrower. _ Unlas Lender and Borrower otherwise aqree in wtiting, insunnce proceeds shall be applied to restoration or repair of the Property.damaged, provided such ratoration or repair is economically feasible and the security of ehis Aiortqage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this ~iortqage would be im- paired, the insurance praeeds shall be applied to the su~ secured by this ltortgage, with the excess, i[ any, paid to Bor- roNer. If the Property is abandoned by Bonower, or i[ SorroMer fails to respond to Lender within 30 days trom the date notice is mailed by I.ender to Borrorcer that the insurance tatrier of[en to settle a claim [or insurance benefiu, Lender is authorized to rnllect and apply the insurance proceeds at I.ender's option either to restoration or repair o( the Propeny or co che sums secured by this Mongage. Unless I.ender and Borrower otherwise agree in writing, any snch application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments refernd a? in paraqraphs 1 and 2 hereot or change the amount of such ~ installments. If under paraqraph 18 hereot che Property is acquired by Lender, all riqhc, title and interest o[ Borrower in ~ and to any insurance policia and in and to the proceeds thereof resultinq (rom damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Atortqage immediately ptior to such sale or ' acyuisition. ~ 6. Praervation and Maintenance o[ Property; I.easeholds; Condominium~ Planned Unit Devdopments. Borrovicer ~ ~ sl~all kcep the Property in good rcpair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions oE any lease iE this ~iortgage is on a leasehold. If this A~ortRaqe is on a unit in a ; ~ condominium or a planned unit de~~elopment, BorroMer shall perform all ot Borrower's obliqations under che decluation ~ ~ or covenants creating or governing the mndominium or planned uait development, the by-laws and regulations o( the mndo- ~ minium or planned unit development, and constituent dotumeuts. 1f a condominium or planned unit development rider is ~ executed by Bonower and recorded together with this Murtgage, the covenants and agreements of such rider shall be in- ~ corponted into and shaq amend and supplement the covenants and aqreements of this ~tortgage as if the rider were a part hereof. 7. Yrotection o[ Lender'a Securiq. If Borrower iails to perform the covenants and agreemenes mntained in this Mortgage, or i[ any action or ptoceeding is commenced which materially a(fects Lender s interest in the Property, including, but not limited to, eminent domain, insolvency, code enEorcement, or arrangements or pr«eedings im•ol~•ing a bankrupt or decedent, then I.endet at I.ender's option, upon notite to Borrower, may make such appearances, disbune such sums artd take such action as is necessary to protect I.ender's interest, including, but not limiteci to, disbursement of reasonable ~ attorney's tees and entry upon the Property to make repain. If I.ender required mortRage insurance u a condition oE ~ making the loan secured bp this ;1~ortgaqe. Borrower shall pay the premiums required to maintain such insurana in et- : fece until such time as the requirement for such inwrance terminates in accordance with Borrower's and i.endet's written ~ 3 ~ . p 311 178? ~ ;~':r • F~LF ~ " ~ r.