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HomeMy WebLinkAbout1514 ; ; UniratM Cbvat+~Hts. ~rows~ aad t~de~ coveaan~ and aj~a u follow:: ; 1. Zyw~M ~t ttic~i ri IMe~e~l. Borrower shall promptl) psY when due the principsl ot and intcrat o~ the ; indebtednat evideaoed b~? tlie Note, preQayment and late charga ac ~xovided in the Note. aod the princip~l ot and interest oa ~oy Futwe Advances ~ecurod by this Mortsaje. l1~i tK 7'a~ns ri i~w~rce. Subjat to applicat+k law ~K to a written waiver b~r Lender. Bo~m~rer shall pay to Le~ on the day moethlp installmenls of Principal aod interect a~c payahk under tlx Note. until the Note is paid in tull. a sum (l~ein "FundPq aqwl to aie-twelfth of the yea~l~~ tax~~ a~cl assaunents which may atai~ priority over this 1?~IoAja~e. aad Sround rents on tbe Pwperty. it anr. E+lus one-twelf~h of yearlp~ prcmium installments fot hazard inwrance. ' ; plut oo~twtltth ot yeuly ptemium installments tor mohaaae insunncc, it any, all u reasonably atimated initially and trom , ; tima to time by Lender oa the basis of assessmenls and 1~ills and rcasonabk atimates thereof. ' ~ 7Ue Fw~ds shall be beld in an institution ~he deposita or ~ccounts of ~rhich arc i~sured or ~uarnnteed by a Fedenl ot sfate a~ency (includina LetKkr if Lcnder is such an institution). I.ender shall apply 1he Funds to pay uid taxa. auasments. } inwranoe ~+emiums and Smund rents. I_ender may nol cha~ge For u~ holdina snd aPplyint the Fonds. a~alyzing said account, ; or verifyin~aad oompilins said assasments and bilh. unkss Leeder pays Bo~rower intercsi on the Fuods and applicabk law permitt Laider to make wch a charje. Borrower aad Lender may agroe in writina ai the time of exocution of this Mortp~a tbat interat oo the Fuads shall be paid to Borrower. and unlas sucb agament is made or applicabk law roquira wd~ interat to be paid. Lender shall not be rcquired to pay Borrower aoy inteoat or arnings oe the Funds. Lende~ ~tuU pve W Bomnwe~~ witbout char~e, an annwl accounting of tbe Funds showing crcditt and debits to the Fut~ds and the pvpo~te for which each debit to t6e Funds was made. The Funds are pledged as additional security for the sums secured by tba Mortp~e. If tbe amou~t o[ tbe Fuadt hdd by Lender, together with the futurc monthly installments of Fu~ds payabk prior to t6e dde dates of taxa~ aasessmeats, inwnnoe prcmiums and ground rents, shall exceed the amount requir+ed to pay said taxa. aaanoeats, itauranoe premiums and Sr~ound rents as they (all due, such excess shall be, at Borrower's option. either promptly rcpaid to Bonower or credited to Bormvrer oe monthly installments of Funds. If the amount of the Funds hNd b~? I.eode~ shall not be wffaent to pay tua. as~essments, insurance premiums and smund rents as they fall due. Bomo~rer tball pay to Leader any amount necasary to make up the deficiency within 30 days trom the date notice is mailed bp Lwder W Horrower requating payment thereof. Upon payment in full of all wms ucured by this Mort~age. Lende~ sball promptly rciund to Borrower any Fun~ bdd bp Laider. If undu puajraph 18 heroof the Propertp ii~sold or ~he Propercy u aherwise acquircd by Lendc~, Lender ihall apply. no latar tban immediately prior to the sak oE the Property or its acqnisition by Lender, any Funds held bv Leoder at tt~e wpe of applicstioa st a credit agair~st the swns securcd by this Mortaage. 3. A~lieati~ ot la~re~b. Unless appticabk law provides otherwix. all payments received by I.ender under the Note and panaraphs 1 and 2 hereof shall be appliod by Lender fitst in payment ot amounts payabk to Lender by Borrower under paraaraph 2 hereof. tbea to iaterest payabk on the Nde, then to the principal of the Note. arid then to interat and principal on any Future Advanoes. 4. CtfRer, i.ie~. Borrower shall pay all laxes, assessments and othcr charges, 6nes and imposi~ions atl~ibutable to tbe Property which may attain a priority over this Mortgage. and kasehold payments or ground rcnts, if any. in the manner provided uader paraaraph 2 hereof or, if not paid in such manner, by Borrower making payment. wheo due. directly to the payee tNee+eof. Honower shall ptomptly furnish to Lender all notices of amounts due uader this paraarsph. and in tbe eveat Bormwer shall make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such payments. Borro~rer ahall promptly discharge any lien which ~has priority over this Mortgage; provided, that Borrower shall not be required to diacharge any such lien so long az Borrower shall agree in writing to the payment of the obligatiun securod by wcb lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien ia. kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of tha Property or any part thereof. S. Aasari /~a~ra~ce. Borrower shall kcep the improvements now existing or hereafter erocted on the Property insured against lou by fire. ha7ards included within the term "extended coverage", and such other hazards as Lender may rcquire and in wch amounts and for such periods u Lender may require: provided, that Lender shall not rcquirc that the amount of wch coverage exceed that amount of coverage required to pay the sums secured by this Mortaaae. 'ibe inwran~e carrier providing t6e insuranee shall be chosen by Borrower subject to approval by Lender. provided. that such approval shaq not be unnasonably withheld. AI! premiums on insurance policia sha11 be paid in the manner ~ provided under paragraph 2 t~ercof or, if not pai~ in such manner. by Borrower making payment. when due, dir+xtly to the = insunnce curier. I; AU insurance policies and renewals thereof shall be in form acceptable to [.ender and shall include a standard mortgage ; clause in favor of and in form uceptable to Lender. Lender shall have the right to hold the policia and rcnewals thereof, f and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, ; Borrowu shall give prompE notice to the insurance carrier and Lender. LeRder may make proof of bss if not made promptly ~ by Borrawer. ~ ~ Unlas Lender and Borrower otherwise agree in writing, insurance proceeds shall be appliod to restoration or repair of ~ the Property damaged. provided sach restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is aot economically feasible or if the xcurity of this Mortgage would ~ be impaired, the insurana procoeds shall be applied to the sums secured by this Mortgage, with the exceu. if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to l.ender within 30 days from the ~ date notice is mailed by L,ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. L.ender ~ is authorizod to collect and apply the insurance proceeds at I_ender's option either to restoration or repair of the Propertv ~ or to t6e sums securod by this Mongage. - Unlas l.ender and Borrower otherwise agree in writing, any such app(ica~ion of procetds to principal shall not eztend g or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ wc6 installmeots. If undtr puagraph 18 hereof the Pro~,erty is acquired by Lender, all right, title and interest of Borrower ~ in and to any huurance policia and in and to the proceeds thereof resulting from damage to the Property prior to thc sale or acquisition shall pus to Lender to the eztent ot the sums secured by this Mortgage immediately prior to such sale or ~ ac9u;sition. ~ f. h+eservatioa and Maintenance of Property; I.easehulds; Condominiums; Ptanned Uaft Devebpments. Borrower shall icoep the Property in good repair and shall not com~vi~ yvaste or permit impairment or deterioration of the Property ~ and shall comPly with the provisions of any leau i( this Mortgage ~s on a leasehold. lf 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 ~ condominium or planned unit development. and constituent Jocumen~s. If a condominium or planned unit development ; rider is executed by Borrower and recorded together with this Mortgage, the covenanls and agrcements of such rider • sha11 be incorporated into and shall amend and supplement the covenants and agreements of ~his Mortgage as it the riJer F were a part hereof. f 7. Protectiou of Leoder's Secu~fty. If Borrower• fa~lc to pertorm the covenants and agreements contained in this ~ Mortgage, or if any action or Proceed~ng ~s commenced whirh materially afiects 1_ender's interest in the Property. ~ includmg, but not limited to, em~nent domain, incoh•ency. cude enforcement, or arrangements or proceedings involving a ~ bankrupt or deceden~. then I.ender at Lender's option, upcm notice to Borrower, may make such appearances, disburse such sums and take such action as is necetsary to protect Lender's imerest, including. but not limited to, disbursement of reasonable attomey's fees and entry upon thc Proper~y Ia makc repairs. If l.cndcr rcquircJ mortgage insurance as a , condrtion ot mak~ng the toan zecureJ by~ this M~~ngage, B~rrowcr shall pay the premiums reqi~ireJ to maintain such , insurance in etiect unlil such time as Ihe reyuiremen~ for .uch ?~surance termm:~tes m accordance with Bormwer's and ~ • s 12 ~ ~ ~ 312 ra!: ~ 15 . . -~,s.:.~ .