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HomeMy WebLinkAbout2152 _ • _ ~ ' .'4 _ , . ~ uK,~au. cbva,+~u+,t. ~«ro~?~ aaa Leade~ coveaant .nd ssroc ai cdlows: ~ ti Ir0'w~M ~t hl~e~l aM l~Inwt. 8orrows~ ~all promP~~) P~y when due tbe principal ot snd interest oe the indsbtednat svidenoed by tbe No~e„ ProWymant aad late cha?~ ax ~ovided in the Note.. aad tba principd ot and intet+est aa ~sr Futw~e Advaoas ~ecurod b~? tha Mott~ase. !~i hr'f~ Mi Grw~. ~bject to applicabk law ~x to a written wsiver by I.ander. BotmMe~ s~a11 P~y W I.endet on Ihe day moathly i~atallments ot principal and interc~t arc. payaMa unde~ the Note, until the Note is pdd in tuU. • suw (badn "Fuodt'q ~qwl to a~e~tweltth of the yea~fy tu~~ sncl asiessma+ts whicA may attain prioritp ovar this Mori~e. aud ~c~o~~ti reats on the Propefty. it any. plus o~e-twelfth of yearly~ premium ie~stallmenb fot hazard inwrance, plus oaatvvdlth ot yearty premiwn iastallments for mortaste inui~ancc. ~r .~,r. dl as ~w:onably atimated initially aed tt+oaa time to tia~s by Lender oa tbe brsa of assasments aad hills and rcasonsbk atimata thereot. ~ 'Ibe Fw~ds sball be 6eld in an institutic~n the deposiu w~ecounb of ahich are i~aured or ~uaranteed by a Fedenl ot stata a~ency (includin~ l.snder if l.ender is wch an ins~itutionl. I.eader si~all apply tbe Funds W p~y said taxa, ss~pments. iawranoe ptemiwrq and aound tents. l_ender may not charee for si+ hoWins and spplyin= the Fnnds. analytin= said account, or verifyins.and oomplinj said assessments ~nd bills. unlas i.ende~ p.ys Borrower interat on the Fuods and applicable Isw permitt I~e~de~ to malce wch a charje. Borrower and Lender may atree in writin~ at tl~e time of execution ot tha Mortsye tbat interat on tha P~nds shall be pzid to Borrower. and unlas wch aar~eenxnt a made or spplicabk law requie~es wch iaterat to be paid, Lende~ shall not be required to p~y Horrower any interest or earnings on the Funds. Lender ~U yive W Borm~rer, witbout charse. sn annual aocountina ot Ibe Funds showina crcdib and debits to the Funds and the purpwe !or ~rhich ad~ debit to tbe Funds was ~de. The Funds are pledged as additiaul security tor the sums secured M? tha 1Nortia~e- If t6e amount of the Fund~ heW by Lender. to~ether with the future monthly installmenu of Funds payabk prior to tbe due data of tazes. auasmeots. iutuance ptemiums and around rents. shall exoeed the amount requircd to pay said taaa. mp~meats~ inwnnoe premiums aud ~round rents as they tall due. wch excess shall be. at Borrower's option. either , pcom~tly repaid to Borrower er credited tp Borrowu on moathly installment: o[ Funds. If the amount of the Funds beW b~? Leader sAal! oot be ~t to pay tues. anessrt~ents. insurance prcmiums and gcound ronts as they tall due. Horr~o~rer s6a11 pay to La~der any amount necauary to make up t6e deficiency within 30 days from the date notice is maikd by lJender to Bortower requatint WYment thereof. Upoa paymeat in full of a!! autns secured by this Mortgage. Lender shall promqly refund to Borrower my Fun~ heid bp l.ender. I[ under paraZtaph 18 hereaf the Property ia sold or the Propeny u otherwise acquircd by I.ender. Lender ~hall apply. rto later than immediately prior to the sak of the Property or its acquisition by Lender. any Funds held bv i,eoder at the time of application as a credit sgainst the wms secured by this Mortga~e. 3. A~iieatia~ d tq~e~ls. Unkss applicable law provida otherwise. all pvyments roceivod by Lender under the Note and Qaraaraphs 1 and 2 hereof shall be applicd by L.ender 6rst in payment ot amounu payable to L.ende~ by Borrower uoder parat~aph 2 hereof. tbea to interest payabk on the Note. then to the principal of the Note, a~d then to intercst and priucipal on aay Futur~e Advanea. 1. Crr~e~ ijear. Borrower shall pay all taxes. assessrnenu and qther char6es, fines an~ impositions at[ribut~ble to tbe Propetty which may attain a prioriry over this Mongage. and kasehold payments or ground rents. if any, i~ the manaer pravidod under pus~raph 2 heroot or, if not paid in such manner, by Borrowcr making payment; whea duei direcdy to ihe pa~ree tl~ereof. Botrower thall pranptly fumish to Lender all notices of amounts due u~der this para~aph, aod ia tbe eveot Borrewer shall make Qayment diroctly. Borrower shall pra:nptly furnish to Lender receipts evideecing such payments. Borrawer shall prntnplly discharge any lien which hu priority over this Mortgage: provided, that Borrower shall not be tequirod to discharae any such fien so bng as Borrower shall agree in writing to the payrttent of the obligation secured by such liea io a manner acoeptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien io, kgal procadings which operate to prcveat the enforcement of the lien or forfciture of the Property or any put thereof. S. Has~rd iawra~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod againtt loas by fire, hazards included within the term "extended coverage", and such other huards as Lender may require ~ and in wch amounts and for such periods as Lender may requirc; providcd, that Lende~ shall not require that the amount of ' such coverage exceed that amount of rnverage required to pay the sums securcd by this Mortaaae. 'I Tbe inwrance carrier providing tbe insurance shalt be chosen by Borrower subject to• approval by Lender, provided. ~ t6at such approval shall not be unreaconably withheld. All prcmiums on insurance policits sha11 be paid in the manne~ ; provided under paragraph 2 lureof or. if not paid in such manner. by Borrower making payment. when due, directiy to the f iownnce carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to l.ender. Lender sfiall have tho right to hold the policia and renewals thereof. and Borrower shall promptly furn~h to Leoder all renewal notices and all roceipts of paid prcmiums. In the event of loss. ~ Bornower shall give prompi notice to the insurance carrier and Lender. Lender may make proof of bss if not made promptly ~ by Borrower. Uoles~ Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not theceby impaircd_ I( such restoration or rcpair is not economically feasible or if the security of this Mortgage would be impaired, the insuraace procceds shalt be applied to the sums secured by this Mortgage, with the exceu. if any, paid to Borrower. If the Propeny is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the date notice is mailed by I.ender to Borrower tha~ the insurance carrier ofien to se~tle a claim for insurance banefits. Lender is aut6orizod to colkct and apply t6e insurance proceeds at Lender's option either to restoration or repair of the Propeny or to tbe sums securod 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 inuallments referred to in paragraphs I and 2 hereof or change the amount of suc6 installmeots. lf under paragraph 18 hereof the Pro~,eny is acquired by Lender, all right, title and interest of Borrower in and to any tnsurance policia and in and to the proceeds thereof resulung from damage to the Property prior to thc sale or aa~uisition shall pus to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. ~ f. lreservation aod Mainteaance of Properiy; Leasehulds; Condomiaiums; Planned Unit De~dopmcnls. Borrower w shall kap the Property in good repair and shall not comroit yvastc or permit impairment or deterioration of the Property ~ aod shap comply with the provisions of any lease if this Mortgage is on a ieaschold. If this Mortgage is on a unit in a ~ ~ condominium or a planned unit development, Borrower shafl perform all of Borrower s obligations under the declaration ~ or coveoants crtating or governing the condommium or planned unit develupment, the by-laws and regulations of the ~ condominium or planned unit development, and consti~uent document~. I( a conJominium or planned unit development rider is executed by Borrower and recorded ~ogether w•~th th~s Mortgage, the covenants and agrcements of such rider ~ shall be incorporatod into and shall amead anJ supplement the covenants and agreements ot ~his Morigage as if the riJer ~ were a PaR hereof. ` 7. Proftetbn of Leode~'s Serurffy. If Borrower fails to perform the covenants anJ agreements contained in this = Mortgage, or i[ any action ur proceeding is commenced which materially aBects _ Len~'er's inlerest in the Propeny. % including, but not lim~ted to, eminent domain. incolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's oplion, upon notice to Borrower. ma~• make such appearances, disburse such sums and take such action as is necessary~ ~o protect Lender's interest, inciuding, but not limited to, disbursement of reasonabie auorney's fee's and en~ry upon ~he Property tb make,repaus. if Lender reyuircJ mortgage insurance as a condit~on o( making Ihe loan secureJ by this Mongage. Borrower shall pay the premiums requireJ to maintain such ~i insurance in etiect umil sucF~ time as the reyuiremem for wch msurance terminates ~n accordance with Borrowers and ~ ~n 3 a~~ +K. " r~~~12 'r~GE~1~V ~ '