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HomeMy WebLinkAbout2158 , , ' Ut+awit~ Covan~nt's. Bort~rat and Lea3e~ coveoant and a~ret u tollows: 1? la~r~wt N liei~tlMl a~i I~IueM. Hottowe~ ~all promM~) P~Y M'hen due tbe priocipsl ot and interat oe the indeet~ widenood by tba Nate„ prspayateat aad late cha~c a.s ~xovided in the Note. aod tha principsl at ud intetat ao aoy Puturo ~Advances securod b~r this Mortja~e. 2. ltii t~r'~'as~s a~i [~siasee. S'ubjoct to applicabk law .u to a written waiver by Lender. Borro~?er d~ll Wp to l.~nda on the day monthty inst~llments of ptincipal and intcrcst are payaMe unde~ the Note. until the Nate is paid in t~iU. a suo~ (henein "Fw~ds'q equal to oee-tvrelfth o( the yea~ly tax~~ and assas+neou which may attain priority ove~ this , Mo~t~qe. and ~round rents oa tbe Propertr. if any, plus ooe-twel(th of yeu1~?~ premium ia:talbr~eoy for hazard inwrance. plu~ oae~-tw~a!(th af yearty pcemiwn iauallments tor mort~ase inu~nncc. it any. dl as reasonablp estimated initislly and from time to time by Lender oa tbe basis of asxs~ments and hills and reasooabk atimata thereof. ~ 'ILe flends thall be beld in sn institwic.n the depasica or ~ccouots of which are i~ ot ~usranteed by a Fedenl ot state ajency (includin~ L,tndw it L.todu is such ~n institution). I.ender shall apply the Funds to pay u~d tua, assasments. iawrance premiums and Swund rents. l.ende~ may eot char~e fo~ se+ holdins snd aPplYins the F~~nds. anatyzin~ uid accoun~ or verifyin~.sod complin~ said auessme~ts and bitlt. u~less Lender pays Borr~ower interat on the Funds and applicaMe law peimiq Lender to make such a charae. Borrower and Le~e~ may a~roe in writin~ at the time of executioa ot this Moctiaae tbat interat on the Fuad: sball be paid to Borwwe~. ar~d ualas such aaroeme~t is made or applicabk law reqwres wch intetsst to be paid. Lender ahalt not be requiral to pay Borrower any interat or earnings on the Funds. Le~de~ s6aU pve W Borrower. witbout c6arge, an an~ual accountin~ of the Funds showina credits and debits to the Funds and the purpae for rvhich eacb debit to We Funds was made. The Funds are plodaod u additional security for the sums secured b'Y Wa Mottp~e• If t6e amount ot tbe Fuads held by L.e~der, together with the tuture monthly installments of Funds payabk priot to tLe due data ot tua, assasmeats, i~suranoe prcmiums and g~ound rents, shall excoed the amount required to pay said tua. aa~aents, insuranoe prea~iu,ns and troued re~a as they fall due. such excess shall be. at Horrow~er s option. either proooptly npaid to Borrower oc credited to Bormwer on monthly installments oE Funds. If the amount of the Funds l~dd bgr Lender shall not be suf6c~eat to pay tazes. as~essments. insurance prcmiams and ground rents as they fall due. Borto~rer sbsll pay to Leader any amouet necessary to make up tbe deficiency within 30 days fmm the date notice is mailed by Leader W Borrowa requatia8 WYment tlxreof. . ~ Upoa payauat ia fuU of dl su~ ~ecuc+~d by this Mongage, ~ender ahdl promptly refund to Bornower any Fun~ l~eW by Lender. If under para~aph 18 hereof the Property ia soW or the Propeny ~s otherwise uquired by Lender. Lendtr :haU spply, no later thaa immodiately prior to the sak of the Propeny or its acquisition by Lendcr. any Funds held bv I.eoder at the time of application as a credit against the sums secured by this Mort~age. 3. A~iicatlo~ ot liq~~eMs. Unless applicable law provida otherwise, all payments received by Lender undcr the Note ud puagraphs 1 and 2 t~ereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. t6en to interest payable on the Note, then to the principal of the Note. and then to interest and ptiacipal on any Future Advances. 4. Crft~e~ Liews. Borrower shall pay all taaes, assessments and other charea. fines and impositions attributable to t6e Property which may attain a priority over this Mortgage. and leasehold Rayments or ground renis. if any. in the manaer provided under pusgraph 2 hereof or, if not paid in such manner, by Borrower making payment, when-0ue. direcdy to the payee tbereof. Borrower shall promptly fumish to Lender all notices of amounu due uader this parajraptr. aad ~n tt~e ave~t Borrower shall taalce payment dir~ctly. Horrower shall promptly furnish to l.ender receipts evidencing. such payments. Borrower shall Qromptly discharge any lien which hu priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured 6y such lien in a manner acceptabk to L.ender. or shall in good taith contest such lien by, or defend enfor+cement of such lien in, kga! proceedings which operate to prcvent the enforcement of the lien or forfeiturc of the Property or any part thereof. S. Hazard ies~rs~ce. Borrower shall ktep the improvements now existing or hereatter ~rected on the Property insured against loss by 6rc, hazards included within the tetm "eatended coverage", and such other huards as Lender may require . and in such amounts and for such periods u Lender may require; provided, that Lender shall not rcquire that the amount of such coverage ezceed that amount of covetage required to pay the sums securcd by this Mortgaae. The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided. ! that wch approval shall not be unressonably withheld. All premiums on insurance poficies sha11 be paid in the manner i provided under paragnph 2 hereof or. if not paid in such manner. by Borrower making payment. when due. dirxtly to the inwnnce carrier. ! All i~surance policies aad renewals thereof shall be in form acceptable to Lender 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 rentwals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. f Borrower shall give prompt notice to the insu~ance carrier and Lender. Lertder may make proof of loss if not made promptly by Borrower. ' Uoless Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair of the Property damaged, provicied such restontion or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or rcpair is not economically feasible or if ~he ucurity of this Mortgage would be impaired, the insuranoe proceeds shall be aQplied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. If the Property is abandaned by Borrower, or it Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a ciaim for insurance bene6ts. Lender is autborized to collect and apply the insurance proceeds at Lender's option either to restotation or repaer of the Property b~ to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application ot proceeds to principal shall not extend or postpone Ihe due date of the monthly installrnents referred to in paragraphc 1 and 2 hereo[ or change the amount of suc6 installmeots. If under paragraph 18 hercot the Property is acquired by l.ender, all right. title and interest of Borrower in and to any tnsurance policia and in and to the proczeds thereof resulting from damage to the Property prior to th.: sale or acquisition shall pass to Lender to the ex~enc of the sums secured by this Mortgage immediately prior to such sale or acquisition. f, prsservation aod Maintenance of Properly; Leasehulds; Condominiums; Planned Untt Devebpmeats. 8orrower ~ shall keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it this Mor~gage ~s on a leaschold. If this Mortgag~ is on a unit in a condominium or a planned unit development, Borrower shall pertorm all of Borrower s obligations under the declaration or coveuants creating or governing the condominium or planned imit development, the by-laws and regulations of the condominium or planned unit development.. and constituent Jocumenis. If a condominium or planned unit development ~ rider ~s executed by Borrower and recorded together NUh thiti Mortgage, the covenants and agreements ot such rider shall be incorporated'into and shall amend anJ supplcment the covenants and agreements of this Mortgage as it the rider ~ were a part hereof. 7. Profection of Leode~'s Securifr. 1f Bc~rrower fa~k perform the covenams and agreements contained in this Mortgage, or if any action or proceeding ~s comme~x:ed w-hich materially atiects 1_ender's interest in the Property, including, but not lim~ted to, eminent domain. incc.lvency, code en(orcemem. ur arr•rngements or proceedings invoh•ing a bankn~pt or decrdent, then l.ender at l.ender's option, upon notice to Borrower, may make such appearances, dishurse such sums and take such ac~ion as is nece~sary tu pratect l_ender's mterest, inciuJing. but not lim~ted to, disbursement of reasonable attomey's (eec and en~ry upon ~he Property to make repairc. If I.rnder reyuired mortgage insurance as a cond~tion o( mak~ng thc loan secured b~• th~s Mortgagc. Eiorn?wer sh:~ll paj the premiums requireJ to maintain such ' i insurance in el~ect until ~uch tim~ as the'reyuirement tor tiuch insurancc term~nate~ in aecordanee wilh Borrowet's and . , ~ ~ ~~'1K312 ~ ~~~:E 2156 - - _.t.