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HomeMy WebLinkAbout2703 ~ ~ ~ ; . • • ? Utt1~oRM Oovsa~rrrs. Bore~?er aad Leade~ coveoant and a~ree as fdbws: 1~q~M ~f rei~tiMl aM I~MnO. 8orrower ~all promptly pay when due tbe priacip~l ot aad iatenst oo the indebtedap~ evideuoed b~? tbe Note. prepayment sod lste chartes as {KOVided in the Note, and tbe p~incipd ot aAd intere~t ; ca ~ay Future Adranas ~ecw+ed b~t thi: Mo~a~e. ; 2. !ri hr 71~sss ri 1rWrce. Slibject to applicabk law ~x to ~ wriqen waiver by Lende~. eo~o+~ ~•n wr = to l.tader oe the day monthly installments of principsl and intercu .~n payabk unde~ the Note. until the Note is psid in tull. I a wa (ha~ein "Fuad~'~ eqwl to onatwelfth of the yea~f) tax~~ anJ assas~ne~ts which may attai~ p~aritp ove~ this ~ Moreja~e. and ~round c~eaa on ~be Propeny. if aey, plus onatwelfth of yearl~i~ prem~um iastalltnenb tor haurd insurance. ; plus onatvvel[th ot yea~ly premium installme~~s for mort~aae inu~~ancc. it sny. all as reasonably estimated initially and tnan { time to time by Leeder oe tbe bssis of assessmems and Mlls and rcasonabk estimata thereof. ~ The PWnds shall be held in an institution the depos~a or ~ccounts of which arc inwred or twranteed by a Fedenl ot s4t~ ~ency (includint L~nde~ if Lender is such an institutionl. I.ender shall apply Ihe Funds to pay said tua. ~ i inturanoe pc~emiums and ~ound rents. l_ender may rwt charae for so holdin~ and applyins the F~md~, analyzin~ said aceount, ; or vaityias~ad oompiliaj said sssessments aod bilh. unkss Leader Q~n Borrower interat on the Funds snd applicabk law ~ pernuts Lender to make wch a char~e. Borrower aad Lender may a~ree in writi~~ at the time of exceution ot this ~ Mort~a=e t6at interat on the Funds shsll be paid to 8otrower. and unkss wcb asreement is made or applicabk ~aM? . requires such iatarat to be paid. l.ander shall not be required to pay Borrowe~ any interest or earnings on the Funds. t.ender t ~IW) pve to Borrowe~. without cbarae, an aonwl aooounting of the Funds showin` credits a~d debits to the Fw~ds and the pnrpae for which a~ch debit to the Funds was made. The Funds arc pled`od ss additiana~ security for the sums secured ; ~ this M ' If tLe amount of the Funds beld by t~ender. toge~he~ with the future moathly installments of Funds payabk prior to : tbe due data of ta~ca. auessrnea~ts. ir~wranoe premiums and around rents. shall racoeed the amou~t required to pay uid tua. ' aaaaaeats, iaturanoe premiuau and amund rents as they tall due. such excess shall be. at Borrower's option. either . ~ proo~ptly repsid to Horrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds bdd by Lender sbaU not be ~t to pay taxes. as~esunents. iawrancY premiums and ground rents ~ they fall due, Borr~ sball pay to I.eoder any amount necasary to make up the de6ciency within 30 days from the date notice is mailed by Leader to Borrower roquatina WYment theraof. ~ Upon payment in full of all swas securod by this Mortgage. Lender shall promptly refund to Borrowe~ any Funds beld by Leader. If under Qarajraph 18 hercof the Property ia sold or the Propeny ~s otharwis~ uquirod by Lender. Lender sddl apply. no later tbaa immodiately prior to the sak of the Propeny or its acquisition by Lender, aay Fundc held bv I~ender at the time of application as a crcdit against the sums secured by this Mortaage. . 3. A~ifcado~ ot PavreMs. Unlas applicabk law provida otherwise. all payments received by l.ender under the Note and pusgraphs 1 aad 2 bereof shall be applied by Lender flrst in payment of amounts payable to Lender by Borrower under par:graph 2 heteof, t6en to iaterest payabk on the Note, then to the principal of the Note, and theo to interat and principal on any Future Advancss. 4. C~e~ Lkas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to t6e Property which may attain a priority over this Mortgage, and leasehold payments or Sround rents. if any. in the manaer providod under puagraph 2 hereof or, if not paid in such manner. by B~rrower making paytae~t. wha~ due. dit~ecdy to the payee thereof. Bortower shall promptly furnish to Lender all notices of amouats due under this pansraph. and ~n the erent Borrower sball make payment directly; Borrower shall promptly furnish to Lender rcceipts evidenci~g such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided. that Borrower shall not be rcquirod to dixharge any such lien so long u Borrower shall agree in writing to the payanent of the obligatiun. secured by such lien in a manner acceptabk 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 the Property or any part thereof. S. Aazari Iswn~ee. Borrower shall koep the improvements now eaisting or hereafter erocted on the Property insured against loss by firr. hazsrds included within the term "eatended coverage", and such other haurds as 1..ender may rcquire aad in such amounts and for such periods as Lender may requirc: provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums securcd ~by this MortEaae• ` 'Ibe insurance camer providing the insurance shall be chose~ by Bonower subject to approval by Lender. provided. i that wch approval shall not be unreasonably withheld. All premiums on inwrance policies shatl be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due. directly to the ~ inwrance cartier. . j All insurance policia and renewals thererof shall be in form accep~able to Lencier and shall include a standard mortgage f clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thercof. ~ ! and Borrower shall promptly turnish to Lender all renewal notices and all receipts of paid pe+emiums. In the event of loss. ~ Borrower shall give prompi notice to the insurance carrier aod L.ender. Lender may make proof of loas if not made promptly ~ by Borrower. ' ' Unleu Lender and Borrower otherwise agree in writing, insurance prceeeds shall be applied to restoration or ropair of ` the Propeny damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impairod. If such rcstoration or repair is not economically feasible or if the securiry of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums xcured by this Mortgage, with the eacess. if any. paid to Borrower. !f the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofTers to seule a claim for insurance benefits. I.ender is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to t6e sums secured by this Mortgage. . Unless [.ender 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 ins~allments referred to in paragraphs I and 2 hereof or change the amount of < ~ wch installmeots. If under paragraph 18 hereof the ProE,erty is acquired by l.ender, all right. title and interat of Borrower in and to any Insurance policia and in and to the proceeds thereof resulung from damage to the Property prior to th.: sale or acquisition shall pass to l.ender to the extent of the sums secured by this Mortgage immediatdy prior to such sale or acquisilion. ~ f, heservatbo aod Maintenance of Properiy; Leasebolds; Condominiums; Planned Unit De~ebpments. Borrowcr ~ shall keep the Property in good repair and shall not comro~t ~vaste or permit impairment or deterioration of the Property ~ and shall comply with the ptovisions of any lease if this Mortga,ge is on a leasehold. 1( this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall pertorm all of Borrower s obligations under the declaration d or coveuants cteating or governing the condominium or planned unit develupment, the by-laws and regulations of the ~ condominium or planoed unit development, and constituent documents. I( a condominium or planned unit development rider is executed by Borrower and recorded ~ogether with Ihis Mortgage, the covenants and agreements of such rider ~ shaJl be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ' were a paR hercof. ~ ~ 7. PrMertion of Leader's Securlty. If Borrow~er fa~ls t~ pertorm the covenants and agreements contained in this ~ ~ Mortgage, or if any action ur proceeding is commence~l wh~ch materially aHects I.enJer's interest in the Property. ~ including, but not lim~ted to, emment domain. inu~lvency, cude enforcement, or arrangements or proceedings invol~•ing a ~ bankrupt or decedent. ~hen I.ender at l.ender's option, upon nolice to Borrower, ma~ m~ke such appearances, disburse such ~ sums and Iake such actiun ac is necessary tu protect Lender's interest. incli~Jing. but not lim~ted to, disbursement of ~ reuonable attomey's (ees and entry upon thc Propcriy to make rcpairc. If 1_cnder rcyuircd mortgage insurance as a cond~tion o( mak~ng the loan secureJ by this Mortgage, Borruwer sh~ll pey the premiums requireJ lo maintain such ~ insurance in etiect unli) such time as the reyuiremem for wch msurance terminates in accordance with Borrowers and ~ • ; ~ . . Y . ~ B~ ~~Z PbCE .