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HomeMy WebLinkAbout0769 _ ~ - . - ~ A r ~ 4 Ut+troans Covanxn». Borrower stall Leader ooveaant and agree ss foik{ws: >a IhBasaM N lrsirtelrttl ttttM LNt+saf. Borrower shall promptly pay when due the principal of and ietereN on the i:rdebtedneas evideaoed by the Nob. prepayttrteat arid late charges ac provided in the Note, and the principal of sad interest oa .ay Future Advaaoes secw~ed by the Mortgage. - Z. ii<trtsda ter 't'aatea tttsi tatwrartee. Subject to applicable law or to a wt~itlen waiver by lender. Borrower tthall pay to Leader on the day monthly itutallmenb of principal and interest arc payable under the Note, until the Note is paid in top, a term (Mr'ein "Funds'ti equal to Otte-twelfth of the year)}~ tax~~c and assessments which may attain priority over this ° Mortgage, and grorutd renb on the Property, it any, plus Otte-twelfth of yearl}i' premium installments for hazard insurance. - plus one-twelfth of yearly premium itWallment: for mortgage insurance, if any, all as reasonably estimated initially and linen time to time by Lender oa the bass of assessments and hilh and reasonable estimates thereof. The firrrds shall be heW in an institution the deposits or account: of which are ittsurcd or guaranteed by a Federal of sbb agency (including Lender if Lender is such an institution}. I~nder shall apply the Funds to pay said taxes. assessrnenb, irauraace premiums and grouts rents. Lender may not charge torn holding and applying the Funds. analysing said account. or verifyiag.and compiling said ssseuments and bills. unless Lender pays Borrower interest on the Funds arid applicable !aw pisrmib Lender to make :uch a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law r+egturt:s such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender - sbaU give to Borrower, without charge, an annual accounting of the Funds showing'credib and debits to lire Funds and the propose for which eatdt debit to the Funds was made. The Fund are pledged as additional security for the sums secured by this Motrtgage. - if the amount of the Funds held by Lender, together with -the future monthly installments of Funds payable prior to the due dates of taxes. assesstnenb. insunrttx premiums and ground rents, shall exceed the amount required to pay said taxes. asseaments, insurance premiums and ground rents as they fall due, such excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Futtds. if .the amount of the Furtds bttW by lender shall not be twtficieat to pay taxes. assessrnenb, insurance premiums and ground rents as they [all due, Borrower shall pay to Lender any amount ntxessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Lender. if under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender :hall apply, no later .than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by lender at the time of application as a credit against the :ums secured by this Mortgage. _ 3. A~iicatlarr of Payetab. Unless applicable law provides otherwise, all payments received by Lender under the Note sad paragraphs 1 and 2 hereof shall ~be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. Charges; Lt+eas. Borrower shall pay all fazes, assessments and other charges. fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, sad in the event Borrower shall make payment directly, Borrower shat! promptly furnish to Lender receipts evidencing such payments. Borrower shall pranptly discharge any lien which has 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 by such lien in a manner acceptable to Lender. or shall in good faith contest such lien hy, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Nazsrd Insurance. Borrower shall keep the improvements now existing or hereafter crated on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require wd in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required-to pay the sums secured by this Mortgage. 'I1te insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided; that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof ot. if not paid in such manner, by Borrower making payment, when dtre, directly to the ~ insurance 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 Lender. Lender shall have the right to hold the policies and renewals thereof, i and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. - Unless 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 thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired,-the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid - to Borrower- If the Property 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 offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph I t3 hereof the Property is acyuired by Lender, all right, title and interest of Borrower in sad to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and lfaintenance of Property; leaseholds; Condominiums; Plawned Unit Devebpments. Borrower ~ shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property ; and shall comply with the provisions of any lease if this Mortgage is un a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration i 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 documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rifer were a part hereof. 'f. Protection of Leader's Security. If Borrower fads to prr(urm the covenants and agreements contained in this Mortgage, or if any action ur proceeding rs commenced which materially affects Lender's interest in the Property, including. but nut hmrted to, eminent domain. mculvrncy. rude cnforcemem. ur arrangements or proceedings invoking a bankrupt or decedent. then Lender at Lender a option, upon notice to Borrower, may make such appearances, disburse such surds and take such action as is necessary to protect Lender i interest, includrng. but not limited to, disbursement of reasonable attorney's fees and entry uprm the Property to make repairs. I( Linder rcyuired mortgage insurance as a condition of making the loan secured b}• thu Murlgagr. BurruKCr shall pay the premiums required to maintain such t insurance in effect until such Ume as the reyoirrment fur such insurance terminates rn accordance with Borrowers and ( • ~ aoo~3~,4 PAGE s