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HomeMy WebLinkAbout1309 - _1 t t i i i ' i Utttrouat Oovtt+xt+rs. liorw~aer sad Lsttder oovensnt and agree ss fellows: ~ >Pgtttattt et tsirtei~l tri Inkreat. Borrower ,`hall promptly pay when due the priucipal of and interest on the atdebtedaps evideaoed by the Note, pcepaymart and fate charges ac provided in the Note, and the principd of and interest j oa any Feature Advattoa set:ttted by this Mortgage. Z. ltisttls let 7Uoae tt>tttl6tsesa!lc~t. Subject to applicable law .x to a written waiver by Lender. Borrower shall pay to Lender oft the day ttnonthty installments of principal and interest arc payable under the Note. until the Note is paid in full. ~ a attlp (herein "Ftands'~ equal to oaatwelfth of the yearly tazc. and assessnrenb which ,nay attain priority over thisr Maigage, and gt+otatd reaa oa tees Prroperty. if any. plus one-twelfth of yearly premiua? installrrtents for hazard inwarrce. plus one-twdRh o[ yearly pteroitua installments for moti~age insurance, it any. all as teatorrably estimated initially and from time to tithe by Fender on the basis of assessments and hills and reasonable estimate thereof. - 'flee Funds shall be held in an institution the deposits or accounts of which an inwred or guaranteed by a Federal of data t~ency (including L_wrder it Larder is such an institution). I~ader shall apply the Funds to pay sand (axes, assessment:. ; iawratroe premiums and ground rents. ,.ender may not charge for so holding and applying the Frrndt, analyzing said account, 1 or verifying.atrd compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law pemtia Lender to make such a charge. Borrower and Lender tray agree in writing at the time of execution of the I Mortgage that interest on the Fonds shall bt: paid to Borrower, and unless :etch agreement is made or applipbk taw requires :etch interest to be paid, Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without clarga an annwl atxounting of the Funds showing credia and debits to the Funds and the s purpase~or which eadt~debit to the Funds was made. The Funds arc pledgod as additional security for the sums secured Tt the ttunount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall excced the amount required to pay uid taxes, ~ aaeesmena. itaurattoe premiums surd ground rafts as they fall due, such excess shall be. at Borrower's. option. either ; promptly repaid to Bornower ar credits! to Borrower on monthly installments of Funds. If the amount of the Funds btdd br Leatlershal! not be strv8cieat to pay taxes, a:>tessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Letader any amount rreoessary to make up the deficiency within 30 days from the date notice is mailed t by Leader w Borrower tzquestina payment thereof. Upon payment in full of all stems secured by this Mortgage, Lender shall promptly rciund to Borrower any Funds t held by bender. I[ undo pantgraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender - shaU apply. no later than immediately prior to the sale of the Properly or. its acquisition by Lender, any Funds held by Lander at the time of application as a credit. against the sums secured by this Mortgage. 3. AlNieation a< Ptprrreaa. Unless applicable law provides otherwise, all payments received by Lender under the Note and. paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower tender paragraph 2 hereof, than to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advturca. d. Crrges; Ltins. Borrower shall pay aN taxes, assessments and other charges. fines and impositions attributable to the Property which taay 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. what due, dir+txtty to the payee thereeof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and is the event 8orrovtrer alr:fl melee payment directly, Borrower shall promptly tutnish to Lender receipts evidencing such payments. Borrowret shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be rsluired to discharge any such lien so bog 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 by, 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. Hazard Irrararree. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured sgairat leas by Ere, hazards included within the farm "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ~ such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The inwratttx carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, providod. that such approval shall not be wrreasonably withheld. Att premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, dimly 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 she!! have the right to hold the policies and renewals thereof, 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 loos if not made promptly by Borrower. - ' Unless Lender sad 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 unpaired. the insurance proceeds shalt be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. ]f the Properly is abandoned 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 offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at'Lender's option either to restoration or repair of the Property or to the soars secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of procceds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. if under paragraph i 8 hereof the ProFerty is acquired by Lender, all right, title and interest of Borrower is and to say Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the; sale or acquisition shall peso to Lender to tltt sxtent of the sums secured by this Mortgage immediately prior to such sale or acquisition. - 6. treservatioe and Mainfcrwnce o[ Property; Leasetwlds; Condominiums; Planned Unit Developaxnts. 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 on a leasehold. if this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform 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 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. - 7, Protection of Lender's Security. If Borrower fails to perform the covenants anJ agreements contained in this Mortgage, or if any action or proceeding is commence) which materially alter,: Lender's interest in the Property, - including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at !.ender ~ option, upon notice to Borrower. may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, incluJing. but not limited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. It Lender reyuircd mortgage insurance as a condition of making the loan secure) by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for ,uch in>urance terminates rn accordance with Borrowers and • ~~K314 PbGE13O2