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HomeMy WebLinkAbout1321 - ~ t'_ Utlrlf0!<M ~OVdNANt1'e. ]sOrrOwer and Lender covenant and agree u tolloyrs: ~ II~~aM W ~fw tttw 'BOrrowef shall promptly ply when due the principal of and interest on lire ittdebtedueas evidenced by the Note„ ptepaymatt and late charges ss provided in the Note, std the principal of and interest as soy Future Advat>ces sawed by this Mortgage. 2, lt~Ms t?ietr 11nsea tttM Itraranee. Sltbject to spplicabk law or to a written waiver by !.ender. Borrower shall pay to Lender on the day rrroathly installments of principal and interest ur. payaMe under the Note. until the Note is paid in full, • straa (htrein "Fwrds'~ equal to one-twelfth of the yearly tax« and assessrrrents which tnay attain priority over this Mortgage, sad ground rents oa the Ptx~perly, if any, plus one~twelfth of yeatili• premiuta ittstaltmants for Iruard insurance. plus ooe•twelfth of yearly premium installments for mortgage instrranec. if atty. all u truonably estimated initially and from tint: to tithe by Leader on the bans of assessments and hills and rcasonsbk estimates thereof. The Fturdc shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay uid fazes, asses:rrrenu, insttrtturoe premiums std ground rents. lender may not charge for sn holding and applying the Frrndc. analyzing said account, or verifying.snd compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law # permits Lender to make such a charge. Borrower sad Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and ualess such agreement is made or applicable law # troquira stall intertat to be paid. Lender shsll not be required to pay Borrower any interest or earnings on the Funds. lender t shall give W Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose~or which ach debit to the Funds was made. The Funds are pledged as additional security for the. sums secured - U the turtount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. usesameots, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. aaaalctoents. insurance premiums and ground vents as they fall due. such excess shall be, at Borrower's option. either - promptly repaid to Borrower of credited to Borrower on monthly installments of Funds. If the amount of the Funds t htdd by Lender-shall trot be sutt'iciant to pay taxes. assessrrrenta, insurance premiums and ground rents as they fall due. Borrower shall pay to Leader say amount necessary to make up the deficiency within 30 days from the date notice is mailed by Deader to Borrower regttestiag payment thereof. Upon payment in full of sll soma 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 shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by - Lerader at the time of application s: a credit against the :tiros secured by this Mortgage. 3. Arplikatitwr at Pa~rentr. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 aced 2 hereof shall be applied by Lender first in payment of amounts payable to lender by Borrower under paragraph 2 henoof, then to interest payable on the Note, then to the principal of the Note. and then to interest and principal ern any Future Advances. 1. Charges; Liews. Borrower shall pay all taxes, assessments and other charges. finis 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 puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the s payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower she!! not be nequircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by 4 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. 5. Aasard lawrtuce. Borrower shall kcep the improvements now existing or hereafter erected on the Properly insured against loss by fire, hazards included within the term "extended coverage", and such other hazards u 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 coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. The 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 studl be paid in the manner provided uackr paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. i 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, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shalt 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 procceds 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 [.ender 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 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 I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the safe } 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 Maintenance of Properly; Leaseholds; Condominiums; Planned 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 on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform cell of Borrower's obligations under the declaration Y 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 rider were a part hereof. 7. Protection of Leader's Security. if Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materiahy affects Lender's interest in the Property, including, but not limited to, eminent domain. inu.lvenc}', code enforcement. or arrangements or proceedings invoh~ing a - bankrupt or decedent. then lender at Lender's option, upon notice to Borrower. ma}• make such appearances, dishurse such sums and take such action as is necessary to protect Lender's interest, including, bat not limited to. disbursement of reasonable attorney's fees and entry upon the Property ro make repairs. If Lender reyuired mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the reyuiremem for ,uch insurance terminates m accordance with Borrower's and 'a F ~ . • ~a~K 314 PaGE13i4 k