Loading...
HomeMy WebLinkAbout2728 - - . ~ :it j Urrttrostat Covsr?at~ns. Borrower sad Lender covenant and agree u fdbws: Tigwwe et hiaefpal a¦tl ltrlneef. Borrower shall promptly pay when due the prhtcipal of and interest on the evidenced by the Note, prepayrtteat sad late charges as provided in the Nob. and the prhtcipal of sad iabtest oa soy Ptrture Advances stttarted by this Matgage. 1 i~lrtsi hr Tarps atti lroaesos. Subject to applicable law .x ro a wr_ itten waiver by l~e+tds+. ~ ~y to LeatMr oa the day ruoathly instalhttents of principa! and interest are.payabk under the Note. until the Note is paid in fuQ. a stm (Mr+eia "Funds"3 equal ro aaatwdhh of dte yesrty tax~~ :nd staasrrtents which tray attain priority over this Mafsage. sad grargd rNtb on the Property, if say, plus ottrtwelhh d yeatltl' premium iauallrrterrb far hazadd inwnttce, plp oas-twdhh of yearly premium installments for moriga=e insurancx. it say. all as tassottttbly estimatedenitially and tram , time ro fiats by Larder on the basis of sssessments and hills and reasonable eaimata thr.t+oof. ? 'ILe Ftntds shall be bdd is an institution the deposits or accounts of which are insured or guaranteed by a Federal of slats agency (iachding IAader if Lender is such an institution). Lender shall apply the Funds ro pay said taxes, a:sessrrtents. irtsuraooe premiums and grand rents. lender may not charge form holding and applying the Funds. analyzirts said aooount, or veritying.sad oompiliag said staasments and bills, unless Lender pays Borrower interest oa the Funds and applicable law permits Leader to make such a charge. Borrower sad Lender may agree in writing at the time of execution of this Mortgage that interest oa the Funds shall be paid to Borrower, and unless :itch sgra;ment is made or applicable law requires such interest to be paid, Leader shall rat be required to pay Borrower any interest or earnings on the Funds. Lender sbaU give ro Borrower, without charge. an sonnet accounting of the Funds showing credib and debits to the Funds and the pupae for which each debit to the Funds was made. The Funds are pkdgal as additional security for the sums secured by this Mortgage.. u the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the dtte dates of taxes. assasmeab, inswanoe premiums and ground rents. shall exceed the amount required to pay said taxes. a+sestntaeab, irt:uraooe premitnas sad ground rafts ss they fall due. such excess shall be. at Borrower's option. either promptly repaid to Borrower or credital to Borrower ot+_ monthly installment: of Funds. If the amount o[ the Funds held by Leader shaq not be suf&ient to pay taxes, a»atstrtenb. insurance premiums and gtnund rents s"s they fall due, Borrower shall pay ro Deader any amount aeoasary to make up the deficiency within 30 days from the date notice is mailed by Ladder to Borrower requtsting payment thereof. Upon payment is full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Leader. If under paragraph l8 hereof-the Property is sold or the Property u otherwise acquired by Lender. Lender :ball apply, to later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Deader at the time of applitation u a credit against the sums secured by this Mortgage. 3. A~iicatiarr at P,yeseab. Unless applicable law provides otherwise. all payments received by Lender under the Note sad paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower. under paragraph 2 hereof. tbea to interest payable on the Note. then to the principal of the Note. and then to interest and principal on any Future Advaoas. 4. CWrges; Clefts. Borrower shall pay all taxes, 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 al! notices of amounts due under this paragraph. and is the avast Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borro+rrer shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower :hail not be required to discharge say such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner aceeptabk to Lender. or shall in good faith contest such lien 6y, 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. Nazard Insorarrce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured agairdt loss by fire, hazards included within the term "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 coverage exceed that amount of coverage required to pay the Burns secured'~y this Mortgage.- 'ilte irauranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that wch approval shall not be unreasonably withheld. All 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. directly to the inwranrx carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage I 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 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 proceeds at Lender's option either to restoration or repair of the Properly or to the sums secured by ibis 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. !f under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to soy insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thy: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisitan. 1 Preservation and Maintenance of Property; Leasshulds; Condominiums; Planned Unit Derebpmeab. Borrower shall keep the Property in good repair and shall not comrpit y~aste 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 rider were a part hereof. 7. Protection of Leaders Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects 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 lxnder at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is -necessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attorney's fees -and entry upon the Property to make repairs. If I.cnder required 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 requirement for such insurance term?nates in accordance with Borrower's and eoox 3~4 P~~E 2721 . _ _ y~_