HomeMy WebLinkAbout1886 ~ _ . _ . _ _ ..._..T-.____ . _ .
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Utettrow Cbvttte~s. Dorro~rer sad Leader covenant and :glee as tollows:
1 lgse.t et hietMl ettM MwraM. Borrower shall p~wly py when due the pt'iacipal of sad lateral net the
ietdebNdttess evidertoed by the Note, prepayet>eat sad late charges as provided in the Note. and the prYrcipal of and inta+t3st
at ttrpr Ftttwr Advances eecttr~d by this Mortgege.
1 !rile per tLaoes tttatt 1¦w~tee. Subject to applicabb 4w ~ b a writtsrt waiver by Fender. Baro~rrer shore pay
to Lsader oa tbs dsy tttoathiy insWhttents o[ principal and interest arc.pyabb undo the Nob, until the Note is paW in [u[i.
s twos (hp+da "FtraiM'~ equal to tae-tMre![th of . the yearly taz~c and as»essateetts which may strain priority over this
Malpge. and grottrld rents oa lira Ptnperty, it say. plus ones-twelfth of yeati~' premium ittsteibrtertp for harstd irattrattoe,
plus oaatwdith o[ yearly premium iastalhnents for ntorlgsge insurance. if nay. atl as reasonably esdtnated initially and h+om
dnte to time by Loader on the basis of assessments and hills and rcawnabk etuimata thereof.
'ILe Ptmds ebaq be bsid in art institution the daposia or accounts of which are iraured a guaranteed by a Federal of
tttsq agency (iachding Lander it Lender is such an institution). Leader shall apply the Ftrrtds b pt' :aid taxes, asseestnesttt.
ioeuraaoe pr+anhutts and ground rsnes. Lender may not cMrge for sa holding aed applying the Rands. analyzing said account.
or verityirtg.~rtd compiling said assessmatts and bills, unless lender pys Borrower interest on the Funds and appligbk law
petmtite Leuder to make such a charge Borrower and Lender may agros in writing at the time of execution of this
Mortgage that iataest on the Fund: shall be paid to Borrower, and utrkst wilt agreeatteat is made or applicable law
rogoiret >wdr intexat b be paid, Lender shall not be required to py Borrower any interest or antings on the Funds. Lender
s6a11 give b Bort+otrrer, witLout charge, an' annual aocotrnting of tba Funds showing credib and debits'to then Funds and the
ptrp~oea for whidr eneb debit to the Funds was made. The Funds are pledged as additional security for the sums secured
by tbh Motrtgage.
It the amotatt of the Funds heW by Lender, together with the futures monthly installments of Funds payable prior to
the due dates of taxes. assasrrteab. imutartce premiturts and ground rants, shall exceed the atnotmt required to pay said taxes.
asswments, insurance peeatitrms. and ground rmb as they fall due, such excess shall be:, at Borrower's option. either
proosptly Tepid b BorroMror or credited b Borrower on monthly iustallntertts of Funds. If the amount o[ the Funds
hold by Leader-slWl not be wf&ieM to pt' taxes, aacesmatt:. insurance pretnitmts and ground rents as that' fall due.
Borrower shall py b Lander any amount necessary to make up the deficiency within 30 days front the date notice is mailed
by Leader to Borrower requesting pyment thereof.
Upon paymtrat in lull of all sums secured by this Mortgage, Lender shall promptly rc[und to Borrower any Funds
field by Lender. If under patttgrapb 18 ber~eof the Property is sold or the Properly a otherwise acquired by Lander. Lender
absU apply. rto hoer than imnsetliatdy prior to the sale of the Ptbperty or its acquisition by Lander. any Funds held br
Leader at tba tiara of application m a coedit against the sums secured by this Mortgage.
3. A~lieatlsa e[ FpsaeetAr. Unless applicable law provides otherwise. all payateMS received by Lender uadet the
Note end pan~grapM t sod Z hereof shall be applied by Lender first in payment of amounts pyabk to Lender by Borrower
under paragraph 2 hereof. they b interest prtyabk on the Note. then to the principal of the Notes, and then to interest and
priaeipl on any Future Advances.
1. Cfrtt~ Lies. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which tnay attain a priority over this Mortgage. and leasehold payments or ground rants, if any. in the manner
provided under pragraph 2 hereof or. if not paid in such manner. by Borrower making payment. when due. directly to the
payee thet+eof. Borrower shall promptly furnish to Lender all notices of amounts due under the paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such pyments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be
required to discharge any such lien so brag as Borrower shall agree in writing to the payment of the obligation sectored by
such liar in a manner soceptabk to Lender, or shall in good faith contest such lien by, or defend enfor+texnertt of such Nett iq
legal prooecdings which operate to prevent the enforcement of the lien or forfeiture of the Properly or any part thereof.
S. Horned Iawrarsee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against Mss by Ere, hazards included within the term "extended coverage", and such other hazards as Lender may require
sad in welt 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'~y this Mortgage.
The iawraotx carrier providing the insurance shalt be chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unreasonably withheld. All premiums on inwrantx policies shill be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, what due, directly to the
insurance carrier.
All insurance policies sad renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clause in favor of and in form acceptable to Leader: Lender shall have the right to hold the politic: 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 Mss 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. piovidtd such restoration or repair is economicagy 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 insurancx proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid
to Borrower. If the Properly 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 eolkM and apply the insurance proceeds at Lender's option either to restoration or repair of the Properly
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 t8 bereaf the Property is acquired by Lender, all right. title and interest of Borrower
in and to any Assurance policies and in and to the proceeds thereof resulting from damage to the Properly prior b ttt~: sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prier to such sale or
acquisition.
f. )rrraerratba as>a Maitateaaece of Property; Leaseholds; Condominiums; Planned Ussit Derebpmewb. 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 kale 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 Borrowers obligations under the declaration
or wveautts creating or governing the condominium or planned unit development, the by-taws and regulateons 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.
Profectio~ o[ Lender's Secrrrtly. If Soszower faits 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 proccedings involving a
bankrupt or decedent. then Lender at [tender's option, upon notice to Borrower, may make such appearances, disburse such
wms and take such action as is necessary to protect Lender's interest, including. but not limited to. disbursement of
reasonable attorney's tees and entry upon the Property to make repairs. if Lender required mortgage insurance as a
condition of making the loan securW by this Mortgage, Borrowed shall pay the premiums required to maintain such
insurance in effect until such time as the requircmem for such insurance terminates in accordance with Borrower's and
ao~x 3~.5 Pa~E 1883