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HomeMy WebLinkAbout1892 - ~ Vii} ~ ~ Urtte~atut Ctmnetns. Bonnerer sail leader oovstwnt and agroe st follows: i 1 >ngtwertt et hl¦etlel atM Irrreel. Borrower shall promMlY PaY when due the priacipd of and ia/erat oa the indebledttps evidertoed by tM Note, preprryrasat aril left charges as provided in the Note. and tbs principal of sail ins~l oft arty Future Advances sectued by this Matgage. ` i !?aatls flK'1'attse atM i¦wrn¦esy Subject to applicable bw or to a written waiver by mender. Bonowsr ehali Pay to Leada• oa the day matthly installments of principal and intcr~t arc. payable tinder the Note. until rite Note a paid in tuq. a :uses (httrein "Funds") equal to orte~tvreltth of the yearly tax~~a and a:sessrnenes which may attain priority over-this ~ IMoAgage. and gratrtd rents oa the Property, it -any. phis ata•tweltth of ysarlli' premium itwaUrttwrb for hasatd irrsuraaoe, phte one-twelfth o[ yearly promittm iastalttttents for mortgagestnurartoe. it auy, all as reasonably estimated initially and from flare to bate by lender oa the bass of assessments and hills and reasonable estimates ther+oof. 'Ibe Ftutds shall be held in an institwian the deposits or accounts of which are inptred a guaranteed by a Federal of stall sgency (including Lender if Lender is such an institution). Letrder :trail apply the Funds to p.y said taxes. arsasaraMs. iawrartoe premiutra and ground teats. Lender nray not charge for so holding and applying rite Fnttds, analyzing said aceourN. a verityiag.aad eompiling'said as:essrrrarts and bills, unless Lender pays Borrower interest oa the Funds and applicable law petmiis Fender to make such a charge. Borrower and mender may agree in writing at the time of execution of this Mortgys that interest on the Funds shall be paid to Borrower. and unless such agregttent is msde a applicable law rtquiree sttdt interest to be paid. Leader :stall not baroquired to pay Borrower any. interest or earnings on rite Funds. Lender shall give to Borrower, without charge, an annual aeoounting of the Funds :hawing credits and debits to the Funds sail the purpose for which eadr debit to the Funds was mach The Funds are pledged ss additional security for the wins stxured ; by this MottWts• , U tba atoourtt of the Funds Geld by Lender. together with the future monthly installments of Funds payable prior to i the dues data of taxes. tgrxssmenb. inwranoe premiums and ground rents. shall exceed the amount required to pay said taxes. 1 aaeeemeab. irtsuranoe premiums and ground tents as they fall due, such excess shall be, at Borrower's option. either promptly rt~aid to Borrower a' aedited to Borrower on monthly installments of Funds. Ii the amount of the Funds ` held by Lender shall tat be sulBcieat to pay taxes, aaastrtetrts. insurance premiums and ground rents ss they fall due. Borrower shall pay to Leader any amount rteoasary to make up the deficiency within 30 days from the date notice is mailed by Deader b Borrows requiting pajrmart thereof. Upon payment is full of all stuns eecurtd by this Mortgage. Lender shall promptly refund to Borrower any Funds htdd br Lender. If tinder paragraph 18 hereof the Property is sold or the Property a otherwae troquir+ed by Lender. Larder :ball apply. no later than immediatdy prior to the sale of the Property or its acquisition by Larder. any Funds held by Iwoder at tha time of application as a credit agaimt the sums secured by this Mortgage. 3. A~pliestiaa et PrgaseaU. Unless applicable law provide otherwise. all payments received by Leader under the ~ Note sail paragraphs 1 sad 2 ttaeof shall be applied by Lender first in payment of amounts payable to fender by Borrower under paragr:plt 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. 1. Charger. tJeas. 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 kssehold payments or ground rents, if any. in the mantrer• 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. soil io the event Borrower shall make paytaent directly. Borrower shall_ promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hss priority over this Mortgage; provided, that Borrower shall not be requital to discharge any such licn so bug as Borrower shall agree in writing to the payment of the obligation secured by such lien in a man>xr aeoeptabk to Lender. or shall in good [aith~contest such lien by, or defend enforcement of such.lien in, ' legal proceedings which operate to prevent the en[orcement of the lien or forfeiture of the Property or any part thereof. S. Harare laa~raace. Borrower shall kelp the improvements now existing or hereafter erected on the Property insured agaitnt loss by fire. hazards included within the term "extended coverage", and such other hazards u Lender may require and in wch 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. 'Ibe iitsuranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval shall not be unreasoirably withheld. All premiums on inwrance pdicies shill be paid in the manner provided under paragraph 2 theeof or. if not paid in such manner. by Borrower making paymwt. when due. directly to the _ imurattce carrier. All inwrance 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 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 restoratan or repair of the Property damaged, provided such restoration or repair is ernnomically 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 stuns 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 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 instalments. 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 fire sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~1~~• 6. th+eserratioo said Maintenance of Property; Leaseholds; Condominiums; Plaswed Ust& Devebpraeats. 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 oondaninium 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 condominitun 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, Protective o+f Lender's 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 banlttupt or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such wins and take such action as is necessary to protect Lenders interest. including, but not limited to, disbursement of reasonable attorney's lees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured -by this -Mortgage..- Borrower shall pay the premiums requital to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and . t g~~~'K3~5 PA~E1889