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HomeMy WebLinkAbout2475 ~ M f ! ~ ~~~f 7 Utrtrottw Govaxew'rs. Borwwsr gad Leader covenant and agroe u [otlow:: >b Ih~westt of llrinc~at gall Lla~ai. Borrower shall promptly pay when due tba priadpal of and ialerasR oa the indebtedrtew avidenood by the Nola, prapaytneat and late charges ss provided in the Note, gad tbs prirtcipal of and interest oa gay Future Advatttsa seettred by the Morttata. 2. ltirai tar 'iltmat tttstl IMeaaaw Stitbjetx to applicable law •x to a written waiver by Leader, Borrows tthsB pay to Leader on the day tttatthly installments of principal and intet~ect arc. payable under the Note. until the Note is paid at lull. a slant (herein •'Funda'h equal to orte-twelfth of the yearly taz~-s and assessments which tray attain priority over this Montage. and ground recta oa the Pt+nperiy, it any, plus Otte-twelfth of yeatiy~ premium iratalhnents for hazard irtsutaace. plus oaatwelfth of yeafly premium irtstalltnents for tnongage inutnrtce. if any, all as reawnably estimated initially and trap tithe to tune by Lender oa the basis of assessments gad Mlls and reasonable estimates thereof. The fltrtds shall be held in an institution the deposits or accounts of rlrhich are irtwred a tuaranteed by a Federal or state agency (including bender if Lender is such an institution). 1-ender shall apply the Funds to pay said taxes, astessmatta, iratrraaca premiums and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account, or verityint_and oompilint said assessments and bilk, unless Lender pays Borrower interest oa the Funds and applicable law permits Lender to make such a charge. Borrower gad Lender may agree in writint at the lima of execution of this Morttate that interest on the Funds :ball be paid to Borrower, and unless such apeentent is made or applicable law requira:uch interest b be paid. Lender shall not tie required to pay Borrower any interest or earnings on the Funds. Leader shall live to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds gad the purpose for which each debit to the Funds was made. The Funds are pledged as additional security [or the wms stuttred by the Morttttge. If the amount 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 exceed the amount required to pay said taxes. asstasmeats. iraurattce premiums and tround rents as they fall due. such excess shall be. at Borrowers option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds - beld by Leader shall cot be suf~t to pay taxes. assessments, insurance premiums and ground rents s: they fall due, Borrotrer shall pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender b Borrower requesting payment thereof. Upon payment in full of all sums secured -by this Mortgage; .Leader sbW promptly refund to Borrower any Funds heW by Lender. If under paratraph 18 hereof the Property is sold sr thts,P~operty ~ otherwise uquired by Lender. Lender shall apply. no later than immediately prior to the sale of the -Property -or its acquisition by Lender. gay Funds held by Lender at the time of application a: a credit sat?i~ist tfie•sums accrued by-this Mortgage. 3. Apllicatlon of ta~yt+sests. Unless applicable law provides otherwise, all payments received by Lender under the Note gad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 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. 4. Cdargesy Lit:ns. 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 furaish to Lender all notices of amounts due under this paratraph, 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 shall not be required to discharge any such lien so bng 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 iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part ther+eof_ [ S. Hssard Irwtraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against 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 rnverage exceed that amount of coverage required to pay the sums secured ~y this Mortgage. li 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 inwrance 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 inwrance 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 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 lass 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 E is authorized to collect and apply the insurance procceds 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 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the ProF,erty 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 b tltc sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or i acquisition. . 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit IDevelopmeats. 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. 1f 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 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 agrcements 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. i 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this J 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 Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such € sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. if 1_ender required mortgage insurance as a s condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ' ituurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and . ~