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HomeMy WebLinkAbout0020 . 6~_t__~ - IL - Ut+ttroow Oovat+atsra. >tort+oonr aad.Lsader covenant and agree as follows: - _ _ _ - - 1 fitptt~t st ~>reltttl~ti aN LNssesi. Borrower shall promptly par when dw tM principal of trod iaterwt oa tbs indebtadaess wideaosd bI? the Noce, prpraymeat raid bte charges m provided in the Note. sad tbs principsd of artd IatetMt r, on try Future Advattues sscrrted br this Mortgt~s. ~ ' 1 llltrrri fdsr'ltittss ttai Ittwtsa~ee. abject to applicable law or to q writtar waiter by Letrder, Bort+o~wer.t~ pal? ' to Lander oa the day monthly insWlmertts~of principal and interest are.paytrbk under the-Hots. until the Note a paid iA full. a aunt (herein "Fuads`9 equal to oae~twelfth of the yearly taxex and asseatrtetrts which may attain priority over this Mortgage, turd gtottnd teats oo the Property. if any, phw one-twelfth of yearly premitua hadrlhnsrns ttx bastard itrwrant:s. ' phra oae~tMralfth of yearly pretaium itsstallaswrb for mortgage in:trrturoe. it any, all as rotaonably estimated inhisltr turd tt+ora - tithe to titers by Lender oa.tha bask of assessments and bilk aril reasonable estitnatss thaeot. 'iLe Fwrd: sbatl be brut in an irotitwian the~depositt; or accounts of which aro initrted or guaranteed by a Federal oe sttrte agency (inchding Lt:tder it-Larder a such an institution). I.errder shall apply the Funds bo pay said taxes, assasrrrtsrtt. iaauranoe praniums aril gt+otttd rents. Lender may not charge form holding aril applying the Fends, analyzing said aeoonM. or v4rityiag.asd coanpiliog said aaessmarts and bills, unless leader pays Borrower interest oa the Funds and applicable law - permNa-I~eadeF-to-a+dte~trch-: charge: Borrowsr-atad Leads- may-agree-ia-wripas-at_the._time__of_sa~utioii of this_ ~ _ Mortgage that iMae:t on the Funds snap be paid to Borrower. sad unless such agneetaeat is roads or applicable law j eegtrina such intsrost to be paid, Lender shall not be required to pay Borrower any interest or earnings on rho Funds. Lender shall give to Borrower. without charge, en annual aooounting of the Funds showing credits and debits to the Funds sad the purpose for which eadr debit to the T:uad: was made. The Funds are pledged as additional security for the wins secured heFwith-ttte-future-monthl ~ - - -If-thaamotnttot-tbo-Freed:-heid-by-I:sndcr, sager tbs due dates of taxes. tuaeamtarts, imurance premiums and ground rents, shall exceed the amarnt required to pay said taxes. aaassoeats, inwrartce premiums and ground rents as they tall due, such excess shall be. at Borrower's option, either pr+ottoptly repaid to Borrower a credited to Borrower oa monthly installments of Funds. If the amount of .the Funds held by I.eadst•-dali not be ad&de~ to pay taxes, assessrrrarts. iawnace premiums and ground reMS ss shay fall due. i Borrower shall pay to Lender nay anrowrt rreoes:ary to make up the deficiency within 30 days from the date notice-is mailed by I.eoder to Borrower requesting payment thereof. Upon payttaent in fuU of all twins secured by this Mortgage. Leader shall pranptly rotund to Borrower any Funds brut b9 Lender. If undo paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender ~ shall apply, ra later than immalitrtdy prior to the :ale of the Property or its acquisition by mender. any Funds held by Lender at the lima of application ss a crodit against the sums secured by this Mortgage. 3. A~liatiaa st I<tpsseals. Unless applicable law provides otherwise. al! payments received by Leader under the Node and paragraphs 1 and 2 hereof shall be applied by Leader $ru in payment of amounts payable to Lender by Borrower . under parttg:aplr 2 haeof, then !o ialeres! p:y:blt o:: the Note.-then to-the princppa! of the Note, and then to interest and principal on any Future Advances. 4. Crttges; Lien. Borrower shall pay all taxes, assessments and other charges. fib and impositions attribuSabk to the Property which may attain a priority over .this Mortgage, and leasehold payments or ground rents, if any. is the manner ~ ptaavided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, whoa due, directly to the _ payee thereof. Borrower shall promptly furnish to Lender aU notices of amounts due under this paragraph. and in the event Borrower sbaU make payment directly, Borrower -shall promptly famish to Lender recdpts evidencing such payrrrents. . Borrower shall promptly discharge any lien which ha: priority over this Mortgage: provided. that Borroerer shall not be required to discharge any such lien so brig as Borrower shall agree in writing to the payment of the obligation securod by such liar in a manner aeoeptabk 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 lion or forfeiture of the Property or any part thereof. S. Nasard Insmtrnee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loos by fire, hazards included within the term "extended coverage". and such other hazards ss Lender may require and in such amounts and for-such periods ss Lender may require;-provided,.that Lender shall not_regtrirt: that the amount_of such coverage exceed that amount of coverage required to pay the wins secured Eby this Mortgage. 'Ibe inwrance 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 shill be paid in the manner provided under paragraph 2 hereof or. if not paid in such meaner, by Borrows making payment, when due, directly to the inwrance 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 Leader. Leader shall have the right to hold the pdicia sad roaewels thereof, and Borrower shall promptly furnish to Leader 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. Larder may make proof of k~ if not made promptly by Borrowa•. ' Uakss 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 rwt 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 encored by this Mortgage, with the excess. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower talk to respond to Leader within 30 days from the date notice is mailed by Lender to Borrower that the insurance carritr offers to settle a claim for insurance bare$ts, Lender is authorized to collect and apply the insurance prooads at Lender's option either to ratoration 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 and2 hereof or change the amount_of _ _ such irrstallmenu. If under paragraph 18 hereof the Property is acquired by Leader, all right, tick and interat of Borrower in and to any insurance policies and in and to the proccods thereof resulting from damage to the Properly prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immodjately prior to such sale or • acquisition. _ . ti. Iraenatios and Maiotcoaace of Property; Leaseholds; Condominiums; Plautrtd Udt Devebparewts. 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 all of Borrower a 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 r'sder were a part hereof. 7. Protection of Leader's Seewiq. 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 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 Lenders 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 secured by this Mortgage. Borrower shall pay the premiums required to maintain wch insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and 3~.6 Pa~E 20