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HomeMy WebLinkAbout0038 .rj~j Uweottsr Oovn+at+t~s. Botcvwa sail Deader covenant attd ogres es follows: 1 Fgmeat et leiaeflsi te¦i 1¦Isrsef. Borrower shall promptly pay when due the priacipd of and iakseat on the irtdebeedaas eviderroed by the Note. prepaytaent and tale charges as provided in the Nola. sail the principal of and ineelrset oA soy lihrtwe Adt?aaoaa secturd by this Moctgaga ~ 1•t.-`. t~'I'-~ ~ to appli~abk lasv of m a written wairer b7 L.eisder, Bonowar shall Pal eo I~ettder oa the day moathty it>statbaenb of pritcipal and interest are.payable tnrder the Note. until the Noes is pant is toll. s atrm 11~a "Fuade'~ egad to one•twelfth of sirs yearly taxes and atwmsrrlalts which may attaar priority ova this Mortgage, and grarttd teats oa rite Property. it say. phrii oae•tvrelftA of yearly' premitmt ieatdbrterrb for hazard itntrraace. plus oaatwelfth of ysiarly premivrn itrstalhrrenu for ntortpge iltstirallce. if say, aU es reasonably estimated initially and from i time tD time by Leader oo the basis of assessments sail hills and rwwnabk estimates tlttreot. . '1bs Fttads drill be held is an institution the deposits or accounts of which are ittsured or guaaateed by a Federal otr - - ahes agency _(iaduding Lsntkt-if LRrttter. is_sttch_saia~it~t it~n ~-.1.eetda shall apply tits Fut~_ today said taxes. a~+ttrtats. _ - iasuraaoe ps+emittms sail gtourtd reab. lender may not charge form holding and applying the ~rttds. area - or vesitying.aad compiling said assessnrenb and bills. unless Leader pays Borrower interest oa the Funds and applicable law petnaits L,ertds to make such a charge. Borrower and Lender may agree in writing at lire time of execution of this Mortgttgs that idlest oa the Funds shall be paid to Borrower, and uttle;s such agrearreat is made w appliabk law requires sudr intetrat to be paid. L,etrder shall not be required to pay Borrows any interest or earnings on the Funds. Lender :hall give co Borrows, without charge. an snood accounting of the Funds dawiag credib and debits to the Funds sad the purpae for whidr cacti debit to the Funds was made. The Funds are pledged as additional secuiity for the sums secured this M- - - - - ortgsge: _ ]tt the snaotmt of the Furtdt held by'l;ender, together with-the furore monthly instdhneMs of Funds-payable-poor-to the dos dates of taxes, assessrtrafb, insurance premiums and ground rents. shall exceed the anaunt required to pay said taxes. aaasmenb, insurance pr+etaiwas aril ground rents as they fall due. such excess shall be, at Borrowefs option. eiths promptly repaid to Borrower uc credited to Borrower oe monthly iastallanenb of Funds. if the ataount of .the Fonds field by I.eodar-shall not be suiRtdsoR to pay taxes. as~n~lb. insurance premiums sad grottnd rents ss they fill dues, Borrower :ball pay to Leader say amount nea:sary to make up the deficienry within 30 days from the date notice is mailed by Loader to Borrower requesting payment thereof. - Upon.paymeat in full of aU sutra secured by this Mortgage. Lender shill promptly refund to Borrower soy Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Property Is otherwise acquired by Ltrlder. Lender shall epply, no later than immediately prior to the sale of the Property or ib acquisition by Lender. say Fturds held by I.sader st the time of application as a credit agaimt the :urns secured by this Mortgage. . 3. Ap~liieatitta e[ lgasea/s. Unless applicable law provides otherwise, all payments received by Lender under the ..Noce and paragraphs- 1 and 2 hereof :ball be__a~plied ~ Lender first in yment of amounts payable to Lender by Borrower larder patagrapA 2 hseof. that to interest payable oa the Note. then to the prutcrpd of-tiles Note.iiid d~eo to ietereit_ and _ - - - prittcipd on say Future Advantxs. 4. Aaegesti I.kas. Borrower shall pay all taxes, assessments and other charges, tines and impositioria attributable to the Property which may attain a priority ovs this Mortgage. and leasehold payments or ground rents, iE any, is 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 shill promptly furnish to Lender all notices of amounb due under this paragraph. soil in the event Borrower shall make payment directly, Borrower shall promptly famish to Lensier receipts evidencing such payments. Borro*rsr shall praaptly discharge any lien which has priority over this Mortgage; provided, that 8ortoNrs shill not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manna aooeptabk to Lender. or shall in good faith rnntest such lien by. 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. I1;asar+i ltiwsaace. Borrows shall keep the improvements now existing or hereafts erected oa the Property itaured against loss by fire. hazards included within the term "extended coverage". and such other hazards ss Lender may ttquire and in such amounb and for such periods as I:ender may require; provided, that Lender shill not require that the amount of -such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgsge. 1Le itrsuranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, thst such approval shill 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 Borrows making payment, when due, dir>petly to the iowraace carrier. - , AU 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 policiet and renewals thereof, and Borrower shall promptly furnish to Lender dl renewal. notices and all receipts of paid premiums. in the event of loss, f Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. _ _ ' r n_..-._- .r,~l) I,r, ~nnliw~el fn rrefnrnfinA nr rrrair Af vwcas ic,w.., ,u,u anri,vwbi vi:,.::wiSG agree In Writing, Insurance proceeds -rr--- 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 a 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 rent 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 ands paragraph 18 hereof the Property is acquired by Lender elf right, title and interest of Borrower is and to any Auurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the: sale or acquisition.shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. - f. pr+aerratioa soil Maiateaaace of Property; I.easebolds; Condomi0ium~ Planned Unit 1Developaseats. Borrower shall keep the Property in good repair and shaft cwt comrpit yvaste or permit impairment or deterioration of the Property soil 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 of -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 Leader's Secarlty. 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 u 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 Lender required mortgage insurance as a condition of making the loan securul by This Mortgage. Borrower shall pay the premiums requiral to maintain such iruurance in effect until such time as the riequirement for such insurance terminates in accordance with Borrowers and BJ~K P116E