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HomeMy WebLinkAbout0050 - _ - _ _ . - - - wr . ~ r ,t ~ g • : ~ L? Utrtsopt Oovar+st+rs. llorrowsr sad Leader ooveaant artd agree a: follows: 1n Ftq~t ~ hietrat atstl itlereel. Borrower span promptly par when duty the principal o[ sad iataest oa the iade6letMees svideooed by the Note, prepayraeat sad late charges ss provided in the Note. sad the prhtcipal of aadntteRq as atsy Ptrtt>rs Adtrattcet sxttnd by the Mortgage - 1 1lris ~ 7ltmss ttN Lss~ra¦ee. Subject to appncabk law orb • writtat waiver by [.ender. Borr+o~twr tthaN Pay b Leader on the day asatthly irtstalh»ena of principsl and interest are.payaMs under the Note, until the Note k paid in fun. a staa (hsnda "FttodP~ egwl b one-twelfth of the yearly tax~x snd a:sessmata which tray attain priority over this Mortgage. sad grou4d rears oa t4a Property. it atty. plus one~tvrelhh of yest~ praaiuat iataanmena for hamrd inwrartce. pious oos•twslfth of yearly premium iastallmatts for mortgage instirartoe, if any. all as rwsortably estimated initially and tr+cm rims b flans by Lender oa the bass ~ assessments sad bilk and rtasortabk estimates theroot. 'Ibs Fttads Shan be held is as irtstitutitxt the dsposia or accotrna of which a» iroured ar guaranteed by a Federd otr staN agency (Mcftrdirtg Iartder if Lertder is such an institution). Leader shall apply the Funds b pay said texts, as~asntaNS. irtwraooe pr+anitutts and grottrtd rend: lender may not charge for m holding and applying the Fends, analyzing aid acoouM, or v+ecifyiag.and corrtpiliag said asseantena and bilk. uakss Larder pays Borrower interact oa the Funds and appliexbk law permits Lender to make such a charge. Borrower sad Lender may agree in writing at the time of execution of this Moripss that iataest oa the Fund: shall be paid to Borrower, and unless such apeema~t is made or applicabb law require such intemst to be paid, Fender shall not bt r+equited to pay Borrower any interest of earnings on the Funds. Lender shall give b Borrower, without charge. an annual atxounting of the Funds showing credits and debits to the Funds and the purpae for which eadt debit to the Funds was made The Funds are pledged ss additional secwity for the sums secured If the amount of-tha-P1mds held by-Lenrder,-together with the-fnture awMMy instalhneMs of Funds payable-prior b- the due data o[ taxes, assdtatEaa. iaaunnee premiums and ground rend. shall exceed the amount r+equiretd to pay said taxes. aaestaoeab, iequaoos premiums and ground rata as they fall due, such exuss shah be, at Borrower's option. either promptly rspaid /o Bott~oMrer or credited b Borrower oa naathly installaterta of Funds. If the amount of the Funds held b1r Leadsr~fiai! not be sed6ciaot to pay taxes, assessraatis. irtstuanex ptaniums and ground rend ss they fall due. Borrower shall pay b Leader arty amount necessary to make up the desciency within 30 days from the date notice a mailed by Deader b Borrower requesting payment thereof. Upon payment is full off all atraa secured by this Mortgage, Lender shall promptly refund to Borrower any Funds hdd b7? Deader. If under paragraph 18 hereof the Property is sold or the Property a otherwise soquired by Lender. Lander shall apply. ao hoer than immediatdy prior to the sale of the Property or its acquisition by Lender. any Funds held by Leader at the time of applicwtloa as a credit against the sums secured by this Mortgage. 3. A~iiatiart d Rayaseais. Unless applicable law provides otherwise. all payments received by Lender under the -Note and paragraphs 1-and 2 hereof shall be applied by Lender first in payment of amounts payable to_Leader by Borrower. under paragraph 2 6er+eof. that b interest. payable on the Note, .then to the principal of the Note. and then to interest and principal on any Future Advance. -4. t,'Yages; [leas. Borrower shall pay all taxes, assessments and other charges. 8etes and impositions attributable to the Property which tray attain a priority over this Mortgage, and leasehold payments or ground rents, if any. is the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whoa doe, directly b the payee tha+eof. Borrower shall promptly furnish to Leader all relives of amounts due under this paragraph. and-its the: event Borrower shall make payment directly, Borrower shall promptly tumish to Lender receipts evideociag such payments. - Borrower shall-promptly-discharge any-lice-which-has-priority-over this-Mortgage provided.-that-9ortawec-shall ~totbe--- requir~ed b discharge any such lien so brag az Borrower shall agree in writing to the payment of the obligation secured by such lien is a meaner aceceptabk to Lender, or shall in good faith contest such lien by. or defend enforcement of such lieu in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. 1Elarari lanraace. Borrower shall keep the improvements now existing or hereafter erected on the Property inwrcd against loss by fire, hazards included within the term "extendod coverage", sad such other hazards as Lender may require sad is such amounts sad for such periods as Lender may require; provided, that Lender shall not require that the amount of suedt coverage exceed that amount of coverage required to pay the sums secured 16y this Mortgage. The insurance carrier providing the irnsurance shall be chorea by Borrower subject to approval by Lender. provided, l that such approval shall not be unreasonably withheld. All premiums on insurance policies shill be paid in the manner provided under paragraph 2 hereof or. if rat paid in such manner. by Borrower tusking payment. when due. directly to the inwrance carrier. All insurance policies sad rcnewak thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of sad in form acceptable to Leader. Lender shall have the right to hold the policies and renewals thereof, sad 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 sad Lender. Lender may make proof of lass if not made promptly by Borrower. Ualeas Leader sad Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration 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 impairal. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the exoesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faik 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 b the sums stcurod 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 Raragraph l8 heroof the Property is acquired by Leader, all right, title and interat of Borrower in and to nay insurance policies and in and to the proceeds thereof resulting from damage to the Property prior b the sale or acgttisitioa shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. d. Pr+aervatioa -sad Maiatenaace of Property; heaseholdsy Condomiainms; Plaaaed Udt 1Derdopweats. Borrower shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of soy lease if this Mortgage is on a leasehold. I[ this Mortgage is on a unit in a condomtnium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or ooveoaats creating or governing the condominium or planned unit development, the by-laws and .regulations of the condomiaiuro 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. Protectloa of Leader's Secnrtry. 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 blakrup or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action az 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 Lender required mortgage insurance as a condition of makin the ban secured b -this Mort a e. Borrower shall g y g g pay the premiums required to maintain such • imwartce in effect until such time az the requirement for such insurance terminates in accordance with Borrowers and . ~ BOCK 316 PAGE c~