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HomeMy WebLinkAbout0069 - - ~ r;' _ . Borrower and i.ender oovenaat and agree as folbws: ~ 1. Payaseni of Principal and Iotsreat. Borrower shall promptly pay when due the principal of and interest on thF indebtednea ' evideaoed by the Note. prepayment and late charges u provided is the Note, sad the principal of and iatarest on any Enlace Advances secured by this Mortgages . 2 Fbmda for 1'a:es and Insttranoe. Subject to applicable lacy os to a w:;tten waiver by Lender. Borrower shall pay to Lender oa We day • monthly installaaarb ofprincipal and interest are payable under the Note. until the Note is paid in full. a sum (herein "Fuads'~ equal to one twdRlr olthe yearly fazes and assesameats which may attain priority over thin Mortgage. and groundrents on eheProperty, ifany, plwone- 't twelRh of yearly premium inateJlmenb for hasar4l insurance, Plus one•twelRlr of yearly premium installments for mortgage insurance. if any. ~ all a: reasatabljr estimated iaitial~y and Grom time to time by Lender oa the basis of assesamen4 and bilb and reasonable estimates thereof. ~Q l~ds_shall be held is an_ipatitution tbe_depodts or aooounts of which are insured or guaranteed by a Fes4ral or State agency (including Lender if Lends is such an institution). Lender shall apply the ~'unda to pay said tasea~ aesasments: insusa~noe pramiunu and------ ground rents. Lends: may Trot drarge far so holding and applying the Funds, analysing said account, or verifying and compiling said asseesmenq and biW, unless Leader pays Borrower interest oa the Funds and applicable law permits Lender to make ouch a charge. Borrower and Lender may agree is writing at the time of execution of fhb Mortgage that interest on the Funds shall be paid to Borrower. and unlew each agreement is made or applicable law requires such interest to be Paid, Leader shall not required to pay Borrower any inteseat or earnings oa the Fonda. Lender shall give to Borrower. without charge, an annual aeoounting of a Funds showing credits find debits to the Fends sad We purpose for which each debit to the Funds was made.'lhe Funds are pledged as additional security for the sums secured by thin Mortgage. - Utheamount ofthe Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, i aasessraents. insurance premiums and ground rents, shall ezoaed the amount required to pay said lases, assmsments, insurance premiums ; and ground rents as they fall due, such e~zoesa shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds: U the amount of the Fends held by Lender shall not be snfficitat to pay taxes, asseasmenta, insurance _ preauiuau and ground yenta as they tall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Bosrower requesting payment thereof.: _ Upon payment in fell of all sums secured by Chia Mortgage, Lender shall promptly refund to Borrower any fonds held by Leader. Uunder paragraph 18 hereof the Propel ty is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediatdy prior to the sale of the Property ar its acquisition by Lender, any Funds held by Lender at the time o[applieation ae a credit against the soma secured by this Mortgage. 3. Application of Payments. 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 Lender by Borrower ender paragraph Z hereof, then to iatered payable on the Note, then to the principal of the Note, and then to interest and prinapal on any Future Advances. Chargea,• Liew. Borrowerahall pay all taxes, assessments and oihecchargesrtnes~ind impositions attribntablelo theProperiy which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner providedunder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereoL Borrower shall promptly furnish to I.ender all notices of amounts due under this paragraph, 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 long 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 ofsuch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against toss 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 [.ender shall not require that the amount ofsuch wverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Ixnder, provided, that such approval shall not be unreasonably withheld. Ali premiums on insurance 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, diretiKly to the insurance carrier. All inaurancepolicies 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- i.ender all renewal notices and all receipts of paid premiums. In the event of lose; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss it 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 sacl~ 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 soma secured by this Martgagt, 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 ogers 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 the sums secured by this Mortgage. _ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall notextend or postpone thedue date of the monthly inatallmente referred to in paragraphs I and 2 hereof or change the amount of each installments. Uunder paragraph I8 hereof the Property is aognired 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 Property prior to the sale or acquisition shall peso to Lender to the extent of the sums secured by this Mortgage immediately prior to arch sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condoarinuma; Planned Unit Developments. Borrower shalikeep - the Property in good repair and shall not commit waste 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 Qf Borrower's obligations under the declaration or rnvenanta creatingor governing the condominium or planned unit development, the by-laws and regulations of the rnndominium or planned unit development, and constitaent documents. If a condominium or planned unit development rider is executed by Ebrrower 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 Lender's Security. If Borrower fails b perform the covenants and agreements contained in this Mortgage, ce if say action or proceeding is cammenoed which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforeeareat, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,npon notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to protect Lsndds interest, including, but not limited to, dtsbureement of reasonable attorney's fees and entry epos the Property to make repairs. If Lender zegnired mortgage insurance ae a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums tegaired to maintain such insurance in eKed until arch time as the requirement for such insurance terminates in accordance with Borrower's and`Lender'a written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided ender paragraph 2 hereof. My amounts diabnreed by Lender peranaat to this paragraph T, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable nporr notice from Lender to Borrower requesting payment thereof, and shall bear inteteaf. from the date of disbnraement at the rate payable 5+aa time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiaeible under applicable law. Nothing contained in this paragraph 7, shall require Lender to incur-any-e:penes gr-take any action_hereunder.__-- _ _ _ - B~ 478 PAr>E2041. o~n , ~ ~ . • U~K 3~~ PAGE