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HomeMy WebLinkAbout0478 Utrteouit Oovst+xwrs. Dorr+owec and Lttodar ooveaant and agroe a fopow:: )ti. rgrttaMt et hMieiptii a¦d btlsratl. Borrower shall promptly pay when dos ebe principal o[ and inter+sst oa the indtbMdrtess svidettoed by the Note. prepayasatt and late clwrges as provided in the Note. and the principal of and intstmt ea arty Pututta Advances eecund by stns Mortgttgs. lltrti ter'1>snet asst) ltrwrwsw Subject to applicable law M to a written waiver by Fender. 8orr'trw'er shah pay to Lender oa the day tnoathly installments of principal and interest are. payable under the Note. until the Note is paid in sup. • stmt 17tenin "Fuods'q etltttd to oaatweUth of the yearly taxes and assessments which stay attain priocity •over this Mgtptgs, and 8rougd tent on ttte P'ropsrty. if any, plus arse-twelfth of yearyi~ premium iasWhrtenb for hssud ttattrance, plot otse-tarol[th o[ yearly preasitmn installments for mortgage insurance, if nay, all ss rasonably estimated initially and fray lima to tint by Leader oo the basis of assessments and hills and reasonable estimates thereof. The Fbttds Chap be heW in an institution the deposits or account of which arts insured or guaranteed by a Federal of state agetncy (iachding 4ender it Leerier a such an institution). Leader shall apply the Fonds to pay said taxes. saasataNs. iuprraoos praniutm and ground rents. Lender relay not charge form holding and applying the Folds. analyzing said account. or veritying.and compiling said aaasatents and bills. unka Lender pays Borrower interest on the Funds and applicable law permit Lender to make wch a charge. Borrower and Gender may agroe in writing at the time of execution of shit Martgags that iataat on the Funds shall be paid to Borrower. and unka such agroement is made or applicable law requiees suds interest to be paid. Leedom shall not be required to pay Borrower any interest or graings on the Funds. Lee>tkr soap give to Borrower, witlwut cbargt:. an annual aeoountiag of the Funds showing credit and debits to the Funds and the purpose for whide each debit to the Funds was made. The Funds art: pledged as additional security for the wms secured ~ ~ Ma~• It the acetones o[ tbti Fuadt bald by lender. together with the future monthly installments of Funds payable prior to the dot dater of taxes. asaeameab, iaaermce premiums and ground vents, shall exceed the amount required to pay said taxes. assessasenb. ittsurarroe premiums aed grated vents ss they fall due. such excess shall be, at Borrower's option. either promptly repaid to BorroMrec a txedited w Borrowa• oa monthly installments of Funds. If the amount of the Fuels heW by Leadttrshall not be str18t3ent to pay taxes. sssessrnatts. iawrartes premiums and grottrd rent s: they fall due. Bamwer sbap pay to Lander nay antouat netxaary to make up the deflciency within 30 days from the date notice is mailed - by Lt~r to Borrower regtteating payment thenoc+f. Upon payment in sup of alt sums secured by this Mortgage. Leader :ball promptly refund to Borrower any Fund: bdd try Lender. It under parapapb 18 bereo~f the Property is sold or the Property is otherwise acquired by Lender. Leader abtll apply, rq lases tbm immediately pray to the sale of the Property or its atxluiaition by Lender, nay Funds held by Lends at the time of application a: a ctalit againri the sums secured by this Mortgage. 3. A~iieatiaa et tegs¦esMt. Unka applicable law provides otherwise, all payments received by Lender under the -Nett sod pa~agrap~s_l and 2 hereof sbaU_ba applied_by. Lender firstin_paytnent- of amounts payable to Lender bx_Borrower _ under paragraph 2 hereof. then to intercat payable oa the Note. then to the principal of the Note, and then to interest and principal at .any Ftrture Advances. 4. Crarger Liens. Borrower shall pay all taxes, assessments and tuber charges, fines and impositions attributable to the Property which may attain a prarity over this Mortgage. and leasehold payart:ata or ground rants. if any. in the manner provided under paragraph 2 hereof or, if not paid i6 such manner. by Borrower making payment, when due. directly to the payee thereof. Borrower :ball promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Horrorlrer shall make payment directly, Borrower shall promptly. furnish to Lender receipts evideacittg such payments. BorroMrer shall promptly discharge any lien which has priority- over this Mortgage: provided. that Borrower shag 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 accxptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such liar in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. IElasara Iawrarace. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured against loss by fire, hazards included within the term "extended coverage". and such other harirds 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 coverage exotxd that amount of coverage required to pay the sums secured ~y this Mortgage. The irntrranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, flat strclr approval :ball 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 Borrower making paymart, when due. ditacUy to the inwrance carrier. Aq insurance policies and rarewals thereof shall be in form acceptable to Lender and shall include a standard mortgage I clause in favor of and in form acceceptabk 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. Tn the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lea if not made promptly by Borrower. Ualea 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 stxuriry 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 is authorized to collect and apply the insurance procxeds 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 Progeny is acquired by Lender, all right, title and interest of Borrower in and to any ftrsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thy: sale or aequisitioa shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or . f. h+aenatios, as Maiateoaace of Property; Leasebold~ Condominiums; Planned Usrit Developments. Borrower shall keep the Property is good repair and shall not comrpit 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 Borrowers obligations under the declaration or covararrts creating or governing the condominium or planned unit development, the by-laws and regulatans 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 stall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. t~rotectioa of Leader's Security. 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 reds 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 such insurance in effect until such time as the requirement for 'such insurance termtnales in accordance with Borrowers and t 6~K~~ PAGE _ {