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HomeMy WebLinkAbout0490 • - t Urttrotut Cbvst+ewts. ltorrower and Deader covenant and agree ss follows<: >i, ptpttttept et teisei}al ttaatt iipMeesl. Borrower Mall promptly pay when dw the principal of sad interest oa the iudobl0druts evidoaoed by the Note, prepayraeat and late charges as provided in the Nose. and the ptMtcipal o[ and iaterettl oA troy Ftatture Advaaas secured by this Mortgags. >Erris tar 7lttoee ttatM iaeetris~ Sttbjet:t to applicable law or to a written waiver by [render. Borrower shall pay to Lender oa the day ttsanthly installments of principal and ipterest arc.payabk under the Note. until the Note is paid in fop. al atop (hsrek "Ftrrtde'~ egwl to one-twelfth of tM yearly tsx~ and assesamatt: which may attain priority over this Mottjage, and p+oufid goats oa the Property, if any, plus oaatwelfth of yearlli~ praaittm installntwtq for hazard irtst~artce. plus cue-iwelftA of yearly ptr~aium installments for mortgage irutaranoe. it any. all as roasonably estimated initially and fr+ean bane to time by Lauder oa the basis of sssessments and hills and reasonable estimates thereof. The Feuds shall be hNd is as institution the deposia or accounts of which aro irtpued or guaranteed by a Federal ar slats agency (including Fader if~Latder is such an institution). Leoder:tull apply the I'ltttds to pay said tsxes, ss>essuttngt. iusuraaos pranittna sad ground rents. lender may not charge for sn holding and applying the Futds. analyzing said account. a veritying.ard competing said assessments and bills. unless Lender pays Borrower interest on the Funds and appliabk bw ptxmib Leader to make such s charge. Borrower sad !render may agree in writing at the time of execution of Chit MortBtge that interest .on the Feuds shall be paid to Borrower. and unless :twh agreemart is rttade or applicable law regtriree such iatetest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. lender sbaB give so Borrower, without charge. an annwi aeoounting of ate i•u~s srsowing credits and debits to the Funds sad the purposes for which eadt debit to the Funds was made. The Funs: are pledged as additional security for the :ems secured this M If the aptount of the Ftudt held by Lender. together with the future monthly installments of Funds payable prior to the des dater ott taxes, asst:ssrrteats. irtwrance premiums and ground rents, shall exceed the amount required to pay said taxes. aeseseaneats. irtawaoos praniums sad .ground rafts ss they tall due. such excess shall be, at Borrower's option. either prototptly rspaid to Borrower or aedet~d to Borrowtx ou monthly installment: of Funds. If the amount-of-the Funds held by Laedar-slWl not be sufBcieat to pay taxes, assesatrteats. insuratutx premiums and ground rents ss they fall due. Borr~nwer ah~tU pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leander to Borrower regtsesttiag payment thereof. Upon payment iu full of all amts sneered by this Mortgage, Leader shall promptly refund to Borrower any Funds heW by Lender. If tutdtx paragraph 18 hereof the Property a sold or the Property a otherwise acquired by Lender. Lender :hall apply, rw latex than immediately prior to the sale of the Property or its acquisition by !.ender. any Funds held by Leader nt the time of application ss a credit sgaiost the sums sawed by this Mortgage. 3. A~Yatlaa et lgeseab. Unless applicable I:w provides otherwise, all payments received by Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof; that to interest-payable oa rho Note.-then to the Principal of-the-Noce, and then-to interest sad . principal oa say Future Advances. 1. Charger, Lte¦s. Borrower shall pay all taxes, assessments and other charges, fines and impositwns attributable to the property which ruay attain s priority over this Mortgage. and leasehold payments or ground rents, if any. io 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 shall promptly furnish to Leader all notices of amounts due under this paragraph. sad io the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evedencing such payments. Borrowsr shall promptly discharge any lien which has priority over this Morigsge; 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 liar in a manner aooeptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien iq legal grocudings svhach operate to prevent the enforxement of the lien or forfeiture of the Property or any part thereof. S. Aarari Inwran~r. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured against Mess 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 Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured'by this Mongage. The inwrance carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender, provided, that such approval shall pot 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, directly to the insuraae carrier. f AU inwrattce policies and renewak thereof shall be in form acaptabk 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. f and Borrower shall promptly furnish to Lender all renewal notices and all r+ooeipta of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if 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 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 soars 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 proooeds at Lender's option either to restoration or repstr 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 Property is acquired by Leader, all right. title and interest of Borrower is and to say Insurance 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. preservation and Maiateaaoce of Property; Leaseholds; Coaiominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property sad shall comply with the provisions of any tease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condoaaenium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration or covenants creating or governing the condominium or planned unit devebpment, 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 Mongage. 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 heroof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this 1V7ortgage, 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, dis~trrse 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 Propeny to make repairs. If Lender .required .mortgage. insurance _as a - condition of making the loan secured by this Mongage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and i . i ! [1rVW