Loading...
HomeMy WebLinkAbout0496 _ - - _ _ _t__ _ _ _ . ,.j _ s Ut~otut t~ovattatrra. •orrower and Letnder ixweaant and agt+ee st topows: L ~gtwsM et figeerlttl tttii i¦Iwwf. Borrower :hall promptly pay when due the principal of sad ialerest oa the irtdebledoess wideaoed by the Nola prepayateat and late charges ss provided in the Note. sad the prittcipd of std iattawt oa soy FWture Advaaoet secttted by tha Mortytge. dwp Pay i. lriwi M 7lrast tttsi Iasastttseta Subject to applicabb law ar b a written waiver by Lender. b I~ettdsr on the day taoathly irtstallatertts of principal told interest are.payabk under the Note. until the Note is paid at full. a atrm (hpeJn "Fttttds'? equal to one-twelfth of the yearly fazes and assasatatts which may attain priority over this A3orig.~s.:03 Sro~ r~ti .~u t~ Ftty. it say. ply ow-twelfth of yam ps~'.ott ir.~2lrrarsts tas *~*Q itm~nae. plus one-twelfth of yearly premium ittstalhtneats for atortptge insurance, if any, all as reasonably estimated initially and tt+om time to lisle by Leader oa the bail of assessments and hills and reasonable estimates: thereof. 7'he Funds shall be held in an institution the depoaia or acoounb of which arc ittsttred or guaranteed by a Federal or state agency (including Lender if Dettder is such an institution). bender shall apply the Ponds b pay said taxes. asseurnaNs. iasttanoe prdrtiunq and ground teats. Lender may not charge form holding and applying the Fnnids, analyzing said acoouM. or verifyiug.•aad compiling said atsessments and bills, unless Lender pays Borrower interest oa the Funds and applicabN law permitr Lender to make such a charge. Borrower and Lender may agree in writing at -the time of execution of this Mortgage that iatetest on the Foods shall be paid to Borrower, and unless such apeemdtt ~ made or apppcabk law requires such interest b be paid. Leerier shall na be required to pay Botmwer any interest or arnings on fife Funds. Lender shall give b Borrower, without charge, an annwl aooounting of the Funds showing credits and debits b the Funds and the purpose for which each debit to the Funds vvas made. Tha Funds are pledged as additional security for the wins secured this M ~ If the aaaunt of the Ftatde held by Fender. together with the future monthly installments of Funds payable prior to the due dates of taxes, ataatraeats, insurance premiums and ground :rats, :)tall exceed the amount squired to pay said taxes. aataatnatts, insurance premiums and grourd rents as they fall due. such excess shall be. at Borrower's option. either promptly repaid b Borrower a naedited b Borrower oa rrtonthly installments of Funds. If the amount of the Funds httW btr I~eoti~rshall not bet s,icieot to oav taxes. asatxsrnatts. insurance arcmiums and trotted rents m they fall due, Borrower shall pay b Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed b7? Deader tD Borrows requesting paymetu thereof. - Upon payment is fop at aU staiss secured 6y this Mortgage, Lender shall promptly sfttnd to Borrower any Funds head by Deader. If under paragraph 18 hereof the Property is sold or the Property a otherwise acquired by Lender. Lender shay apply. no later thin immediatdy prior b the sale of the Property or its soquaition by Lender. any Funds held by Coder m the time of applicwtioa as a credit against the scans secured by this Mortgage. 3. AppMeatiea at ><sprtaeals. Unless applicable law provides otherwise, all paymems received by Lender under the Note and paragraphs Z sad 2 hereof shall be spplied by Lender first in payment of amounts payable to Lender by Borrower under paragraph-2 beieof,-_then to iaterat payable oq the Nae, then to the principal of the Note,_ard then to interest and principal on say Ftuure Advances. ~ - 4. Ciarges; Liens. Borrower shall pay -all taxes, assessments- and -other charger floes and- impositions attributable b the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. whey due, directly b the ' payee thereof. Borrower shall promptly furnish b Lender all notices of amounts due under this paragraph, sad k the event Borrower chap make payment directly, Borrower shall promptly furnah to Lender rooetpts evidencing wch payments. - Borrows shall promptly discharge any lies which-has priority over this Mortgage; provided, that Borrower shop nest be required b discharge any such lien so brag as Borrower :hall agree in writing to the payment of the obligation secured by wch lien in a manner atxeptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such )lest ia. legal proceedings which operate to psvent the enforoement of the lion or forfeiture of the Property or any part thereof. S. BLsari laarraace. Borrower shall keep the improvements now existing or hereafter erected oo the Property inwred against loss by fire. hazards included within the term "extended coverage", sad such other hazards as Lender may requis sad is 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 Mortgage. j 'Ibe iawrance carrier providing the insurance shall be chosen by Borrower wbjoct to approval by Lender. provided. that such spproval shall na be unressortably withheld. All premiums rot insurance policies shsdl be paid in the manner provided under paragraph 2 beioof or, if na paid in such manner, by Borrower making payment, when due. directly to the inwranoe carrier. _ All inwrance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of sed in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender ell renewal notices and all receipt: of paid premiums. In the event of lass. i Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ' ~Unlesc Lender and Borrower aherwise agree in writing. insurance proceeds shall be applied to rabration 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 soma 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 inwrance 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 wins 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 inuallments referred to in paragraphs I and 2 hereof or change the amount of web installments. If under paragraph l8 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any Rtsurance policies and in and to the proceeds thereof rewlting from damage to the Property prior b the sale or acquisition shall peso to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or scquisition. f. Praerratioa sad Maiateasace of Property; [.ease6olds; Condomiaiueox Planstd Unit lflevelopmeats. Borrower shall keep the Property io good repair and shall not comrvit yvaste or permit impairment or deterioration of the Property and shall comply with the provesions of any kale 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 or 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 agrcements 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 Leaders Secarity. 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 Leader's option, upon naice to Borrower, may make such appearances, disburse such sums and take such action as 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 secured-by-this-Mortgage,-Borrower-shall--pay-the-premiums-required-to-maintain--suCK-- - insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and . BOOiRf J1~ PdGE