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HomeMy WebLinkAbout0526 . ~ ; - Ur+tr~wstr~s Oovn~?ar+ts. 1orr~ower and Larder covenant and agree ss follows: L FgwMt at Riaciwl toad lalsnsf. Borrower shall promptly pay when dues the principal of and irtterwt on the indabtedaest widenoed by tbs Noll, pepaymart and late charges as provided in the Note. and the peittcrpd of and intaest oa atgr lPndrn Advancts sectrned by this irtartgage. t !ts•i fir 7lsasa anti Ltwssaea Subject to applicable law or to a written waiver by Letrder. Borrower shah py to Leadx on the day monthly iastalMnents of principal and interest arc. payable under the Notes until the Note is paid in fuq. a sum (herein "Fuads'~ egwl to oas-twdith of the yearly tu~~ and a:se:s~ttts which may attain priority over this Modgage, ash g [cots oa the Property, if any, phrs eras-tvrelfth of yestili~ pcemitga installments for hasard insurance. phis ott~atwelfth of yearly praaium instaprrtents for mortpge instrtartce.-if any, sll as resonably estimated initially and from bane to time by Lender oa the basis of assessments sad hills and reasorubk astinrates thereof. Tba Funds shall be held in as institwioii~the deposia or aooounts of which aro irisurod a gttsranteed by a Federal otr stall agency- (inchrding Lenrkr if Lender is such an institution). Leader :ball apply the Funds b pay said toes. ssspsmaNs. iasurarroe pranhnrrs sad ground rents. !.ceder may not charge for so holding and applying the Funds, analyzing said account. or veritying.aad compiling :aid assessments and bills.-unless Lender pays Borrower interest oa the Funds and applicable law perniita Leoder to make such a charge. Borrower sad Lender may agree in writing at the time of execution of this Mortgage that interest oa the Ftrtids :ball be paid to Borrower, and unless such agreement is made or applipbk law t~equites >pwa~~o be paid, Lender shall nol be required to pay Borrower any interest or earnings on tfie Furirb. Lender shall give to .without charge. an annual aooounting of the Funds showing credits and debits to ttie Funds sad the purpose for which each debit to the Funds was made.. The Funds are pledged as additional security for the sums secured by tick Mortgage. If the amount of the Funds beta by Lender. together with the -future monthly installrneau of Funds payable prior to the due dates of taae:, a::asrrieats. insurance premiums and ground rents. shall exceed the amount required to pay said cues. assasmeats, iruuranoe premiums sad ground rents ss they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower a coedited to Borrower on monthly iauailatent: of Funds. If the amount of the Funds held blr Lender-shall not ba sttlBdeot tit pay taxes, sssessrrtetits. iruuranoe premiums and gt+ound rents s: they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed br Ltinder tD Borrower requiting payment ther~oof. _ Upon payment in full of all sums secured by this Mortgsge, Lender shall promptly refund to Borrower any Funds Geld by Leodes. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall apply. no Later than immediately prior to the sale of the Property or its acqukition by Lender. any Funds held by Laoder at the time of application as a credit against the sums secured by this Mortgage. 3~. Apliicatiaa at lgtiesMs. Unless appliabk law provides otherwise. all payments received by Lender. under the Note and parsgraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof,-they to interest payable on the Note, then to the principal of the Note, and then to interest and . oa an Future Advance. - - - - 1. Cf~arges; iJeas. Borrower shall pay all taxes, assessments and other charges. tines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, i[ not paid in such manner. by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender aq 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, Gnat Borrower shall not be required to discharge any such lien so brag as Harrower 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 of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. lllasard inwraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property iirsured against lass by fire. hazards included within the term "extended. coverage". and such other hazards u 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 rnverage required to pay the sums secured Eby this Mortgage. The iawranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. that such approval shall 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 payment, when due. directly to the inwraace carrier. All insurance policies 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 Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall gave prompt notice to the insurance carrier and Lender. Lender may make`probf of bas if not made promptly by Borrower. ' Unkas Lender.and Borrower otherwise agrce 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 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_Lende[[o BQrrowcr that.the_imsrransc_c•arrier_offsts_to_settk a claim_foLinsurancs_bene6ts,_Lender___ _ _ is authorized to collect and apply the insurance proceeds 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 I and 2 hereof or change the amount of such instalments. if under paragraph 18 hereof the Property is acquired by Lender, all right, title and interat of Borrower in and to any lnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tlx: 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. treservatba sad Maiateaaace of Property; Leaseholds; Condominiuaisy Planned Unit Developments. 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 any lease if this Mortgage is on a leasehold. If this Mortgage is vii 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 conuituent• 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 Lenders Securlq. 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. cods 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 not 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 ban secured. by this Mortgage; Borrower shall-pay the premiums- required _I~ _?tsaintaid such . insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and aooK 31s r~ 5~ - -