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HomeMy WebLinkAbout0872 4~ 1,I sii i'r~ ~ - UNtloltM OOVSN~t'r». bonower and Fender covatant and agree as folMrtrs: ` >4 >hgttattM et leied~el aN itlereet. borrower shall Promptly pay when due the priadpal of sad iatttrest on the indeboedrtess evideaoed br the Noce. ptepaytaeat old late charges as Provided in the Nola. and tbs principal o[ and iatereb oa say Ftttttro Advaooes setgtred by the Mortgage. Z, lYleis llatr 7lsasa arts I¦wearee.- Subjeta to applicable law or to r writtat waiver by t ender. Bon~oorar dWl Pay. . to Larder oa rite day ratrnthlyr itutalhnenb of principal and intrxest irc.payabk order the Note, until the Note is paid in full. _ a sum (bttt~ein "Fuads'~ equal to one-twelfth of the yearly tax~~c and assewrtatb which tray attain priority over this - Masgage, aril gtrottgd nab on toe Property. if any, plus ork-twelfth of yearlli pranium itahlltaents for hazard irtsurartce. phte ooatMrelfth of yeatfir premium ittstallaoettis for mortgage irutrrance. it any. sll as tessonably estimated initially aril from time to cline Gtr iaede_ r ee tAe 1~ of s~ment: and. bilk and reasonable atititetalM theiOOf. - The Ponds shall be held in an inslitutiat the deposia or accounts of which are irtstued of gtttuantetea o9 tt reoerai or stars ageary (iachding bender if Lender is such an institution). Lender shall apply the Fund: to pay said taxes, s:s~smaWS, iagrraaos premiurtts and ground renb. Lender may not charge for so holding and applying the Frtrtds, analyzing said account, or verifying.aad compiling said assessmenb and bills. unless Leader pays Borrower interest oa the Funds and applicable law petnaib Leader to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest oa tot: Funds shall be paid to Borrower, and uaku suds ap+opaertt is made or applipble law requires such interest to be paid. Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without dtarge. en annual accounting of the Funds showing credits aril debib to the Funds and the ptrpoee for which each debit to the Fund: was made. The Funds are pledged ss additional security for the wins secured by thi: Mortgage• It the amourtt of the Foods heW by Leader, together with the future monthly iratallrtienb of Funds payable prior to the due dates of taxes. assessments. insurance premiums and ground rents, shall exceed the amount required to pay uid taxes, weesmeab. insurance premiums and ground renb as they tall due, sorb excess shall be, at Borrower's option. either ptoosptly repaid to Borrower ar credited to Borrower oa monthly installrttet?ts of Funds. If the araowtt of the Funds Geld-by Leader-shad not-be --repay truces,-a»txsatettts. _ittsura~e prer_n_iums_and_.~und r~eMs as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the dote notice rs mailed _ by Leader to Bonowu rsgttetEting payment thert;fof. Upon payment in full of cep sums secured by this Mortgage. Lends shall promptly reftrad to Borrower any Funds beM by Lander. If under paragraph 18 hereof the-Property is sold or the Propeny r: otherwise scquired by Lender. Lender shall apply. no later rhea immediately prior to the sale of the Property or ib acquisition by Lender, say Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. A~iiafla¦ d lsytsnis. Unless applicable law provides otherwise, all paymenb received by Lender under the Note sad paragraphs 1 sad 2 hereof shall be applied by Lender fins in payment of amounb payable to Lender by Borrower under paragraph 2 hereof, rhea io interest payable on the Nde. then to the principal of the Note, and then to interest sad P~+PV ~ ~Y Future Advances. 4. C>rtrges; Lie~r. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold paymenb or ground rents, if any. is the manner provided tinder paragraph 2 hereof or.-if not paid in such manner, by Borrower making payment, when due. directly to the payee thtxeof. Borrower shall promptly furnish to Lender all notices of ataounb due under this paragraph, sad in the event Borrower shall make payment directly. Borrower shall promptly fumish 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 aectrred by such lien in a manner acoeptabk to Lender, or shall in good faith contest such lien by, or defend eaforcentent of such lira in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or say part thereof. S. 11;a~ar+d Iastrartee. Borrower shall keep the improvements now existing or hereafter erected on the Property inwrod against loss by fire. hazards included within the term "extended coverage". and such other hanrds ss Lender may require sad in such amounts and f_or 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 Eby this Mortgage. 'Ibe insurance 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 shill 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 tbe policies and renewals thereof, sad Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. In the event of Mss. Borrower shalt give prompt notice to the insurance carrier and Lender. Lender may make proof of Mess 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 stxurity of this Mortgage is not ihercby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impsired, 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 berxfib, Lender is authorized to corker 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 paatpone 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 Lender, all right, title and interest of Borrower is and to any ttuurance 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. Praervatioe sad Maiateoaace of Property; Leaseholds; Condomiaiams; Planned Unit Devdopmeab. Borrower shall kelp tbe 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 on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration or eovenutts 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 agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider t were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreetnenb contained in this Mortgage. or if any action or proceeding is commenced which materially affects Lender's interest in the Property. including, but notlimited to. eminent domain. insolvency, code enforcement. or arrangements or proceedings involving a bankrupt or decedent. then Lender at Leader'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 fees 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 to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and . a~3~6 r~ 872