HomeMy WebLinkAbout1917 Borrower and Lender oavenaat sad agree as folbws:
1. Payment of Pr1n~slpsl and Intetre~al. Borrower shall promptly p.y ,Then due the principal of and interest oa the iadebtedaea
evideaosd by the Note, p[eptymeat sad late charges u provided is the Note. end the principal of and interest on any Future Advanoss secured
by this Mortgage
H. Funds for Tarter quid Ieuuranee. Subject to applicable law or to a written waiver by Leader, Borrower shall pay to Lender on the day
monthly instalhaeats of prinapal tad interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds'? equal to oaa
twelfth of the yearly taxes and assessments which may attain priority over this Mortgage. and ground rents on the Property. if any, plw one
twelfth of yearly premium iastalhneats for hazard insurance, p!w onetwelRh oiyearly premium installments for mortgage insurance, if any,
all w rsasonably estimated initiallj? and from time to time by Lender on the basis of assessments and bilb and reasonable estimates thereof.
'Ibe Funds shall be held in an institution We deposits or accounts of which are insured or guaranteed by a Federal or State agency
' (inducting Lender if Lender is such an institution). Lender shall apply the Funds to pay said lases, assessaaenta, insurance premiums and
gronnd rents. Leader may not charge for so holding and applying the Funds. analyzing said account, or verifying and compiling said
assesanaenta and bills. unless Leader pays Borrower interest oa the Ptinds and applicable law permits Lender to make such a charge. Borrower
and Leader may agree in writing at the time of asecutioa of this Mortgage that interest on the Ptitnda shall be paid to Borrower. and unless
snch agreeanent is made or applicable law requires such interest to bs paid. Leads: shalt not be required to pry Borrower say interest or _
earnings on the F1mds. Lender shall give to Borrower. without charge, an annual acoonnting of the Funds showing credits and debits to the
Funds and the purpose for which each debit to the Funds was made.'ft~e Funds are pledged as additional security for the sums secured by this
Mortgage. -
Ifthe amonnt ofthe Funds heW by Lender, together with the future monthly installments of Funds payable prior to the due dates of lases. '
aaaessrnents. inuurance premiums and ground rents, shall e:e2ed the amount required to pay said lases, assessments, insurance premiums
and ground rents as Wey fall doe, arch e:eeas shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on
monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes. asseaamenta, insurance
premiums and gronnd rents as 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 by Lender to Borrower requesting payment thereof.
Upon payment in full of aq soma secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If render
paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, ao Later than immediately prior
to the sale of the Property or its acquisition by Lender, any Fonda held by Lender at the time of application as a credit against the sums secured
by this Mortgage.
3. Appikadoa of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and
paragraphs 1 and 2 hereof shall be applied by Lender fast in payment of amounts payable to Lender by Borrower under paragraph 2 hereof.
then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances.
4. Charges; Liens. 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 payments or ground rents, if any, in the manner provided under paragraph 2 hereof or,
if not paid in snch manner, by Borrower making payment, when due, directly to the payee thereof. Borrowershall promptly furnish to Lender
all 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 thiaMortgage- provided, that
Borrower shall not be required to discharge any such lien ao long as Borrowershall 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, ordetend 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.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by
fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and forsuc~
periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage
required to pay the sums secured by this Mortgage.
'Che insurance carrier providing the insurance shall be chosen by torrower subject to approval by Lender, provided, that such approve! ,
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 insurance carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause infavor 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
i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prdmpt notice to the insurance carrier
and Lender. Lender may make proof of lose 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. I! such
restoration or repair ie not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied
to the some 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 proceeds at Lender's option either to restoration or repair of the
Property or the sums secured by this Mortgage.
Ualesa Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedae
date of the monthly inatallmerita 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 in and to any insurance policies and in and to the proceeds
thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the soma secured by this
Mortgage immediately prior to such sale or acquisition.
6. Preservation and Maintenance of Property; Leaseholds: Condominums; Planned Unit Developments. Borrowershall keep
the Property in good repair and shall not rnmmii waste or permit impairment or deterioration of the Property and shall comply with the
provisions of any lease if this Mortgage is on a leasehold. It 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 creatingor governing the condominium or planned
unit development, the by-laws and regulations of the condominium or planned unit development, and rnnatituent documents. It a
condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and
agreements otauch 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 Lender's Security. If Borrower fails to perform the covenants and agreements rnntained in this Mortgage, or if any
action or proceeding is commenced which materially affects Lender
a 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 auras and take such action as is necessary to protect Lender's interest,
including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required
mortgage insnrance as a condition of making the loan aecnred by this Mortgage, $onower shall pay the premiums required to maintain
snch insurance in effect until such time as the requirement for ouch insurance terminates in accordance with Borrower's and Lender's
written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided undo
paragraph Z hereoL
My amounts disbursed by Lender persuant to this paragraph 7, with intere~et thereon, shall become additional indebtedness of
Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon
notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from
time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which
event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall
require Lender to incur any expense or take any action hereunder.
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