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HomeMy WebLinkAbout2324 e Borrower sad Lender oowna»t and agtw a• tdbws: ' 1. Payasst of Prindpsl mud lbtsrest. Baerower chap paromptlJr paq when dw the prrincipal of and iatetest on the indebtedt?ee evidenced by tM Note, prepaymsrst atd late charges a. providd in tbs Note, and the principal of and intareston atsy Fatiure Advasioes secured ~ F~ ~Tauta and Iasaranoe. Subject to applicable law or to a written waiver by Lender. Borrower sisll pay to Lander on the defy monthly irsstaltnaats of petadpal and interest are pgysble tiusdetr the Note. until the Note is paid in full. s sum (hsrain "Fands'7 equal to anp twelfth of the yearly tante~ and aaessmasts whids many attain priority over this Mortgage. and ground rents on the PropeitY, if anl?. Plw ens twelfth otyearhr premium ia~tallmanta last bastard itssauanoe, plw one•twelfth of yearly premium instsllments for mortgage ituasreiacs. cagy, all a• reasonably esdoaatad initially and lirom time to tine by Leader on the basis of aaessmants sad bilb and reeuoaable estitnatas thereof I TM Pbtsds shall bs held in an institution the deposits or accounts of which are iasated oe guaranteed by a Federal or State agenry (~tdnding Leader ff Leader is aroch an iastitalionl. Leader shall app'-y the Ponds to pay said to:es. asssasments, insurance premiunn sad geoatrd ants. I~endee may rat charge far so holding and applying the Ftiatsds, analysing said account, or verifying and ax?mpiling said asseeecnentr and biW, atalas Leader pays Horro~wer interest on the Enacts and applicable law pa:rnaits Lender to make such a charge. Borrower ' and Lenderr may agree in writing at the time of execatioa of this Mortgage that interest on the Funds shaA be paid to Borrower, and nnlea sands ageesasent le made or applicable law regnires such interest to be paid, Lender shall act be required to pay Borrower any intsrat or earnings on the fitnds. Leader shall give to Borrower, wiWast charge. as annual accounting of the fistsds showing credits and debib to the Funds and the pnrpae for which each debit b the Funds was mad4 The Funds are pledged as additional security foi the snares secured by this Mortgatge. If the amount of the Funds held by Lader. together with flu future monthly installments of Fonda payable prior to the dw dates of lases„ " aaeaasnsents, insaQatsos prnmiatms and ground rents, shall e:oaed the amount required to pay said taxes, easements. insurance premiums and ground rents as they fall doe. loch excea shall be, at Boxroweajs option, either promptly repaid to Borrows os credited to Harrower on moathlq insWlmearm ~ PLnds. Tf the amount of We Fends held by Lender shall not be sufficient to pay taxes. aeessments. insurance premimns sad gtionad rents as they fall due, Borrower shall Pay to Lender any amount necessary to make up the defiaeaq~ within 30 days frota the date notice is mailed by Lander b Borrower requestind payment thereof Upon payment is full of all sums secured by thL Mortgage. Lender shall promptly refund to Borrower nay funds held by Lender. ffnader paragraph 18 hereof the Property is sold or the Property is otherwise aogatired b~l<.' asdei. ~idMr ehal~aPply. no later than immediately prior to the sale of the Property err its acquisition by Lender, any Fends held by Lenderatthgq~eg~pplscation w a credit against the sums secured by this MortgssBe- ` tq ~~laP ~ayements~ reoe~y Lends nnda the Note and 3 Application of Payments. Unka applicable law provides otlserwsse, paragraphs i std 2 hereof shall be applied by Lemder fast in pasyment of aitpbutils pa~ab~ to Lender b~ Hrt'Wtilir Wade paragraph 2 hereof; then to interest payable on the Note, then to the principal of the Note, and they to interest and prinadp~l~gB,~}sy Fature Advateaxs. - 4. Charges; Liens. Borrower shall pay all taxes, asseesments and other charges, fines and impositions a tributable to the Property which may attain a priority ova this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph Z hereof or. if not paid in such manner. by Borrows making Payment. when due. directly to the payee thereof Borrower shall Promptly famish to Fender all notices of amounts dw ands this paragraph. and in the event Borrows shall make payment directly, Borrower shall promptly famish to Lender reoapts evidwscing 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 bug as Borrower shall agree in writing to the payment of the obligation secured by ' such ben in a manner acceptable to Lender. or shall in good faith rnntest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the esiforaxment of the lien or forfeiture of the Property or any part thereof. 5. Hat:ard Insstraruu. Borrower shall kcep the improvements now existing or hereafter erected on the Property insured against lass by fire, hazards included within the term "eztetded coverage," and such other hazards as Lender may regain and in such amounts and for such periods as Lender may regain; provided. that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the arms secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject b 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 insurance carrier. All insurance Q:+licies 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 famish to lender all renewal notieea and all receipts of paid premiums. In the event of loc. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of low if not made promptly by Borrower. - Unless Linder and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repau 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 rams second by !l»s Mortgage. with the e~ccea, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Leader within 3l) days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to setae a claim for E iasanrrmae benefits, Lender is authorized to collets and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the soma secured by this Mortgage. Unlea 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 ender 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 pea to Under to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. - 6. Preservation and Idaintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrowershall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply witb 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. Boaower shall perform all of Borrower's obligations under the declaration or covenants rreatingor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and conatitnent documents. If a condomiainm or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of each rider shall be inrnrporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider wen a part hereof. - 7. Protection of Lender's Security. Tt Borrows fails to perform the covenants and agrcemeata contained in thin Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. including. bat not limited to, eminent domain, inaaolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lender's optionnpon notice to Borrrowet may make scads appearances. disburse such sums and take such action as is neoasary to protect Lender's interest. inducting, but not limited to, diabarseaaent of reasonable attorney's fees sad entry upon the Property to make repairs. If Leader regnued mortgage insurance as a condition of making the loan secured by this Mortgag0. Borrower shall pay flu premiums required to maintain such inntrance in effect until cads time as the regninsnent for such insurance terminate in aooordanax with Borrowe:'s and Lsadee's writler? agreement oar applicable I.aw. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided Hader P~gmPh 2 hereof. Any amounts disbnrsen by Lender persuant to Wis paragraph 7, with interest thereon, shall become additional indebtedneq of Borrows sea:ared by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts stsall be payable upon rsotioe from Leader to Borrower requesting payatsesst thereof and shall bar interest from the date of disbursement at the sate payable from tiane to time on outstanding principal render the Note nnlea payment of interest at such rate would be contrary to applicable law, in which event soda amounts shall bear interest at the highest rate permissible ender applicable law. Nothing contained in this paragraph 7, shall rein Leader to incur any expense or take any action haxeursder. ,r . i . . re9 ~ e - so~316 P~E2~324 - C~ t~ .