Loading...
HomeMy WebLinkAbout2332 _ _ _ ~x. ; ~ Boerower sea Leader cowoant and anew as follows: ~ 1. Panweat of Principal and Ltteraat. Bcerower shall promptly pay when dw the priadpal of earl interest on the iaadebtedaess evidanad by tM Note. prepayment and 1sa duu~ges as provided in We Note. and the priadpal of and interest on aqy FlatnrsAdvaaoes secured by this Wartgage. Fttadi for'I`a:ea sad Inaosanos. 3ubjed to applicable law oc to a written waiver by Leader, Borrower shall pay to Lander oa the day monthly installmatts of principal and interest are payable under the Note. until the Note i. paid in full. a sum (herein "I+lands'~ equal to one twelRh of the yeaslw lases and asseaments which may attain priodty over this Mortgage, and around rents on the Property. ifany. plw oae• t twdRh of yearly praninm iustallmaats for hasar~d iaanranoe, plus one•twelRh of yearly premium insi;.!!ments for mortgage iasuraaos, if aqy. all as eeaeonably estimated initiadgr and kom time to time by Lender on the basis of assessments and bills and seasonable estimates WereoL The Fonds shall bs held in an insbitutian the deposits or aooounts of which are inunred or guaranteed by a Federal or State asenq tindudiag Lender it hander is such an iaatitntionJ. Leader shalt apply rite Fhrds to pry said taxes, aneenaeats, insurance premiums and ground teatR Lwder may not charge for ao holding and applying the P1mds, analyzing said account, or verifying sad compiling said ' assessaents sad biW, oaless Lender pays Borrower lateral oa We Funds sad applicable L?w permits Leader to mays snob a charge. Borrower sad Leader may agree is wtitiag at the time of esecntioa o! this Mortgage that interest on the Dads shall bs paid to Borrower. and ualas ouch agreaaeat is marls or applicable law requires such interest to be paid. bender shall not be required to pay Borrower any interest or agrniap on the Elands. Lander shall give to Borrower. witbont dzarge, an annual aooonntiag of the Fends showing credits and debits to the l?hnds and tla purpose for which each debit to the PLnda was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If We amount of the Elands held by I.a~der, together wild the future monthly installments of Fonda payable prior to We due dates oftases, - asaeesnnents„ insurance premiums and ground rents. shall a:aced the amount required to pqy said taxes. assessments. insurance premiums and ground eeab as they fall due. such esoas shall be, at Borrower's option, either promptly repaid to Borrower of credited to Borrower on - monthly installments of Ftu?ds. If the amount of the Fonda held by Bender shalt not be suf5cient to pay taxes. assessments, insurance premiums and gronad seats as they fall due, Borrower shall pay IaLeadaapy runount neoeasary to make rep the deficiency within 30 days from the date notice is mailed by Leads to Borrower requea~ gn t thereof. Upon payment in tall of all snore secured by this Mortgage. Leadeshall promptly reined to Borrower any fund held by Lender. If ender paragraph 18 hereof fife Property is soM ~ the Property is otherwise acquired by Lender. Leader shall apply, no later rhea immediately priar to We sale of the Property a its acgnisition by Lender. any Funds held by bender at the time of application as a credit against the soma secured by this Martgoge. . 3. Applid?tion of Psyssenta. Unless applicable law provides otherwise, ell payments received by Lender ands the Note sad paragraphs l and 2 beseo[ shall be applied by Lender Drat in payment of amounts payable to Lender by Borrower render paragraph 2 hereof. then to interest payable on the Note, Wen to We principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower ahaU pay all taxes. assessments and other charges, fines and impositioaa 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 hereofor, if not paid is such manner, by Borrower making payment, when due. directly to the payee W ereaf.l3orrower shall promptly furnish to Lender all notices of amounts due Hader Wis paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly fiuaish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over Wia 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 sedartd by r such lien in a manner aooeptabte to Lender, or shat! in good faith rnntest such lien by, or defend enforcementof such lien in, legal proceedings which operate to prevent We enforcement of the lien or forfeiture of the Property or any part Wereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loos by fire, hazards inducted within the term "extended coverage." and such other hazards as Lender may require and in such amounts and foraudt periods as Lender may require; provided, that Lender shall not require Wat We amount of such coverage exceed that amount of ooverase ' required to pay the sums secured by this Mortgage. The 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 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 in favorof 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 sad all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Leader. Lender array make proof of loss if not made promptly by Borrower. Unless Lender and Borrower oWerwise 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. 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 anme secured by Wis Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fella to respond to Lender wiWin 30 days from the date notice is mailed by Lender to borrower that We insurance carrier offers to aeWe a daim for insurance benefits, Lender is authorized to rnllect and apply the insurance proceeds at Lendei'a option either to restoration or repair of We Property or We sums secured by Wis Mortgage. Unkea 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. U 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 We proceeds thereof resulting from damage to Property prior to We sale or acquisition shall pass to Leader to We extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominuma; Planned Unit Developmeata. Borrower shall keep the Property in good repair and aha11 not commit waste or permit impairment or deterioration of the Property and shall comply wild We provisions of any lease if Wis Mortgage is on a leasehold. If this Mortgage is on a unit in a oondomininm or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or rnvenante creatingor governing the condominium or planned unit development. We by-taws and regulations of the condominium or planned unit development, sad constituent documsnte. If s condominium or planned unit development rider is executed by Borrower and recorded together wild this Mortgage, the covenants and agrcementa of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if We rider were a part hereof. 7. Protection of Larder's Security. Tf Borrower fails to perform We eovenanta and agreemmb contained in Win Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, inducting, but not limited to, eminent domain, insolvency. owk.enfoe+cemezt, or arrangements or proceedings involving a bankrupt or decedent, Wee Lender at Lenders optionupon notice to Borrower may make such appearanea, disburse such-sums sad take such action ere is neoesaary to protect Lender's interest„ inducting, bat not limited to, disbursement of reasonable $Itorney's fees sad entry upon the Property to make repairs. If Corder required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance is effect until arch time as We requirement for such insurance terminates in accordance with Borrower's sad Lmdee'~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in We manner provided. under paragraph 2 hereof. Any amounts disbursed by I.endet persuant to this paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to older terms of payment, such amounts shall be payable upon notice from Leader to Borrower requesting payment thereof, and shall bear interest from We date of diabaneasent at the rate payable from time to time on outetaading principal render We Note reefers payment of interest at each 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 Lander to incur any expense or take any action hereunder. - sflSX 3~6 P~ - ~ - ~