HomeMy WebLinkAbout2349 Borrower and Iwndor oownant and agree w folbws:
1. Paytaetst of Principal and Iaterest. Borrower shall promptbr pay what dw the peincipal of and interest oet the indsbtedrtess
evidenod by the Note4 ~epaymatt sad laad,a:ge. as pe+ovidsd in the Note, and the principal of end intaestoa any Ftttare Advances second
~ Fiords l~or ea and Inwtaaos. $nbjsd to appNcabM law or oo a writte~a waiver by Lender. Bo;towsr shall pay to lwnder oa ebe dity
monhha? inswimerta of principal and inta+est are payable under the Nola. until the Note i. paid in lb11. a sum (herein "Ptiutda'7 equal to area
twelfth ottha yau~j? t~ucas and ass«smena which may attain priority this Mortgage. sad grotmd ants on the Property. if any. phu ane~
twelfth of yearly praniom in~allntents fa hssard insunrtoe, plw onatwelfth of yearly pranium installmatts far mortgage insurance, itany.
all as nawnab~ eetimatd initialer and flrom lima to time by Lender oa the basis of aeseasments and bilk and rsasorubls esiimatss thersoL i
'l7te Fends shall bs beta is as Iaatitution the deposib err aooouaa of which are insured or gwranteed by a Federal or State agenry ~
(induding Larder it Larder is such an institntion~."Iwada+r shall apply the Funds to pay said lases. assee~pta. iruw~ance praninms and
tPround rata. Larder may sot dtarp far so holding and applying tM Funds. analysing said acaounl, or verifying sod oompilirtg said
ae.essnMna sad biW. solar Lander pays Boerorrar interest on the I?'unds and applicable law permits Leader to make such a charge. 8orrowsr
and Lender may agree in welting at the tiros ~ esecution of Ibis Mortgage that interest at the Fends shall bs paid to Borrower, and enters
snob sgresrttent is made oe applicable law eegnires sadt interest to be paid, Larder shall red be required to pay Borrower any intstest err
earning on tM Fends. Lender shall give to Borrower. without dtatge, an annual aooountiag of the Fends showing credits and debits to the ~
Fends and the parposs for whidt eadt debit to the Fonds was made. 7Le Funds ere pledged as additional.ecarity for thesums secured by this t
Mortgage.
Uthe amount of the Fonds held by Lender. together with the felon monthly insWlmenta of Fonda payable prior to the doe dates of lazes,
essasaaents, insurance premiums and ground rata. shall ezaaed the amount required to pay said lases, assesaaents, insurance ~ensinms
and ground rents as they fall dme, such eseess shall be, at Borrower's option. eiWes promptly repaid to Borrower or credited to Borrower on !
monthly iastallmatts at Funds. U the amount of We Fonds beta by I.atder shall not be sufficient to pay rasa, anessnnents, insurance
pnmimts and ground rents as they fall due. Borrower shall pay to Lender any amount neoasary b make ap the deficsency within 30 days
from the daa notice is mailed by Lender to Borrower requesting payment tltenaL `
Upon payenenl in fall stall sums secured by this Mostgage, Lender shall promptly refund to Borrower any fends hdd by Leader. Tf nndee
paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior
to the sale of the Property err its acquisition by Leader, any Funds held by Leader at the time of application as a credit against the some secured
by this Mortgage.
3. AppUcation of Payments. Unlea applicable law provides otherwise, all payments received by Lender under the Note and
paragraphs 1 and 2 hereof shall be applied by Lender first in psymenl of amounts payable to Lender by Borrower render paragraph 2 hereof.
thaw to interest payable on the Noa, that to the prinapal of the Note, and then to interest and prinapal on any Fntnre Advanoee.
4. Charges; Liens. Borrower shall pay all lazes, assessments and other charges, fines and impositions attributable to the Property which
may attain a priority over this Mortgage, end leasehold payments or ground rents. if any, in the manner provided under paragraph 2 hereof or. t
if not paid in such manner, by Borrower mating Payment. when due. directly to the payee thereoL Borrower shall promptly fuatiahto Larder t
all notiaa of amounts due under this paragraph, and in the evert Borrower shall make payment directly. Borrower shall prartptly furnish to
Lends receipts evidencing such payments. Borrower shall prom ptly discharge any lien which has priority over this Mortgage; provided, that
Borrowershall red be required to discharge any such lien so long as Borrower 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 rnntest 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.
5. Hat:ard Insurance. Borrower shall keep the improvements now eziating oz hereafter erected on the Property insured against loss by
fire. hazards included within the term "extended coverage," and ouch other hazards as bender may require and in such amounts sad for such
periods as Lender may require; provided, that Lender shall not require that the amount of such coverage a:seed that amount of coverage
required to pay the autos 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 paliciea shall be paid in the mariner provided under paragraph 2 hereof or, if
not paid in each 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 favor of
and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly fnrt»sh to
ixnder all renewal notice and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier
and Larder. Lender may make proof of lass 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. 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 Lender to Borrower that the insurance carrier offers to setae 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.
Uniea Ltnder and Borrower otherwise agree in writing, anysuch application ofproceedato principal shall notextend or postpone thedoe
date of the monthly inatalltnenta 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 s~ttd to any insurance policies end in and to the proceeds
thereof resulting from damage to Property prior to the sale or acquisition shall peas to Lender to the extent of the soma secured by this
Mortgage immediatdy prior to such oak or acquisition.
6. Preservation and Maintenance otProperty; Leaseholds; Condominuma; Planned Unit Developments. Borrowershall reap
the Property in good repair and shall not rnmmit 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 wndominium 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 eonatitnent documents. If a ~
condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, ibe wvenattts and
agreements of such rider shalt be incorporated into and shall amend and supplement thernvenants and agree+mentsof Chia Mortgage as ifthe
rider were a part hereof.
7. Protection of Lender's Security. If Borrower.fails to perform the covenants and agreements wntained in this Mortgage, or if any
action or proceeding is oommenoed which mataiaUy affects Lender's interest in the Property, including, bet not limited to, eminent domain,
insolvency. node enfor+eement, or arrangements or proceedings involving a bankrupt err deoedeat, than Lander at Lender's aptionnpon
notice to Borrower may mate such appearances, disburse such sums sad fate arch-action as is necessary to protect Leader's inta+est,
including, but not limited to. dtsbursemenl of reasonable attorney's fees and entry upon the Property to make repair. If Larder required
mortgage insurance as a condition of malting the loan secured by this Mortgage, Borrower shall pay the premiams repaired to maintain
such insurance in effect until each time at the requirement for such insurance terminates in aooordance with Borrower's and Lender's
written agreeaaent or applicable Law. Borrower shall pay the amount of all mortgage insurance ptaniums in the manner provided ender
paragraph 2 hereof.
Any amounts disbursed by Larder perattent to this paragraph T, with interest thereon, shall become additional indebtedness of
Borrows secured by this Mortgage. Unka Borrows: and Lender agree to other terms of payment, such amounts shsdl be payable upon
notice tram Lender to Borrower requesting payment thereof and shall bear interest from the date of disbursematt at the rate payable fionn
time to time on outstanding principal Hader the Note anleas payment of interest at such rata would be contrary to applicable law. in which
event such amounts shag bear interest at the highest rate permissible under applicable taw. Nothing contained in this paragraph 7, shall
require Larder to incur any expense or take any action hereunder.
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