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HomeMy WebLinkAbout2490 _ . _ S, 4 i - ~ . BOrrower aRd Leader OOYenant and agree Y follOwa: I. Payttseet of IMacipal sad Iataraat. Barowsr shall P~PVi? Pal? when fine the priadped of and catered oa the indebtedness evidee,oed by the Nob. Prepayment and late charges as providd in the Note, and the principal of and iatereton say Ptittnre Advances secured ~ fiords for Taxoa and Inaaraooa. Sabjsd to appikabb law or to a written waiver by finder. Borrower shall pay b Lender oa the daffy - monthly installment of principal sad interest are psyabk under the Nob. antil the Nob is paid in full. a sum (herein "Fbnda'7 equal to oaer twelfW of the yearly taxes and assessment which may attain priority over this Mortgage, sad ground rent Qn the Property. if any. plw oa? ' twelttb of yeeu~ly pnminm iastalhaeab for hasard insurance, Plus one~twelfth of yearlvjr premium installments for mortgage inauranaa. if any. all as reasonably entimatd iaitialhr and from time to tia?e by Lends on the basis of assessment and bilh sad reasonable estimates thereof: 7be Fbads shall bs held b as iastitutioa the deposit or account o[ which an insured or guaranteed by a Rederal or Stab agency . (including Leader if Lender is such an institution). Leader shall apply the Funds to pay said taxes. anesrment, inauranos premiums sad ground rests. Leader may sot d?arge fa so holding and applying the Fonda, analysing acid account. or verifjring and oampiling said aaessmeat and bi14. unless Leader pays Borrower interest on the Funds sad applicable law permit Lender to mike such a charge. Barrow~c sad Lender may agree in writing at the time of t:ecntioa of Wis Mortgage that inttrsst on the P1mds shall be paid to Borrower. and unless sods agreement i. made or appliable law rsgnirea such interest b bs paid. Lear shall not be required b peer Borrower any interest or eataiap oa the Fonds. Leader shall give b Borrower. without surge, an anneal aooounting of the Ftinds showing credit and debit b the Fonda sad the purpose for which each debit to the Funds was made. The Ftinda are pledged as additional secnriq? for the sums secured by this Mortgage. . U the amount of the Funds held by Lender. together with the future monthly installment of Funds payable prior to the due dates of tares, " _ aaaessmeat. insuraaos Premiums and ground rents. shall exoaed the amount required to pay said taxes. asseament. insurance premiums and ground rent as they fall due, such exeeea shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly insWlmeab of Ftimds. U the amount of the Ponds held by Lender shall not be sufficient to pay lases, assenmenes. iasnranos premiums and ground rent a• they fall due. Borrower shall pay to Lender any atnnnnt necessary to make up the deficiency within 30 days :ran the dab notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in lull of all cams secured by this Mortgage. Lender shall promptly refund to Borrows any funds held by Lends. If Hader paragraph 18 hereof the Prope:gr is sold or the Property is otherwise acquired by Lander. Lender shall apply. ao later than immediatly P~ to the sale of We Property err it adgniaitioa by Lender, any Inds held by Lander at the time of application as a credit against the sums secured by this Mortgage. 3. Applkation of Payments. Unless applicable law provides otherwise. all payments received by Lender Hader the Not and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable b Landes by Borrower under paragraph 2 hereof Wes to interest payable on the Note, Wen to the principal of the Note, and then to interest and principal on any Future Advandes. 4. Charges; Liana. Borrows shall pay all fazes. assessments and other charges. fines and impositions attributable to the Property which may attain a priority ova Wia Mortgage, and leasehold payments or ground rents, if any. in the manner provided nnda paragraph 2 hereof or. if not Paid is such manna. by Borrows making payment. when due, directly to We payee Wereof. Borrows shall promptly furnish to Lends all notion of amounts due under Wis paragraph. and in the event Borrows shall make payment directly. Borrower shag promptly furnish to Lends refieipt evidencing such payments. Borrows shall promptly discharge any lien which has priority ova this Mortgage; provided, that Borrows shall not be required to discharge any such lien ao long as Borrows shall agree in writing to the payment of the obligation secured by such lies in s means adaptable to Lends, or shall in good faith contest such lien by, ordefend enforcementof such lien in, legal prDceedinga which operate. to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall kcep the improvements now existing or hereafter erected on the Propertyr insured against lass by fin, hazards indnded within the tam "extended covsage," and such other hazards as Lender may require and in oath amounts and forsnch periods as Lends may require: provided, Wat Lends shall not regain that the amount of such wverage exceed Wat amount of fioverage required to pay We soma secured by this Mortgage. - The insurance carries providing the insurance shall be chosen by Borrows 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 manes, by Borrows making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lends and shall include a standard mortgage clause in favor of and in form aooeptabk to Lends. Lends shall have the right to hold the policies and renewals thereof, and Borrows shall promptly furnish to lender all renewal notifies and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carris and Lands. Lends may make proof of loss if not made promptly by Borrows. Unless Lender and Borrows oWerwise agree in writing, insurance prooceds shall be applied to restoration or repair of the Property damaged, provided arch restoration or repair is ernnomically feasible and the security of this Mortgage is not thereby impaired. If each restoration or repair is not economically feasible or if the security of W is Mortgage would be impaired, We insurance proceeds shall be applied to We sums secured by this Mortgage, with the excess, Jany, paid to Borrows. If the Property is abandoned by Borrows, or if Borrows fails to respond to Lender wiWin 30 days from the date notice is mailed by Lends to Borrows that the insurance cards offers to settle a daim for insurance benefits. Lends is authorized to collect and apply the insurance proceeds at Leeds's option eiths to restoration or repair of the Property or We arms secured by Wis Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds b principeJ shall not eztend or postpone the fine date of ebe monthly installment referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If nods paragraph 18 hereof We Property is acquired by Lends, all right, title and intered of Borrower in and to any insurance policie and in and b the proceeds thereof resulting from damage to Property prior to We sale or acquisition shall pa8s b Lender to We extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation end D[sintenance of Property: Leaseholds; Condominuma; Plannmd Unit Developments. Borrows shall keep the Property in good repair and shall 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 condominium or a planned unit development, Borrows shall perform all of Borrows's obligations ands the declaration or covenants creatingor governing Wecondominium or planned unit development, the by-laws and regulations of We condominium or planned unit development, and donatitnent documents. If a oondomininm or planned unit development rids is executed by Borrows and recorded togeWs with Wis Mortgage, the covenants and agreements of such rids shall be inrnrporated into and shall amend and supplement the covenants and agreement of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrows fails to perform We covenants and agreements contained in this Mortgage, or U aqy action or proceeding is commanded which materially affects Lender's intend is the property, indnding, but not limited to, eminent domain, insolvency. lode enforcement, or arrangements or prodeedinga involving a bankrupt or decedent, Wen Lends at I.ende~s optionnpon notice to Borrows may make such appearandes. subarea such sums and take such action as is neoeatiry to protest Lender's interest, inducting, but not limited to, disbnrsam~t of reasonable attorney's fees and entry upon the Property to make repairs. If Leerda regained mortgage insnreuide as a condition of making We loan second by this Mortgage, Borrows shall pay We prerniams required to maintain such irunranfie in effeet until such time as We requirement for such insurance laminate in accordance wild Borrower's and Lender's written agreement or applicable Law. Borrower shall pay the amount of all mortgage inauranfie premiums in the manner Provided undo paragraph 2 hereof. Any amounts disbursed by Lender persuant to Wis paragraph 7. wild intsed Wseon, shall become additional indebtednep of Borrows secured by this Mortgage. Unless Borrows and Lender agree b olds teens of payment, such amounts shell be payable upon rwticx from Lends to Borrows requeting Payment Wereof, and shall bear intered from the date of dubarsement at the rate payable from time to time on outstanding principal ands the Note unless payment of intered at inch rate would be contrary to applicable law. is which evert such amount shall bear interet at the highest rate permissible nnda applicable law. NoWing contained in this paragraph 7, ehaD regain Lends to incur any pcpenae or take any action hereands. ~~~~316 ~A~2490 - ~ . ~ - ~