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HomeMy WebLinkAbout2711 r Ut+>FOU~t Covatraxrs. Borrower gad Lender coveaaat and a~roq as follov~n: 1. of hiasiwl rent t~lecest. Borrower ;hall praaptty ptgr when due the p~dpal of and interest oa tba iadebtadaaU evidenced by the Note,' psapayaneat and late charged ~ dtd~e. Note. and the ~i~h of ind interest oa any Future ~Adva~.aeeaced b1~t~birMactBssge ~ y~ - - . 1 >Rrnis thr 'ltlatoee ttsN Iwsasioa. Subject' io aPP~ble Iaw• o'r bo a'writter?' waiver by Leoder. Borrower shall pay to Leader oa the day monthly irntalhnerta of principal and iaterent sre payable udder the Note, troll'! the Note is paid is fop. ~ ama ater+eia " IFrtads'~ equal to one-twelltlt of the Y~ear1Y taxes and ataessmata whidt : natty attar :priority over this Mort~,~ge, gad grpurtd rt;rta oa the Propa~ty. if gay, pht: oqe-twelfth of yst~rly pt+ergiwa u~q for hazard iruuraace. plus one-twelfth of yet?dy pr+stnium iostalltneaa for mortgage ittsuranoe. it any. au as reasoaab estimated initially gad ft+oav ' tirn6~to lima by Leader on the bass of aases:mena gad bilb and reasonable estimates thereof?. The Prods shall be bald in m ion the deposits or amount: of urhich are itsan+ed or guatatt/eed by a Federal oti state ag~oy (lachsdiag Loader if Leader is arch as iastitutioa): Leader shall apply the lrtrrtds to pqy said razes, a>mataeob, insurance premium: gad ground roots. Leader may act chugs for ro holding gad applying cite Funds, analyzing:aid account, or verifying-and otlmpiliag said a and bllb, oaks: Leader pays Borrower interest oa the Funds and appUcabk law - permia Leader to make such a charge. Borrower gad Lender may agree is writiad at the three of ezecu6on of this Mortp~e-that-interest-on -the-Farads shalt be-pant to Borrower. -ard unku such--agreement b- raada or appiieabla lair _ _ _ - nquires,sud? interest to be paid, Lander shall not be required to.pay Borrower anlr interest or earatngs on-the Fuutds. Leader _ shall pve to Borrower, without charge, as annual aawantina of the Funds showing credits and debib to the Plinth gad the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the suns secured by t3is Mortgage. if the amount of the Funds held by Lender. together with the futon monthly instalments of` Ponds payable-Prior to - the due dates of taxes, as:asmeats, insurance premiwns and ground rents, shall exceed the amount requir+od to pay said fazes, a:seastaents, ias~,rance premiums and ground read as they fall due, such exoe;ss shall be, at Borrowiar's option, either promptly repaid to Borrower or creditesd to Borrower on monthly installments of Funds. If the amount of the Fund: held by Leader shall not be atfSciieat to pay taxes, asseasmata, insurance premiums gad ground rents sa they fall due, Borroarar shall pay to Leader gay amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower roquestirtg payment thereof. Upon payment in full of all sums securesd by this Mortgage. lender shall promptly refund to Borrower gay Fund: held by Leader. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than imasediately prior to the sale of the Property or -its ~gmsipgn; b1t;,f .~s~nY Funds hdd by Leader at the time of application es a credit against the suau secured by this Mortt~~ 3. Appiicaliosr d Payaaesks. Unless applicable law provides.pt?~~(~se,ia~ ~ L eta-7+etS r~ by Lender under the Nona gad paragraphs 1 and 2 hereof shall be applied by Lender firsfn paytnenE o~l~itl~ pti~i~tN~by Borrower under paragraph 2 hereof, then to interat payable on the Note. theitl'1f~o~ietpYieciptsl oktW,h(atarest and principal on any Future Advances. si~?~-~i a 4. ClsasgeK Liss. Borrower shall pay all taxes. assessments and other charges,. fines -and mposttsio~ table to the Property which may attain a priority over this Mortgage, and leasehold payments or ground nets, if any. is the manner provided under paragraph 2 hereof or. if not paid in such manner, by BorroMer making payment, when due. directly to the payee thereof. Borrower siraU promptly furnish to Lender all aodoes of amounts due under this paragraph, and in the weal Borrower shall drake payment directly Borrower shall-promptly furnish to Lender-receipts evidencing such payments. Borrower shall promptly discharge say lien which ha: priority over this Mortgages; 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 securesd by such lien in a manner saxptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien ice, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. - S. Hazard Iawrataee Borrower shall keep the improvements now existing or hereafter erected oa the Property insured agaimt loss by fare. hazards included within the term "extended coverage", gad such other hazards as Lender may require and is such amounts and for such periods.ss Lender may require; provided, that Lender shall not require that the amount of j such coverage exceed that amount of coverage required to pay the sums. secured by this Mortgage. The inwrance carrier providing the in.~tuance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. AU premiums ao 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 dire, directly to the insurance carrier. _ X11 inwrance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage' clatae in favor of and in form aooeptabk.to Lender: -Lender shall have the right to hold the policiei and renewals thereof, gad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the evert of loss. Borrower shall give prompt notice to the insurance carrier and Leader. Lender may make proof of loss if not made promptly by Borrower. - Ualess Leader and Borrower otherwise agrce in writing. insurance proceeds shall be~ applied to restoration or repair of the property damaged, provided such ratoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair a not economically feasible or i[ the security of this Mortgage would be itrrpaind, 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 Leader to Borrower that the insurarxx carrier offers to settle a claim for insurance bene5b, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or W the sums secured by this Mortgage. Unless 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 ua~r paragraph 18 hereof the Property is acquired by Deader, all right, title and interest of Borrower in and.tp gay insurance pdicies and in aqd to the proceeds thereof resulting from damage to the Property prior w the sale or acquisition shall pass to Lender to the extent of the sums :acwed by this Mortgage imrruedistely prior to such sofa or acquisition. . 6. treaervatiost and Maintenance of Property; Lrascholdr Coodomidaaas; Phwntd Udt Ikrelopsaents. Borrower shall keep the Property in geed repair gad shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of gay lease if this Mortgage is on a leasehold. if this Mortgage it on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations "of tba condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider, is executed by Borrower and recorded together with this Mortgage, the covenants and agreement: of ouch rider shall be incorporated into and shall amend and supplement the covenants gad agreements of this Mortgage ati if the rider were s part btu. : . - 7. ?retectioa of Lender's Secsrity. If Borrower fails to perform the covenants gad agreements contained in this Mortgage. or if any action or proceeding ,i~ commencxd which materially affects Lender's interat in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invotviag a bankrupt or decedent, then Lender at Lender's option, opal notice to Borrower, may make such appearances, disburse such sums 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 Leader resquired mortgsge ,inswanoe as a condition of making the loan secured by this Mortgage, S~~orr~~ewer; s6 pay the premiums required to maintain such insurance in effect until su8h time as the requirement for shell ittsuran~ terminates in accordance with Botr+ower's and . ~ .