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HomeMy WebLinkAbout2961 _ - _ ~ _ - =t~~~ ~ a ~ ~ - • ~ i r Borrows sad Lender covenant and agrw fa folbwa: - I. Pq?aeeat of Prineipai sad Interest. Borrowee shall promptly pay when dw the principal of sad intarat on the indebtedness t evideaosd by the Note, ptepaymeat sad Lte charges as provided in the Note, and the principal of and interest on any Future Advances se~wred by this 11lortgags. . 4. Frads for Tsmes sad Inatranos. 3nbjed to applicable law or !o a written waiver by I.a~der, Borrower shall pay to Lender on the day L monthly instagmenb of principal sad iater~est are payable Hader the Note. until the Note is paid is full, a sum (herein "Funds'? equal to ono twstflh of the yearly taxes sad assean~enta which may attain priority over this Mortgage. and ground reab oa the Property, if aqy, plw oaa ' twelfth of yearly premium iastediaaeats for hazard insurance, plw one•twdtth of yearly pt~emium installments for mortgage insurance. Uany, all a. reasonably estimated initially and fkom time to time by Larder on the basis of aasasmenta and bills and reasonable estimates thee+eoL The Funds shall bs held in an institution the deposits or aorouats of which era itpwsed~guaranteed by a Federal os State agency tinclading loader if Lwder is sash sa institatioa). Leader shall apply the Funds to pay said temes, ssseaerneats, insurance premiums arm ground reab. Leader Huy rot charge far so holding and applying the Funds. analyzing said accounR or verifying and compiling said F assessmea4 and bi1L, anlas La>der pays Borrower interest oa the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may age+se in writing at the dace of eucntioa of this Mortgage that interest oa the Fends shall be paid to Borrower, and anlesa such agreement is made er applicable law requires such interest to be paid, Leader shall not Hued to pay Borrower any interest or earnings oa the Fonda. Leader shall give to Borrower, wiWout charge, an annual aa:ountiag oFnnds showing credits and debits tothe - Fundsand Ws parpossfor which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this , Mo:tsage. If the eawnnt of We Fends held by Lander. together with the Encore monthly irutallmente of Fends payable prior to We dw dates of to:es, sasesemer4, inanranos premiums sad ground rests. shall txcaed the amount required to pay said taus, amaameats, insurance premiums and ground rests u they fall due. each eacaesa shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Eustis. If the amount of the Fends held by Lender shall sot be sutficiept to Pay lases, assee~ents, insurance premimas and ground rents a• theS? fall due, Borrower shall pay to Lander say amount aeoeasasy to make ap the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment is fall of all sums secured by this Mortgage. Lender shall promPdY refund to Borrower say funds hele by Leader. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by loader. Lender shall apply, no later than immediately price to the sale d the Property a its aogaisition by loader, any Fonda hSld by Lender ere the time of appUcation as a credit against ttre soma secured by thin Mortgage. - - - , 3. Applk~adon of Payments. Unlces a f paragraphs l and 2 hereof shall be a pphcabk law provides otherwise. all payments received by Lrnder~ ender the Note and pplied by Lender first is payment of amounts payable to Lender by Borrows under paragraph Z hereof; Lhen to interest psiyabk on the Note, then to We principal of the Note, and then to interest and Principal on any Future Advances. 4. Charges; Liens. Borrower shaA pay all razes, asaeaaments and other charges, fines and impositions 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 hereof or, if not paid in such manner, by Borrowtr making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall prompdy furnish to Lender receipts evidencing such payments. Borrower shall pranptly discharge any lien which has 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 secured by such lien in a manner aeoeptabk to Lender, or shall in good faith rnntest such lien by, pr 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. Hazard Insurance. Borrower shall keep the improvemen to now existing or hereofter erected on the Property insured against loss by fire, hazards included within the term "e:tended coverage," and such other hazards as Lender may require and in such amounts and far such 1 periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the soma 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 favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i.ender all renewal notiaa and all receipts of paid premiums. in~he event of toes, Borrower shall give prompt notice to the insurance carrier and Loader. Lender may make proo~.of loss 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 bender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier o$ers to setae a claim for insurance benefits, Lender is authorized to co11eM and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the soma secured by this Mortgage. _ Unless loader end Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is aalnired by Lender, all right, title and interest of Borrower in and to any insurance policies and in sad to the proceeds thereof resulting from damage to Property prior to the sale or aa~uisition shall peas to Louder to the extent of the sums secured by this - Mortgageimmediately prior to arch sale err acquisition. 6. Preservation and ldaintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property is good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of say lease if this Mortgage is on a leasehold. If this Mortgage is on a snit is a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration orcovenanta creatingor governing the condominium or planned unit development, the by-laws ar~~regulationa of the condominium or planned unit development, and constituent docnmenta. If a condominium err planned unit development rider is executed by Borrower and recorded together with Chia Mortgage, the covenants and agreements of such rider shall be incorporated into and shalt amend and supplement thernvenants and agreements of this Mortgage as if the rider were a part hereof_ Protection of Lender's Security. Tf Borrower fails to perform the covenants and agreements oontaiaed in this Mortgage. or if any action or proceeding is commenced which materially afYeits Lender's interest in the Property. including. bat not limited to, eminent domain, insolvency, code enforcement, err arrangemeab or proceedings involving a bankrupt or decedent, then Lender at Lender's optionapon notice to Borrower may make sash appearances, disburse such sums sad take such action as is necessary to protect Leade:•s interest, including, but not limited to, diabnrsement of reasonable attorney's fees sad entry upon the Property to make repai». If Lander required mortgage insurance as a condition of making the town secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for arch insurance terminates in eocordance with Borrower's and Lende:'s written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender perauant to this paragraph with interest thereon, shall become-additional indebtedness of Borrower secured by thin Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lander to Borrower requesting payment thereof. sad el?aU bear iatered from the date of diabunanwt at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such 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, a6all require Louder to incur any expense or take any actia~n hereunder. ~ ~~3i6 P~E2960 ~ -