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HomeMy WebLinkAbout2969 - - _ - i ..i Borrower acct Lender oownant and agree as follows: 1. Payaseat of Prlualpal and Istarwt. Borrower shall promptly pay when dw We principal of and interest oa the indebtedness evidsnad by tM Note, prepeymsat and late charges a. pmvi~d in the Note, and the p~rindpal of and interest oa any Eaters Advances secured by Chia ifforpgage. Z. finds for 1~artes and Igettranoe. Subject ld applicable law or to a written waiver by Lender. Borrower shall pay to Lender oa the day monthly installments a[ principal and interest era payable under the Note, until the Note is paid in full. a sum (herein "Funds' equal to ons• twdRh of the yearly taxes and assenments which may attain priority over this Mortgage, and ground rents on the Property, if any. plw oas• twelfth of yeaNy praninm installments forhasard insurance, Phu one•twelfth of yearly premium installments for mortgage insurance, if any. all as reawnably estimated initially sad hom time to time by Lender oa the basis of assessments and Mlle and nawnable estimates thereot '11» Funds shall b held is an inatitation the depwits or accounts of which an iruured or guaranteed by a Federal or 9tats agency (including Lender U Leader is such ao institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums sad ground rents. Lender may not chui+ far so holding and applying the Fends. analyzing said account, or verifying and oornpiliag said ° anessments and bills. unlen Leader pays Borrower interest on the Funds and applicablelaw pe-mits Lender to make such a charge. Borrower and Lender may ague is writing at the time of execution of this Mortgage that interest on the Erects shall be paid to Borrower, and unlea such agreement i. mods or appttcabk law requires such interest to be paid, Leader shell not be required to pay Borrower aqy intereeR or earnings on the Funds. Lender shall give to Borrower. without charge, an annual aooounting of the Funds showing credits and debits to the Funds and the parpoas for which each debit to We Fonda was made. The Funds an pledged as additional security for the soma secured by this Mortgage. Ttthe amount of the Pbnds held by Lender, together with the futon monthly installments of Erects payable prior to the due dates of tares. asaesemenb, insoranas prsminans and grourd rents. shall exceed the amount required to pay said taxes. assessments, insurance pnmiwns and ground rents o they fall dw, soch excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Fonds. If the amount o! the Funds held by Lender shall not be sufficient to pay taxes, aaesaments, iasnranoe pnminma acct ground teats a• they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date noRioe is mailed by Lender to Borrower requesting payment thereof. Upon payment is fall stall snau secured by thin Mortgage. Lender shall promptly refund to Borrower any fends held by Lends. If ender 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 or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums aecared by this Matgaga - ` 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender ender the Note and paragraphs 1 e~ 2 hereof shall be applied by bender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to intered payable on the Note, then to the principal of the Note, and then to interest and principal on any Fatnn Advances. 4. Charges; Liens. Borrower shall pay all taxes, asaessmenta 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 We manner provided under paragraph 2 hereof or, _ if not paid in such manner. by Borrower making payment, when due. directly to the payee thereof Borrower shall promptly furnish to Leader all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing arch payments. Borrower shall promptly discharge any lien which has priority over this 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 secured by such lien in a manner acceptable to Lender, or shall in good faith contest 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. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loos by fin, hazards incladed within the term "extended coverage," end such other hazards as Lender may regain and in such amounts and for such periods ae Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the auras secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by [.ender; 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 i,ender all renewal notices and all receipts of paid premiums. In the event of lass, Borrower shall give prompt notice to the insurance carrier and Linder. Lender may make proof of foes 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 ernnomically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the auras se~:nred 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 Lander within 30 Jaya from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle 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 sumo secured by this Mortgage. Udess Lender and Borrower otherwise agree in writing, any such application of pra.~eeda 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 inatallraents. U under paragraph 18 hereof the Property is acquired by Lender, ail right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the eztent of the soma secured by this Mortgage immediately prior to such sale or acquisition. ' 6. Preservation end ![aintenance of Property; Leaseholds; Condomiaums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit 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. If this Mortgage is on a unit in a condominiwn or a planned unit development, Borrower shall perform all of Borrower a obligations under the declaration or covenants creatingor governing the condominium or planned j unit developmrnk the by-laws and regulations of the 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 agreements of such rider shall be incorporated into and shall amend and supplement the rnvenanta and agreements of this Mortgage as if the ~ rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage. or if any . action or proceeding is eommeaoed which materially affects Lender s interest in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, os arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,npon notice to Borrower may make snc6 appearances. disburse such sums and take such action as is neoersary to protect Larder's interest, i including. but not limited to, diabareement of reasonable attorney's fees and entry upon the Property to make repairs. If Leads required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in aeoordance wild Borrowds and Lender's written agreement or applicable Law. Borrower shall pay the amount of ell mortgage insurance premiums in the manna provided under paragraph 2 hereof Any amounts disbursed by Lender persuant b this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment Wereof, and shall bear interest from the date of disbursement at the rate payable 5rom time to time on oatatanding 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 pem~isaible under applicable law. Nothing contained in this paragraph 7, shall require Lender to incur any expense of take any action hereunder. eo~~3~s P~E~~