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HomeMy WebLinkAbout2982 - - _ - ~N~m. f~attst~+at+is. Bort~owsr noel Lesider oavaant and agree a: follows: 1~i,.1ny11ttw1,~M Feige}al atati Msswf. Borrowsr shall promptly pay when des the priadpal of and interest on the lrttaN1sd11sN aniflettosd by tbs NoMr pepaynteat and late charges ss provided in the Nob. snd the principal of std iabrest °eut tfttp`INtttte~tt~1~911?artcss ::rend blr rtes 1Nortgttgs. - 3: `Ntait ~lteross tttsd Ilns¦s~artce~ Subject to applksble law err to a written wsiver by Linder. Borrower shall pay b L•etsdsr tail NNt wy matthly irgtalbnanb of principal and interest are. payable tinder the Note, until the Note s paid is full. y s+ttmm ~u`'~ttnds'9 equal to ontrtvrdtth of ilia yearly taxes and b which may attain priority over this ItBa>t~tijb;iitid t~0erb on the Property. if any, plus one-twelhh of yearlli~ premium installments for hattard insurance. ~Airsotti?tr>~Ar'bf yearly ptemiuni installments for mortgage insurance. if any. sll ss reasonably estimated initially and from tNiM~m=titrM~ Lesdar oa the basis of assessments and bilk and reasonable estimates theraof• ' '!be'IAfrfidf3ha11 be bead in sa institution the deposits or aooounb of whkh aro instead or gnsranteed b!? a Federal of etas tpsttty.fiticluding Under if-Lerrder is such an institution). Leader shall apply the PWnds to pay:aid taxes. asseatrreMs, inqurt~e ~r(wtMtars and grotptd rents. Lender may not charge for sa holding and applying the Funds. analyzing said account, - or v,sfsd eompiiir~ said assasrrrents and bilk. unless Lender pays Borrower interest on the Funds and applicable law permits Fender to mate such a charge. Borrower noel Lender nay agree in writing at the time of execution of the bitortga~s ~tbat interest on the Petrels sbaN be paid to Borrower. and unless such agreanerrt is made or applicable law regnitrls such interest to ba paid. Lender :ball not be required to pay Borrower any interest or earnings on the Fuck. Lender sbaB gi+~vt4 Borrower, without tdrarge. as annual aeoounting of the Fund: showing credit and debits to the Funds and the ptupq'a for ~rbich bitch debit to the Funds was made. 1be Funds are pledged as additional security for the sums secured 1N. ibis ldortpge. Tf the: arrtotrrrt o[ tots Funds bald by Lender. together with the future monthly installments of Funds payable prior to rtes due data of taxes, assasrrreab. insurance premiums and ground rents, shall exvad the amount required to pay said woes. aaess~tb. instrraooe praaiums and ground rent as they fall due. such excess shall b0. at Borrower's option. either poogptly repaid to Borrower err credited to Borrower oa monthly installments of Funds. If the amount of the Funds held bl? .LeaderabaU not be stdBcient to py tsxes, saessrrrarts. insurance premiums and ground rents s: they fall due, Borrower.sbaU pay to Deader any amount aeoessary to make up the deficiency within 30 days from the date notice is mailed by header tD Borrower requesting. payment tfrereof. Upon payment in fuU of all suns secured by this Mortgsge. Lender :fall promptly refund to Borrower any Funds held by Lender. if .render paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender :ball apply. no later than immediately prior to the sale of the Property or its acquisition by Larder, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. g. A at Psp~ureafs. Unless applicable law provides otherwise. all payments received by Lender under the Nob and paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on fire Note, then to tits, p~t~r~al.gf tl~ Note. and then to interest and principal on any Future Advaooes. ` - - - - - d. CMrgesi lUerts. Borrower shall pay all taxes, assessments and othelr ~hat~es, fines and impositions attributsbk to the Property which may attain a priority over this Mongage,~and lessehold paymarts ot~grotrnd'rents, if any. is rite manner provided under puagraph 2 hereof or, if not paid in such manner. hY Borrowet olal~iog paymeent. what due, directly to the payee thereof. Borrower shall promptly furnish to Leader all.notives of amarats due under this. parsygnplr, noel is the event Borrower shall make payment directly. Borrower shall` promptly furnish to Ltndtr receipti evidencing such payments. Borrower ahaU promptly discharge any lien which has priority over this Mortgage; provided. lint Borrower shall not be requited to discharge any such lien so bng as Borrower shall agree in writing to rite payment of the obligation secured by such Herr in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such fiat in, legal protoedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Henri Iaswance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against lass by fine. hoards included within rite term "extended rnverage'', and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided. that Lender shall trot require that rite amount of such coverage exceed that amount of coverage required to pay the sums secured ~y this Mortgage. 'Ibe inwrana carrier providing the iastuanee shall be chosen by Borrower subject to approval by Lender. provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shell be paid in the manner ~ provided under parsgraph 2 hereof or, if not paid in such meaner, by Borrower making payment, what due. directly to fire - iasurance carrier. All insurance policies sad 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 frold fire policies and renewals thereof, sad Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. in lire event of lass. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof 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 sevuriry of this Mortgage would be impaired, the insurance proceeds shall be applied to the :teas secured by this Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faik to respond to Lender within 30 days from fire date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for iruurairct benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of rite Property or to 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 under paragraph l8 hereof the Property is acquired by Leader, all right, title and interest of Borrower in and to any insurance policies and in and to fire proceeds thereof resulting from damage to the Property prior to tlx: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or , scquisition. f, Preservation awl Mainteriance of Property; Leaseboids; Condominiums; Planned Unit 1Derelopmeals. Borrower shall keep the Property is good repair and shall not comrpit yeasts or permit impairment or deterioration of the Property sad shall comply with the provisioner of any lease if this Mortgage is on a leasehold. if this Mortgage is 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 bylaws 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. rite covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants 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 agrcements contained in this Mortgage. or if any action or proceeding is commenced which materially affects Lender's interest in rite Property, including, but not limited to. eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon votive to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest, including, but not limited to. disbursement of • reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the ban secured by this Mortgage, Borrower shall pay the premiums requital to maintain such 'iawrance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and ~ ~ ~ ~ ~ B,>~3~.6 P~2981 .