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HomeMy WebLinkAbout1207 r j ~ ~ - ~ ~ ~ ~V~ Ut+trolw Covarut~ns. Borrower attd Leader covenant and-agree as tdlows: p pt when dua tha principal o[ aced iaterat on the )tiprsaer at hlaefMl atM hrlsnsb_ 8orrowet shall rein ly pay _ ittdebtedrtea evidertoed by the Note. prepaytttatt and late charges u provided in the Note. and the principal o[ and interest ea .ay Futtn+e Advatttxs aocttred by this Mortgage. ~eMs hr 1ltaoas aatt LwrMCa Subject to applicable law or to a written waiver by Lender, Borto~rer shag pay to Leader on the day raartthly installments of principal and interest ue. payable under the Note, until the Note is paid in full. a aura (herein "Fuads'~ equal to oaatwelfth of the yeady taxes and assasrrtatts which tray attain priority over tha Mortgage. and grotmd rents oa the Property, if say. plus one-twelfth d yearly premium iasWlmcrtb for hazard irtsurartce, plus otte-twelfth of yearly premium installments for mortgsge inuirance, if any, all as ressonably estimated initially and from time to time by Leader on the basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in an institution the d;posin or accounts of which are insured or guaranteed by a Federal otr stale agency (including bender if Lander is such an institution). Lender shall apply the )hands to pay said tars. assessmdtts. iasurartoe premiums and ground rents. lender may not charge torso holding and applying the >rnrtdt, analyzing said account. or verifying_aad compiling:aid assessments and bills. unless Lender pays Borrower interest oa the Funds and applicable law pemtib Leader to make such a chuge. Borrower and Lander may agree in writing at -the time of execution of this Mortpge that interest on the Funds shall be paid to Borrower. and unless such agreement is made or appliabk law requires such iatetre:t to be paid. Linder shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual aooounting of the Funds showing credits and debits m the Funds and the purpose for which eadt debit to the Funds was made. The Funds are pledged u additional security for the sums secural _ by this Mortgage. - )Uf the amount of the: Funds held by Lander. together with the future monthly installtnertts of Funds payable prior to the due dates of taxes, asseamatts, irtatrance premiums and ground rents. shall exceed the amount required to pay said tsxes. atapsoaent; inwranoe prremiums and ground rents as they tall due. such excess shall be, at Borrovrer's option. either promptly repaid to Borrower or credited to Borrowex on monthly installments of Funds. If the amount of the Fuath held by Leader thtU not be sttBicieot to pay taxes. assesanatt:. insurance premiums and grasnd rents u they fall due. Borrower shall pay W Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of aU rtuta secured by this Mortgage. Lender shall promptly refund to Borrower any Furtds held by Lander. If under paragraph 18 hereof the Property is sold or the Property a otherwise acquired by Lender. Lender shall apply. ra later than immediately prior to the sale of the Property or its scgttisitioa by L,atder, say Funds held by bender at the time of application as a credit against the swats secured by_ this Mortgage. 3. A~iiatiaa at lgaseats. Unless applicable law~rovides otherwise. all payrneats received by Lender under the Nose sad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and print pal on any Future Advaaoes. 4. Crarges; ILieaa. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which tttay attain a priority over this Mortgage, and kasehdd paytneots or ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payttxat, whey due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under tha paragraph. sad in the avert Borrower shall make payment directly. Borrower shall promptly famish to Lender raoeipts evideaciag wch payments. _ Borrower shall proomptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so brag. as-Borrower shall agree iri writing to the payment of the dtligation secured by such lies in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend eafor+arnent of such lien iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof- _ S. )Elfazar+i ittsaraaee. Borrower shall keep the improvements now existing or hereafter erected oa the Property iowred against lass by fine. hazards included within the term "extended coverage', and such other hazards as Lender may require and in su:h amounts and for such periods as Lender may require; provided, that Lender sbaU rat require that the amount of ~ such coverage exceed that amount of coverage required to pay the wins secured 'by this I?fort~e:. The inwrattce carrier providing the insurance shall be chosen by Borrower wbjoct to approval by Lander, provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shell be paid in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, what due, diroctly to the insurance carrier. - AB insurance poicies and renewals ::~ereof shall be in form acceptable to Lender and shag include a standard mortgage clause in favor of and in form acceceptabk to Lender. Lender shall have the right to held the poicies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts.of paid premiums. In the event of bss, ~ 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 procceds shall be applied to restoration or repair of the Property damaged. provided such restoration or repair is economically feasible and the stcurity 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 Irfortgage, 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 Lender to Borrower that the insurance carrier offers to settle a claiirt for insurance benefits, Lender is authorized to cblkct and apply the insurance procxeds at Lender's option either to restoration or repair of the 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 I and 2 hereof or change the amount of such installments. If under paragraph l8 hereof the Pro ferry is acquired by Lender, all right, title and interest of Borrower in and to acy Insurance policies and in and to the procceds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Prsaerratiw sad Maintenance of Property; Leaseholds; Condomiuiuats; Planned Udt Developtaeats. Borrower shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property sad shall comply with the provisions 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 obligatiotu under the declaration or covenants creating or governing the condominium or planned unit development, 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 agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage u if the rider were a part hereof. 7. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender i interest in the 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~otice 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 tees and .entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan securest 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 accordance with Borrower's and . a,~~3~7 P~~~2Q6~ - -