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HomeMy WebLinkAbout1213 . ~ _ ~f 1 ;=ids Uettrostt~s Ooverrarts. Hon+o~wett std Leader covenant and agree at follow:: 1~ Twat st Tslae~al M Irtlarttef. Borrower shall promptly pay when due the principal of sad iateu+est on the ittdebtethte+s evidertoed by the Note, prePaytttextt sad Isle charges ac provided in the Note. and the principd of sad interest t oa any Fwurea Advatroes ttecttt+ed by this Mortgage. ~ !)rsis fat 7lrtse ttN lrteaearc~e. Stitbject to applicable law ar to a written waiver by Leutdex. Borro~rrer sbap pay b Leader on the day tttonthly instalhanents of principal and intcrest arc. pxyabk under the Note, until the Note is paid in full. a sum (herein "Fwtds'q equal to attMwdith of the ye:ariy taxrx and assessatatts which may attain priority over this Morlgsige, and around rents oa the Property; if any. plus otre.~twelfth of yearly' pretttuum it?stalMtents for hazard inwrance, Plus ooe-twelfth of yearly promittm installments for mortgage inutrance. if any. all as reasonably estimated initially and from time b time by Lewder oa the basis of assessments and Mlh and reasonable estimates thereof. 1be F;rnds shall be held in an irWitutiarr the esepe>sia or accounts of which are insured or-guaranteed by a Federal of state agency (including Lextder if Lender is such an institution). Fender shall apply the Funds b pay said taxes. asstxsmextts. insttrarrce premiums and ground Hats. Lender may not charge for sa holding and applying the Rnrtds. analyzing said account, or vexifying.aad compiling said asse~csmrnts and bilh;, unless Lender pays Hotmwer lateral on the Funds and applicable law ~ permits Leurder to make such s charge. Borrower and Lendkr may agree in writing at the time of execution of this Mortgage that inte:reu on the Funds shall be paid to Borrower, and unless such agroentent is made or applicable law requires such interest b be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lenekr shall give b Borrower, without charge, an annual accounting of the Funds"she„r?ing credits and debits to the Funds and tht purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by tha Mortgage, _ If the amount of the Funds bead by Lender. together with the' futon monthly installments of Funds payable prior to the due dates of taxes, aastxsnrents, irrswanoe premiums and ground rents, shall exceed the amounT required to pay said taxes, a:sasatents, irauranoe premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds btdd by Lender shag not be t tar pay taxes, assessrnerrts. insurance premiums and ground rents ass they fall due. Borrower shall pay to LtKrder any atntoutrt necessary to make up the deficiency within 30 days from the date notice is .mailed by Lender b Borrower requesting payment thereof. Upon payment in fuU of all sums s>ecurcd by this Mortgage, Lender shall promptly refund to Borrower any Funds Geld by Lender. If under paragraph 18 hereof the Property is sold or the Properly u otherwise acquired by Lender. Lrnder sbaU spply, no later than irnmodiately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the tithe of application as a credit agair>at the sums sexured by this Mortgage. 3. A~Ileatisrr nff lhgneab. Unless applicable: law provides otherwise, all payments received by Lender under the Note and paragraphs i and 2 hereof shall be applied by Lender tiro in payment of amounts payable to Lender by Borrower trader paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advanea. - 4. Cftiarge:~ Liieas. Borrower shall pay all taxes, assessments and other charges. tines and impositions attributable to the Property which tnay 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 Borrower malting payment, wheat dam, 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 promptly famish to Lender- receipts evidencing such payments. - $orrovver shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so bag 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 defrnd enforcement of such lirn iq legal .proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. _ S: Hazard Irrsnrarrce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage and such other hazards u Lender may require - and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of rnverage required to pay -the sums secured by this Mortgage. The insurance carrier providing the inwrance 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 paymcnt, whrn due, directly to the insurance carrier. Alt 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 Lender all-renewal notices and_ all receipts of paid premiums. in the event of Loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lass if not made prtmptly 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 exonomica0y 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 i 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 Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers io 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 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 Z hereof or change the amount of such installments. if under paragraph i8 hereof the Property is acquired by Lcnder, aN right. title and interext of Borrower in and to any huurance policiex and in and to the proceeds 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. 6. Praervatlt?tr aed Maintenance of Property; Leasefiwtds; Condomiuiunrfi Plarroed Unit fDevebPments. Borrower 4 shat! keep the Property in good repair and shall not comepit yvaste 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 condominium or a planned unit development. Borrower shall perform all of Borrowers obligations under the declaration or covenants creating or governing the condominium or planned trait 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 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 erf Lender's Securlfy. 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's interest in the Properly. 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 notice to Borrower, may make such appearances, disburse such sums and take such anion a, is necessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. If [_ender 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 far such insurance terminates in accordance with Borrowers and +~1t?. p , ._nR~2~'7 - --A~~s