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HomeMy WebLinkAbout1225 Utruosut Qovtu+ert». Borrower and Lender covenant and agree as fdbws: L lt4twerrt et 1<eiirsc4al ttN Lkraf. Borrower shall promptly Pay when due the prurcipa! of and inter+a~t on the indebtedrttas evidenced by the Note, prepayment and late charges ss provided in the Note. and the principal of and interest oq any Future Advaaas securod by this Mortgage. • ltirsia her 7luaoai asi Inwaanca Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Leader on the day monthly irrstalUnents of principal and interest ire-payable under the Note. until the Note is-paid in full. a swat (herein "Funds'q equal to one-twdith of the yearly taxcc and s:sess<rtents which taay attain priority over this Mortgage, and ground teats oa toe Property. if any. plus one-twelfth of yearly' premium instalments for hazard insurance, plus one-twelfth o[ yearly premium installments for mortgage inurrartcc. if any.. all as reasonably estimated initially and frost time to time by Linder oa the bass of assessments and hills and reasonable estimates tlieceof. The Funds shall be btdd is an institution the deposits or accounts of which are irtstu+ed or Guaranteed by s Federal of state agency (inchuding Lender if Lender a wch an institution). Lender shall apply the Furls to pay said taxes. assessments, iawraooe premiums and ground rents. Lender may trot charge for so holding and applying the Fends. analyzing said account. or verifying_and compiling said assessments and bilhti unless Lender pays Borrower interest on the Funds and applicable law permits Leader to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest oa the Funds shall be paid to Bon~ower, and unless such agreensatt is made or applicable law requites such interest to be paid, Fender shad not be required to pay Borrower any interest or arnings on the Funds. Lender :haU give to Borrower, without charge, an annual aeoounting of the Funds showing crsdits and debits to the Funds and the purpose for which esds debit to the Funds wu made. 'ibe Funds are pledged as additional security for the wms secured by this Mortgage. N the amount of the Funds Geld by I.ertda. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessrrreab, imuranoe premiums and ground rents, shall exceed the amount required to pay said taxes, saaameats. insurance premiums aril ground rents u they fall due. such excess shall be. at Borrower's option. either pr+ooaptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds brill by Lender shall not be str6cimt to pay taxes. a:sasments. insurance premiums and ground rents as they fall due, Borrower shag pay to Leader any amount rtooessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower !equating payment thereof. _ Upon payment in full of all atmss secured by this Mortgage. Lender shall promptly refund to Borrower any Funds hill by Leader. If under paragraph l8 hereof the Property is sold or the Property a: otherwise scquired by Lender. Lender ahaB apply, no later than immediatdy prior to the sale of the Property or it: acquisition by Lender. say Funds held by bender at the time of application as a credit against the sums secured by this Mortgage. 3. A~ifeatlsrr st IhgmeaU. Unless spplicabk law provides otherwise, all payments received by Lender under the Note soil panrgraplrs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, !hers to interest payable on the Note. then to the principal of the Note, and then to interest and ` principal on say Future Advanoa. I. _ Cfarges; IfJeas. Borrower sfiall pay a!I taxes. assessments and other charges, tines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the moaner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due. directly W the payee thereof. Borrower shall promptly furnish to Leader all notices of amounts duo under this paragraph. sad in the went Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such 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 beg as Borrower shall agree in writing to the payment of the obligation secured by such lien irra manner sooeptabk to Lender, or shall in good faith contest wch lien by, or defend enfor+oanent of such lien in, legal proceedings which operate to prevent the enforcerrrent of the lion or forfeiture of the Property or any part thereof. _ S. B~asard iawraaee. Borrower shall keep the improvements now existing or hereafter eroded on the Property iroured agairttt loss by fire. hazards included within the term "extended coverage and such other haurds ss 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 coverage exceed that amorart of coverage required to pay the wms secured Eby this Mortgage. 'ibe insurance carrier providing the insurance shall be chosen by Borrower wbject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on inwrance policies shill 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 iawrance carrier. AU 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 aceeptabk to Lender. Lender shall have the right to hill the policies and renewals thereof. sad-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 loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, inwrance proceeds shall be applied to restoration or repair of the Property damaged, provided such ratoration or repair is economically feasible and the security of this Mortgage is not thereby unpaired. If such restoration or repair is not economically feasible or if the sscurity 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 Lender within 30 days 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 to the wms secured by this Mortgagc. 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 installmetts. If under paragraph 18 hereof the Property is acquired by Lender. all right, title and interat of Borrower in and to any hrsurance policies and in and to the proceeds thereof resulting from damage to the Property prior W the sale or acquisition shalt pass to Lender to tbe extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. - f. Pcrservatios sad Maiateaaace of Property; Leaseholds; Condominiums; Planned-Unit IDerelopments. Borrower :hall keep the Property in good repair and shall not comrpit 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 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 ;vorgage. 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 of Lender's Secnrlty. 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 Property, including. bit 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 wms 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 Properly to make repairs. If Lender 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 eBect until such time as the requirement for such insurance terminates in accordance with Borrower's and