Loading...
HomeMy WebLinkAbout1423 Utrtt~orut Oovaw?rrts. Horro+rer amd Leader covenant and atroe u follows: 1ti. h~rtseM at h1Yst~st •i 1tslereM. Borrower shag promptly pay when due the principal of std interest on the indebledrress evideaoed by the Hole. ptrcpaytaeat and I.te charter as provided in the Notts. and the prncipal of and interest ow trtsy Fntura Advances sawed b7? this Motrttage. Z !1s¦tis larr'1ltesa tustl dstteaacw Subject to applicable law or to a written waiver by Lender. Borrower :hail Pay to Lender oa the day monthly installarnta of principal and interest arc. payable under the Note. until the Note is paid in lull, s ttttra (hereiu "Fuods'~ equal to one-twelfth of the yearly taxcx and rsssasrnena which m+?y attain priority over this Morigswse, and read as the Ptoperty, if any, phrs otx-twelfth of yearly' premium it>stallrrterrq !a hazard inwrance, phis arch-twelfth of yearly prsmiuai installments for tnotttate instrrantx. if any. sll as rr~sonabh? estimated initially and tran time tD time by Lender oa the basis of assessments and Mlls and reasonable estimates thereof. The Ftmds shall be held is an institution the d"eposita a announce of which are inswed or guaranteed by a Federal of state atsucy (inchrdint L>~r if Lender is such art institution). Leader sba6 apply the Funds to pay said taxes, assasrrr?mma. ' imwarroe praniurns aced trourtd rents. Lender may not charte for so holdint and applyirtt the Fonds. anslyzint said account, or verifping.aed compr7inz said assessments and bills. unless Lender pays Borrtnver interest on the Funds and applicable law ppmib Lender to make such a chatte. Borrows and Lender may agree is writint at the time of execution of tha Mortgage that interest on the Funds shall be paid to Borrower, and unless such atrcenrent is made or applicable law requires such interest b be paid. herder shall not be required to py Borrower any interest otr araings on the Funds. Lender sM8 give to Borrower, without charts, an annual accountint of the Funds showint cradles and debia to the Futtd: and the pupose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this Moctgsge. )g the amount of the Frmds held bry Lender, together with the future monthly installmeaa of Fund3 payable prior to the due data of taxes, as~ssssrrteats, iawranoe premiums-and ground rents. shall exceed the amount required to pay said taxes, aaatenena. iawrarroe premiums and ground rents as they fall due. such a:cess shall be. at Borrower's option. either promptly repaid to Borrower a rxedited to Borrower on monthly installments of Fusels. If the amount of the Funds btsld by LeadsrshaU cot be sd6cieat to pay taxes. asaessrtrerra. insurance premiums and ground rents a they fall due. Borrower snap pay too Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by L±mdter to Borrower-regttatiot payment thereof. - Uprra paymed in full of all sums secured by this Mortgage, Lender shall pranplly refund to Borrower any Funds held by Leader. If wader paragraph 18 hereof the Property is sold or the Property a otherwise aoquirod by Lender, Lender sbaU apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Leader at the time of application as a coedit again:? the scans secured by this Montage. 3~. A~iiatjae M It<ayaeab. Unless applicable law provides otherwise. all payatena received by Lender under the Note aced paragraphs 1 and 2 hereof shall be applied by Lender first in payment of atnouna payable to Lender by Borrower under paragraph 2 hereof, thee- to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. - 1. CVrte:; IJeas. Borrower shall pay cell taxes, assessments and other charges. tines and impositions attributable to the Progeny which may attain a priority over this Mortgage. and leasehold payments or ground rents. if any. in the manner i providod under paragraph 2 hereof or, iE not paid in such manner. by Borrower making payment, when due, 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 furnish to Lender receipts evidencing such payments. Borrower shs!! promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be E 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 rnntest 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. _ S. HaQard Iawraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured rgairrst loss by fire, hazards included within the term "extended coverage', and such other hazards as 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 amount of coverage required to pay the cams secured by this Mortgage. - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld_ All premiums on insurance policies snail be paid in the manner providod under paragraph 2 hereof or, if rat paid in such manner, by Borrower making payment, when due. directly to the inwraace carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and :half include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renzwais 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 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 restoration or repair is economically feasible and the security of this Mortgage is rai-thereby impaired_ If such restoration or repair is not economically feasible or if the sxurity 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 Honower_ If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30_days from the dste 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 Yoe Properi~ 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 r:ferred to i~~ paragraphs 1 and 2 hereof or change the amount of _ such installments.- If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interrst of Borrower in and to any Arsurance policies 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. )rreaenat3oa and Maiatcaance of Property; Lesseholds; Condominiuntls; Planned Uait IDevdopmeats. Borrower shall keep the Property in good repair and shall not commit 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 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 rt hereof. 7. Prstection of Lender's SccurNy. 1 rrow-er ai s ~ d agreements contained in this Mortgage, or if any action or proceeding is ca-nmetrced which materially affects Lender's interest in the Property, including, but not limited to. eminent domain. insolvency, code enforcement, or arrangements ur proceedings involving a bankrupt or decedent. then Lender at Lender's option, upon notice to 64rrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest, inclyding. 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 loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such . iwrrrance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and . s X317 ~~~42~.