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HomeMy WebLinkAbout1429 i ~ j t UNtlOttl~t OOVlNAtiTi. 80rrower and Lander covenant and agree as fOIIOws: _ L leyatatst et lieieelNl tttM Ittrltttnasf. Borrower shall promptly pay when due the prittcipsl of and iatetwt on the irtdebtadtttes evidertoed by the Note. prepeytAtent and bra clwrges as provided in the Note. and the principal of std interest. oa any Ftttttro Advances secwred by this Moctgaga. . Z. !!rods tetr 7lsateu !tint! Irwrsee. Sbbject to applicable law or to a written waiver by Lender. Borrower :!tall pay to Lender on the day monthly installments of principal and interest are. payable under the Note, until the Note is paid in full. a tame (htreitt "Futtda'7 egtul to oatrtwdith of the yearly taxes and assessments which ra.y attain priority over the Mortgage, and ground rents oa the Pe~uperty. if any. plus otx-twelfth of yearly praaium iastalhytertt: tot hazard inwrance, plus ottttwdith of year>)? premium installments for mortgage insurance, if any, all as reasonably estimated initially and ttnm dins b tints by Lender on the basis of assessments and hills and reasonable estimates thereof. The Itltrtds :ball ba !add in an institution the depotia or accounts of which are ietsured or guaranteed by a Federal otr state sgency (inchding Lender it Lender is such an institution). Lender shall apply the Funds to pay said taxes. astRamatts. iawrartoe premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, - or veritying_and compiling said assessments and bilk. unless Lender pays Borrower interest on the Funds and applicable law permits Leader fo make such a charge. Borrower and Lender may agree in .writing at the time of execution of this Mortgage !best interest ott the Funds shall be paid to Borrower. and unless such agreement is made or applicable law roquirea such interest b be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender !!ball give to Borrowr., without charge, an annual aooounting of the Funds showing credits and debits to the Funds and the ptQpose for which eadt debit to ttie, Funds was made. The Funds are pledged as additional security for the sums secured by this Moetgaga. It the amount o[ the Funds heW by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, inwrance premiums and ground rents, shall exceed the amount required to pay said taxes, sssepmenb. in:urattoe premiums and ground rents as they fall due. such excess shall be, at Borrowers option. either psamptly repaid to Borrower or credited to Borrower on monthty installments of Funds. If the amount of the Funds hdd by Leader-shall not be sul6cdatt to pay taxes, aasessrrtatts. insurance premiums and ground rents ss they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed _ by Leader b Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender :ball promptly refund to Borrower any Funds held by Lender. If under patagraph_18 hereof the Property is sold or the Property a otherwise scquired by Lender, Lender shall spply, rto later than imaaediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the tiara of application as a credit against the sums secured by this Mortgage. 3. A~iicatiort et Rpmeab. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borcower under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note, and then to interest and principal on day Future Advances. 1. Crarges, Ijeas. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which may 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 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 matte payment directly, Borrower shall promptly famish 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 bng as Borcower shall agree in writing to the payment of the obligation secured by such lien in a manner acceceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent tht: enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard [assrarsce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loos by fire; hazards includod within the term"extended coverage', and such other hazards_as Lender may require and in such amounts and for such periods as Lender may requi^; provided, that Lender shall not require that the amount of ~ such coverage exceed that amount. of coverage required to pay the sums secured Eby this Mortgage. 'ILe 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 :hail 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 insurance carrier. ~ - All 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 ail renewal notices and alt 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 Borcower 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 ernnomically feasible or if the security 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 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 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance 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 immedeately prior to such sale or acquisition. 6. Yr+eservatioa aai Maintenance of Property; Leaseholds; Condominiums; Planned Unit Deveiopmeals. Borrower shall 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 Mortgage, the covenants and agrcements 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 Leader's Security. If Borrower fails to perform tbe covenants and agreements contained n this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including. but not limited to, eminent domain. insolvency, code enforcement. or arrangements or proceedings involving a bankrupt or decedent, then Lander at Lender's option, upon notice 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 loan secured 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 1~ ~ 80~K J~~ P11~~~~