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HomeMy WebLinkAbout1442 a t~ ~ ~ Ut+tratut Oovttrutvis. Borrower and Lender ooveaant and agree as tolbMrs: itgtineM at hitat~al nttti lolrserf. Borrower shag promptly pay-when due the principal o[ and interest on the atdebtedness evidenced by the Note. pt+epaymeat and late charges u provided in the Note. attd the principal of and interest en any Ftttw+e Advaarxt? ttettrred by this Mortgage. - - i prods Ibr 11das sari Ios¦saoce. Subject to spplicabk law M to a written waiver by Lender. Borrower shall pay to Leader on the day monthlyirtsWUnents of principal and interest are.payabk under the Note. until the Note a paid in full. a atrm (Morin "Funds") Qgnal to otte-twelfth of the yearly lax and asrasrrtents which may sttaio priority over -this i 1 Mortgage, and ground renb on the Property. if'any. plus one-twelfth of yearly premium installments for hazard inwrarrtx, plus ono-twelfth of yearly premium installments for mortgage instrranee, if any, all u reasonably estimated initially and fr+em j time to tittle by Leader oa the basis of assessments and Mlls and reuonabk estimates thereof. - Tbe Funds :bail be held in an institution the deposits or accounts of which are irtstttcd oc guaranteed by a Federal otr state asency (inchding Lender if Lender is such an institution). I~nder shall apply the Funds to pay said taxes. assessnrena. _ iasurarroa praniWra and p~ougd rents. lender may not charge for so holding and applying the Fonds, analyzing uid amwM- or verityin`aad compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and appligbie iorx- ' _ petrmits Lender to make such a charge, Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or appligbk law requires sttdt interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender chap give t0 Borrower, without charge, an annual aooounting of the Funds showing credits and debits to the Funds and the purport for which each debit to tbt Funds was made. The Funds are pledged u additional security for the sums secured j this M ~ N the amount of tba Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, asseameots, inwrance premiums and ground cents, shall exceed the amount required.to pay said taxes. assessments. irt:trraoce premiums and ground rents ss they fall due_ . such excess shall be. at Borrower's option, either promptly repaid to 8onower or credited to Borrower on monthly installments of• Funds. If the amount of the Funds held by Lendsrshau not be t to pay fazes. assessmatts. insurance premitms and ground rents u they fall due. Borroaer shall pay to Lender any amount netessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requeuing payment thereof. Upon payment in full of all sutras secured by this Mortgage, Lender :ball promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise aoquircd by Lender. Lender shall apply, rte later than immediately prior to the sale of the Property or its acquisition by Linder. any Funds held by Letrder at the time of application as a credit against the sums secured by this Mortgage. 3. A~ligtiao et 1laytareob. Unless applicable law provides otherwise. all payments rtceived by Lender under the Note sad paragraphs I and 2 hereof shall be applied, by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hert~of, then to interest payable on rice Note, then to the principal of the Note. and then to interest and principal on soy Future Advances. - 4. CMrges; Lies. 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 tht:reof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shalt 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 long as Borrower shall agreean 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 defend enforcement 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. Hasara lawra~r:e. 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 ~I such coverage exceai that amount of coverage required to pay the sums secured dry this Mortgage. The inwrance carrier providing the insurance shall be chosen by Borrower subject- to approval by Lender, provided, that such approval shall not be ~~nreasonably withheld. All premiums oa insurance policies slydl 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 - insrrraacc 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 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 k~as if not made promptly 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 economically 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 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 procceds 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 2 hereof or change the amount of such installments. If under paragraph 18 hereof t;:e Property is acquired by Lender, all right, title and interest of Borrower in and to any Asurance 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. Preeervatioa and Maintenance of Property: Leaseholds; Condominiaws; Planned Unit IJerdopmeats. Borrower shall keep the Property in good repair and shall not comtpit 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. 9. Protection of Lender'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's interest in the Property, including, but not limited to, eminent domain, inu~lvency,-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 action as is necessary to protect Lenders interest. including, but not limited to. disbursement of reasonable attomcy's tees and entry upon the Property to make repairs. !f 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 s~:ch insurance terminates in accordance with Borrowers and g;~x317 -