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HomeMy WebLinkAbout1583 Unttoaat Qovtarun». Horro*rer aril Leader covenant and tagroe as follows: f. llgtwet et hite4nl ani ItN.t+sel. Borrower shall t~+tPth Pay when days the principal of aid ittteteat a tie ittdebtedttsp evidetaoed by the Note. ptepayrrtent and late charges ss provided in the Nape. sed tie pswctpal of alai iMetest as gay Future Advances tectrred by this Mortgage. 1. >Etsai fee Tttttua anti Iasasaaee. Subject to applicable law or to a written waiter b7? L~etrder. ion'ower ricer pay to Leader on the day monthly installments of principal and inter+ed +rc.payabk ceder the Notre, arrtW ahe Note is MM is ftt8. _ a sum (Itpein "Fuads'~ equal to oat>-twelfth of the yearly tax's and asse:snaarts which sway attaw ptiaily over Wis Mortgage, aril pmuad Teats oa tha Property. if any. phis one-twelhh of yearfli ptettsius isst~tneaa for. basard itrwrra¦oe. plus cue-twelfth of yearly praaitua itastalhnrnts for rnortgsge insurance, it gay, aq as reasoaabiy intimated iaRaNy aced tresses time to time by Lender oa the buffs of assessments and hills and reasonable estimates tbaeof. The Funds shall be held in an institution the deposits or accounts of which are insured a gwraateed b!? a Federal of state agency (including header if Lender is such ate institution). lender shall apply the )Fltnd: ro pay said ta>ves. assessstreab. iasuraaoe pt~emiutns and ground rents. Lender may not charge for so holding aril applying the Frady. analyzing said aoooaat. or verifyiagitid compiling said assessmenti and bills. unless Lander pays Borrower interest oa the Funds aril applicable hw petrrnib Lender to malts such a charge. Borrower and- Lender may agree in writing at the time of ertewtiosi of dais Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreearait s made a applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest a earniagf oa dye Fwtds. Leader shall glut: to Borrower. without charge, an annual accounting of the Funds showing credits aril debits b the Farads asd tine purpose for which each debit to the Funds was made. The Funds arc pledged ss additional security for the sums secwed bq this Mortgage. Tf the amount of the Fund: held by Lender. together with the future monthly itatalhxats of Funds payable prior to the due dates of taxes. assesstrreots. iawrance premiums and ground rents. shall exceed ibe amount regaired to pay said t». agdsments. insurance prcmitttms aril ground rents as they fall due. such excess shall be. at Borrower's option eidrer' promptly repaid to Borrower or credited to Borrower on monthly inuallraerits of Funds. If the amatot of the Faads held by Leader-shall not be t to pay taxes. assessments. insurance premiums and grand reaRs as they fall due. Borrower shall pay to Lterder_aay atnouttt.necessary to make up the deficiency within 30 days. from the date notice is aataled - by Leader to Borrower requesting payment thereof. Upon payment in fuU of all sums secured by this Mortgage. Lender shall promptly refund to Borrower gay Fierily held by Lender. If under paragraph 18 hereof the Property is sold or the Property a otherrlrise acquired by Lender. Ls~der ahaU apply. ra later than immediately prior to the yak of the Property or its aoquiaitioa by Leader, gay Farads held b+v Lender at the time of application as a credit against the sums secured by :his Mortgage. 3. A~iicMiaa of iaproeatr. Unless applicable law provides otherwise. all payments rooeived by Ladtx under-tie Note and paragraphs 1 gad 2 hereof shall be applied by Lender first in payment of anrormbr pay:bie to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note, gad Wen to interest asd principal on any Future Advances. d, Ckargefi Liens Borrower shall pay all taxes, assessments _and other charges. fines. and impositiorrs attn-butable_to the Property which may attain a priority over this Mortgage. and kasehdd payments or ground Tilers, if gay, in We manner provided under paragraph 2 hereof or, if riot paid in such manner, by Borrower making payment, whim dnq directly b dre . payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due undo this paragraph. and ii. the e~eat Borrower shall snake payment directly, Borrower shall promptly furnish to Lender rooeipts evideaciag suds payments- Borrower shall promptly discharge any lien which has priority over this Mortgage: provided. thrt Borr~o~wer shad non be required to discharge any wch lien so bng as Borrower shall agree in writing to the payment of the obligation secwod by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by; or defend enforioeraart of such Ben iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or arty part thet+eof. S. Harard la>swarree. Borrower shall keep the improvements now existing or hereafter erected as the Property msarred _ - agsinst loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may enquire and in such amounts and for such periods as Lender may require; provided, that_ Leader shall not requite that the atooimt of such coverage exceed that amount of coverage required to pay the sums secured ~y this Mortgage_ 'I'be insurance carrier providing the insurance shall be chosen by Borrower subject to approval by LeoBer; ptowided, that such approval shall not be unreawnably withheld. All premiums on insurance policies shill be paid is the araouer ' _ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly zD the insurance carrier._ All-insurance policies and renewals thereof shall be in form acceptable to Lender and shall indude a standard mortgage clause in favor of and in form acceptable to Lender. I.~nder shall have the right to hold the policies and teoewak thereof. and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. is the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof c+f bas if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, inrurance 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 ercoess, ~ gay. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Leader witl>in 30 days from the date notice is mailed by Lender to Borrower that- the insurance carrier offers to settle a claim for itisttraaoe bare6ts, Larder 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 shag not extend _ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the arrrount of such installments. if under paragraph 18 hereof the Property is acquired by lender, all right, title and iatettst of Borrower in and to any Insurance policies and in and to the proceeds Cheroot resulting from damage to the Property prior so 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. rteservatba gad Maintenance of Property; Leaseholds; Cosdonriaiirnis; Tlatared Unit Deveiapmeab. Borrou?~er shall keep the Property in good repair and shall not comtpit waste or permit impairment or deterioration of the Prnputy and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is oa a unit m a condominium or a planned unit development, Borrower shall perform al{ of Borrowers obligations urrder the dodaratioa or covenants creating or governing the condominium or planned. unit devebpment, the by-laws and regulations of the coAdominium 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 agrocrrrents 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 Secarlty. If Borrower fails to perform the covenants and agroements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lenders interest in the Property, including, but not limited to. eminent domain. insolvency. code enforcement, or arrangements or proceedings invdsiag a bankrupt or decedent. then lender at Lender s option, upon notice to Borrower, ma~• make such appearances, disbruse such sums and take such action u is necessary to protect Lenders interest. including. but not limited to, disbursanart of reasonable attorney's tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secure) by this Mortgage. Borrower shall pay-the premiums requireai to maintain such irsrurance in effect until such time as the recpirement for such insurance terminates in accordance with Bornvwrrs aril - ~ gl~3i? ~15~i.