Loading...
HomeMy WebLinkAbout2023 `t,~Y UtuPO~ut Oovtarterrra. Borrower sad Lender covenant and agree as follows: - i. of hMrcfgai astl IMee~esf. Borrower shall promptly pay when due the principal of and interest on the iadebtedttea evidenced by the Note. prepayment sad late charges as provided in th. Note, and the principal of sad interat oa any Futuro Advances secured by this Mortgage. - _ 1 1htMs totr 7lazas sa+i Lstrrattrce. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly inutallments of principal and intere;t are payable under the Note, until the Note is paid in full. a stun (herein "Fttnds'~ equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the property, if any. plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premitun installments for mortgage insurance, if any. all as reasonably Fttimated initially and from time to tune by Lender oa the basis of asseuments and bills and rcasonabk estimates thereof. - The Funds shall be heM in an institt,tion the deposits or accounts of which are insured or guaranteed by a Federal or state agency {inchuding Leader if Lender is such an institution). -Lender shall apply the Funds to pay said taxes, assessments. - insuraaoe premiums and ground rents. Lender may not charge for so holding and applying the Funds. analysing said account, _ or verifying sad compiling said assessments and bills, unless Lender pays Borrower interat on the Funds and applicable Saw permits 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 applicable law requires such interest to be paid. Leader shall not be requited to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds sad the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage: Tf the amount of the Fund: held 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, assessments, insurance premiums and ground rents as they fall due. such- excess shag be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower oa monthly installments of_ Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes. aasessntents, insurance premiums and ground rents as they fall due, Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice ~s mailed by Lender to Borrower requesting payment thereof. - - Upon payment in full of aU :zeros secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Leader. Iff under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against • ~r sums secured by this Mortgage. 3. AppBcatloa of ltay.aea~s. 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 Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and pritw.ipal on any Future Advances: 4. Ctmges; Iierrs. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which rosy attain a priority over this Mortgage, and leasehold payments or ltround 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 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 agrce in writing to the payment of the obligation secured by such lien-in a manner aoceptabk to Lender, or shall in good faith contest 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. Hazard Issr+rssce. Borrower shall ktep the improvements now existing or hereafter erected on the Property ituured _ against loss by Ere. 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 Leader shall not require that the amount of such coverage exeeed that amount of coverage required to pay the sums secured by this Mortgage. The inwranee 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 shall 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 inwrantx 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 all renewal notices and all receipts of paid premiums. In the event of lass. 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 sad Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration 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 ratoration 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 proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. - Unless Lender and BorroweP 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 6eroof 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 immediately prior to such sale or acquisition.- 6. Preservation sad Msiateosace of Property; Leaseholds; Condominiums; Planned Udt Devekpmenis. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provaions 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 aU 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 shag amend and supplement the covenants and agreements of this Mortgage as if the rider ware a part hereof. 7. Pretectio¦ of Leader's Secsuity. If Borrower fails to perform the covenants and agreements contai:ticl in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interat in the Property, including, but 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 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 ban 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 utd ~~K317 P~~?~'0