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HomeMy WebLinkAbout2484 i t f~• l Borrower and trendee covenant and agree w lolbwe: 1, Payment of Ptitxipal earl Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedneaa mdenced by the Note. prepayment and latechuges s. provided in the Note, and the printapal of and interest on any FaWte Advances secured by this Mortgage. 2 Ftiurda for Ta:es and Insurance. Subject to applicable law or to • written waiver by Lender, BorrowK shall pay to Lender on the day monthly inataWnenta of ptindpal and interest an payable undK the Note, until the Note is paid in full. • sum theceia "Fuada'~ squat to oar twelRlt of the yearly to:a and assarrments which may attain priority ovK this Mortgage, and ground rents on the Property, if any, plw onr twellih of yearly peaaiam installments foe hasard iaaunnee, plw onrtwelllh olytarly premium installments for mortgage insurance, itany. all u reaaonaWy estimated initially and loom time w time by Lender on the hula of aaaessmenu and bills and reasonable estimates thereof. The Etitrtds shall be held in an wstitntion the drposib or accounts of which era inauetd or guaranteed by a Federal or State agency i rncluding Lender J LrndK is such an institutionl. LendK shall apply the Funds w par said taitea, asaesamenta, insarance premiums and around rents. tinder may not dtarge for ao holding and applying the Funds, analyzing said account, or verrtying and compiling said assessments and bills, unless Lender pays BoROwK inttraton the Funds and applicable law permits LendK to makesuch acharge. BorwwK ' and [.coder may agree in writing at the twee oI execvoon of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agmmtnt is made or applicable law requires such interest to be paid, t.er?dK shall not be required to pay BorrowK any interest or earnings on the Funds. LmdK shall give to Borrower, without chargr, an annual accounting of the Funds showing credits and debits to the Funds and the purpose [or which each debit to the Funds was made. The Funds are pledged as additional security lorthesums secured by this ~lortgsge. If the amount o[the Fonda held by Lender, together with the lulu`` monthly installmenu of Funds payable priortothe due dates o[taxea, ssaeasmenta, insurance premiums and ground rents, shall exceed the amount required to pay said to:n, assessmenb, insurance premiums i::d ground tents as they fall due, sorb excess shall be, at Borrower s aption, stther promptly repaid to 8orrowK or ardtted to borrower on monthly installments of Fonda. [f the amount o[ the Fonda held by Lender shall net be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the defitiengr within 30 days `rom the date notice is mailed by LendK to Borrower requesting payment thereof. Upon payment in full of all sums srcnred by this Mortgage. Lender shall promptly refund to borrower any fundaheld by Lender. If under paragraph 18 hereofthe Property is sold or the Property is otherwise acquired by Lender, LendK shall apply, no latexthan immediately prior _ :q the sale of the Property or its acquisition by Lender, any Funds held by Llnderat the time ofapplication as a credit agstnst the sums secured 5y !hie Mortgage. 3. Application of Payments. Lrnlesa applicable law provides otherwise, all payments received by [.endK under the Note and paragraphs 1 and 2 hereof shall be applied by Lender fist in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, :hen to interest payable on the Note, then to the principal of the .Tote, and then to interest and principal on any Future Advances. t. Charges: Liens. Borrower shall pay all taxes, assessments and othercharges, tines and impositions attnbutable to the Property which -n ay attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereofor, f nut paid in such manner, by Borrower making payment, when due, directly to the payee thereof Borrower shall promptly furnish to Lender ~ ~l notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to (.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that r;orrowK shall not be required todischarge any such lien so long as Borrower shall agree in writing to the paymentof theobligation secured by ;uch lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcementofsuch lien in,legal proceedings ~ h~ch operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. Hezard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property inauced against loss by t; re, hazards included within the term "extended coverage: 'and such other hazards as Lender may require and in such amounts and for such r~enods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of rnverage r~uired to pay the sums secured by this Mortgage. The insurance carver providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval ;Hall not be unreasonably withheld- All premiwms on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if Hoc paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. gill insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of ~ nd in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrowershall promptly furnish to sender all renewal notices and all receipts of paid premiums. [n 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, insurance proceeds shall be applied to restoration or repair of the Property amaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such estoration ur repair is noternnomicaliy feasible or if the security of this Mortgage would beimpaired, theinsuranceproceedsshall beapplied a~ the sums secured by this Mortgage, with the excess, if any, paid to Borrower. [f the Property is abandoned by Bocrower.or if Borrower fails to ~ -Nypond to Lender within 30 days from the date notice is marled by Lender to Borrower that the insurance carrier offer to settle a claim for s .^.surance benents, Lender is authorized to collect and apply the insurance proceeds at Lenders option either to restoration or repair of the :'roperty or 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 thedue lace of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. [f under paragraph 18 e reof 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 ereof resulting ftom damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this '.tortgage immediately prior to such sale or acquisition- _ 6. Preservation and MaintenanceotPt-operty; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep 'he Property in good repair and shall not commit waste or permit impairment or deterioration of the Properly and shall comply with the :~rovtsrons of any lease if this Jortgage is on a leasehold. If this ~[orlgage is on a unit in a rnndominium or a planned unit development, ~+rrower shall perform all of Borrower's obligations under the declaration or rnvenants creatingor governing thewndominium or planned ~nrt development` the by-laws and regulaaons of the condominium or planned unit development, and rnnstitnent documents. If a •+>ndominium or planned unit development rider is executed by Borrower and rerorded together with this Mortgage, the aovenante and - +~reements of such rider shall be incorporated into and shall amend and supplement thecovenants and agreementso[this Mortgagees if the -ier were a part hereof. F 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Norlgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, , , • ;neolvency, node enforcement, or arzangementa or proceedings involving a bankrupt or decedent.-then Lender at Lenders option,upon a notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, r9 ncluding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make rcpaus. If Lender required -nortgage insurance u 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 an the requirement for each insurance terminates in accordance with BorrowK's and Lenders Nrtcten agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under t paragraph 2 hereof P?tty amounts disbursed by Lender pereuant to this paragraph 7, with interest thereon, shall become adgitional indebtedness of Borrower secured by this Mortgage Unless Borrower and Lender agree to other tetrrta of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at ouch rate would be rnntrary to applicable law, in which e~ ent such amounts shall bear interest at the highest race permissible under applicable iaw_ Nothing contained in this paragraph shall rP.~uire Lender to incur any expense or take any action hereunder- p , 30~K J~O PbGE i v