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HomeMy WebLinkAbout1276 : . ~ 1 UNrFOaw WvBNAtirf. Borrower and Lender covenant and agree u follow:: 1. ttAy¦tetN d hMelpal aM Iolenat. Borrower shall promptly pay when due the principal of and interest on the itttlebtt*tlsxss evidertted by the Note, prepayment and last charges ac l+rovided in the Nde. atnd the principal of and interest as say Future Advances secured by this Mortgages 2. !trail [er Tow tMi Irtwn¦ee. Subject to applicable law ar to a written waiver ley Lender. Botrarrer shall pay to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note a paid in full, a sum (herein "Funds' equal to one-twelfth of the year)}• taxs-s and assessments which tray attain priority over this Mortgage, and ground recta on the Property. if any, plus one-twelfth of yearlli premium installments for hazard .insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and from time to tune by Lender on the bass of assessments and hills and reasonable estimates thereof. . 'ILe Funds shall be held in an institution the deposits or accounts of which arc inwred or gwranteed by a Federal or stile agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments. insurance Premiums and ground rents. lender may not charge for so holding and applying the Fonds. analyzing said account, or verifying.and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution o[ this Mortgage that interat on .the Funds shall be paid to Borrower. and unless such agreement a made or applicable law requitees such interat to be paid. Lender shall not be required to pay Borrower any interat 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 and 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. TE the amount o[ the Funds held by Lender, together with the future titonthly installments of Funds payable prior to ` the due data of taxes, assismeats, insurance 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 shall be. at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds brad by Lender shall not be sut6cieat to pay taxes. assessments, insurance premiums and ground rents as they fall due, Borrower;hall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by leader to Borrower requiting payment thereof. Upat payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under puagraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall apply. no Eater 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 the sums secured by this Mortgage. 3. A~plicatloo of Paytieeots. Unless applicable law provides otherwise, all payments received by Lender under the i Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower s 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 any Future Advances. t. Charges; Leos. Borrower shall pay all taxes, assessments and other charges, tines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the mantxr provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the , payee thcteof. Sorrowu shall promptly furnish to Lender all notices of amoursts due cinder this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish 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 agree in 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 in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thetmf. . S. Hazard Iowraace. Borrower shall kcep the improvements now existing or hereafter erected on rho Proptrty insured against loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may require area in wen amounts ono for suer penoas as tender may regmrc; provtaea, that tender shalt not require crest tree amount of such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. 'i 'Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that wch 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 I insurance curler. 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 loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make rxoof 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 R the Property Damaged, provided such restoration or repair ~s economically feasible and the security of this Mortgage is riot thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procceds 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 Properi~ 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 Assurance policies and in anD to the proceeds thereof resulting from damage to the Property prior t0 the sale or acquisition shalt pass to Lender to the extent of the sums secured by this 4ortgage immediately prior to such sale or acquisition. 6. Preservation sad Maintenance of Propert}; I,easehulds; Condominiums; Planned Unit Devebpments. Borrower ? shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property wd shall comply with the provisions of any lease if thn Mortgage is on a leasehold. If this Mortgage is on a unit in a 8 condominium or a planned unit development, Borrower shall perform all of Borrower's 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 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 BOROwCt faik to perform the covenants and agreements contained in this ~ Mortgage, or if any action ur proceeDing is commenced which materially aBects Lender's interest in the Property, including. but nut 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 w protect Lender's interest. including. but not limited to. disbursement of reasonable attorney's tees anD entry ufxm the Property- to make repairs. If Lender required mortgage inwrance as a condrtwn of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in elTect until such time as the requirement (or ,uch insurance Ierm~nates in accordance with Borrower's and tl . sa~~ 322 P~~f 12?'S