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HomeMy WebLinkAbout2013 • : t F ~ E ~'fi~ UNlnrortt~s OOV1tVANTfl, Borrower sad Lander covenant and agree ss [ollows: taywewt of Mrrel~afi aai 1MeretM. Borrower shall promptly pay when due the principal of and interest on the indabtetlaess evidenced by the Not0. ptrepayrnart sad late charges as provided in the Note, and flee principal of and interest oa .ay Futuro Advances secured by this Mortgage. ' 1 1l<tiais fhe 'llsates trot Irreartaa~e. Subject to spplicabk law ~x to a written waiver by Lender, Borrower shall pay to Leader on the day monthly irrstalltaents of principal and interest arc payable under the Note. until the Note is paid in full. a sum (herein "Fuads'7 equal to orre-twelfth of the yearly faze. and assasrnents which may attests priority over this ~ Mortgage, and g~ rents on the Property. if any. plus one-twelfth of yearlli' premium installment to hazard inwrarrce. plus one-twelfth of yearly premium installments for mottgsge insurance, if any, all as reasonably estimated initially and from f lima to tithe by Leader oa the bass of assessments and bills and reasonable atinuta thereof. The Furls shall be held in an institution the deposits or accounts of which aro inwrod or guaranteed by a Federal otr state agency (including Lender it Lender is such an institution). Lender shall apply the Funds to pay:sid taxes. assessments, insurance premiums and grotrrd rents. Lender may not charge for so holding and applying the Funds. analyzing said account. or veritying.aad compiling said assessments and bilk, unless Lender pays Borrower interest oa the Funds and applipbk law permits Lender to make such a charge. Borrower sad Lender may agroe in writing at the time of execution of this Mortgage that iaterat on the Funds shall be paid to Borrower, and unless such ugreentcnt is made or applicable law requires such interest to be paid. Larder shall not be required to pay Borrower any interest or earnings on the Funds. Lender shag pve to Borrower, without t~,arge, an annual accounting of the Funds showing credits and debits to the Funds and the purpae for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured this M If the amount of the Funds held by Lender, together with the future monthly installment of Funds payable prior to the dues dates of faze, assessments, iawrturtx premiums and ground rents, shall exceed the amount required to pay said taxes, aaemments. iasurartoe premiums sad ground rents as they tall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower or txedited to Borrower on monthly installments of Funds. If the amount of the Funds held by Leader shall sot be wf6c~ieat to pay taxes, assessment. insurance premiums and ground rents m they fall due. Borrower shall pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payraeat is full of all sums secured by this Mortgage. lender shall promptly refutd to Borrower any Funds held by Lender. It ruwlcr parapapi? 18 heraSf fire Prapetty is soil or the P:operty ti otherwise ~uircd by Ltrxlcr, Lender :hall apply, no later than immediately prior to the sale of the Property or its acquisition by Lerrder. any Funds held by Deader at the time of application s a credit against the sums sxurod by this Mortgage. 3. A~lieatirsa at Tgmeals. Unless applicable law provides otherwise. all payments roaived by Lender under the Note sad paragraphs 1 sad 2 hereof shall be applied by Lender fire in payment of amounts payable to Lender by Borrower wader paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on say Future Advttaoes. d. Cturges; Lfieas. 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 geotrnd rents, it any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whoa due. diroctly to the payer: thereof. Borrower dWl promptly furnish to Leader all notices of amounts due under this paragraph. sad 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 bng as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner accsptabk 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. Hmrd Iasrraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured 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 Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, ~ that such approval shall not be uarcatonably withheld. All premiums on insurance policies shill be paid in the manner I provided under ®aragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due. directly to the insurance comer. All insurance policies sad 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 maymake 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 Properly damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. 1t•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 proceeds at Lender's option either to restoration or repair of the Propetty or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any sua:h aPplicaiiOri vi piccceau to priTiCipal s hall s~oi cztcr:d 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 the Property is acquired by Lender, all right. title and interest of Borrower in and to any Arsurance 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. f. Preservation and Maioterrance of Property; Leaseholds; Corrdominiurns; Plaaoed Unit Devebpments. Borrower shall keep the Property in good repair and shat! not comrpit 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 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 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, insolvency, code enforcement. or arrangements or proceedings involving a - bankrupt or decedent, then IRnder at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's 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 conddion of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until lush time as the requirement for such insurance terminates in accordance with Borrowers and i - 8001 P4GE