HomeMy WebLinkAbout0185 , i-~~. .--~L -~.,a-~-.,i.~a R~N~~p~w _ 'R~. ~~~4 - r Rte:
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Utttrosul Qowt+anls. lfonrowK aed Largay covsaant and agrot u iMbwt'
>e 1<t1yM¦t err hlaci~al ttati Martel. Borrower shall pranPtlY pay when due the principal of nerd lateral on the
iadsbtednest eviderwed ~ c;ta 1'~r.:+e, ptropaptr-~: sad late charges as provided in the Nuts. sad the -principal ai slid iaut~t
oa ay Pesaro Advatxa aetaered by this Mortgage. -
fitd fret Tttaoes ttrstl 6rwaacw Subject to applicable law or to a written waiver by Leader. Borrower shall pay
to Leader on stye day tnonthlf iasWlmarts of principal and interest ire.payable under the Note. until the Note is paid is tuB.
a attm "Funds") equal to oetatwelfth ~f the yprly taxes and asssxsrrrerrts which taay attain polarity over this _
' lfta~tgage, aryl gtouepd rents oa tla Property, it say. phrs oaNwclfth of yesrtli premiwa ierttalhrterrts rosy basard insurance,
plus oae•twelfth of yearly premium ieuxallments for mortga=o insurarroc, it atty. all as tw:onaMy estianated initially and Item
time to time by Leader oa the basis of usessttrents and hilh aryl reasonable estimates thereot.
. Thu Ftrads shall be held is an institution the deposits or accounts of which are insured a guaratrtced by a Federal rat
slats agency (including Fender if Lendsr a such an institution). Leader shall apply the Fuels to pay said taxes. asxratrtceas:
iasuraaos preeaiwm and ground tart:. lender may not charge for so holding ands applyyag the Frurds. analyzing said account.
or vrarltyieeg.and otmpiliag said assessments and bilk. unless Leader pays Borrower-interest oa the Funtf+r and applicable law
petnniu Leadtx to maice-wt:.h a charts. Borrower sod mender may agroa in writing at the tirnF of eacecutioe+ of this
Mortgye that interest on the Funds shall be paid to Bore~ower, sad unless such agreement a made or applicable -law
regttira suds interest to be paid. I.entkr shall-not be required to pay Borrower any intcreq or earnings on the Funds. Lcrrdtr
shall give to Borrower. without charge, sn annual aocountiag of the Funds showing z~:dits and debits to the Funds and the
ptrrpge for which act d~it to the Funds was made. Tha Funds are pledged ss additional security for the sums secured
this M
- ~ U 1~ a rt of the Ftmds Geld by-Lender. tagsiher with the future awathly installments of Funds payable prior to
the-due data of tastes, atsa:.ments, iustrrsnoe premiums nerd ground e+atts, shall ex«al the anrotrnt rMuierd to pay said ta><es.
ssmsNngtb. irauraooe gr+emirrrrts and ground rents ~ they, tali dec. such excess shall be. u Borrower's option. either
promptly repaid to Bocr+oNrer or pedited to Borrower on monthly inualhnents of Funds. if tht amount of the Funds-
beid. bj lrndar shall cot be sufficient to pay taxes. a»essrrrerrt:. irauraace premiums and ground reMS as they fall due.
Bon+ower shall pay to Leader say atrtount necessary to. make up the deficiency witMa 30 days from the date notice is mailed
by Leader to Barrtsrvet rogtresting payment thereof. _ - -
Upon payntcot in fop of- all trans aectre+od by this Mortgage. Leader shall promptly refund to Harrower any Funds .
held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Leader
shall apply. ao later than imatcdiately prior to the sale of the Property or its acquisition by Lander. say Funds held by
Leader st the time of application at a credit against the wins sxured by this hlortgsge. - -
3. ARlieaftM Est PgrareMs. Unless applicable taro provides otherwise. all payments received by Leader, under the _
Note sad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Leader by Borrower
under patsgtsplr 2 hereof. rhea-to interest payable on the Notr, then to the principal of the Note, and then to interest and
priadpal as say Future Advances.
1. Chsrge~ I.ieas. Borrower shall pay all taxes, assessments and other charges, fines and imp:uitions attributable to
tbt Property viihich may attain a priority over this Mortgage. and leasehold payments or ground reacts, if any. in the manner
provided under paragraph 2 hereof or. if not paid in such manger. by Borrower mar»-tg payment. when due. directly to the
payees thereof. -Borrower shall promptly furnish to Lender sp notices of amounts due under this paragraph. sad io the event
Borrower shall make payment directly. Borrower shall promptly famish to Lender receipts evidencing such payments.
Borrower :hail promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall rat be
required W discharge any wch lien so brag as Borrower shall agree-in writing to the payment of the obligation secured by
such Tien in a manner scoepiable to Lender, or shall in-good faith contra such lien by, or defend enforcement of such lien i0.
legal proceedings which op:.:aie to prevent the enforcement bf the lien or forfeiture of the Properly or any part thereof.
S. llltazari lascrrartee. Borrower shall keep the improvements now a:icing or hereafter erected on the Property inwred -
agaimt loos by fire, hazards included within the te.-m "extended coverage". and such other hazards as Lender may require
sad in such amounts and for such periods as Leader may require; provided, that Lender shall not require that the amount of-
such coverage exceed that amount of coverage required to pay the sums secured ~y this Mortgage.
The inwrance carrier providing the i~twrance shall be chosen by Borrower sub'lect to approval by Lender, provided,
~ -that such approval shall not be uarcasonably withheld. All premiums on inwrance policies shall be paid in the macaw
provided under paragraph 2 hereof or. if not paid in wch manner, by Borrower making payment. when due, directly to the
iosurtaoe ctirrrxr.
` All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
f clause in favor of and is form acceptable to Lender. Lender shall have the right to hold the policies and re:rew3ls 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 proof of loss if not made promptly
~ by Borrower.
Unless Lender sad Borrower otherwise agree in writing, inwrance proceeds shall be applied to restoration or repair of
the Property damaged, provide~+ such restoration or- repair is economically fea,:ible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasibly. o: if the security of th;s Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid
r - to Borrower_ if the Property a abandoned by Borrovr+er, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Leer to Borrower that the insurance carrier offers to settle a claim for iowrauce benefits. Lender
is authorized to collcet and apply the insurance proceeds at Lender's option either to_ restoration or repair of `he Property
or to the sotto secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such applctation of proceeds to principal shall not extend .
or postpone the due date of the monthly itruallments referred to in paragraphs 1 and 2 hereof or change the amount of -
sucb instaUmtnts. If utrdtr paragraph ! 8 hereof the Property is acquired by .Lender, all right, title and interest of Borro-arer
in and to any Rrsurance policies sad in and to the proceeds thereof rewlting from damage to the Property prior to thy: sale _
or acgtisition shall pass to Lender to the extent of the sums securtyi by this Mortgage irrmodiately prior to such sak or
aogtrisition.
- f. lfteter+~atioa and Maietenance of Property; LeaseholGs; Cond~miafuass; Planned [irdt Developments. Harrower
afrall ktp the Property? in good repair and shall not comtpit yvaste or permit impairment or deterioration of the Property
s and shall comp:y with the provisions of anv lease if this Mortgage ix on a leasehold.. ff the Mortgage is on a unit in a
eoadonrinium or a planxd :mil development, Borrower shall perform ill of Borrowei
s olifigatiorrs under the declaration
or rovena.7ts creating or governing the ca.dominium or planned unit development. the by-laws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium or ptanrred unit development
rider is executed by Borrower ar.d recorded together with this Mortgage. the covenants and agreements of such rider
~ shaft be incorporated into sad :':all upend and sr,ppletnent the covenants and agreemsnts of this Mortgage as if the rider
were a part nerwf.
7. Prolcctioa of Lerrdsr's Secorlty. !f Sorrowy~ fails. to aerform the covenants and agreements contained in this
Mortgage. or if any action ur proceeding is commenced which materially affects Lender's interest in the Property, -
including, but not limit, d te, emirren! domain, inscs)vency, code enforcement.., r arrangements or proceedings invoi~inlt a
haakn•pt ar duedent. siren Lender at Lender's option, upon notice to Borrower, may make such appearances. disburse such
wins and take s•.rch aC.ion as is necessary to protect Lenders interest. including. but not limited to, disbutxrzrent of
p reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage irr~srance as a
condition of making the loan secured by This Mortgage. Borrower shall pay the premiums required to maintain such
insurance in efirxt until such time u the requirement [or srrr:h inwrance termtnatcti in accordance with BorrowePs and
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