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HomeMy WebLinkAbout1041 Urtirotut Gbvtrtatrts. Bocrorrer and Leader coveasnt and aarota as foliows~ . i. Ytt~teat et relsee~td ~atl lasiseeel. Borrower shall promptly par when due the prittcipd of gad interest art ttre ittdebeedtreet evidenced by the Noce, pt~apayeaoat and late chutes as provided in the Nuts. slid tbs principal of and iatsregt oa asy Ptrtw~e Advatrtxa tsecurod by this Martaage. )Eltadt Tttootr ated I~te. 3ltbject to appficabk law ~x to a written waiver by lender. Barro~w~et atta0 pay t to Ltxrder on the day martNy itutt2ltnetrts of principal and interest ue.paytrfata under the-Note, oasis the Nola is paid is still, ~ a suet (hateitr "Fuadt'~ squat to oaatwdith of the yearly lessee and assastrtatts whid? rosy attain priority ova this Mortatsas, and srattxl tent oo t>fe Property. if any. plus one-twelfth of yeulli• premium itr:salhnenc: for basard insurattcs, plot ottatweffth of yearly premium itutalltrtrnts for tnortaase inurnna. it soy. all as reasonably astitnatad initjsliy acrd foam tuns to tints bI? leader oa the basis of assessments gad hills and reasonable at;titnates ttt~.teof. 71re Futtdt slat! be held in an instituticwr the deposia or accounts of +ehkh ors ittstet+ed a suaranteai by a Federal otr estate ttgerrcyr (including Ltxrder if Lender is such an itrstitutronl. Leader stall apply the Funds to pay said taxes, assasn>ettet. iatruatroe ptemiutns attd gt+owtd rents. Lander may na charts for so holdint and applying the Fonds, analytina said account. - or verifying,a,rti compiling said sssastrrents atrd_bilh, unku Leader pays Borrower interest oa !ba Funds and applipble law perreut: Leader to make such a charge. Borrower gad Lender nay aarce in writing at -the tithe of eatecution of this 1 Mortgage that interest on this Funds ahalf be paid to Borresra, and unless such aareenrart is made or applicable law ~ regwret srrdt iatetest b be paid. Lauder staff not be required to pay Borrower any interest ~ arttings on the Funds. Lender chap to Borrorrar, without dtarte. an annual aooounting of the Funds stttyrving ctYdits and debits to the Fu:,ds attd the purpose for which each ekbit to tht Funds was made. The Futtds arc pledged as sddiiional security for the sums secured by this Mortgage. - ~ lit the turront:t of the Funds held by Lender, together with the future mvtrthly irestalltnents of Funds payable prior to the due data of taxes, atssasrrtsub, irourance prenirtms and &rarnd rents, shall extxed.the amount required to pay said taxes, e ahaatmeots, iasurattoe praniutra and tt~ortnd rents ss they' f:It due, such excess shall be, at Borrower's option. either pe~omptty -repaid to Borrower a credited b Borrower oa monthly instaihtret?ts of Futtds. I[ the antarnrt of the Funds - ~beid by Leader shall not be suf6cieat to pay taxes, assessrrtarts. itwtranct premiums and around reMS ss they fall due„ 8orr~osrer shall pay b Lender any ttmortnt necessary to make up the deficiency within 3f! days trom the date notice is mailed - by Leader to Borrower requesting payment thereof. - Upon payment is full of all sums secured by this Mortgage, Leader stall promptly rcfuttd to Borrower nay Funds _ held by Lettdei. If utrdec paragraph !8 hereof the Property is sold or the Property a otherwise acquired by Leader, Larder tshtsU apply. no later than imatediatdy prior to the sale of the Property or its acquisition by Larder. goy Funds Irdd by Leader at the tithe of applicatiar as a credit agaitrst the sutns.secured by this Mortaagc. 3. Appitcatitta <I ltprat~b. Unless applicable law provides otherwise, alt payments roceived by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payierent of amounts payable to Lender by Borrower under paragraph 2 hereof. that to interest payable oa the Note. then to the principal of the Note, and then to interest and principal oa any Future Advance. s d. C~ Liesrs. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which tray attain a priority aver this Mortgage, and leasehold payments or ground rents. if any, in the manner - ptovidod render psragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. ditectty to the payee thereof. Borrower shall promptly furnish to Letsder all notices of amounts due utrder this paragraph, and in the evert BormMrer shall [Hake payment directly, Borrower shall promptly furnish to Lender receipts evdeocing such payments, Borrower shall ptomp?tp discharge any lies 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 manna atxeptabk to Lender, or shall in good faith contest such lien by, or defard enfortxment of such tia+ iq keel proceedings which operate to prevent the enforcanent of the lien or forfeiture of tyre Property or any part thereof. y Ifiasssd ItrtwawaY. Borrower shall keep the improvements now existing or hereafter erected on the 1'ioperty insured , against loss by fire, hazards included within the term "extended coverage", and such other hazards u Lender may require - and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the stnouat of such coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgsge. ~ - The insurance carrier providing-the inswrance shelf be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shaft be paid in the manner ~ provided under paragraph 2 frereof or. if not paid in such manner, by Borrower making payment, when due. dir~Mly to the inwrance carrier. AU insurance policies and trnewals thereof shall be in form acceptable to C.endtr and shall include a standard mortgage - _ ~ clause in favor of and in form acceptable to Lender. Lentkr shall have the right to hold the policies and renewak thereof. and Borrower shall ptntnptly furnish to Lender all renewal notices and `ll receipts of paid premiums. En the event-of loss. Botmwer shall give prompt notice to the inwrance carrier and Letrder: Lender may make proof of loss if not made promptly b; Borrower. ~ j Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applia~ to restoration or ttipair of _ i the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is rwt thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proeeeds shall be applied to tfre sum.[ secured by this Mortgage, with tfre excess, if any, paid to Borrower. If the Froperty is abandoned by Borrower, or it Borrower fails to respond to Leader. 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 autbarized to collect and apply the insurance proceeds at Ixnder's cption either to restoration or repair of the Property or to the sums secured by this Mortgage. Unlxss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone tfre due date of the monthly etuallments re[erred to in paragraphs 1 and 2 hereof or change the amount of such instaflmertts. 1f under paragraph !8 hereof the Property is acquired by Ixnder, all right, title and interest of Borrower in and to any lhsurance 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 immedit<tety prior to such sale or acquisition. ~ - i. Ihwerratfoo assd Maieterraece of Property; Leaseholds; Condomiaiasas; lTlanned Utrtt Devdoprncwta, Borrower shat! keep the Property in good repair and shall rtot comryit waste or permit impairment or deterioration of th~~ Property and. shat) 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 developtntnt, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit devefopment, the by-laws and regulations of the condominium or planned unit development, and constituent docutrtents. If a condaninium or planned-unit development t ridef is executed by Borrower and recorded together with this Mortgagt, the covenants and agreements of such rider f shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the nder were a part hereof. 7. Pretectforr of Leode~s Secorlty. Tf_ 8orrow~er fails to perform tlr covenants and agreetrrents contained in this r Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limned to, eminent domain, insaivency. code enforcement, or arrangements or ptvicetdings involving a . bankrupt or decedent, then Lender at t.ender's option:, upon notice to Borrower, may make such appearnces, 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 tender required mortgage insurantx as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance en effect unfit such time as the req+riremeat for such insurance terminates m accordance with Borrowers and F .