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HomeMy WebLinkAbout1048 Una'aw Oovaror?Nts. 1~arrowar std Leader covariant and agree as fdbws: L ><b'atett at Priaclg~ feel best. Borrow+ec shah prampdy pay when due the prirtclpal of sad iassrtrst on the . utdebtedaas avidertoed by the irlota, prttpryraats and late charges as provided irY the Note. and the principal of and iatttesf en asy Future Advances secured by this Mortgage. - 2. lhni !:x 71~sa twl ltrstrs~tw Sltbject to appiicai+k law or to a written waiver by Lander, Botro~rrer .shall pay - - to Lertder on the day tnoathry ittstd!r~ctertts of preacepal and ir:tcrtct.arc. payable under the NMa, until the Note is paid in fuq. ; :-aunt (lrsreia "Funds' aqua! to.one-twelfth of the yeady tax~•. and assasmarts which may errata pric:rhy over this Mortgage, sad grottttd teats oa toe Property. if any, plus one-ttirelfth d Yearly premium iraWimants fo[ hatxtd inwraaca, pros onatwdtth of yearly premium iaualltaents for mortgage iasttrartce. it aaY, atl u reasonably estimated initially and frorrr tune to tiraa by Letxkr oa the basis os assessments aad hilts and tYaswtabk estimates thet+cof. 'lIlte Funds shall be held in an institution the deposers or accounts of which are itnured-ce guaranteed by a Federal otr ' state agency (including Lender if Lender a wch an institution). I.xnder sbaU apply the Ftiads to pay said taxes. assastnatts„ irtsuranoe premiums and gtouttd rents. i.ender may not charge For so holding and applying the Funds. analyzing said aetount, i or verifying_aad compiling said assessments and bills, unless Larder pays Sorrorver interest on the Funds and apptiabk law ~ -permits Lender to• make such a charge. Borrower sad Lender tray agree in wtidng at the time of execution of this Mottgrtge that inter~at oa the Futtds shall be paid to Borrower, and unless sudt agoeement is made or appliabk law f requires such interest to be paid. bander shall not be r+equir+ed to pay Borrower any interest or earnings on the 1:lrnds.:Lender shall give to Borrower, without rbarga. an annual aooounting of the Funds showing credits and debits to the Funds sad the purpose~or which eatdt debit to the Funds was made. -The Funds are pledged as additional security for the wms secured ortgage. , U the amount of the Frrirds 6dd by Lender, together with the.futuie monthly installments of Funds payable prior to j the due dates ~f taxes.:rssasrrten?ts, irtwranoe premiums and ground rents, shall extxed the amount required to pay said taxes. . aaetNaseats. itauraaoe premiuts sad ground rents as they fall due, such excess shall 6e, at Borrower's option, either promptly r+epeid to Borrower a credited tQ Borrower on monthly irtstatlments of Funds. If the amount of the Funds held by Leader shad not be t to pay taxes. asst:ssmenh~. insurance premiums and ground rents• as they fall due. ! Borrower sbaU pay to Larder any amount ttoassary to make up the deficiency arithin 3d days from the date ranee is mailed i by Lender to Borrower requesting ptzjrtrtent ttKreof. ~ - Upon payment to full of all awry secured by this Mortgage. Leudei shall ~ held Leader. if undo promptly refund to Borrower any Fund: F by paragrraph 18 Itertof the Property is soW or the PropenY is otherwise-acquired by Lender. I:ender shall apply. ra later titan imatediatelY prior to the sale of the Property or its acquisition bl? Lender. aaY Funds held by Leader at the time of applicatan as a credit agaerat the sutras sxured by this Mortgage. 3. A~iicaties K P'ap~aserrb. Unless applicable taw provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hertof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragaph 2 hereof,-thee to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; C.iews. Borrower shall pay all tares, assessmxnts and other charges, fines and impositions attributable to _ - ' the Property which may attain i priority over this Mortgage, and leasehold payments or ground rents, if any, in the meaner provided under paragraph 2 hereot or. if not paid in such manner, by Borrower making payment, what due. ditoNiy to the payee thereof. Borrower ~rhall. promptly furnish to Lender all notices of amauats due under this paragraph, and is the event ! Borrower shalt make payment diroctty, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower she!! promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be s requitY.d to discharge any such lien so brag as Bortowe~ shall agree in writing to the payment of tbt oblig:lion secured by such lien in a manner acceptable to Lender. or shall in good faith contest wch Lien by, or defend eefot~cement of such lien iq ' legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. - S. JH:zard taarsnet. Borrower shat! keep the improvements now existing or hereafter erected on rite Property insured against loss by fire, hazards included within the term "extended coverage', and such other halards as Lender may require - and in such amounts and for such periods as Lender may require; provided, that Lender shaft rat require that the amount of srtclt coverage exceed that amount of coverage required to pay the wms stcurtd ~y this Mortgsge. The insurance carrier providing the' insurance shall be ctasen by Borrovrer subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in die meaner ; provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. virt~ert due, dit'tctly to the 1 inwrance curter. i AU insurance policies and renewals thereof shall bt in form acceptable to Lender sad shall include a standard mortgage ~ clause in favor of and in farm acceptable to Leader. Linder shall have the right to hold tale 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. ~ Sornower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of bas 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 damaged, provided such restoration or repair is econa-nically feasible and the security of tiro Mortgage is not thereby impaired. If 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 r -to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to rapond to Lender within 30 days from.the ~ date notice is mailed by Leader to Borrower that the insurance carrier oilers 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 Property or to the wms secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone fire due date of the monthly installments referred to in paragraphs I and ?hereof or change the amount of - sucb installments. If under paragraph 18 hereof the Pro forty is acquired by Lender, all tight, title and interest of Borrower in and to any insurance policies and ir_ and to the proceeds thereof resulting from damage to the Property Ftior to tin: sale or acquisition shall pass to lender to the extent of the sums secured by this Mortgage immediately prior to such sale or - acqussetion. ti. Pr+etervstioa sad Maintenaoct of Property; LeaseboWs; Condomtaiurns; planned Unit Developmea~. Borrower shall keep the Property in good repair and shall not coma)it yeastt or pennit impairment or dtteriorateon of the Property 9 sad shall comply with the provisions of any lease if rtes Mortgage is on a leasehold. If this Mortgage is on a unit in a - condominium or a ptanred unit development, Borrower steal! perform all of Borrower's obligations under the declaration or covenants cleating or gt;vtrning the condominium or planned -unit development, the by-laws and regulations of the condominium or piano--~ unit 'development, and constituent documents. If a tend-mrinium or planned unit development _ 1 rider is extcuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall attend artd supplement the covenants and agrtemertts of this Mortgage as if the rider ~ were a part hereof. 7. Prattctios of Lesder's Security. If Borrower fails to perform the covenants and agrcements contained in this ~ Mortgage. or if any action or proceedinng is commenced .which materutlly affects Lender's interest in the Pr~perty,- including. but not Limited to, eminent domain. insolvency. code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent. then lender at l.eadet's option, upon notice so Borrower, may make such appearances, disburse such ' sums and take such actan as is necessary t~~ proffer Lender's interest. including. but not limited to. disbursement of t reasonable attorney's fees and entry upon the -Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borr~~wer shaft pay tht premiums required to maintain wch insurance in effect until wch time as the reyutrement for loch insurance terminates rn accordance with Borrowers and .