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HomeMy WebLinkAbout1102 • a- . ~ • ~ ~ Ut~rostx Oovttt+arais. Bort+a~rer and Lendsr covetant and agroe a: follows: 11. ~ et hiae+wl ttcsd Iwtr2ses~. Borrower shall Promptly pay when due the principal of cud interest oa the - ittdebtedaas evideaeed by tba Note, ptepaytneat sad late chimes as Provided in the Nob, and the prhicipal d and interest oa say Future Advawoes secured by ibis Mortgage. 1Etiwis I~er'ftlsaas ttwi Iweuteea Subjoct to-spplecabk law or to a written waiver by Lsttder. Bon+owsr shalt pay to bender oa the day monthly installments of principal and intt•rest arc payable under the Note. until the Note is paid in full. a sum (herein "Fuads'~ equal to one-twelfth of the yearly-taz~~s anti assessrrtertts which may sttsia priority oust this i Mortpge, and ground rents oa the Ptuperty. if any, plus cite-twelfth d yearl~i premitan installments for hazard inswance. } plus oaaiwdith d yearry premium ittstallrtnents for martpge insurance, if any. a!1 ss neasoriably estimated initially and fsoen tiriie to tittle by Leader oa tfie Basis of assessments and hills and reasonable euirnates thereof. The Fluids :ball lie hdd in an institution the deposits or accounts of which are irtsttted or gwnnteed by a Federal of ! - stale agency (iachtding Lt:uder if Fender is such an institutiorH. Lender shall apply the Funds to pay said taxes, assessments. iawtarioe pentiums sad ground resits. !_ender may not charge for sn holding and applying the Fends. analyzing said account. or verityinFarid compiling seed assessments and biih. unless Leader pays BorroMrer interest on the Funds grid appliabt law permits Leader to make such a charge. Borrower sad Lender nay agree in writing at the time of execution of this Mortpge that interest on the Funds shall be paid to Borrower. and unless such agreentatt is made or applicable I:w requires sudt iabrest to be paid. Lender shall rat be requirod to pay Borrower any interest or earnings on the Funds. Lender shall pus b Borrower. without charge, an annwl 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 ire pledpd as additanal security for the wms secured s b'!? tl>k M if the amount of the Funds bdd by Lender. together with the future monthly installments of Funds payable prior to - tite due dates of taxes, assessrtieats, iaatrance premiums and ground rents, shall exceed the amount required to pay said taxes. sawmeats, iastuanoe premiums and ground teats as they fall due. such excess shall be, at- Borrower's option. either promptly rspwid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of .the 1Funds hdd by Leader shag not be std6cieat to pay tszes. sssessrrtatts. insurance premiums and -ground rents as they fall due. Borrower shall pay to Lender any amount aeassary to make up :Se deficiency within 30 days [rom the date notice es mailed ~ by bender to Borrower requesting pajrrrient thereof. - Upoa paymeoC is fuU of ap sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds Held by Leader. if under paragraph 18 hereof the Property is sold or the Property ss otherwise scquired_by Lender, Lender shall apply. no later than immedeately prior to the sale of the Property or its acquisition by Lender. say Funds held bv_ Lender at the time of application as a credit against the sums secured by this Mortgage. - 3. A~iicatiaw sf ir4ynsewls. Unless applicable law provides otherwise. all payments received by- Lender under the Noce sad paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hettaof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. - 4. Crwrges; 1[3eas. 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 ground rents, of any. in the manner i provided under paragraph 2 hereof or; of not paid in such manner, by Borrower making payment,•whea due, directly to rhos ' payee there_ of. BorroNrer shall Promptly furnish to Lender all relines of amounts due under this paragraph. and is the aveat - Borrower shall matte payment d.rectli, Borrower shall promptly furnish to Lender receipts evidencing such payments. - Borrowa shall promptly discharge any lien which has priority over this Mortgage: provided. that Borrower shag not be r+cquired to discharge any Stich lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptalk to !.ender, or shall in good [aith rnntest such loon by, or defend enforcement 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. lElfasard lwsnrwnee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coveragt',_and such other haurds u Lender may require and-in such amounts and for such periods as Lender may require; proviided, that Lender shall not req~rire that the amount of such coverage exceed that amount of coverage required to pay the wms secured ~y this Mortgage. ~ The imurance carrier providing the insurance shall be chosen by Bonower subjoct to approval by Lander. provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shaft be paid in the manner provided under paragraph 2 hereof or, if rat paid in such manner. by Borrower making payment, wliai due, directly to the insurance carrier. 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 rcrtewals thereof. and Borrower shall promptly furnish to Lender all renewal ratites and all receipts of Faid premiums. in the evont of loss, Borrower shall give prompt notice to tfie insurance carrier and Lender. Lender may make 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 Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is rat 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 to Borrower. if the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date ratite is mailed by Ixnder to Borrower that the insurance carrier often to settle a claim for insurance lir~aiefits, Lender es authorized to collect and apply the insurance procxeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. tireless Lender and i3orrower 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 inutallments. if under paragraph 18 hereof the I'roFerty is acquired by Lender, all right, title and interest of Bo-rower in sad to any insurance policies and in and to the proceeds theroof resulting from damage to the Property prior to t;x: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immorliately prior to such sale or acquisition. - _ - - f. !Preservation awd Mainteaattce of Propcriy; Leasthold<; Condomiwiums; Plawwed Unit 1Derebparewts. Borrower :Fiat! keep the Property in good repair and shall _tot commit Kaste or permit impairment or deterioration of the Property sad shall comply with the provisions of any lease if this Mortgage is on a IeaseFwld. if this Mortgage is on a unit in a caadomimum or a pfanncd unit development. tlo:rcwer 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 . wch rider shall be incorporated into and shall amend and sypplcmem the covenants and agreements of this Mortgage as if the rider were a part hereof. t 7. Protection of Lender's SecrirSty. If Borrower fads to perform the rnvenanis and agreements contained in this Mortgage, or if any action or proceeding iS commenced which materially affects fender's interest ir. the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, tfie-n lender at Lender's option, upon ratite to Borrower, may make such appeararxes, 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 Lender required mortgage insurance as a - condition of making the ban :.ecureJ by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the regerirement for such insurance terminates in accordance with Borrowers and - ~ ' Ali ReJ~?~ Pt.~E~~.