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HomeMy WebLinkAbout1124 s _ j.. _ - t - Uxtroat Qovtztt~rrTS. lorrower and Leader ooveaant and agree m fellow:: 1'i4s>,srrt eft 1'etaetpsl atN laiereet. Bornswer shall promptly pay when due the principal ~ turd ittlerpt oa the irtdebtedrtas eviderroed by the Note. prepayment and late charges as 1?mvided in the Note. turd the principal of and interest . oa attp Futtrro Advsaoes secured b7? this Mortgage. - lt4t for 7Lags tttsd ItrsrMt~. Subject to spplicat+k taw ~x to a written waiver by Lender. Bon+a~rer shaft pi) _ b Lender on the day matthly iastallgAersa of principal and interetl arc payable under the Note. until the Note is paid ht full. a ttttin (her+ein "Funds' equal b one-twelfth of the yarip taxcc and ,usessnsena which ttsay attaie priority over this llltxtgaie; tree! pound rents oa the propr:rty. if any. plus oao-twelfth d yeartli~ prauiuta iuqullnneott for hazard iratuaace, plus ottr`twelfth of yearly premium irtstalltnents for mortgage ittsurtutce. if say. all ss reasonably estimated initially earl room tim!~ u time by Lender oa the lsasis of assastrtents earl hills and reawnabk estimates tlrereot. ~ . The Funds shall be herd in an inuitutiott the deposits or accounts of which are irtsurcd or guaranteed by a Federal or state agency (inclutng Lender if [.ender is such an inuitutionl. under shall apply the Ftirtds b pay said taxes, tueasmsatt. iasuraQOe pr+anittrtts and ~outd rents. !.ender may na chose for so holding and applying the Funds. analysing said aeootrM,. or vsntyins-sad compiGns said assessments and bills. unless Lender pays 13orrow~er interest oa tlta Funds and applicable law permits. header to mske such a charge:. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower.:nd unless such agreement is marls or applicable law requires sttrdt interest b be paid, Leader shall not be acquired to pay Borrower any interest or earnings on the Furls. Lender shall give b Borrower, without charge, an annual accounting of the Funds :!towing credits and debits to tttt Funds and the - ptrrpoee for which each debit to the Funds was made. T6t: Funds arc ptodged as additional sxurity for the sums secured 1U Use r,.i.v:trtt of the Funds bdd by Leader. together with the future monthly installrrieaa of Funds payable prior b I the due data of tarar; s~urrreab, iraurance premiums and ground rents, shall exceed the amount requited to pay said taites. ! assessraeats, is-~"'.nee p~remiuras std pound rent as they fall due. such excess shall bs. at Borrower's option. either j promptly repaid to Borrower or credited .to Borroww on monthly iratallmena of Furls. if the ansount of -the Fund: held by Leader shall not be sufficient to pay taxes, a:smsrnents. insurance premiums and ground rerses` as they fall due, Borrower shall pay b Leader any :mount necessary to make up the deficiency within 30 days from the date entice is mailed Isq Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. !.ender shalt pranptly refund to Borrower any Funds • bead by Leader. If order paragraph 18 hereof the Property is sold or thq Property a otherwise acquired by Lender. Leader shag apply. ra later than immediately prior to~the sale of the Property or is soquisitio:t by Lender, any Funds held 6v Lender at the time of application at a credit agaimt the :oats secured by this Mortgage. ' 3. Apllkadaa et )hpreats. Unless applicable law provides otherwise, all payments received by Lender under the - Note gad paragraphs 1 and 2 hereof' shall be applied by Lender 6rsi in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then b interest payable oa the Note, tb at to the principal of the Note, and then• to interest std } princppal on any Future Advances. ~ - 1. Ciar~ II,ieas. Borrower shall pay all taxes, assessments and other charges. tines and i.upositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner provided under paragraph 2 hereof or. if not paid in such .:.:,~tner, by Borrower making payment. when due. directly to the i payee thereof. Borrower shall promptly fw-nish to Lender aq notices of amounts date order this pantgraph, and in the event Borrower shall make payment directly, Borrower shall promptly. furnish to lender receipts evidencing such payment;. Borrower shatl.promptty discharge any lien which has priority over this Mortgage; provided, flat Borrower shall not be ; requited 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 manner atxeptabk to Lender. or shall in good faith contest such lien 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 put thereof. ! - S. Hm+rd Iwrraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured { against loos by fire, hazards included witlsi*s flit term "extended coverage", and such other hearse ss Lender may require gad in suca amounts and for such periods as Lender 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 Eby this Mortgage. The itrwranee carrier providing the insurance shall be chosen by Borrower. subject to approval by Lender, pr+ovirkd, tbst such approval shall not be wtrcasasaWy withheld. All premiums an ittsis: a+zce policies shad be paid in the manner - provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to tbt ; inwtalroe 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 tht pdicies and renewals thereof, and Borrower shall promptly furnish to Leader 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 and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair ii ecortotnically feasible and tbe security of. this Mortgage is not thereby impaired. If such restoration or repair is not econc?micapy feasible or if the security of this Mortgage would f be impaired, the insura,e proceeds shall F,e applied to the sums serurcd by this Mortgz3e, with the excess. if any. paid to Borrower. If the Property is abandoned by Borrower, or if 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 fo: insurance benefits. Lender is authorized to collect and apply the insurance procxods at Lcndcr's option eirber to restoration or repair of t`te Property or to the sums secured by this Mortgage. ~ . Unless Lender and Borrower 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 1 and 2 hereof or change the- amount of such insWtmet:ts. If under paragraph I8 bereof the Property is acSuired by lender, all right, title and interest of Borrower - in and to any assurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tM:-sale - or ~quisition shall pass to Lender to the extent of the su+r+s secured by this Mortgage immediately prior to such sale or i acquaition. t f. lreservatioa gad MaistEaaace of Property; terseeM?le~ Coadomininr~ Plas<,ca U>sit Der shall k the Fro elopre>tls. Borrower cep perry in good repair and shall not commit yvaue or permit impairment or deterioration of use Property and sfsalt complt with the provisions of any kale if this Mortgage is on a leasehold. li thi: Mortgage is on a unit in a condominium or a planned unit development,. Borrower shall perform all of Borrowers obtigatians under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations ~f the f condominium or planned unit development. and constituent documents. If a catdominium or planned emit development rider is executed b Lorrower and recorded t r y ogether with this Mortgage, the. covenants atnl agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Martgage as if the rider ti were a part hereof. s 7, Proteeterrr. +x T,er+de~s Security, ~ If Borrovctr fails to perform the covenants and agreements contained in this Mortgage, or if atsy action or proceeding is c::mmenced 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 Lender at.lender's option, upon. notice to Borrower, may make such appeatanees, disburse such l sums and take such action as ss necessary to protect tinder s interest. including, but not limited to, dist;ursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender reyuircd mortgage insurance as a condition of making the loan secured by this Mortgage. Borrawcr shall pay tt:c premiums required to maintain such imurance in effect until such time as the requirement for such msuranee terminates in aeeondance with Borrowers and - • - ~~ee~~ ~