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HomeMy WebLinkAbout1728 • aw- _ ' t i 1JNIFt)aU?1 Covt:Nertrs. Borrower and Lender covenant and agree as follows: 1. lhtrwcat of tl'efstelprl aril Interest. Borrower shall promptly pay when due the principal of and interest on the irtdebtcdttess evidenced by the Note. prepayment and late charptec u provided in the Note. and the principal o[ sad interest } oa say Future Advances secured by this Mortgage. 2. M'rndt [or Taxes and laattnnce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly irtstaUments of principal and interest are payable under rite Note, until the Note is paid in fuU, a :tun (herein "Funds") egwl to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage: and ground rents on the Property. if any. plus ono-twelfch of yearly premium installments for hazard iraunnce. plus one-twelfth ~f yearly prcmitrm installments for mortgage insurance, if any, all u reasonably estimated initially and from tints to tittle by Lender on rho basis of assessments and bills and rcawnabk estimates thr;reof. The Funds shall be held in an ieutitution the deposits or accounts of which arc insured, o: guaranteed by a Federal or state agen..y (including Lender if Lender is such an institution). lender shall apply the Funds to pay said taxes. sssessrrtatts. instrrattce premiums and grouted vents. Lender may not charge for so hoWina and applying the Fuada, analyzing said account. or verifying and compiling said assessments and bills, unless Lender pays Borrawet interest on the Funds and applicable leer permits Leader to make 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, and unless such agrxment is made or applicable law requires such interest to be paid. Lender shall not be reyuirt:d to pay Borrower any interest or ean?iags on the Fends. Lender shall give to Borrower. without charge. an :howl accounting of ute Funds showing credits and debits to the Funds sad the purpose for which oadt debit to the Funds wu made. The Funds arc pledged u additional. security for. the sums secured by this Mortgage. - - - If the amount of the Funds ltchd by Lender,- together v?tith the future monthly installments of Funds payable pr.'ar to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said ts~tes. assessments, iresurattce premiums and ground tents u they fall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If tote amount of the Funds _ held by Lender shall trot be wfScitnt to pay taxes. aasasrttents, insurance premiums and ground rents as they fall due, Borrower shall pay S • Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender.to Borrower requesting payment thereof. Upon payment in full of all sums :stored by this Mortgage, !.ender shall promptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender :ball apply, no later titan immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the tithe of application as a credit against the sums sxured by this Mortgage. 3. Appllcatiert of layasntr.- Unless applicable law provides otherwise, sit payments received by Lender under the , Note and paragraphs 1 and 2 !tercel shall be applied by Lender first in payment of-amounts payable to Lender by Borrower under parsgrsph 2 hereof. they to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advattoes. - 1. Cfrarges; Liens. 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, if any, in the manner - provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to. the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing- such paymenu. Borrower shall promptly discharge- any lien which. hu priority over this Mortgage: provided. that Borrower shall not be - required to discharge any such lien so long u Borrower shat! agree in writing to the payuxM of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement o[ such lien in, legal proceedings which operate to prevent the enforcement of the Tian or forfeiture of the Properly or any part thereof'. S. Hasard Iasaraace. Borrower shalt kotp the improvements now exiuing or hereafter erected on the-Propeny inwred - against loss by fire, hazards included within the term "extended coverage". and such other hazards u Lenrkr may require -and in such amounts and for s~rch periods u Lender may require; provided. that Lender shall itoi requite that the amount of such coverage exceed that amount of coverage required to pay the sums secured by the Mortgage. 'The inwrance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, pn,+ided. that such approve) shall not be uareisortably withheld. Afl premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if trot paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewers thereof shall be in form acceptable to Lender and shall include a standard mortgabe clause in favor of and in-form aec.aptabk to Lender. Lender shall have the right to hold the policies and renewals thereof. and $orrower 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 and Borrower otherwise agree in writing, insurance proceeds sh211 bt applied to restoration or repair of the Property damaged, provided -such restoration or repair is economically feasible ~ and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically fcuible or if the security of this Mortgage would be impaired. the insurance pro-eads shall be applied ~o the sums secured by this Mortgage, with the excess. if any, paid to Borrower. If the Property is abandotrd by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Cruder to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Larder is authorized to collect and apply the insurance proceeds. at Lender's option either to restoration or repair of the Property or to the stuns 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 installtents referred to in paragraphs i and 2 hereof or change the amount of such instalments. If under paragraph 18 hereof the Property is acquired by Lender. all right, tick and interest of Borrower in sad to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sak or a~:quisition shall pus to Lender to the extent of the surm secured by this Mortgage immediately _ prior to such sale or acquisition. ~ . 4. Trrxtrratlus aril Maintenance of Property; Lertsthol~; Cnndarrtininttts; )Maaoed Unit tJevslopateots. Borrower shall keep thz Property in good repair and shalt not commit waste or permit impairment or deterioration of the Property and shall .;omply with the provisions of any tease if this Mortgage is on a kasehoM. If this Mortgage is an a unit in a condortiinium or a planned unit development, B~rruwer 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 4nit development. and constituent documents. If a condominium or planned unit development rider is executed by t3otrowu and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement tl~ covenants and agreements o[ this Mortgage'u if the rider were a part hereof. 7. Protection of Lesley's Secartty. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if say action . or proceeding is commenced 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 dese~nt, then Lender at Leader's option, upon notice to Borrower. may make such appearances, disburse such - stuns and take such action u is rtocessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attorney's lees and entry upon the Property to make repairs. ;f Lender required mortgage irtsurartce u a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such tittle as the requirement for such inwrance terminates in accordance with Borrower's and - e~c~~ racEi~'~ ~ .