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HomeMy WebLinkAbout1758 • w - _ • . - UNtrO~RM toverutvrs. Borrower anti Letwkt covenant attd agree ss follows: 1. Ih~ata•t of Priaelpsi trtri latenst. Borrower shall Promptly Pay wtien due the priaeipai of and interest oa the iadebWdneti evideaued by the Note, prepayment and late charges as pravideb is the Note, anti the principal of and interest on any Future Advances sxured by this Mortgsgx. 2. 1+Wds for 11~a tins Ittwsatrca Slrbject to applicable law a to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Nae is pabd in full. a sum (herein "Funds'? equal to one-twelhh of the yearly toes anti assesstrtettts which troy attain priority over this Mortgage. and ground teats oa the Property, if any, plus one-taYltth of yearly premitua installments for hazard insurance, _ plus one-twelfth of yearly premiwp ittstalk~tttts for mortgage insurance. if any, all as irawnibty estimated initiaNy and from time to tints by Lender on the basis oI asscssrncnts and bills and reasonable estimates thereof. 'Ilte Funds shat! be held is an institution the deposits or accounts of which are insured or guaranteed by a Federal a . state agency (including Leader if Leader is such an iastitutioal. Letrtiler shall apply the Funds to pay said Cues, assesstrreats. insurance premiums and ground rents. Lender may not cituge for so holding and applying the Funds, analyzing said account. or verifying and compiling said assessments and bills. unless Leader pays Borrower interest on the Funds sad applicable law permits Lender to make such a charge. Borrower sad Linder may agree in writing at the time of exavtion of this Mortgage that interest on the Funds shall be paid to Borrower, ark: unless such agcetmettt is made or appticabk law requires such interest to be.Paid. Lender shall not be required to pay Borrower any interest or tatnings oa the Foods. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits sad debits to the Funds sad the purpose for which each debit to the Futtds was made. -The Funds arc pledged u additional security for the sums secured - _ by this Mortgage. If the amount of the Futrds held by Lender, together with the future monthly installrttents of Funds payable prior to the due dates of toes, assessments. insurance premiuas and ground rrnts, .:hall exoeat the amount required to pay said taxes, assessments, insurance premiums attd ground rents as they fall dz-e, suds excea~s shall be. at Borrow~ec s option. either promptly repaid to Borrower a credited to Borrower oa monthly installments of Funds. If the aawmtt of tht Funds heW by Lender shall not be wffecieat to pay tue3. assesstttetrts. insurance premiums and ground rents as they fall due. Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 dais from the date notice is ntsiled by Lender to Borrower. tequestiag Payment •huoof. - Upon payment is full of all sums secuued by this Mortgage. Leader shall promptly refund to Borrower any Funds heW.by Lender. If under ?aragraph lg hereof the Property is sold or the Property is otberrrise acquired by Lender. Larder shall apply. rte dater than immediately prior to the sale of the Property or its acquisition by Lertdu, any Funds held by Leader at the time of application as a cretut against the sums secured by this Mortgage. - - 3. Applkatioq aE i<aymeds. Unless-applicable law provides otherwise, all payments received by Letdu under the Note and paragraphs 1 and 2 hereof shall be applied by L.rnder first in payment of amounts payable to I~nder by Borrower under paragraph 2 hetpof, rhea to interest payable on the Note, tlrcrt to the principal of the Note, sad then to interest sad - principa1 on any Future Advances. - 4. Ct~ Liens. Borrower shall pay a8 taxes, as~sssrttents and other charges, fines and impos"stiotts attributable to the Property-which may attain a priority over this Mortgage, and ItasdroM payments a gttwtd reins. if arty. is the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payttteai. when due, directly to the . .Payee thereof. Borrower shall promptly furnish to Leader all notion of amounts titre under this par~grapb, atd~ia the event . Borrower shall make payment directly, borrower shall promptly furnish to Lender receipts evideaciag such payments. Borrower shall proeptly d~.lurge nay liar which has piority over this Mortgage; provi~Jod, that Borrower shag trot be - rcquired to discharge any wch lien so long as Borrower. shall ague m writing to the payment of the obligati~vt secured by such lien in a manner aoceptabk to Lender, a stun in good faith rntttest.such lirn by, a defend eaforccment of such liai b, legal proceedings which operate co prey ent the enforoeareat of the lien or forfeiture of the Property a nay put the~eof- S. )gtuard Iasttrartee. Borrower shall keep the improvema~ts now existing or hereafter erected oo the Property insured against loss I.y fire. baiards included within the tens "extended coverage". sad such other hoards as I.ettdu may require and in such amounts and for such ptriods as Letrdu may require: provided, that Lender shall cot require that the amount of such coverage exceed that amount of coverage required to pay the sutras secured by ibis Mortgsge_ The inwtanoe carrier providing the ittwrattot stuU be chosen by Borrower subject to approval by Lerrder~Provided, _ that such approval shall riot be unreasonably wuhlreW. All prrmiutas on iowranoe policies sbaB 6e paid in the manner provided under paragraph 2 hereof or, if not paid in sum manau. by Borrower malting payrat~t, when due. directil? to ibe inwtance carrier. All inwnnce policies sad teas vats thereof shall be in form aceeptabk to Lender and shah include a standard mtxtgage clause in favor of and in form arceptabk to Lender. Leader shall have the-right to hold the policies and renewals thereof, and Borrower shall-promptly furnish- to Lettdu a[I renewal notices and a!1 receipts of paid ptemiutss. In the event of loss. Borrower shall give prompt notice to zlte insurance carrier sad Lender. Larder may make proof of bss if not made promptly . by Borrower.• Unless Lender and Borrower otherwise agree in writing, instuance proceeds shall be applied to restoration or repair of the Property .damaged, provided such restoration or repair is ecotrornically feasible sad the security of this Mortgage is not thereby impaired. If such rcstoralion or repair is not economically [easibk or if the saucily of ttris Mortgage would - 6- impaired.: Bre insunttce proceeds dull 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 !o Letrder within 30 days from the date notice is mailed by Lender to Borrowu that-the inwrartce grricr offers to settle-a claim for irtwraaoe barefits. Lender is authorized to collect and. apply the insurance proceeds at Lender's option tither to restoration or repair of the Property or to the sums secured by this Mortgage. l;nless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall trot extend or Postpone the due date of the monthly installments rcferrod to in paragraphs 1 and 2 hereof a _i:aage the amount of such installments. If under paragraph 18 hereof the Property is acquired by Leader, al! right, title sad interest of Bomowu in sad to any insurance policies :.-sd in and to the-proooods thereof rewlti,tg from damage to the Property prior W the sale or acquisition shalt pass to Lender to the extent of th_ a wens s+ecurod by this Mortgage immediately prior to such sale or acquisition. 6. PtYSentrtioa sad Maiotettaace of Property; Leaseholds: Cotado lfawsed Lnit Derdo~eals Borrower shall keep the Property in good repair sad shall not commit waste or pumit impairment or dtxerioration of the Property attd shall comply with the provisions of wy lease if this Mortgage- is on a leasehold. tf this Mortgage is on a unit in a condominium or a planned unit development, lbrrowu snail perform all of Borrowers obligations undo the declaration or covenants :renting or governing the condominium or planncd unit devebprnnr4 the by--taws sad rsgulations of the condominium or planned wait development. and corutituem documents. It a eondoaniaium a planned unit development rider is executed by Borrower and recorded together -with this Mortgage. the covenants and agreements of such rider shall be incorporated into and shall amcod sad wppkment the covenants attd agreements of this Mortgage as if the rider were a part hereof. 7. Protection of I.e>sia's Sacarky. If Borrower fails to perform the covenants and agreements coataiaed is this Mortgage, or if any action or proceddnag is commeaoed which materially affects Lettdu's iatetrst is the Property. including, but not limited to, eminent domain. inwivency. code rnforcetacnt, or arraagemeats a proceedings im?olviag a bankrupt or decedent, then Leader at Leader's option, upon twtice to Borrower. may matte such appeuanoa. disburse such sums and take such anion as is accessary to protact Lender's interest, including. but not limited to. disbursettrent -of reasonable attorney's fees sad entry upon the Property to make repairs. Tf Lender required mortgage iastrranoe as a - condition of making the ban secured by this Mortgage. Borrower shall pay the pretttiums required to maintain such insurance in eBect until wch time as the regturemeat for such insurance terminates in aocot+dartse with Borrower's and _ 8001(J~,~ POGE~ t~ ~ . , r~tc2~4 PIG~~~kL~G.