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HomeMy WebLinkAbout2084 . > . • ~ Borrower and Leudes covenant and free u follows: 1. Pa~raaent of Principal and Intee~eat. Borrower shalt promptly pay wbea due th. principal of sect iatered on tlw indebtedness evideaoed by the Note. prapeyrmant and late charges u provided in the Note. and 4`te principal of and intareat on any Future Advances secured by this Mortgage. - . Z. Fonds for Temes sad Insuraa~. 3trbjed to applicable law or W a written waiver by Lender, l3ormwershall poly toLends ontheday - monthly ir?stallraents of principal and intecast ere psyabk under the Note. until the Nate is paid in full, a sum (herein "Funds'? equal in o~~~ twelRh of the yearly tares and asseasa~its which may attain priority aver this Mortgage, and ground rents on the Property. if any, Plus ona~ twelfW of yearVr premium inalellirients fat he=ard insurance, plus oneMelf W of yearly premium installments for mortgage insurance, if any. aU as reasonably estimated initially and lkoae time to time by Lender on the bale of assessments and bills and rusonabk estimates thereof The Fonds shall be held in an institutiogthe deposits or aooounts of which are insured a guaranteed by a Federal or State agency - (including Lender if Lender~ie each ari institntiank Lender shall apply the Funds to pay said tares. assessments, insurance premiums and ground relate. Lenrler may not charge for so kidding and applying the Fbnds. analy:iug said aoooun<r or verifying erect. rnmpiling acid assessments and bill. anises Lender pays Borrower interest on the Fonds and applicable law permits Lender b make such a charge. Borrows: and Lender may agree in writing at Ws time of execution of thin Mortgage that interest on the Funds shall be paid to Borro~rer, and salsas sut:Ir sgeeernsnt is made or applicable law e,egnires such interest to be paid, Lender ahaD not be regnired b pay Borrower any interest a ean~ings on the Funds. Les?der shalt glut to Borrower. without charge. an anneal aooounting of the Funds showing credits and debits to the Funds and the parp~ss for which each debit ti the Funds was made. The Funds are pledged u additional security for the same sernred by this Mortgage. - U We amormt ofthe Faadsheld byLender. together with the future monthly installments of Funds payabb prior to the due dates of taws. asseaamenb, insurance preminme and ground rents, shall exceed the amount required to pelt' said taxes, asaessanenta„ insurance pt'eminnu and ground rents u they fall due. ouch ezoesa shall be, at Borrower's option, eiWer promptly reFaid to Borrower or tx~i::sd to Borr+oweran monthly installments of Funds. U the amount of the Funds heM by Lender shall not be sufficient to pay taxes, sssesaments, insurance premiums and ground rent as they fall doe, Borrower shall pay to Leader 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 tall of all same secured by this Morigage, Lender shall pranptly refund to Borrower any fonds held by Leader. Unnder . paragraph 18 hereof tbe Property is Bold or the Property is otherwise acquired bj+ Lender, Lender shall apply, no inter than immediately prior to the sale of the Property orits acgaisition by Iendtr, any Fltnds heldby Lender at the time of application as acredit by this Mortgage. - - against the sums secored 3. Application of Payments. Unless applicable law provides oWerwise, all paymenh received by Leader ands the Note and paragraphs 1 and 2 hereof shall be applied byr Lender first in payment of amounts payable to Lender by Borrower ands paragraph 2 hereof 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. Chargee~ 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 ltissehoW paylnenta orground rents, ifany. in Wemannerprovidedunder paregraph'lhezeofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof Borrower shall promptly furnish to Leader all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly famish to Lender teeeipta evidencing such payments. Bonrowerehall-promptly discharge any lien which has priority over this Mortgage; provided, Wet Borrower shall sot be required to discharge any such lien so long as Borrowershall ague in writing b the payment of the obligation secured by each lien in a manner acceptable to Lender, or shall in good faiW rnntest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part Wereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereaftererected on We Property insured againstlosaby fue, hazards included within the term "extended coverage." and such other hazards as Lender may require and in such amounts and for each periods ~ Lender may require; provided, Wat Lender shall not require that the r < not of such coverage exceed that amount of coverage required to pay the soma setvred by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval shall not be unreasonably withheld. All premiums oninsurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not pair' in such manner, by-Borrower making payment, when due, direMly to the insurance carrier. AU insurance policies and renewals thereof shall be in form acceptable to Lender and shall include:~ standard mortgage clause in favor of and in form acceptable to Lender. Lr:ider shall havetheright to-hold We policies and renewals Wereof, and Borrower shall promptly famish to lender all renewal notices and all receipts of paid premiums. In the eventof loss, Borrower shall give prompt notice to the insurance carrier and bender. Lender may make proof of loss if not made promptly by Borrower. - Unless Lender and Borrower :,Werwise 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 We security of thin Mortgage is not Wereby impairer]. If aach restoration or repair is not ernnomically feasible or if the security of Wis Mortgage would be unpaired, the insurance proceeds shall be applied to the arms secured by Wis Mortgage. wild the excess. if any, paid to Bom. arer. If the Property isabandoned byBorrower, os ifBorrower tai's to - reapond to Lender within 30 days from We date notice is mailed by Lender to Borrower that the insurance carrier ogers to settle a claim for insurance benefits, Lender is anWorized to rnl1eM and apply We insurance proceeds at Lender's option either to restoration or repair of We _ Property or the soma 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 doe date of the monWly installments referred to in paragraphs 1 and Z hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof reanlting from damage to Property prior to We sale or acquisition shall pass to Lender to the extent of the some secured by this Mortgage immediately prior to such sale or acquisition. ~ - ` 6. Preservation and Maintenance of Property; Leaseholds; Condo>,rinutna; Planned Unit l~vclopments. Borrower shall keep We Property in good repair and shall not canmit waste or permit impairment or d-~ierioration of the Property and shall wmply wild the provisions of say lease if Wis Mortgage is on a leasehold. If Wis Mortgage is on a unit in a oandominium or a planned unit development, - Borrower shall perform all of Borrower's obl_igationa under the declaration or rnvenanta creatingor governing We condominium or planned unit development, the by-laws and regulations of We rnndominium or planned unit development. and rnnatitnent documents. U s condominium or planned snit development rider is executed by Borrower and recorded togeWer with this Mortgage, the wvenanfs and agreements of each rider shall be incorporated into and shall amend and supplement Wernvenants and agreerne~nta of this Mortgage as if the - rider were a part hereof. - - 7. Protection of Lender'4 Security. U Borrower fait to perform the covenants and agroements rnntained in this Mortgage. or if any action or proceeding is commenced which materially affects Lenders interest in the Property. including. but not limited to, eminent damaia, insolvency, code enfor~oement, or arrangements or pruoeedings involving a bankrupt or decedent, then Lender at Lenders aptianapon notice b Borrower may make•snch appearanocs, disburse such scnu and take such action as ie necessary to protect Leader's interest= including, but not limited to, diabnrsement of reasonable attorney's fees and entry upon the Property to make repai». If Lends requited mortgage insurance as a condition of making We loan secured by this Mortgage, Borrower shall pay We premiums r+egnired to maintain such insurance in effect nntit such time as the requirement for ench insurance terminates in accordance with Borrower's end Leodet's written agreement or applicable Law. Harrower shall pay We amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to older terms of payment, such amounts ahaU be payable neon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbnreement at the ratepayablefrom - time to time on outstanding prin~pal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such smoants shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Lender to incur any expense or take any action hereunder. 6t K ~ PJ~GE~~,