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HomeMy WebLinkAbout2189 a ' 1 . _ ~ `r. x.~ UtttMOttlt COVtsteattrs. 'orrower sad Leader covenant and agree ss follows: L ><s~eaent et !<rltsei~al tttsi laMrert. Borrower shall promptly pay when dos the principal of sad inttx~at at the ' itsdebledatas evidenced by the Note, pcepayttseat sad late charges as provided in the Note, sad the priiacipal of and interest as soy Future Advaness stocttred by this Mortgage. sha8 Pay il<tt.tie lrK 'flames anti lawrrtnca Sltbjoct to applicable law or to a rKittert waiver bIr leader. to Lender on the day moe~thly installments o[ principal and intereq are. payable under the Note until the Note is paid in toil. a attta ptaeia "Funds' equal to otie?twdith of the yearly. taxer and assasrrta?ts which tear attain priority over this ~ it[attgage, sttd grotrad rents oa the Property. if any, Pius oa~e-twelfth of yaarly~ premiums iastdltnatb for hazard insurarsre. r plus one-twelfth of yearly prtmium irtstalltrtents for mortgage inu~rartee, if say, all as reasonably estimated initially and tram dime to bate by Leader oa the bass of assessmems tsar hills and reasonable estimates therea~f. The Funds shall be beW in sn institution the deposits or accounts of which arts insured or guaranteed by a Federal atr { state agency (iachrding Leader i[ lerwter is such an institution). Lender shall apply the Furtdt tD pay said fazes. assesstrte~ta. iasuraooe praaiums and ground scats; lender may na charge for sn hoWiag and applying the ~nnds. analysing said account, r or verifyiag.and compiling said assessments and bills. unless Leader pays Borrower interest oa the Funds tsar applicable law permits Lt:rder to make such a charge. Borrower and Lendu may agree in writing at the time of execution of the .MortgaBtt that interest oa the Funds shah be paid to borrower, and ualtxs such apeatteat is made or applicable law regttirea such interest to 6e paid. Leader shall not be required to pay Borrower any interest or earnings on the Funds. Deader shall give to Borrower, without charge. an annual aooounting of the Funds :bowing credits and debits to the Funds and the purppe for whirls cads debit to the Funds was made. The Funds are pledged as additional security for the sums secured by dts Mortgage. - uthe amount of the Funds held by Deader, together with the future monthly installments of Funds payable prior to the due dates of fazes. assessment:. insurantx premiums and ground rents. shall ezoxd the amount sequined to pay said taxes. aasessasenB, i~ttraaoe praniums and ground rents u they fall due, such excess shall be, at Borrowei s option. either promptly repaid to Born~rrer a credited to Borrower oa monthly installments of Funds. 1f the amount of the Funds _ held by Lender :ball not be stti'1~t to pay fazes. assessrrtasts. irouraact: praaiutns and ground rents as they fall due. Borrower shall pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Landes to Borrower requesting paratertt thereof. Upaa payment in full of all sutrts secured by this Mortgage. Lender shall pranptly refund to Borrower any Funds heW by Leodtx. If under paragraph 18 bereot the Property is sold or the Property a otlte;wise. acquired by Lender. Lender shall apply. no later than imrrtediatdy prior to the sale of. the. Property or its acquisition by Lender. say Funds heW by Lender at the time of application a: a credit sgaiast the sutras secured by this Mortgage. 3. A~Ycatiaa eft Payeats. Unless applicable law provides otherwise. all payments received by Lender under the ~ Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower wader paragraph 2 hateof..thea to interest. payable on the Note,. then to the principal of the Note. and then to~interest sad principal oa any Future Advattoes. 1. Charger I~eaa. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to f the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the meaner provided wader paragraph 2 lteroof 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 is the event ~ Borrower shall make payment directly, Borrower shall promptly furnish to Lender- receipts evidencing such payments. Borrower shall promptly discharge any lien which has -priority over this Mortgage; provided, that Borrower shop not be required to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obligation secured by i such lien in a manner acceptable to Lender. or shall in good faith conteu such lien t. x 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 thereof. S. Ilrtssrtii iwrawee. Borrower shall keep the. improvements now existing or hereafter erected on the Property insured - against bas-by fire, hazards included within the term "extended coverage", and such other hazards as Lender may reyuire ' and in such amounts and for-such periods as Lender may require; provided, that Lender :ball-not require that the amount of such coverage exceed that amount of coverage required to pay the wens secured by this Mortgage. ; 'Ilse insurance carrier providing the insurance shall be chosen by Borrower subjext to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance pdicia shall be paid in the manner ~ provided under paragraph 2 hereof or, f not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ~ All inwrance pricier sod. rraewals 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 bald the pricier and renewals thereof, { and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss: Borrower shall give promps notice to the insurance carrier and Lender. Lender may make proof of bas if -not made promptly I by Borrower. - - - - I Unks: Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to r~estoratio~n or repair of the Property damaged, provided such restoration or repair is economically feasible acid the security of this Mortgage is rwt thereby impsi.~i. If such restoration or repair is not economically feasible or if the security of this Mortgage would . be impaired, the insuraaee-.procoods 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 Leader within 30 days from the date notice is maifod by-Lender to Borrower that the insurance carrier otfets to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the- Propem 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 inuallments referrtd t~ in paragraphs i and 2 hereof or change the amourfl of such installments. If under paragraph 18 hereof the Property is acquired by Lender, ail right, title and interest of Borrower ' in and to say Ifnsurance policies and in and to the proceeds thereof resuiting from damage to the Property prior W thy: sale. or acquisition shall puss to Lender to~the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Presenatdeou and Maiateaaoce of Property; I.easebalds; Condomioitrtnr Planned Unit Devdopoteats. Borrower shall keep the Property ir, good repair and shalt .not commit yvaste or permit impairment or deterioration of the Property j aed shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is.on a unit+n a condominium or a planned unit development, Borrower shall perform all at Borrowers obligations under the dec!_ration ~ or covenants creating or governing the condominium or planned unit devebpment, the by-laws and regulaCwns of the condominium or planned unit devebpment, and constituent documents. It a condominium or planned unit development i rider is executed by Borrower- and recorded together with this Mortgage, the covenants and agreements of such rider shalt be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage 2s if the rider wen a-part hereof. 7. Protection of Lender's Secttrlty.- If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any 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 of proceedings involving a bankrup or decedent. then Lender at Lender s option, upon! notice to Borrower, may make such appearances, disburse such sums and take such action. as is necessary to protect Lender's interest, including, but not limbed to, disbursement of reasonable attorney'-s fees and entry upon the Property to make repairs. If Lender regirircrl mortgage insurance as. ~ condition of making the loan secured by this .Mortgage. Borrower shall pay the premiums required to maintain such inwrance in effect until such time as the rcyuirement for such inwrance terminates in accordance with Borrowers and ' ~ ~ B[~K PAGE~,10V _