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HomeMy WebLinkAbout2209 ' • 3 - i ~ UNtt~M ~OVENAti1'i. lorrowec acrd Lender eovetanl and agt~ee as follows:•• ! I >G iiq.nf eft rd.eiPai ttnd biateif. Borrower shall Promwiy pay when due the priadpal of acrd iaterwi oa the , indsbtedttas svidettoed by the Note. prepaytuent and late clwtYes as provided in the Note. and the ptittcipal o[ attd iarorest ~ as nay Future Adv.ooes ttecurs3 by tba Mortgage. j 3. )!ti8 f~er Taast tttM Inwrttaea Stitbject to applicable law tx M a written waiver bq Leader. Homorrsr ~ pay , to Leotlec on the day monthly instalments of principal and interest ear:. payable under t~.e Note. until the Note is paid is [trlt. a shat (ber'eiu "FundP~ equal to ar~twdith of the yearly taxes and assessments which tray attain priority over this ~ . Mortgages, and grotrttd rta?tt on the Property. if nay. plus Otte-twelfth of yearili~ premium ittstalltttwtb for hazard iatsrrrattce, plus one~tvrdith of yearly premiuap installments for mortgage inurtance. if nay. all as r+easorrably estiatated initially and frtrsa tithe to tins bl? Leader oa the basis of assessments and hills and rsasoatabk estimates tltrreof. 'Ybe Fortis shall be heW in an ittstituuon the deposia or accounts of which are iatsttred a guaranteed by a Federal of } state ageatcy (iachtding Leader if Lender is such an institution). lender shall apply the Funds to pay said taxes. ~ insurances pemiwttt anti gtoutd reuuts. Lender may not charge for ts+ holding:ard applying the Fortis, analyring said accotatt, ~ ~ vsrifying_attd oompling said auessmettts and bills. unless Leader pays Borrower interest on the Funds and applicable law permits Lender to make such : chuge. Borrower and Lender may aga+ee in writing at the tiarte of execution of this ! Mortgya that interest oa the Funds shall bt; prod to Borrower. and unless such agreetrtertt is made or applicable law i requires such~iaterest to be paid. Lender shall not be required to pay Borrower any interest or earnings on tl?e Funds. Lender j tihall give m Borrower, without tmarge, sri annual aooounting of the Funds showing credits and debits to the Funds and the purpose for which each dttbit to the Funds was node. The Funds are pledged u additiortal security for the scans secured by the Mortgage. If the amount o[ the Funds Geld by Leader. togdher with the future. monthly installments of Funds payable prior to the due dates of taxes, aissaasnieats, inwrance premiums and ground rents, shall_txoeed the amount required to pay said ttctes, sssaaooeats. iawratree pt+aaiums acrd ground reap as they fall due. such excess shall be, at Borrower's option. either pc~omptly repaid to Borrower or credited to Borrower on monthly ittstaUments of Funds. U the arrrowtt of the Funds held by Ltmder-shal! trot be to pay taxes. astassanaus. irttcurance premiums and ground. rents ss they fall due„ Borrower shall pay to Letder nay aanouat tteoasary to make up the deficiency within 30 days from the date notice is mailed bt? Lender tD Borrorora requesting payment thereof. Upon Payment in fuU of-all stems secured by this Mortgage. Leader shall promptly reload to Borrower any Funds ~ i held by bender. If under paragraph 18 hereof the Property is sold or the Propeny rs otherwise acquired by Lender. Leaakr shall apply. ao later than immediately prior to the sale of the Property of its acquaition by Lender. nay Funds held by ; Leatkr at the time of appliatioa as a credit against the sutras secured by this Mortgage. . 3. A~iieafiaa et lraymeMs. Unless applicable law provides -otherwise. all payments rr~tived by Lender uatakr the - Note anti paragraphs 1 and 2 herrmf shall be applied-by Lender first in payment of amounts payable to Lender by Borrower > . order paragraph 2 ber+eof. rhea to interest payable oq the Note,-then to the principal of the Note: and then to interest and Principal oa any Fttttrre Advances. _ i 4. C<targer, Ideas. Borrower shall pay ail taxes, assessments and other charges, fines and impositions attributable to the Property which auy attain :priority over this Mortgage. and leasehold payments or ground rents, if any. is the ntaaner 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 aatottats due under this paragraph, and is the event Borrower shat) make payment directly. Borrower- shall promptly furnish to Lender receipts evidencing such payrneats. s Borrowret shall promptly discharge any lies which has priority over this Mortgage; provided, -that Borrower shall not be i required to discharge any Bitch lien so brag as Borrower shall agree in writing to the paymeait of the obligation-secured by such lien in a manner acceptable to Lender. or shall in goc+d faith canteen such lien by, or dtfend enforcematt of such lien iq ~ legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or nay part thereof. - t ~ Hsitar+i Iaaraaer. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured against loss by 5re. hazards included within the term "extended coverage", and such other hasards as Lender may require i and in welt amounts and for such ptriods as Lender may require; provided, that Lender shall not require that the amount of _ such covsrage exceed that amount of rnverage required to. pay the wtris secured '~y this Mortgage. { 'Ibe irouraace carrier providing the insurance shall be chosen by Borrower subjecC to approval by Lender, provided, that such approval shall not be unreasonably withheld. I.II premiums on insurance policies shall be paid in the manner provided order paragraph 2.hereof or, if not paid in such manner, by Borrower making payment, when date, derecily to the insurance carrier. t AI! 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 Lender. Lender shall have the right to hold ttte policies and renewals thereof, and Borrower shall prc+mptiy furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss. Borrower shall give prompt notice to the icwrrance 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 fie 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 feasible or if the security of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage,-with the excess. if any. paid to Borrower. If tht Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 3t3 days from the -date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorizai to collect and apply the insa:ancc proixcds a' Lender's option other to restoration or repair of the 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 irtsWlments. if under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower is and to airy Itrsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tits: Bak or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such Bak or acquisition. ~ - - j i. Presenatioa anti Maintcsan_ce of Property; Leaseholds; Coatdomiaiuasx -Planed ~ nit Dev - shall k the Pro rt to nod re err and shall not comavit yvaste or Borrower ~ P< Y B P permit impairment -or deterioration of the Property t and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a - condominium or a planned unit development. Borrower "shall perform all of Borrowers obligations under the declaration of covenants creating. or governing the condominium or planned unit devobptnent, the by-laws and eeguiations of the ~ condominium or planned unit development. and constituent documents. !f a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants' acrd agreements of such rider S shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider - wetr ~ part hereof. 7, Protection of Leader's Security. 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, cede enforceaent, or arrangements or proceedings involving a ~ bankrupt or decedent, then Linder at Lender's option, 4pon notice to Borrower, may -make such appearances, disburse such wms and take such action as is atecewry to protect Lender's interest. including, but cwt limited to, disbursement of reasonable auomey's feex and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Bonewrr shalt _pay the premiums required to maintain such i insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and .8324 P~