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HomeMy WebLinkAbout2220 • `i .r- UNtFOtant CovEt~lAN7's. Borrower and lender covenant and agree u follows: 1. 1layateat of 1riMciM1 ant INerest. Borrower shall lxomptly pay when due the principal of and interest on ~ the indeptedness evidenced by the Note, prepayment sad late chases u provided in the Note, and the principal of and interest orA any Future Advances secured by this Mortaaaa. 2. Frei ter Taurea acct! Irrursrree. Stitbject to tapplicabk law or to s written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Nora. until the Note is paid in fait!. a sum (herein "Fauds'~ egarai to ottatwelfth of the yearly taxes sad assessrrtaats which may attain priority -over this Mortgage. and around rents on the Property. if say, plus onto-twelfth of yearly premium iastsltments for hazard insurance, plan one-twelfth yearly premium installments for mortgage inwrances. if any. all as reasonably estimated initially and from time to time by Lender on the basis of assesunents and bills and rcasonabk estimates thereof. The Funds :ball be held in an institution the deposits or accounts of which are inwred or Guaranteed by- a Federal or state agency (including Lender if ?.ender is such sn irtstitution2. Lendu shall appt`y the Funds to pay said taxes, assessrrteats. insurance premium sad around rents. Lender may not charge for so holding and applying the Fttnds, analyzitag said account, , or verifying sad oompilina said assessments ind bills, trrtkss Leader pays Borrower interest oa the Funds and applicable law permits Londe. to make such a charges. Borrower sad Lender may agrees in writing -at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is mach or applicable few requiress such interest to be paid, !,ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall Give to Borrower, without charge, an annual aeoounting of the Funds showing credits and dsbits to the Funds and the purpose for which each debit to the Funds wu made. The Futds arc pledged ss additional security for the-sums secured by this Mortaaae. . Tf the amount of the Funds held by Lauder, together with the future monthly installments of Funds payable prior to - the due data of toes, assessments, insurance premiums and ground rents, shat! eaccaed the araoarnt required to pay said rues. sssesstnents, insttrancx preaoiutra and around rents as they tall due. such excess shall be. at Borrower s option. either promptly repaid to Borrower ar credited to"Borrower on monthly installments of Funds. if the amount of the Funs heW by Leader shall not be sufBcieat to pay toes, assessments. iusurancx premitmns and ground-rents u they fall due. Borrower shall pay to Lender any amount accessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in fuU of aq sums secured by this Mortgage, (.ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is-soW or the Property is otherwise acquired by Lender, Lender shall apply.- no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds hdd by Lander at the time of application as a credit against the sums secured by the Mortgage. - 3. A~ikatiosr of lsprneNs. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Lender fiat in payment of amounts payable to Lender by Borrower - under.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. Ct~ tUeas. Borrower shall pay all taxes, assessments and-other charges. fines sad impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payment: or around rents, if any. in the meaner provided under paragraph 2 lrreof or. if not paid in such manner. by Borrower making payment. when due. diresctly to the Payne thereof. Borrower shall promptly furnish to Lender aq notices of amounts due order this paragraph, sad io the event - ~ Borrower shall make payment directly. Borrower shag promptly fumislt to Lender receipts evidencing such payments. - Borrower shall promptly discharge any lieu which hss ~ priority over- this Mortgage; provided. that Botrovrer shall not bt required to discharge any such lien so bna as Borrower shall agree in writing to-.the payment of the obligation secured ety such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in. legal procecdittas which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S• Hrtrari Iasrraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred against lass by 5re. hazards included within thr term °extended coverage". and such other hoards as Lender may require . - sad in such amounts and for wch periods as Leader may require; provided, that Lender shall not require that the amount of r such ooveraae exceed that amount of coverage required to pay the sums securra by this Morlgage: The inwraatx carrier providing. the iawrutce shall be chosen tyy Berra ..r wbject to approval by Lender. provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in. the manner provided under paragraph 2 hereof or, if not paid is such manner, by Borrower making payataat, when due. diret~ly to the j insurance carrier. - - Aq insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morlgaGe clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender ail 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 nude promptly by Borrower. Unless Lender sad Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Properly damaged, Provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such recto:alien or repair is not economically feasible or if the security of this Mortgage would bes impaired, the insurance proceeds 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 Lender within 30 days from the date aodce is mailed by Lender to Borrower that the iresuranax carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option rrher to restoration or repair of the Property or to lire sums secured by this Mortgage. Unless Lender and Harrower otherwise agree in wr'ting. any such application of proceeds to principal shall nut extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under p~aragrapb 18 hereof the Property is acquires by Lender, all rigbt,.title and interat of Borrower in and to any iaturance policies and in and to the proceeds thereof rewlting from damage to the Property prior to the sale or acquisition shall pus to Lender to the extent of the sum secured by this Mortgage immediately prior to such sak or acquisition. - f. heaenatlos asd Maistesa>aee of Property; Leasebold~ Cotdoatieit~ lfaaei Ua~& Developweats. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Properly -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 coa$ominium or a planned unit development, Borrower :hail perform afl-ot Borrowers oblip^lions under the declaration or covenants creating or goveroirg the condominium er planned unit development, the by-laws and regulations of the condominit:m or planned trait development. and constituent documents. If a rnndominium or planned unit development rider is executed by Borrower and recorded together with this Morlgage. the covenants and agreements of such rider shall be incorporated into and shag amend and wppkment the covenants and agreements of .this -Mortgage as if the rider were a part hereof. - 7. Protection d Lesion's Severity. if Borrower fails to perform the covenants _and agreements contained in this - Morlgage. or if any action or proceeding is commenced which materially afkcts Lender's interest in -the Property. including. but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice t~ Borrower, may make such appearances. daMtne such sums and take such action u is necessary to protect Lender s interest. including, but vat limited to. disbursement of reasonable attorney's fees and entry upon the Properly to make repairs. If Lender .required morlgage irtwrance u a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such a insurance in effect until such time u .the requirement for such insurance terminates. in .atxordanx with Borrower's and ~ X324 P~~-6 A?