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HomeMy WebLinkAbout2226 f _ _ - - _..Y-- _ UttttwoitM Oow+attts. Borro+trer and Leader covenant and agree as follows: >ti? lypnrNnt K !'staei~sl aai iNq~ast, Borrower shall promptly pay what dta the principal of attd interest oft the iadsbtedness svidertoed by the Note, prepayrteatt std lace charges ss provided in the Note. attd the pcittcipal of sttd interest oa gay Ftrtur+a Advances second by tba Mortgage. ~ ~ . lltais fstr Ztatssa awtt 6tawtres. S~jec't to~appticat+k law sx to a written waiver by Lender, Borrotrer soap pay M Leader on the day monthly itsstallesents of principal and interest arc. payable under the Note, until the Kota is paid is toll. a etas (bee+ein "Fuodsy equal to oete-tvvdith of the yearly taxcc and sseasmatts which may attain priority over this i Mortp~e, and groatd troab oa the Property. if any, plus oaatwelfth of ytat~l- ptaaium itttaallraenb for hazard irtsurattce, plus one-twelfth o[ yesrlY premium ipstatlmertts for mortgage inurnrtce. if any. all as tttasonably estimated init;agy and from rims to tints by Leader oa the basis of assessments and bulb and reasonable atimata thereof. . The Fttads shall be odd in an institution the deposits or account: of which are irtsttred or gttarsslteed by a Federal olr txab sgettcy (including Leader if l.ertder is such an irtstitut'ronl. Gender shall apply the Farads to pay said taxes. ttsseamarb, iawraaoe peatitttr?s gad grottad teats. [.ender may not charge for so holding and applyuag the Ftttrds, analyzing said account. or trorifying.aad compiling said s~ssasrttertts and bilk. orates Lender pays Borrower interest oa the Farads and applicable law pamib Linder to rgake such a charge Borrows and Lender may agree in writing at the time of execution of this Mortpge that interest oa the ifrlrods :ball be paid to Borrower. gad unless twdt agregrtart is made or applicable law requires suds interest to be paid. Lader shall not be required to ptty Bruraa?er say interest a saraings on the Funds. Leader shall give to Borro+ver, without chr:rje, an annual sooounting of this Funds showing credib and debit: to the Funds gad the ~ . Pucpose~or which each debit to the Foods was made.. 7be Funds arc pledged as additional security for the sums secured - If tbe~senaritt of the Funds held by Leader. together .with the future monthly insWhreeats of Funds payable prior to the dos data of texts, assrasmatb, inwranoe premiums and ground rents. shall exceed the arrtouat required to pay said taxes. aaemaeats, insurance premiums gad ground rents as they fall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower oa monthly .installments of Funds. If the amount of the Funds held b7? Leader-shall not bs stttlicieot to pay taxes. asstasmatts. ittsttrartoe ptemitrms and ground rents ss they fall due, Borrower shall pay.to Larder gay amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader tr, Borrower regttestiag pajrment thereof. - Upoa payment is full of alt strras socttted bry this Mortgage, Leader aball Promptly rcfut?d to Borrower any.Funds odd by Leadpr. Tf under paragraph !8 hereof tits Property is sold or the Property rs otherwise acquired by Lender. Iratder . shall apply, no later than imnAediatdy prig to the sale of the Property or its, acquisition by Lender. any Funds held by - Lertdrx at the time of application as a credit sgaimt the sums secured by this Mortgage. 3. ARikiRi.rt of lgttaeaas. Unless applicable law provides otherwise, all payments received by-Lender under the - Note gad paragraphs 1 and 2 Hereof sha116e applied by Lettde~ fire in payment of amounts payable to Lender by Borrower r under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and 4 priaapal oa any Future Advantxs. - 4, Ctiargefi Liens. Borrower shall -pay ail taxes, assessments and other charges. fines grad. impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. is the manner provided tinder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. what due, directly to the . payee thereof. Borto`:tr shall promptly furnish to Lender all notice of amounts due under this paragraph, aril in the sweat Borrower shall -male paynxnt .directly, Borrower shall promptly furnish to Lender reoapts evidencing such paymenic. _ Borrower shall promptly discharge gory lien which has priority over this Mortgage; provided. that Borrovre"~:..rall rtot be regtired to discharge any such lien so long as Borrower shall agree tit writing to the payment of the obligation secured by wc6 lien in a manner acceptable to Lender, or shall in good faith contest strch Lien by, or defend enfortxment of such tiro iq legal proceedings which operate to prevent the enforcerttent of the lien or forfeiture of the Property or any part thereof. ; S. Aazard lasrsrartrx. Borrower shall keep the improvements now existing or hereafter erected on the Property iawrod ! agaimt loss by fire, 6aiards included within the term "extended rnverage", and such other hazards_as,~.ender may rtquirc _ and. in such amounts and for such periods as iendcr may require; provided, that L.endershall not require that ihe.amouat of i - such coverage exceed that amount of coverage required to pay the wins secured'by this Mortgage. - Tbe insurance carrier providing the inwranoe shall be chosen by Borrower wbject to approval by Lender. provided, - that such approval shall not be unreasonably withheld: All premiurra on insurance policies shall 6e paid. in the manner provided turr5er paragraph 2 hereof or,-if not p.id in such manner, by Borrows making payment, what due. directly to the inwranoe carrier. ~ All ituurance policies and renewals thereof shall be in form acceptable to finder and shall include a standard mortgage _ ; clause in favor of and in form acceptable to Lender. lender shall have tree right to hold. the policies and renewak thenoof. and Borrower shall promptly furnish to Lender all 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 lass if not made promptly _ by Borrower. _ Unless lender and Borrower otherwise 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 the security cf this Mortgage is ~ - not thereby impaired. if such restoration or repair. is not economically feasible or ii the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the scans secured by this Mortgage, with the excess. if any, paid - # to Borrower. If the Property is abandoned by Borrower, or if Borrower faik to respond to Gender within 30 days from the # date notice is mailed by Lender to Borrower that the inwrance carrier offers to settle a claim for insurance benefits, Lender I is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Property or to the cams secured by this Mortgage. _ Unless Lender and Borrower otherwise agree in writing. any such application of proooeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and l hereof or change the amount of such irutaUments. 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 resulting from damage to the Property prior to ttu: sale or acquisition shall pass to Lender to the txtent of the sums secured by -this Mortgage immediately prior to such sale or acquisition. _ - t£ lf'nservatlora acrd Maiateaaace of Property; L.eascbolds; Cortdoatiaiirass; PianaKd Unit peydopmeets. Borrower shall keep the Property is gaud repair and shalt not commit yvastc or permit impairment or deterioration of We Property and shall comply with the grovisions ~ any lease. if this Mortgage is on a leasehold. 1[ this Mortgage is on .a unit in a condominium or a planned unit drvdopmeot. Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or. planned unit development, the by-laws and regulations of iht condominium or planned unit development. and constituent documents. If a condominitm or 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 amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. - r 7. Prt?tectiort of Leader's Sawrlty. 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 or procetdings involving a bankrupt or deredent_ then Lender at Gender'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 limited to, disbursetnert of reasonable attorney's tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such instuatrce in effect until such time as the requirement for such insurance tt-immates in accordance with Borrowers and