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HomeMy WebLinkAbout2264 ~ s_l - Ut+tPOitt?t (bvarrarrrs. Borrower and Ltu?der rroveaant and agree as folh~ws: 1. i<a~aterU of lrMc1N1 sal iahrat. Borrower shall P~Pt1Y Pay when due tta principal of and interest on the indebtedness evideaoed by the Not0. p~paYtaent and late charges as provided en the Note; and the prhtcipa! of and iater+est on any Future Advatitxs secured by this Moctgaga 1 1+ytsi fotr 1lsaoss aai LtsMrattcw Stitbjeet to applicable law or to a written waiver by Leader. Borrower shop pay to Leader oa the day tnoathly iastsUmeats of principal and interest are payable under the Note, ante! the Note is paid is full, a su~tt (hecrin "Fttada'9 equal to era-twelfth of the yearly taxes and assessrrtertts which tray attain priority over this Mortgage, and ground rent= on the Property. if nay. plus arto-twelfth of Yearly pranium irutallatatq Lor hazard iawrana, plus one-twelfth of yearly premium installments for mortgage irtsttraa:x, if soy, all u reasonably estimated initially and from time to titter by Lender on the basis of assessrttettts and biller and reasonable estimates thereof. The Ponds shalt be held is as irtstittttioa the deposits or acoouats of which are incur-d or guaraaieed by a Federal of state agency (including Lender if I.eoder is wtdt as institution). lender shall apply the Ftitrrds to pub said taus. asaessrrteats, inwraace premiums sad ground rents. Leader may not charge for so holding and appiy::tg the Funds, analyzing said account, or vtrifyiag and compiling said sssasaneats and bills, unless Lender pys Borrower interest ott the Fund: sttd applicable law permits Leader to make such a charge. Borrower sad Lender may agree in writing at the tune of execution of this Mortgage ttfat interest on the Ftrada shalt be paid to Borrower, and unless such agreement is made or applicable law - requira such interest to be peed, Leader shall not be rrgtxted to pay Borrower any intcrat or earnings on the Funds. Leader shall give to Borrower, without as annual aooounring of the Funds showing credits and debits to the Funds sad the purpose for which each debit to the Funds was made. The Funds are pledged as .additional security for the sums secures by this Mortgage. - - . Tf the amount of the Funds held by Lender. together with the future monthly instalhaeats of Funds: payable prior td the due dates of taxes, assessments, insurance premiums sad ground ants, shall exceed the amount required to pay aid taxes, assessments; iasurartoe premiums and ground gents as they fail due. -such excess shall be. at Borrower's option. either- promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Leader shall not be su6rcient to pay taxes, assessatertts. inwranoe premiums and groutd rents as `ltey fall due, Borrower ahali pity to Linder and amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in full of all wma secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. If uada paragraph 18 hereof the Property is sold or the Property is otherwise enquired by Lender, Lender shall apply, no later than immediately prior to the-sale of the Property or its acquisition by Lender, nay Funds held by Lender at the time of application is a credit against the soars secured by this Mortgage. 3. A~iicatioa of PsiYneab. Unless applicable law provides otherwise, all payments received by-Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. tltea to interest payable on the Note. then to the principal of the Note, and then to interest and - principal on nay Future Advances. ~ - 4. Cl Bens. Borrower shall- pay all taxes, assessments and other charges. fines and impositions attributable to -the Property which pray attain a priority over this Mortgage, and leasehold payments or ground rents, if any. is the meaner . provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment,-whey due, directly? to the PaYa thereof. Borcovva shall promptly furnish to Lender all notices of amounts due under this paragraph, std in the event Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evedenciag such payments. BotTawer shall promptly discharge any lien which has priority oMer this Mortgage: provided.-that Borrower shag not be required to discharge any such lien so long a: Borrower shall agree in writing to the payment of the obligatan secured by such lien is a manner acceptable to Lender. or shall is goodfaith contest such lien by, or defwd enfor+amertt o-f such lien is - - legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iasanace. Borrower shall keep the improverrrertts now existing or hereafter eructed-on the Property insured against lass by fire, hazatda included within the term "extended coverage'; and such other hazards as Lender may require and in such amounts and for such periods as Lear r~ require; Provided: that. Lender .;Sall rat require that the amount of . such coverage excced that amount of coverage requured to pay the sums secured 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 on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid is such moaner, by Borrower making payment, when dt~e, directly to the I~ iaturancx carrier. . AU ' policies sad renewals thereof shall be in form acceptable to Lender sad shall include a standard mortgage clause in f~ v~of ~ifit form acceptable to Lender. Lender shall have the right to hoW the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renewal notices and all reorapts of paid premiums- In the event of loss. - , Borrower shall give prompt notice to the insurance carrier and Lerder. Lender may make prof of bas if not made promptly _ by Borrower. - Unleas 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 of this Mortgage is - not thereby impaired. If such ratoration or repair es not economically feasible or if the secwity of thi3 Mortgage would be impaired, the insurance proceeds shall be applied to the somas secured by this Mortgage, with the ezeess, 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 notice is mailed by Lender to Borcowsr that the imuranoe arrier offers to settle a claim for iaturaaoe benefits, Lender u authorized to collect and apply the insurance-proceeds at Leader's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender drd Bctrower 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 installments. if under paragraph 18 hereof the Property is acquired by Lender, :JI right, title and interest of Borrower in and to any insrrrarGx policies and in and to the proooedt thereof resulting from damage to the Property prior to the sole or aegttist:on shall pass to Lender to the taetent of the sums secured by this Mortgage immediately prior to such sale or - aoquisetiart. - 6. lreservaUoa sad Maiateaatsc~e of Property; Leatdald~ Coadomialao~ Planned Udt Devebpoeafs. Borrower. shall luxe the Property in good repair and shall not commit waste or permit impairment or.deterioratioa of the Property aaci shall comply with the provisions of any tease if then Mortgage is on a leasehold. If this Mortgage is oa a unit in a condominium or a planned-unit development, Borrower shall perform all of Borrower's ob;igatioos under the declaration or oovanants creating or govemiag the condominium or planned unit development, -the by-laws std regulations of the condominium or planned unit development. and cortstituent documents. If a condominium or planned unit development i ~ rider is executed by Borrower urd 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 Morigage as if the rids ~ wen a part hereof. 7. lrotectlea of Leader's fiecarltY. If Borcower fails to perform the oovcnants and agreements cwttained in this Mortgage, or if any action or proceeding is commenced which materially .affects Leader's interest is the Property, - j including, but not limited to. emi>r:.e~ ~!omain. insolvency, code enforcement, or arrangements or procudengs involving a bankrupt or decedent, than Lender at Lenoer's option, upon notice to Borrower, may make such appearances, disburse such swat and take such action as a necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and .entry upon -the Property to make repairs. If Lender required mortgage insurance ass - condition of making the loan secured by this Mortgage. Borcower shall pay the premiums required to maintain such imnrartoe in effect anal such time u the requirement for such insurance terminates in accordance with Borrower's and - _ - - . .~~3,24 tom- st- 22d D - -