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HomeMy WebLinkAbout2456 Utrt~ons~t Oovat+at+ts. •orrowse aril Lender txtvana!N and sp+ee ~ follows: - ~ rq¦ssM M MrtefNl tttsi ilweet Borrower shill promptly pear when dire the priaciWl of nail ialereet oa the itdebMtMas svidetsoed by the Hots„ prepayment nail b1e chants as providod in the Nose. aatl tM prirtcipat at sod inlereet ao airy Future Advances secured by this Mortgage. - - lti0is ter 1lsase 0ai 6weaaa. -Subject to spplicabk law or to a written waivtr by Ltsttder. Aon~o+rer :bill pay eb Lender oa the day ttsonthly ittstdbaatt of principal and intrxest arc-payable under the Note. until rite Note is paid is full. • soar (Mrsitt "Eiuttds'~ equal b otte•twelfth of the yearly sexes and asseisrnait which Bray attain priority over this )ltactgage, soil gtaticld rend oa ttte Ptepatty, it soy, pros onrtwelhh of ysarly~ ptanittm iatealltttent for hazard irtstuattoe, plus oeatwdith of yearly premium iastapment for atottgage insttrt+noe. it nay. all as rat:onably estttttated initially and ftvm rims b tine by Leader oa the basis of astasittettts sad hills and reasonable estimates thereof. - 71te t shalt be herd is an instintlioa the deposits or account of wfiich are imurod or jttranteed by a Federd of state agency (iachding Lender if Leader is :trill an institution). Lender :bill apply the Fltrtds b pay said taxes. aKs. - iasutaape premi'wtu and Srourtd rents. Lender may not charge for a+ holding and applying the Foetal. artalyt;ing said account. , . a wrifyint-sad oompilittd said assesstttents and bills, unless Fender pays Borrower interest on the Futids and applicable yaw peraties Lender b make such :charge. Borrower sad Lender may apse in writing at the time of execution . of this - Mort~e that interest oa the Funds.sirdi be paid to Borrower, aed unless steal agreartatt a made or appticatbk law requites such interest b be paid, Leader shall not be required to pay Borrower any interest or earnings oa tht Fund:. Lender - s6ap give b Borrower, without t:harge, an annual socotintiag of the Funds sttowiag credit and debits !o ttte Funds sad the ptirpoee~ which eadt debit tQ the Funds was-msde. The Funds -are pledged as additional security for the :torts secured u the a~eaoSuettt of tttti firotla held by Leader. together with the future monthly instalhtieat of Funds payable prior b the due data of taxes, asaasnteats, iawrsttce premiurtts and grourd rents. shall exceed the srttourtt required to pay said taxes, asseeemenn, insurance premiums sad ground rent s: they fall d_ue, such excess shill be, at Borrower's option. either promptly repaid b Borrower or credited b Bono~rer on aronMiy iratdhnent of Funds. If the arrtaunt. of the -Funds held by Lmdershall not be sulliciatt.to pay taxa.•its, iasucana premiums and ground rent as they fill due, Bat+oere= sbsU pay b Lender:tty atrtauat aecasaty to make up the deficiency within 30 days from the date notice is ensiled by Deader b Borrower regttestiag payment thereof. - - Upon payment in full of all stenos secured by this Mortgage. Lender shall promptly re[uad to Borrower any Funds IteW by Leader. If under parajraprt 18 hereof the Property is sold or the Property othenwise acquired by Lender. Lender - ahdl apply; rto rater than imarediatdy prior to the sale of the Property or its acquisition by i.rertder. any Funds held by L,eoder at the tint: of as-a credit against the :uatt secured by this Mortgage. - 3. A~iieatiaa et 1<ap~usertls. Unless -applicable law provides otherwise. all payments received by Lander under the Note sad paragraphs l sod 2 hereof shall be applied by Leads first in payment of amount payable to Lender by Borrower under paragraph 2 hereof, iben to interest payable on the Note, then to the priacipd of the Note. and then to interest and principd oa any Futttte Advaaoa. - 4. CbaRea; Lksr. Borrower shall pay dt taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold paymtat or ground rents. if any. in the manner _ provided under prtragnph 2 hereof or, if got paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Borrower :ball promptly furnish to Leatkr all notices of amougts due under this paragraph, and in 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 shall not be required b discharge any such lien so bog as Borrower shill agree in writing to the payment of the obligation secured by - such lien in a manner acccptabk to Leader. or shd! in good faith contest such lien by, or defend enfortxment of such liar in, legal proceedings which operate to prevent the enfortxment of the lien or forfeiture of the Property or any part thereof. fi. )ftassr+l Iawrawca Borrower shall keep the improvements now existing or hereafter crated on the Property insured - .agairat toss by fire hazards included within the term "extended coverage", and such other hszards u t.ertder may require and in such aatount and for such periods as Lender may require; provided. Mat Lender mall not require that the amount of such-coverage exoad that amount of coverage required to pay the sums a~curod by this Mortgage, 'Ilte insurance carrier providing the insurance shall-bc chosen by Borrower subject to approval by Lender, provided. that such approval shill not be unreasonably withheld. All premiums on insurance policies shill be -paid in the manner provided under paragraph 2 6etoof or, if not paid in such manner, by Borrower making payment, when due. directly to the insurance carrier. ~ . All iawrance policies and renewals thereof shall be in form acoeptabk to Lender and shall include a standard mortg+ge _ clause in favor of and is form mcoep[abk to Lender. Lender shall. have the right to hold the pdicia and renewals tht'reof. and Borrower shall promptly- furnish to Lender all renewal notices and all receipt of paid premiums. In the event of loss, Borrower shall give prompt notice to the inwrance carrier and Lender. Lender may make proof of loss if not made promply - by Borrower. - Ualess.Lender and Borrower otherwise agree in writing. inwrartce proceeds shill be applied to restoration or repair of the Property damaged, provided such restoration or repair is econoa:ically feasible and the security of this Mortgage is not thereby impaired. if such restoration or repair is not erortomieally feasible or if the security of this Mortgage would _ be impaired. the insurance protxods shall be applied to sums enured by Mis Mortgage, with the eaitxu, if any, paid - to Borrower. If the Property is abandoned by Borrower,.or_if Borrower fails to iesponci to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers co settle a claim for insurance benefit, Lender is authorized to collect and apply the insurance proixods at Lender's option either to restoration or repair of the Property or b the sums secured by Mis 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 installments. If under paragraph -IS hereof tfie Property is acquired by Leader, all right. title and interest of Borrower - in sad to any huuraace policies and in and to the procoods Hereof resulting from damage to the Property prior to the sale- or acquisition shall pass to Lender to the extent of the sums secured by thi3 Mortgage immediately prior to such sale or acquisitioa• - - - - f. rreservatiwt acid Maistt=eraaice of Properly; LesarhoWs; Conloniisuuws; Flannel Ural DevdoMresits, Borrower shall keep the Property in good repair and :bill rat comrpit yvaste or permit impairment or deterioration of the Property and shill comply with the provisions of any lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a - eondominium or a planned unit development, Borrower shat! perform all of Borrower's obligations under the declaration or eo~veaaat creating or governing the condominium or~ planned unit development. the by-laws and-regulations of the rondorninium or planned unit development. anti constituent documents. If a condominium or planned unit development rider is exautt~d by Borrower and recorded together with this Mortgage. the covenant and agreements of such rider shall be incorporated into and shall amend and supplement rite covenants and agreement of this Mortgage as if the rider were a part hereof. 7. Protection oft Leader's Security. If Bortovver fails to perform the covenants and apeement 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 eniorcemutt, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Leader's option, upon notice to Borrower. may make such appearantxs, disburse such sums and take such action as is necessary to protect Lender's interest, including. .but not limited to, disburstmatt of :easonabk attorney's fees and entry upon the Property to make repairs. it Lender required mortgage insurance as a •conditEon-of making the loan secured by this Mortgage. Borrower shall -pay the premiums required to maintain such insurance in effect until such tint: as the requirement for such insurance terminates is accordance with Borrowers and BOOK c~~ P~GE~~J~ - '