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HomeMy WebLinkAbout2468 _ _ _ - ~ Y _ .--T:c t Utitrow OO'YSNM~rTa. •orrOwsr dad Under coveaaM and sgroe as fdbws: >k lAytt>wt st leiae~i tttM 1¦Mtrssf. Borrower shag praarptly pay when dos the principal of dad ialeteN oa the indabNdoess sviderrad by tbs Nato, prepayateot aced hits charges as provided in the Note. turd the priaaptti of and intend) sa soy fittun Advances second b9 this Mortgags. ltii t~sr 1~es trnti lawtteertoE. Srtbject to ttpplicabk law M to a wtittar waivrd by Under. Barawer shall pay to Leader an 1ba day tnoathhriastalimeizb-af principal and intereW are-payable under the Hots. urNil the Note is paid in full. s sum ptaein "FuudP~ sgwl to oGa-twelfth of the yearly taxcc and twessmata which racy :train ptiorih? aver this ltortsape, and grotntd twos oa tba Pt+opsrt3?, if day. plus doe-twelhb of yearlli' Oremiarn imtagments for hasard insurance. plus ooatwditb of yestiy ptaaiora irr:talMrara for arortgsge insurance. if say. all a: reasonably estimated initially dad trom tithe to tim4 by Ltioder on the basis of assessments dad hills and reasonable estiaata thaec~f. - 'Ibe F1mdt shall bs held is m institution the dtepoaits or aceouaa of which an itaured of Euaranteed by a Federal at stags aEenry (incltding Lender if Fender is such an institution). Lender shau apply the blrads eo pay said truces. assaameats. iasunoos pranirtnrs and graatd rents- Letrder may not chare for so holding and applying the Funds. analysing said acoourrt. a verifyirrg_art•J oompi!ing said a:sasarena and bilhti unless Lender pays Borrower interest oa the Funds and applicable law petmriu Lssder to taake such a charEt. Borrower sad Lender may agree in writing at the tithe of execution of this MortEape that interest on the Foods slap be paid• to Horrowsr, dad unless such agroenterrt is made or apptiabk law requires wilt iatetat to 6e paid. Lender slap not be required to pay Borrawer any iMetest or earetings on the Funds. Larder tthttU pvs m Borrower, without charEe. art anew) atxounting of the Futr~ showing credits and debits to the Furls and the pttrp~ote for which sash debit to the Funds was made. The Futile are pledged as additiaal security for the sutrrs secured by this Mortptle. - If the amoturt of the Funds ht~d by Leader, Mgetber with the future monthly iratalhneaa of Femds payable prior to the due data of tatces. trst~.rtreats, iawranoe premiums and ground rents, shall exosed the aaaunt required to pay said taxes, aaaeaseaa, insurance premitaas dad ground rend as they fall due. such excess shall bt:. at Borrowers option. either promptly repaid to Borrower ac credited to Borrower on monthly iratalhrnena of Funds. If the arnouat of the Funds held by Uadar-shtU not be su~cimt to par -taxes, assesstrrara. iasuranoa premiums snd ground rents as they fal! due. Borrower shau pay to Leader day amount aeotnsary to teaks up the deficiency within 30 days from the date notice is mailed br header to Borrrower requesting payrrrent thereof. - - - Upon payn>cat is [till of cell. sums secured by this Mortgage. Leader sbaB promptly refund to Borrower any Funds. - held br Lender. If under paragraph 18 hereof the Property is soW a the Property is otherwise acquired by Lender. Lender shall apply. no )deer than iaoaotediately prior to the sale of the Property or is soquisition by Larder, any Funds held by Lander at the time of application as a credit agairat the soars secured by this Mortgage. - - 3. A~Batiaal.s[ larmeMa. Unless spplicabk law provides otherwise. all payments received by Lender under the Note and paragraphs 1 dad 2 hereof shsll be spplied by Lender first in payment of amounts payable to Letrder by Borrower- under paragraph 2 btxeof. thin to interest payable on the Note. then to the principal of the Note. and then-to interest and principal on any Future Advatroa. - 1. Crsrgea; Lknt. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which dray attain a priority over this Mortgage, and leasehold payments or ground rents, it any, in the manner' ~ provided vender paragraph 2 hereof or, if not pawl in such manner. by Borrower making payment, when due, directly to the payer: thereof. Borrower shalt promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall sake payment directly. Borrower shall promptly furnish to Lender receipts evideacitrs such-payments. S Borrower shall pmrirply discharge any lien which -has priority over this Mortgage: provided, that Borrower shag not be required to discharge any such lien so beg as Borrower shall agree in -writing to the payment -of the obligation severed by such lien in a manner aooeptable to Lender. or shall in good faith conteu wch lien by. or defend enforcement of such liar in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any -part thereof. S. IAattari Irrarartce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured - agaiusf loss by fire. hazards included within the term "extended coverage". and such other hazards as Lender may require and in such amounts and for such periods as Leader may require: provided. that Lender shalt not require that the amount of ~ such coverage exceed that amount of coverage required to pay~he wins secured Eby this Mortgage. The itisurana carrier providing the irrwrance shau be chosen by Borrower wbject to approval by Leader, provided, . ~ that such sppmval shall dot be unreasonably withheld. All premiums on inserrarrex policies shill be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due. directly to_ the insurance carrier. - AU inwrance pdiciex and reaewak thereof shall be in form acoeptabk to Lender and shafi include a standard mortgage clause in favor of and in form acoeptabk'to Lender. Lender shall have th? right to hold the policies. and renewals iliereof, and Borrower shall promptly furnah to Leader all renewal _ notices and cell rooeipa of paid premiums. in the event of loss. Borrower shall give prompt notice to the insurance carrier and Fender. Lender may make proof of :bas if not made promptly by Borrower. - - Unless Larder and Borrower otherwise agree in writing, inwrance 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 restoration or repair is not economically feasible or if :fie security of this Mortgage would - be impaired, the inswanex 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 (ails to respond to Lender within 30 days from the data aoUee is mailed by Lender to Borrower -that the insurance carrier otters to settle a claim for itrsutantx benefits, Lender is authorized to collect dad apply the insurance proceeds at Lender's option either to restoration or repair of the Properly or W the sums secured by this Mortgage. - - Unless Lender-and Borrower otherwise agree in vriting, any ouch 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 wc6 installments. If under paragraph 18 hereof .he Property is acquired by Lender, all- right, title and interest of Borrower in acrd to day Rrsurance pdiciex and is and to the proceeds thereof resulting from damage to -the Property prior to the sale - ~ or acquisition shall pass to Lender to the extent of the sums secured by this. Mortgage immediately prior to such sale or p 6. lreaervation and Maintcnanee of Property;' Leisehold~ Corrdoariainrrts; Phuraed Utsit Developnrettta. Borrower shall keep the Property in good repair and shall not comtpit yvaste or permit impairment or deterioration of the Property and shah comply with the provisions of any kale if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit devebpment, Borrower shall perform all of Borrowers obligations under the declaration or covenants creating cr governing the condominium or planned unit devebpment, the by-laws and regulations of the condominium or planned unit development, and constituent documents. if a condominium or planned unit development ride is sxecuted by Borrower and tticorded 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 s were a part hereof. 7. =Protection of I~enaers Seery. If Borrower fails to perform the covenants and agreements contained in this Mortgage. or if any action or proceeding is :ommenced which materially aBects Lender's .interest in the Property, including. but not limited to, eminent domain. insolve.~rcy. code enforcement, or arrrnsements or procexdinga involving a bankrupt or decedent, then Lender at Leader's option, upon notice to Borrower, may make wch appeararrexs, disburse such sums and take such action as is necessary to protect Lenders 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 as a condition of mating tFr_ loan second) by this Mortgage. Borrower sha0 pay the premiums required to maintain wch ~ • inwrarrce in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and }