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HomeMy WebLinkAbout1275 _ a--- _ _ - _ ~ ~ f ~ . Borrower sad Iwndar oovenarit and asrw as follows: 1. Pe~raaat of Prina~al sad Ltterwt. Boerowet ehaU promptly pay when due the principal of and interest on the indebtedness evidenced by the Kota peepaymeut and latechargse as provided is the Note. and the principal o[and inteteNon any I+Wtare Advanose secured by thin 4. Ptinda tort Ta:ea and Inatreirtoe. Subject to applicable law ar to a written weivar by Lender. Borrower shall pay to I.aide: on the day monthly iristallmenta of prindpal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds' equal to oaa twelRli of the yearjp raises and asaessmsata which may attain priority over this Mortgage and ground rants on the Property. if any. phis ane~ twel!!h of yearly premium inatalimants far hasadd inautanos, plus one•twelRh of yearly praminm inetallinents for martgage insurance, if any. ' all as rauonably estimated initiaQy and iirorn time to time by Lender on the basis of aaasanents and biW and reaso:iable estimates thereof The Fonds shaD b held in an inalitatioa the deposits os aoconuta of which are insured ar guaranteed by a Federd or State agency (incinding Leader i[ Lender is sash an instibition~.-Lender shall apply the Funds to pay said to:ea. aeseeama~ta, insurance praniums and - gronnd rents. Leader may not charge fce w holding and applying the Funds. analysing said account, or verifying and compiling said - assesemantaandbills, unless Lendsrpays Harrower interest onthe Fnndsand appliabklaw permits Lender to make wcb a charge. Borrower and Iwnder may agree its writing at the time of aicecntion of thin Mortgage tbat interest ~ We Funds shall be paid to Borrower, and ualese such agreement is made or applicable law regaira sack interest to be paid, Lender shall not be required b pay Borrower any interest err earnings on the Faiids. Lender shall give to Borrower. without charge, an annual aooounting of the Funds showing credits and debits to die Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by thin Mortgage. If die amount of the Funds held by I.ender, together with the futon monthly installments otFnnda payable prior to the due dates of taxesr _ assessments. insurance premiums sad ground rants, shall ezoaed the amount required to pay said taxes assessments, insurance premiums and ground rants as they fall due. such eoess shall be, at Borrower's option. either promptly repaid to Barrows os credited to Borrower on - - monthiy installments ~ Ponds. If the amount of the Fonda held by Lander shall not be sufficient to pay taxes. asseennaits, insurance - pnmiamr and ground recta as they fall due, Borrower shall pay to bender any amount necessary to make rep the deficiency within 30 days - from the date notice is mailed by Lander to Borrows requesting payment thereof. Upon payment in full of all arena secured by this Mortgage. Lender shall promptlj? refund to Borrower any funds held by Lender. If render paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, nolaterthan immediatdy pact - to the sale ofthe Properly orits acquisition byLender.any Phndsheld by Lender atdie time of application as a credit againstthe sums secured by this Moetge~ge. ! 3. Application of Payments. Unless applicxbk law provides otherwise. all payments received by Lender render the Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Iander by Borrower render paragraph 2 hereof, ; ~ then to inteteat payable on the Note. dint to the prindpal of the Note, and then. to interest and principal on any Future Advances. 4. Charges; Bens. Borrower shag pay all taxes, assessments and othercharges, fines and impoaidons attributable to the Property which i may attain a priority over this Mortgage. and kasehokl payments or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment. when due. directly to the payee thereof. Borrower shall promptly furnish to Calder t . all notices of amounts 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, dint _ Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shaft in good faith contest such lien by, ordefend enforcementof such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now e:iating or hereafter erected on the Property insured against loos 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 Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the awns secured by this Mortgage. 17ie insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Landes; provided. that such approval shall not be unreasonably withheld. All premiums on insurance paiirirn tti.n: t.o.:d 9-.:l:~ under oaraarach 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause infavor of - and inform acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to fender all renewal notices and all receipts of paid premiums. In the event of lass. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loos 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 ernnomically feasible and the security of this Mortgage is not thereby impaired_ If arch restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the e:ceas, itany, 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 Borrower that the insurance carrier offers to settle a claim for ! insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ar die sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend 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 aogsired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting frown damage to Property prior to the sale or acquisition shall pass to Lender !o the extent of the sums eecvred by this Mortgage immediately prior to such sale or acquisition. ' ~ 6. Preservation and 1laintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if thin Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned f unit development, We by-laws and regulations of the rnndominium or planned unit development, and oonatituent documents. If a condominium 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 thecovenantsand agreementsofthis Mortgage asifdie rider were a part hereof. 7. Protection of Lender's Security. 8 Borrower fails to perform the covenants and agreement contained in this Mortgage. az if at~y action or proceeding is cwmmerioed which materially affects Lender's interest in the Property. including, but not limited b. eminent domain. insolvency, code enforoanent, ar arrangeatent or proceedings involving a bankrupt ar decedent, then Lander at Lender's option,npon notice to Borrower may make sndi appearances. disburse such sums and take such action as is necessary to protect I.aider's interest. including, but not limited to, disbursemait of rmsonable. attorney's fee. and entry upon the Property to make repairs. If Lender regairsd mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the prerriiams required to maintain such insurance in effect until such time as the requirement for each insurance terminates in aoeordance with Borrower's and Lende:'a written agreement a applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided ender paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Leader agree to other terms of payment, such amount shall be payable upon notice from Lender b Borrower requesting payment thereof, and shall bear interest from the date of disbursemait at We rate payable !root time to time on outstanding principal under the Note unleae payment of interest at such rate would be contrary to applicable law, in which event each amounts shall bear interest at the highest rate permigsibie under applicable law. Nothing contained in this paragraph 7. shall . require Lender to incur any expense or take any action hereunder. ~ 600 JrG~ P1GE1~Q ~l