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HomeMy WebLinkAbout1287 . f .tyre ' ~ i er • - ~ BOlIOwK and Ltadsr oovertattt and agrw Y follows: 1. Payntest of Priaaipnl node irstereat. Borrower shall pretnplZ,r Pay when due the principal of and lntered on the irdsbtedrtess eviderwsd by tM Note, pr~epaymeat sect late charges as provided in the Note. and the principal of and interestoa any Fhtnre Advents secured by this IKeetgage. Z. I+Lads far Tares sad Iagtrt#noe. Snbjed to applicable law or to a written waiver by Lender, Borrower shall pay to Leader on the day monthly instaUaasata ~ principal sad interest are ptvyabk under the Note. until the Note is paid is full, a sum (herein "Funds'? equal b one i twelfth of the yearly to:et and eta which may attain priority over thin Mortgage, sect gro~tad r~enta on the Property. if any. Plw rots tweldth of yaarljr premium instaUmeata for hasard insurance, plw one~tweldth of yearly pteminm installments for mortgage insurance. Uany. all as reasonably estimated initially and frrom time to time by Lender on the basis of assessments and biW and reasonable estimates thereof. Ths Fends shag be held is an institnttoa the deposits or aooonnts of which era insured or gwranteed by a Federal or State agency (including Leader if Leader is such an institution). Lender shall apply the Funds to pay said tares, assessments, insurance premiums sad ground rents. Leader may sot dtarge fac so holding and applying the Fends, anallning said account. or verifying and compiling said asseesarents and bills. ndea Leader pays Borrower interest on the Fends and applicable law permits Lender to make such a charge. Borrower i am! Leader may agree in writing at the time of execution of thu Mortgage that interest on the Funds shall be paid to Borrower, and unlw such sgreemntt is made or applicable law requires such interest to be paid, I.w?der shall not be required to pay Borrower any interest ear earnings on the Fonda. Fender shall give to Borrower. wiWont charge. an annual aooounting of the Funds showing credits and debits to the i 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 this I If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of tares. essesaments, insutanos pre:niunu and ground yenta. elusll.ezoaed the amount repaired to pay said taxes. assessments, insurance premiums and ground r+enh as they fall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrwwe: on manthly installments of Fends. Tt the amount of the Funds held by Leader shall not be sufficient to pay fazes. aaessments, insuranee premiums and geoand rests a. they fall due, Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lends to Borrower requesting payment WereoL Upon payment is roll of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any funds held by [:.ender. Ifunder - paragraph 18 hereof the Property is add or the Property is otherwise acquired by Lender, Lender shall apply, ao later Wan immediately prior to the tale of We Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the auras eecnred by this Mortgage. 3. Application of Payments. Unless applicable law provides oWerwise, all payments received by Lender under We Note and paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note. Wea to We principal of the Note, and Wen to interest and principal on any Future Advances. 4. Charles; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to We Property which may attain a priority over Win Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph thereof or, if not paid in ouch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly famish to Lender all notices of amounts due under thin paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, Wat 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 aooeptabie to bender, or ahuti in good faith contest such lien by, or defend enfnrrernant of such lien in, legal proceedings which operate to prevent We enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hasard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured againatlose by fire, hazards included within the term "e:tended coverage," and such other hazards as Lender may require and in such amounts and for such t periods as Leader may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by [.ender; provided, that such approval shall not be unreasonabt vinttrheid. nil remiuma un ineuru??~~ iii:ca w "^'a nTM.virls~rl nectar n??rsurraoh 2 hereof or. if Y P w - not paid in such manner. by Borrower making payment, when due. directly to the insurance carrier. All insurance policies and renewals W ereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hoW the policies and renewals thereof, and Borrower shall promptly furnish b i.ender 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 toss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of We Property damaged, provided such restoration or repair is ernnomically [easible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or it the security of Wis Mortgage would be impaired, the insurance proceeds shall be applied to the awns secured by Win Mortgage, with the e:ceas, 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 Borrower Wat 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 os We sums secured by this 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 18 hereof We 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 Property prior to the sale or acquisition shall pass to Lender to We extent of the soma secured by this Mortgage immediately prior to such Bale or acquisition. 6. Preservation and Maintenance of Property: Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shalt not commit waste os permit impairmen! or deterioration of the Property and shall comply with the provisions of any lease if Win 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 rnvenants creatingor governing We condominium or planned unit development, We by-laws and regulations of We rnndominium or planned unit development, and constituent dacwnenta. If a condominium or planned unit development rider is executed by Borrower and recorded bgeWer with this Mortgage. the covenants and agreement of such rider shall be incorporated into and shall amend and supplement thernvenanta and agreements of this Mortgage as ifthe rider were a part hereof. Protection of Lender's Security. If Borrower fails to perform We 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 enfonement, err arrangements or proceedings invdving a bankrupt or decedent, Wen Lender at Lender's option,npon notice to Borrowu may make such sppearanoes, disburse such sums and take each action as is neoasary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon We Property to make repair. If Leader required mortgage insurance as a condition of making We loan secured by this Mortgage, Borrower shall pay the premiums required !o maintain such insurance in effect until each time as We requirement for ouch insurance terminates in aooordaace wiW Borrower's and Lendds written agreema~t or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in We manner provided under paragraph 2 hereof: Any smonata disbursed by Lender persuant to Wis paragraph with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unleaa Borrower and Lender agree to other teens of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disburswment at the rate payable from time to time on outstanding principal ands the Note unless payment of interest at each rate would be oontrsry to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Linder to incur any expense or take any action hereunder. 8~~'S P~~1 ~ ~