Loading...
HomeMy WebLinkAbout1409 y. _ _~1,-- t.i'~ Uxtrotw CovBt+~rn's. Borrower and Larder coveou?t and sgree a: follows: ~_a 1. >rpASat of lriadpal ssti lrsisnst. Borrower shall promptly pay when dus the principal of and interest oa the indebtedoeu evidenced by the Note. pt+epaymeat and late charges as provided in the Note, and the principal of and interest as any Fttttue Advances secured br "this Mottgaga 1 l1tMa lea Y1rs~ alai Lnae~atiee. 't to applicable law a so a written wsiver by Lender, Borrower shall pay to Leader oa the day monthly iaatallnneab of principal and interest are payable under the Note, until the Note is paid is full, a stmt (heroin "Funds'3 equal /o one.twalfth of ,the yearly taxes and. assrantartb which may ~ attain priority over this Mortgage,. and ground rata on the Property. ;f any: plus oaatwalftb of yesrly ,pmeraium instalmmnat: for Hazard irt:uraace, plus one-twelfth of yeulyr premium inatallmenb for mortgage inaurartce, if any, dl as reasonably estimated initially and from time to time by Lender on the basis of aaessmenb and bt~la and reasonable estimates thereof. 1Le Fltnda shall be held is an institution the deposits or accourtb of which are irrstrred a guaranteed by a Federal or state sgeacy (ittchsding Lender if Lender is such as institution). Leader shall apply the Fuada to pay said taxes, asfasnleab, . irtsunnce premiums and grottnd rent. Leader may not charge for so holding sad applying the Funds, analyzing said account, or verifying and compiling said assessmenb and bilb, unless Leader pays Borrower interest on the Funds sad applicable law perntib Larder to make such a charge. borrower sad Leader may agree in writing at the time of execution of this Mortgage that interest on the Fug :ball bs paid to Botrowen and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earanga oa the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Foredo 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 Mortgage. Tf the antouat of the Funds held by Leader, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount r+equir+ed to pay said taxes, a:samnems, insurance premiums and ground reab as they fall due. such excess shall be. at Borrowers option, either promptly repaid ro Borrower or credited to Borrower oa monthly installments of Funds. If the amount of the Funds ' held by Lender shaA not be aufticient to pay taxes, assasmenb. insurance premiums and ground rents as they fall due. Borrower shall pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums securrd by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. If under puagrap6 18 hereof .the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the time of applicatan as a credit against the sums secured by this Mortgage. 3. A~iicatfon of Pp~rteeab. Unless applicable law provides otherwise. all payments t~eceived by Lender under the t. Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amotutb Fsyable to Lender. by Borrower i under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Node, and .then to interest and principal on any. Future Advances. - 1. Crarges; Liens. Borrower shall pay all taxes, assessments and other charges, floes and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground. rents, if any, in the manner provided under puagraph 2 hereof or. if not paid in such manner, by Borrower making payment, whw due, directly to the payee thereof. Borrower shall promptly furnish to Lender 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. BomorVer shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to dischuge any such lien so long as Borrower shall agree in writing to the paymenf of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lies in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hard Iearraace. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred against loss by fire, haurds included within the term "extended coverage", and such other hazards as Leader may require and in such amounts and for such perads 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 sums secured by this Mortgage. 'Ihe iawrance 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 puagrap6 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance crtrriu. i All inwrance policies and renewals thereof 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 hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal rwtices and all r+eeeipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unkst Lender and Borrower otherwise agrce in writing, insurance procceds shall be applied to restoration or repair of - the Property damaged, provided such ratoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such ratoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sum; secured by this Mortgage, with the excess, 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 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 or to the sums secured by this Mortgage. Unka 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 the Property is acquired by Lender, all right, title and interest of Borrower in and to any imurance policies and in and to the procxeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass W Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preeervatba sad Maiateoance of Property; Leaseholds; Condomlaiaa~ Plaeaed Udt Iflevelopareats. Borrower shall keep the Property in good repair wd shall not commit waste or permit impairment or deterioration of the Property sad shall comply wild the provisions of any lease if this Mortgage is on a leasehold. iE this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the decluation or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent 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 the covenants and agreements of this Mortgage as if the rider were a part hereof. . 7. Protectiow of Leader's Security. If Borrower fails to perform the 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 enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is 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 as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and . ~ ~ . ~ ~ ~ X325 P,?~ ~