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HomeMy WebLinkAbout1681 t - . - . L:~~~ j~~~ Utmroet,e ot~t~?rtts. Boetrow.r aril atrtn.aaat and agta a toiionrs: ~ pb~•t- tetti MMMI. Brower ahap P~Pth? peey what drta uN d acrd iataest on the irdabMiseee widsrtoed bj? the 1tlole. pnpaymeest aril IoM dynes ss providd is the Nerte. sad the principal d sad ia/aat ett ttb AA+sanoea ssewrd by t~ . 1 lt+tti hr 7tttttw ttttel irwttt~, attibjeet to applkable law a to a wt'itNrt waiver bar l~sadsr, Boes~atrr tbtrN pay ' b 1radsr oa the day atoetltlPiopalhtwnts of principal sad irrtex+ast are.paysbk order the Netee. unW tM Note. is paid is full. a~ aw Qnrek "Fnade'~ eprtal to. artt'trwi~lt of the yetarly tears sad taseMatatb wbidt tttn~y attain priority over tbk waaa~..a as+wa aavaw~aa iwsM awes aqP iavt+waj~ n raj, ~nw aw.~-awwaaa ~w ~ jay ~wwpso.r ~w......+ . plnt<oM-tsrelfM d yarly prwaiua~'itatallmatb for mottlge insursnce. if any. a~ as raaoaablr eadmated initially and from lima b tietse by Deader ow the btnis d ssseesroents sad hiNs end raaonabk atiaatans thereof. 'llta Ftmds tshall bs herW irr as ietesittrtie>rr tore deposits a aexourrts d whidt sn ietsrred a gwraateed !ry a Federal e* stags agency (iochtding Ilrrdu iFirondet ~ such an institution). 1.ender sbap apply the Puadt 1o pay swirl tetra. aasasasenb. irwuaaos psrmitatts aril p+otatd roots. Le:tdet may not chants for so holding aril applying the Frttds, analytciag said aooouM. or vetityiugsad oaapilin~ Maid assasmeats and bills. unless (,.ender paps Borrower it>taest era the Funds sad appliexbls lave petmia Iresrder to etylps wtb a edrarge. Bortower std (reader may spa is writing at the time d execwioa e>f this I?+toetga~e that itNerest oa the Funds shall be paid to Bortes+eser. sad ualesa such alreenteM k roads err applicable law regttit+ss such iatetent to be paid, bender shstl rat be retelttited to pay Borrower any interest ex eearesitrgs ern the Fwr~. Lender shall =iw 1o Bort~osrer, witlrottt dyne, an atonal aoooeatting got tpe Funds showing credits. aratA debits to the :Funds sod the purpas for wbidr each debit to the Funds was made. The Fturds aro piedgd as additional severity .tor the srrtrrs securod . by this Martgye. lf.the.amottnt er[ tbs Foods held by (render. tegether with the future monthly insallniepes e>E Funds payable prior to the doe dates of tetras, ate?asmeares. iaeorarroa pt+erniturrs and around carts. shall exceed the araourrt reegnired to pay said taxes, assermeob, iaatratroe pr+aohtms atsd ground rents ss they fall dtre. such exexsa shsU b0. at Borrower's option, either praepNy repaid to Borrower a exeditod tQ Borrower ext rrwathly instalbmsents ett Futile. It the amount erf the Funds bdd by Leedsr-shsd .not be sd6edsat< tD pay taxes, aeesstyrarb. itwtraatx pm;inirans and g~ rears as they fall due, Borrower abaU pay to Leader any antouni aeoessary to make np the delciency within 30 days from the date notice is mailed by Ltttder to Borrower regtsating pajrrnent thereof. Upon psymeat is trr11 elf all sums secured by this Mot gage. Lender shill promptly refund to Borrower any Futds bdd by bander. Tf under paragraph 18 hesreof the: Property is soW a the Property t: otherwise acquired by Lender. Lender shall apply. ra later than itomeeliately prior to the sale art the Property ex its aeagtmition by Larder. any Funds held by Lender st the that: art application as a e:redit agairat the aerates seearred by this Mortgage. 3. AppYeaga~ et[ ifq~eesla Unksa appliexbk law provides otherwise, all payments received by Lender under the Note and paragraphs I and Z besreof shall ba applied by Lexrder brat in payment of amounts payable to Lexrder by Borrower under patspaph 2 hereof, then to interest payable oa the Note. thew to the principal of the Note, and then to interest and print3pal exr any Future Advaooa. 1. CMrge~-Liens. Borrower shall pay all taxex, assessments and other charges, hoax and impositiotra attributable to rise Property which may attain a priority aver this Mortgage, and leasehold payments or poutd rents, if any. io the manner provided under parapsph 2 hereof of if not paid in such manner. by Borrower making payment, when due, dirextly to the parse thereof. Bottow~er shall prbmpU~"furnish to Leader.aU~notices esf smouMs due ~unekr this parapaph. and in the event Borrower shall make paytaeen; directly; Borrower shall- promptly ,furnish to. Leader reexipts evidtacing such payments. Borrower shall promptly elisclrarge .any lieyt which has priority over: this Morgage; provided. that Borrower shag oat be required to discbarle any such lien so bog as Borrower shall agree in writing to thi: payment of the obligation sescured by such liar is a mannesr aooeptabk to Lender, or shall in good faith context such lien by, or ekfard exrforcetnent of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. It;asssri lasttwaee. Borrower shall kesep the improvetrrrnts now eacisting or hereafter e:rextem on the Property inwrod against lass by fire. haurds included within the term "extended coverage", and such other hoards s: Lender may require and in such amounts and for srrh periods as Lender may require; provided. that Lender shall not require that the amount of such coverage exceed that amount of coverage rexiuireod to pay the sums socureed ~y this Mortgage. 7lre irrsuraaoe carrier providing the insurance shall be chosexr by Borrower subject to approval by Lender. provided, that such approval shall not be uor+easonably withheld. All pte:miums exr insurance pdiciex shill be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrowex making payment, whew due, dirextly to the inwranoe carrier. ~ All insurance pdicies and rarewals thereof shall be in form aeroeptabk to Lender and shat! include a standard mortgage clause in favor of and in form acexptabk to Lender. Lender shall have the right to hold the policies and renewals thexeof. and Borrower shall promptly fttrnisb to Lender all renewal notices and all rexeipts of paid premiums. In tire; 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. Unless Lender and Borrower otherwise agree in writing, insurance proceexis shall be applied to restoration or repair of the Property damaged, Provided such restoration or repair is exexromically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair b not economically fe~sibk or if the sescurity of this Mortgage would be impaired. the insurance pretexods shall be applied to the sums secured by this Mortgage, with the exexss. if any, paid to Borrower. if the Property is abandonesd by Borrower, or if Borrower fails to respond to Leander within 30 days from the date notice is mailexl by Larder to Borrower that the inwrance carrier offers to settle a claim for iowranoe benefits. Lender _ is authorized to collect and apply the irrsurarrce prooeods at Lender's option either to restoration or repair of the Property or to the: sacra secured by this Mortgage. Udess Lender and Borrower otherwise agree in writing. any such application of procxeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such itstallments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interext of Borrower _ in and to any Rtsurance pdicia and in and to the proceeds thereof resulting from damage to the Property prior to tlrc sale or acquisition shag pass to Leader to the eactent of the sums secured by this Mortgage immediateSy prior to such sale or ~ Presenattoa earl Maiashaaace of Property; [.easebolds; Cesaioraiairrers; )rlsasei .UW Deweiopsatak. Borrower shall keep the Property in good repair and shag! not commit yvaste or permit impairment or deterantiexr of the Property g and shall comply with the provisions of any lease if this Mortgage is on a leasehold. if the 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 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 exexute~ by Borrower and rexorded together with this Mortgage, the covenants and agr+eeanents of such rider i shall be incorporated into and shall amend and supplement the covenants and agrexrne<nts of this Mortgage as if the rider were a part hereof. 7. Prertectios of Leader's Secorlty. If Borrower fails to perform the covenants and agreements contained in this Mortgage. or if any action or proceeding is commenced which materially aBects 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 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 making the ban securexl by this Mortgage. Borrower shall pay the premiumt rcquirexl to maintain such iruurarrce in effect until such time as the requirement for such insuraance terminates in accordance with Borrower's and ~ i ~"T i flf f'1r]r ~ w......