HomeMy WebLinkAbout1924 •
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UNtpottns Oovtartwt~. Borrower and Lender covenant sad agree a: follows:
i. ltgsttesit o[ lsfiat*ttl sssi lahsss~t. Borrower shall P~WIY WY wbea due the ptiacips) o[ and interest on the ~
indeblydaess evideatxd by the Note, prepayment and late charges es provided in the Nora. sad the principa] of sad interest
at any Future Advances secured by this Mortgasa. `
Z. far tad 1~.-ate. 83x! to apL+li~ble law c+r to a written waiver by Lender. Botrosvar shall pad~
to Lender oa the day monthly iastallmenb of principal and interest are payable under the Note, until the Note is paid is fuU,
a sum (herein "Funds") equal to one-iweZfth of the yearly taxes and assasma~b which taay attain priority over this
Mortgage. and gt+ouad trnts on the Property, if any. plea one-twelfth of yearly pr+emittaa iastaUaneab for besets inwranoe,
plus onc•twelfth of yearly premium iastallmeab for mortgage inwranoe. if any. all as reasonabty estimatod initially and from i
time to time by Lender on the basis of assmsmeab add hilts and r+easonabk estiraatea thereof.
' 'ltse Funds stall be bell is an institution the deposit or sscount of Mrhich are it>:ttred or guaranteed by a Federal or.
state agency {including Lender if Lender is such an institution). Lender shall apply the Futxh to pay:aid taxes, assessrueab,
iasuraaoe premiums and ground teat. Lander may not charge for so holding and applying the Fund:, analyzing said aovount,
or verifying and compiling said assessment and bills, unka Lender pays Borrower interest oa the Funds and applicable law
permits Leader to make such a charge. Borrower and header may agree in writing at the time of execution of this
Mortgage that lateral on the Funds shall be pesos to Borrower, and unless such agreemntt is made or applicable law
requires such interest to be paid, Lender stall not be required to pay Borrower any interest or earnings oa the Funds. Lender
shall give to Borrower. without charge. an annual accounting of the Funds showing credit and debits to the Funds and the
' purpose for which each debit to ibe Funds was made. The Funds are pledged ss additiowl security for the sums secured
by this Mortgage.
IE the amount of the Funds held by Leader. together with the forum monthly inataUarents of Funds payable prior to
the due dates of taxes, assessments, intunnce premiums and ground rent, shall exceed the amount required to pay said taxes,
a:zsaments, Insurance premiums and ground rent as they fall due, such excess shall be, at Borrower's opting either
promptly repaid to Borrower or credited to Borrower on moathty installment: of Funds. If the amount of the Funds
by Lr _,:::::.ot w °..:.t r
; :~ernenn_; insurance cnemiums sad tround rents as 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 Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
_ held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender
:halt appty, no later than immediately prior to the sale of the Property or ib acquisition by Linder, any Funds held by
Lender at the lima of application a: a credit against the sums secured by this Mortgage.
3. Applicatiota oft Paprsses?b. Unless applicable law provides otherwise, all payment received by Lender under the
Note and paragraplu 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph Z tret+eof. then to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. Clrargea; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which say attain a priority over this Mortgage, and leasehold payment or ground rests, if any, is the manner
provided under paragraph Z theeof or, if not paid in such manner. by Borrower making payment, whey due, directly to the
ImYa thereof. Borrower sh:l1 promptly furnish to Leader aU notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shop promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be
required to discharge any such Lien so beg as Borrower shall agree in writing to the payment 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 liw iq
legal pr+ocoedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
5. Iisnrrrd Insuaaet. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured
against lass by fin, 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 acquired to pay the sums secured by this Mortgage.
'Ihe imurance carrier providing the insurance shag be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreawnabty withheld. Alt premiums ao Insurance policies shall 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.
All insurance 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 notices and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier add Lender. [.ender may make proof of loss if not made promptly
by Borrower. _
Unless Lender and Borrower otherwise agree in writing, insurance proceods 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 ratoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance procxeds 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 fails to respond to Lender within 30 days from tlx
date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proeeods at Lender's option either to restoration or repair of the Property
or to the 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 the Property is acquired by header, all right, title and interest of Borrower
in and to any insurance policies and in and to the procoeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
b. lzreservatio0 arru Pvlaiateaa>ace of Frrr~ri;; L~!s.:d;; ~o:.doa.lsdss~ P~ss~d i
salt 111s~elopmeots. Borrower
shalt keep the Property in good repair and shall sot commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of ady lease if this Mortgage is on a leasehold. If this Mortgge 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 executed by Borrower and recorded together with this Mortgage, the covenants and agrtemenis of such rider
shall be incorporated into and shat! amend and supplement the covenants and agreement of this Mortgage as if the rider
were a part hereof.
7. Protection of Lerdes's Secautty. If Borrower fails to perform the covenants and agreement 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 arrangement 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 aeoordanee with Bornower's add
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