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HomeMy WebLinkAbout1970 ~ rt - i Borrowee and I.sader covenant and agree as tolbws: f 1. Pgrarsat of Priaotpai read Ittis~rwt. Barrarror shall P~Fuy PrU? w~ else tlm principal of arm intered oa the indebtedness widerrpd by the NoM, pespt~yment and late drargw as provided in tM Note. earl tM principal of and intsewt oa any Ftirtars Advances recurred by thin lfeelgags. Pletrda tor'Pauss and Iasaraooe. 8ubjsct b applicable law a to a written waiver by Leader, Borrower ahap pay b Lender oar the day ! monthly irrsiagmeats o[pdacipal and iatsesst ors p~y.l?le under the Note. until the Note is paid is full, • sum (herds "Plrads'~ equal b oa? E twdtth of tM yearly ta:a sad aa~eesmeats which may attain priority over this Mortgage, and ground rents oa the Property itsay, plea ores~ twelfth of yearly premium v forhetzard ittsarana, plw oastweltth of yeasty Premium inatalhaeats for mortgage iaauraoa, ifsay. } all w rsasoaab~jr eatirnated irritiaily sad lkom time b time by Lender on the basis of asasesmeats sad bilk and rea.oaable estimates thsrso~£ t 'ICs Plrnda shall be held in as iastitntioo the deposits or accounts of whidr are insured a gaararrteed by a Redesal or State agatty (indoding Lander it Leader is sack an iaditatioa). Lander shall apply the I~rnds b pay said to:es. aassaments. insurance premiums and I ground r+sats. Lender may not drargs for so holding and applying the Ftitnds. analysing said account, or veei$ring and compiling acid ! aseeeanreats sad biW, salsas Lender pays Borroweriater+est oa the Fbads and applicable law permits Leader b make arch • charge. Borrower and Leader may agree is writing at tM rims o~i euecution of this Mortgage that interest on the P~rnds shall be paid b Borrower, sad nniess such agreement is made a appdicabds law regnires sneh iatered b bs Paid, Leader shall not bs eequired b pyr Borrower any interest err earning on the Funds. header shall give b Borrower. without charge, an annual aooounting of the l~mds showing cesdib sad debits b the t the paepoas for which each debit b the Funds was made.l7re I~rada are pledged as additional security for We cams secured by this { Ithe amount of the Fnads held by Leader, together wiW the future monthly installments of Panels payable { Prior to the due dates of tastes. f -""'~"nk: L*rs!:~+a pss~i+a~ end g~ccl rents, shall esoaed the amount repaired to pay said taxes, asaesameata, insuraaaa premiums ~ and grow e+eats as they fall due. each exoep shall be. at Borrower's o p ptly repaid b Borrower or credited b Borrower oa grins, either rom montddy installments of Plrnda. If the amount of the Fends held by bender shall not1be fufficient b pay taxes. assessments, inaarance premiums and ground rants as they fall doe. Borrower shall pay b ;Lsrrdpr any amo~irit necessary b make rep the deficiency within 30 days ' from the date notice is mailed by Lender to Borrower requesting payment thereof. UPS payrnant in full o[all sums secured by this Mortgage. Lender shall promptly refund b Botrower~ny fiords held by Candor. If underr paragraph 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 err its a+oquiaitioa by Lender, any Fends held by Lender at the time of application as a credit against the soma secured by Chia Mortgage. 3. ApPlkmtion of Payments. Unless applicable law provides otherwise. all payments reoaved by Lender undo the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereoL then b interest payable on the Note. then b the principal of the Note, and then to interest and principal on any Ftirture Advances. 4. Chartea; Liens. Borrowerahall pay all taxes, aasesaments and otherchargea, fines and impositions attributable ti the Property whidr may attain a priority over this Mortgage. and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manna, by Borrower making payment, when 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 b Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. Wert Borrower shall sat be required b discharge any such lien so long as Borrower shall agree in writing b the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith rnnteat such lien by, ordefend enforcementofsuch lien in, legal proceedings which operate b prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insaranee. Borrower shall keep the improvements now existing or hereaRer erected on the Property insured against lass by fire, hazards induded within the term "extended rnverage,° and such other hazards as Lender may require and in such amounts and for sack 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 soma secured by this Mortgage. 'fhe insurance 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 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 Sarrowes shall promptly furnish to lender all renewal notices and all receipts of paid premiums. In the event of lass, Borrower shall give prompt notice to the insurance carries and Landes: Lender may make proof of loss 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 economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or it the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the soma aecnred by this Mortgage, with the excess, if any, paid to Borrower. If the Properly is abandoned by Borrower, or if Borrower fails b respond b Lander within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier oi'ten b settle a claim for insurance bene5ts, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair ~ the Property or the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall note:tend 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 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 the a:tent of the sums secured by this Mortgage immediately prior b such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominumr, Flawed Unit Developments. Borrower shall keep ' the Property in good repair and shall not rnmmit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this 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 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, flu oovenanta and agreements of such rider shall be inrnrporated into and shall amend and supplement the rnvenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protedbn of Lender's Security. If Borrower fails to perform the eovenante and agreements contained in this Mortgage, or if aqy action or proceeding is oommeneed which materially affects Lender's interYSt in the Property, induding, tint sot limited to, eminent domain, insolvency. code enforcement, or arrangements or prooealings involving a bankrupt or decedent, they Linder at Lender's optiaernpon notice b Borrower may make such appearances. disburse such sums and take each action as is necessary b ptoted Lender's interest, indading. but not limited b, disbursanent o[ rcewnabk attorney's fees and entry upon the Property to make repairs. if Leader required mortgage insurance as s condition of making the loan secured by this Mortgage, Borrower shall pay We premiums required b maintain such insurance in effect until such time a. the requirement for such insurance terminates in accordance with Borrower's and Candela written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in We manna provided render paragraph 2 hereof. Any amonnta disbursed by Lends pennant b this Paragraph 7. with interest thereon, shall become additional indebtednep of Borrower secured by this Mortgage. Unless Borrower and Lender agree b other terms of payment, such amounts shall be payable upon notice from Lends b Borrower requesting payment thereof, and shall bear interest from We date of disbursement at the rate payable from time b time on outstanding principal under the Note unless payment of interest at such rate would be oontrsry b applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph shall regain Lender b incur any expense or take any action hereunder. . X325 P~1~4 ~