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HomeMy WebLinkAbout2143 z ~ e _ _ - ~ ~ ' a t: ii • trite • ~ ~IMrORM GbvsNANTa. Borrower and Larder covenant and sgrce at follows: i. ltgttteut et Peiseyal ttM LMtwf. Borrower shag P~PUY WY when drys the principal of and iatsrest oa tba itadebNdoees svidarced by the Nuts. ptepayareat sad late charges as provided in the Note. sad the principal of sad iatar+est oa say Tatrtr~e Advarroes sxund by this Mortgap. 3. ltisrtis lw'llattse ttiti llttsttteeres. Subjcet to applicable law or ~ a written waiver by Lender, Borrower slraq pay to Leader oa the day awathly imtallmenb of principal and interest are payable under the Note, until the Note a paid is tug, a sttm (herein "Ftrads'~ egwl to one-tvreifth of ehs yearly taxes and sssasrr>enb which may attain priority over the Mortgage, and gt+ouod teat oa the Property. if say. plus oaatwelfth of yearly premium iastalarenb tot hazard iawraace, plus otte•tweltth of yearly psemium iastallmarb for t:rortgage insuranx. if any, ap as reawnatrly estimated initially and from ' time to tiara by Lender oa the basis of atsessrxnb and hilts and reasonable estimate thereof. Tba Fonds shall be held is sa irr:titution the deposit or accounts of which are iawred or guaranteed by a Federal or state agarry (including Lender if Lender is such as irotitution). Leader shall apply the Funds to pay:aid taxes. assessment, ' iawaooa ptanitrrra snd tT nat. Fender rosy not charge for w holding and applying the Funds. analyzing said account. a verityiag and compiling said assessrrteab and trilb, unless Lender pays Borrower interest oa the Funds sad applicable law permit Larder to malts such a charge: Borrower and Leader may agree in writing at the lima of execution of this Mortgage that ioterat on the Funds shag be paid to Borrower, and unless such asreearent is made or applicable law require: such interest to be paid. Lender:lrall not be required to pay Borrower any interest or earnings oa the Funds. Lender step give ro Borrower, without charge, an annual accounting of the Funds showing crediu and debits to the Funds and the pupose for which act debit to the Funds was made. The Funds are pledged as additional security for.tlre sums secured by this Mortgage.. Tt the sraorurt of the Funds held by Larder. together with the futuro monthly instalment of Funds. payable prior to the due dates of taxes, assaament, irrsursnce premiums and ground rent, shall exceed the amount required to pay said taxes. raseesmaab, imrusaoe preaairara: sad ground rent as they tall due. such excess shag be; at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly irrstalhaent of Funds. If the amount of -the Funds held by Lender shall not 6e strdkient to pay taxes, apessaxnts, insurance premiums and ground rents as they fall due. Borrower-shall pay to Lender say amount necessary to make up rho deficiency within 30 day: from the date notice a mailed by Leader tD BOrrowsr requatrag payment tbereot. vP~ PaY~ in full of sll wm: secured by this Mortgage. Leader 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 shall apply, ao later rhea immediately prior to the ask of the Property or it: aoquisitior, by Lender, say Funds held by Larder at the time of applicatbn as a credit against the suau secured by this Mortgage. 3. A~IicMiea st lgtiseals. Unless applicable law provides otherwise. all payareat received by Lender under the Note sad panrgraplrs 1 and 2 hereof shag be applied by Lender Srst in payment of amount payable to Lender by Borrower under paragraph 2 he[eaf, than to iatercat payable oa the Note, then to the principal of the Note, sad-then to interest sad principal oa say Future Advances. . 4. CMrges; IJeai. Borrower shall pay all taxes. assessments and other charges, Snes and impositions attributable to the Property which may attsin a priorhy over this Mortgage, and k:sehold payment ~ ground rears, if say. in the meaner provided under paragraph 2 hereof or, if trot paid in such manner. by Borrower making payment, when due, directly to the Payee thereof. Borrower shall promptly furnish to Lender all notices of amarnt due under this paragraph, and u! the event Borrower ahaU make payment directly. Borrower shall pranptly furnish to Lender receipts evidencing such payments. Borro~rrer shall promptly discharge any lien which hss priority over this Mortgage: provided, that Borrower shag not be required to discharge say such lien so brag as Borrower shall agree in writing to the payment of the obligation secured by such lies in a mariner aooeptatrk to Leader, or shall in good faith contest such lien by, or defend enforcement of such lies b. legal proceedings which operate to prevent the enforcarrent of the lien or forfeiture of the Property or any part thereof. s. Hasard lawrarree. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by See, hazards included within the term "extended coverage..; and such other hazards as Leader may require and in such amounts sad for such period 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. -The inwranoe carrier providins the insutanot: shall be chosen by Botrovver subject to approval by Lender. provided, that such approval shall not be unreasonably withheld. All premiums on inwranoe policies shall be paid in the manner provided under paragraph 2 bereot or, if not paid in such manner. by Borrower- making payment, when due, directly to the inwranoe carrier. . All inwrarroa policies and renewals thereof :hall be in form acceptable to Lender and shag include a standard mortgage clause in favor of and in form aaxptabk to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Leader ap renewal notices and all receipt of paid premiums. In the event of loss. ~ Borrower shall give prompt notice to the instrraaoe carrier sad Linder. Lender may make proof of bas if not made promptly by Borrower. Unlea Lender sad Borrower otherwise agree in writing. insurance prooesds shall be applied to ratoratbn or repair of B the Property damaged, provided such ratoration or repair is economically feasible and the security of this Mortgage is not thereby unpaired. If such restoration or repair a not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds 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 the date notice is mailed by Larder to Borrower that the iwurantx carrier offer to settle a claim for insurance bene5t, Leader is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property of to the sums secured by' the Mortgage. Udas Leader and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installareat referred to in paragraphs 1 and 2 hereof or change the amount of such instalments. if under paragraph 18 hereof the Property is acquired by Lender, all right. title and interest of Borrower in and to any insurance policks and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such :ale or acquisition. f. lreservstio~ asri Maiatcnaece of Property; I.easeboldr, Coadoarlalasr:; llaaaed Unit Developoresb. Borrower shall keep the Property in good repair sad shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of say lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a condominium or a planned unit devebpment. Borrower shall perform all of Borrower's obligatiorrt under the declaration or covenants creating or governing the condominium or planned unit devebpment, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium ar planned unit development rider is executed by Borrower sad recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenant and agreements of this Mortgage as if the rider were a part hereof. 7. lroMcdors et ><.etaders Secsriq. If Borrower fails to perform the covenants sad sgrLenrent retrained in this Mortgage, or if any action or proceeding is coatntenred which materially affects Leader's interest is the Property, including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Leader at LeodeYs option, upon notice to Borrower, may make such appearances, disburse such sums and take such sctioa as is necessary to protect Leader's interest, including, but cot limited to, disbursement of reasonable attorney's fees sad entry upon the Property to make repairs. If Lender required mortgage insurance as a - conditioa of making the ban secured by this Mortgage. Borrower shall pay the premiums required. to maintain such imuraooe in effect until such time as the requirement for such insurance terminates in atxordance with Borrower's and l~~ ~zs~