Loading...
HomeMy WebLinkAbout2733 • it Lie' ~ ~ ~ 1Jrrt~oaat Gbvart~rrra. Borrowu and Leader covenant and agrce as follows: i. lryrrrrerrt of Priodpal atstt btetes(. Borrower shall P~PtlY PaY when due ibe principal of and interest on the indobttdnw evidenced by the Note, prepaytnont and late charges as provided in the Note, and the principal of and inter+eu on sqy Future Advances secured by this Mortgage.' _ - - !rani [orr 7kurea sari irranratsce. Stitbject to applicable law or to a written waiver by Leader. Botmower shall pay to Leader on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full, a arm (bereitt "Ftrnda'h equal b outatwdith of the yearly -taxes and asses:rnetrts whkh ropy attain priority over this Mottga~ga, and ground rants on the Property. if any, plus ane•twelftb of yearly premium ittstdlrnents for hazaM insurance, . plus one-twelfth of yearly prett»um ittctalltneats for mortgage inwrarrce, if any, all as reasonably estimated initially and from time to tune by Lender on the basis of . assessments and bills and reasonable estitn, arcs thereof. 'lira Ponds shall be held in an institution the-deposits or accounts of which are insured or guaranteed by a Federal or state agency (ircluding Lender if Fender is such an institution). Lender shall apply the Funds b pay said taxes, aase::marts. irtauranoe praniurns and ground rents: Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to-make such a charge. Borrower and Lender may agrce in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or appligble law requires sudr interest to be paid, Leader shall rrot.be required to pay Borrower any iatereat or earnings on the Fonda. Lender. shall give b Borrower, without charge. an annual accounting of the-Funds showing crodils and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds art pledged as additional security for the sums secured by this Mortgage. . Tf the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior b the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay sold taxes, assdsmettts, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either pranptly repaid to Borrower or credited to Borrower. on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sut6cient to pay taxes, assessments, insurance premiums and ground rents ss they fall due, Borrower shall pay tv Lender any amount rrectssary to make up the deficiency within 30 days from the date notice is mailed by Lander to Borrower requesting payment thereof. Upon payment in full of all soma secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph.l8-hereof the Propotty,:is trold,Qr 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 Lender at the time of application as a credit agaitrat the sums socured.by this Mortgage. 3. Application of Ptgmeab. Unless applicable law: provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall'be applied by Lender $tst in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, 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. Charges; Lieu. Borrower' shall pay all taxes. asseasrnetrts and other charges. fines and impositions attributable to the Property which may attain apriority-over this Mortgage, and kasehoW payments or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. directly to the payce thereof. Borrower shall P~PUY. furnish to tender all notices of amounts dot under this Paragraph, and in the event Borrower shall make payment directly. Borrower shall 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 long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manger acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enfot+oement of the lien or forfeiture of the Property or any part thereof. S. Hazard lasnraace. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred against loo by fire, 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 required to pay the sums secured by this Mortgage: 'ILe 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 rn 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 and Lender. 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 unpaired, If such restoration or repair is 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 Lender to Borrower that the insurance carrier offers to settle a claim for irrwrance benefits, Lender is authorized to collect and apply ibe insurance proceeds 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 Lender, all right, title and interest of Borrower in and to say insurance policies 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 sale or acquisition. f. Prcaervatioe sad Maiateoaece of Property; Leaseholds; Condominiums; Plaened ti3nit Derelopmeab. Borrower shall keep the Property in good repair and shall not commit 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 a 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 agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agrcements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Secrrrily. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lenders interest in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankruq or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appeuances, disburse such sums and take such action as is rrecessary 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 unfit such time as the requirement for such insurance terminates in accordance with Borrower's and