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HomeMy WebLinkAbout2893 - . _ - . . j _ - :'c ~ - i Borrower sold lwadsr oawaaat sad agtw w follows: ' 1. Payaeeat of Principal sad Iatsawt. Borrower shall promptlvy pay woes dw the principal of and interest oa tbs indebtedness ° evideaoed by th*Note, pespayaosat and tale charges as provided in the Note, sad the priaciptil of sad iatsreston say Entente Advaaoa scented ' by this >1{scigags. 2 ltinda for Ts:ea sad Iaa~traaoe. $ubjed to applicable law or to a written waiver by Lender, Borrower shall pay to Ler?deron the day monthly inslatisseata of peindpal sad interest are payable reader the Note, until tM Note is paid is Poll. a sum (herein "Ftilnds'~ equal to oar twel!!h oohs yearly taxes sad assessaaaats which may attain priority over this Mortgage, and ground rents on the Property. if any. pins oar twelfth of yearbr premitms inatallmsnis for basard insurance, plw oartwelflh of yearly premium instaWnents for mortgage insurance, if any. all as reasonably estim+,tsd initeall`y and tiooa time tc: time by Leader on the basis of asaesemen4 and bills sal rsasoaab4 atimata theeeof 7Le Fonds shall bs hdd in as iaNitntion the deposits ce accounts o! which are insured or guaranteed by a Feds:al or State agsacy (indndiag Leadee if Leader is such an institution). Leads shaA app)vy the Fnnda to pay said uses, assessments, insurance premiums and ground teats. I.sneisr may not charge for so 6oiding and applying the Funds. analysing said account, o: verifying and compiling said aaeeeerlsats and biW, unless Lender pays Borrower interest on the Enacts and applicable law permits Lender to makeau:h a dzarge. Bortows sad Leadec may apes in writing at the lima of ssecutioa of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such ageeeraeat is made a: apptitxble law requires such interest to be paid, Lender shall sot be required to pay Borrows any iaterat a earniap on the Fonds. Lender shall give to Borrower, wiWout duuge, an annual aooountiag of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made.lbe Funds are pledged as additional eectuity foe the sums eecsred by this Mortgage. f if the amount of the Fends heW by Lender, together with the future monthly inatsliments of Fonda payable prior to the due data of lases, aesessssents, insurance premiums and ground rents. shall esoasd the amount required to pay said faze, assessments, insurance premiums and ground rents a. they fall due, such esoess shall ba, at Borrows's option. either promptly repaid b Borrows or credited to Borrows on monthly installments o[ Funds. Tt the amount of the Funds held by Lends shall not be sufficient to pay taxes. aseaamenla, insurance pnmiuma and ground rents as they fall doe. Borrower shaA pay to Lends any amount necessary to make up the deficiency within 30 days from the data notice is mailed by Lends to Borrows requesting payment thereof. Upon p.~ymeat is Poil.a~tall sums secured by this Mortgage, Lender shall promptly refund to Borrows any funds held by Lends. If ands ' paragraph 18 hereof the Property is aoW or the Property is otherwise acquired by I.ends. Lids shall apply. no late than immediately prior ~ w the sale of the Property or its acquisition by I.ends, any Pltnds held by Lender at the time of application as a credit against the sums secured by this Mortgage. - 3. Appliicatioe of Payments. Unless applicable law provide otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereat shall be applied by Lender fast in payment of amounts payable to Lender by Borrows ands paragraph 2 hereof, 4 then to interest payable on the Note, then to the principal of We Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and othercharge, fine and impositions attributable to the Property which may attain a prwzity oust this Mortgagr:and leasehold payments or ground rents, if any, in the manner provided ands paragraph 2 hereof or, ;f not paid in such manner, by Borrows making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lends all notion of amounts due ands this paragraph, and in the event Borrows shall make payment directly, Borrower shall promptly furnish to Lends receipts evidencing such payments. Borrower shall prom ptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrows shall agree in writing to the payment of the obligation secured by such lien in a means acceptable to Lender, or shall in good faith rnntest such lien by, or defend enforcement of such lien in, legal proceedings which opaste to prevent the enforcement of the lean or forfeiture of the Propsty or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Propsty insured against loss by fire, hazards inducted within the term "extended coverage," and such other hazards as Lends may require and in such amounts and for such periods as Lends may require; provided, that Lends shall not regain that the amount of such coverage exceed that amount of rnvsage required to pay the sums secured by this Mortgage. '11~e insurance carris 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 ands paragraph 2 hereof or, if not paid in such manna, by Borrows making payment, when due, directly to the insurance carrier. All insurance police 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 Lends. Lends shall have the right to hoW the policies and renewals thereof, and Borrower shall promptly furnish to i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier i - and Lends. Lender may make proof of toes if not made promptly by Borrower. - ' Unlaa Lender and Borrows. 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 sad the security of this Mortgage is not thereby impaired. If such restoration err repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied the %ecer+!a l±y thi A 1Nnrtaaae, with the excess. if any. paid to Borrows. If the Property is abandoned by Borrows, or if Borrows fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrows that the insurance carris o@'ers to settle a claim for insurance benefits, Lends is authorized to collect and apply the insurance proceeds at Lender a option eiths to restoration or repair of the Property or the sums secured by this Mortgage. Unless Lends and Borrows otherwise ague in writing, any such application of proceeds to principal shall not attend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmenta. If ands paragraph 18 hereof the Property is acquired by Lends, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof reanlring from damage to Property prior to the sale or acquisition shall pass to Lends to the extent of the soma setrored by this Mortgage immediately prior to such sale or acquisition. - 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrows shall keep the Froperty in good repair and shall not commit waste or permit impairment or deterioration of the Properly and shall comply with the provisions of any tease if this Mortgage is on a leasehold. If this Mortgage is on s unit in a condominium or a planned unit development, Borrows shall perform all of Borrower's obligations ands 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 conatitaent documents. If a - condomininm or planned unit development rids is executed by Borrows and recorded together with this Mortgage. the covenants and agreements of such rids shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider wen a part hereof. 7. Protection of Leader's Security. If $orrower fails to perform the covenants and agreements contained in this Mortgage, or ifany action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domaiq insolvency. code enforcement, or arrangements or proceedings involving a bankrupt os decedent, then Calder at Iends's optiognpoa notice to Borrows may make°snch appearances. du?burse such sums and take such action as is necessary to protect Leaders interest, indnding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Londe: regnirad mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insarauuce is effect until such time as the requirement for each insurance laminate in accordance with Borrower's and Lender's written agreement a applicable Law. Borrows shall pay the amount of all mortgage insurance premiums in the manner provided nail paragraph 2 hseof. Any amounts disbursed by Lends persuant to this Paragraph 7, with interet..thereoa, shall become additional indebtedness of Borrows secured by this Mortgage. Unless Borrower and Lends agree to other tarrna of payment, such amounts shell be payable upon notice from Lends to Borrows requesting payment thereof, and shall bear interest from the date of disbursement at the rata payable from ~ ' time to time on ontatanding principal ands the Note antes payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interet at the highest rate permissible ands applicable law. Nothing contained in this paragraph 7, shall regpire Lends to incur any expense or tales any action hereunder. 600~1(t~GV Pl1t~~~ ~ -