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HomeMy WebLinkAbout2958 - • ~ ~ • { r ~ 1 t l i BOregwat sad Loader 0011eaaM and anew Y fellows: . 1. Pa~reetaat d Prleeoipai seer Ltesrd. Harrower shall peamptb? pay when des the principal d sad interact oa the ieedabtsdness evidenasd by tM Note, peepaymaeetaad Tale charges a providd in the Note.sad the prtncipal of and interest oa say Fletere Advartoes sscnnd ; . by this Morlgagu. - 4.1P1twda lroe Taxes acrd Inseera<noe. 8abjed to appligble law or to a writtaa waiver by Leader, Soreowar shall pay b Leader oa the day monthly installments d peiaeipd and inlaeest ors psyabk under the Note, until the Nola is paid in ital. a sum (herein "Phads'~ equal to on? ! twelfth of the yearly taws and asssssmaats which may attain priority oval this Mortgage, and ground resa4 on thePropsrty. itany. plies oaa• twelM of yeaslvp premium irestalhneats for hazae~d insurance, plw oaetwelith dyaarky premium indallmarets for mortaeegs iasuranos, itaaLr, all as raasoaabbr estimated inilWbr sad prom lima to time by Loader oa the basis of assessments and bills sad ressoaable estimates tleeeeoL t 1Ls Funds shall b bald in an ineditutiaa the depwits a accounts of which ors insured or guaranteed by a Federal or Stags ageagr tladudieeg Leeeder i! Leader is suede an institotioalL Lender shall apply the Fier?ds to pay said tares, assessaaants, iaauraaoe premieres and ground Hats. Leader may rest charge far b holding and applying the Fuad~, ana~jrung said aooonat, or ve:ifjriag sad compiling said assessments and bills, unless Leodar pays Baerower interedon the Funds sad appligeble law perueita Lender to make such a charge. Borrower and Leader may age+ee in wetting at tM time d e:eartion of this Morlgaia that interest oa the Pbnds shaD be paid to Baeowar. sad nnkss such agreement is made or applicable law requires snde interact b be paid. Lender shall not bs repaired to pay Borrows any ir?te:est or earnings oa the Ftiends. Leader shall pies to Borrower, without charge, an annual aooouating of the Funds showing cradib sad debits to the Enacts sad the puryoss >es which eade debit to the Funds was msde.'Ibe Funds are pledged as additional security forthe sums secured by this Mortgage. Uths amount of the Fends bald by Leader. together with the futon monthly installments of Funds payable prior to the due dates of faxes. assessments. insnraaas preminens and ground rents, shall e:oasd the amount required to pay acid taws, assessments, insurance premiums and ground rants es that' fall doe, such a:aessahall be. at Bonowds optima, eiWer promptly repaid to Borrower or a~edited to Borrower on monthly iaatallmenb d Pbnds. If the amount d the Fhads held by Lender shall not be sufficient to pay taxes, aneeseaents, inaaranoe ' pnmimns and ground rents as they fill des. Borrower shall pay to Lender aqy amount necessary to make rep the deficiency within 30 days { from the date notice is ensiled by Lender to Borrower requesting payment thereof. i Upon payment in fall dell sums secured by this Mortgage, Leader shall promptly refund to Borrower any fnada held by Leader. Unnder paragraph 18 hereof tbs Property is sold or the Property is otherwise aognired by Leads, Leader shall apply. no Tatar than immediatdy Prior to the sale dthe Property err its aegnisitioa by Lender. any Ftmds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. App~ipetioa of Payaenta. Unless applicable law provides otherwise, all payments received by Lender Hader the Note and paragraplu 1 and 2 hereof shall be applied by Deader first in payment of amounts payable to Lender by Borrower render paragraph 2 hereof; then to interest psyabk oa the Note. then to the principal of the Note, and then to interest end prinapal on any Fntnre Advances. 4. C6argesy Liens. Borrower shall Pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priosity over ibis Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or. if not paid in arch manna. by Borrower making Payment, when due. directly to the payee thereof. Bore+Qwer shall P~PBY furnish to bender all notices of amounts due under this paragraph, and in the event Borrows shall make pa~rmeat 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 eo long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a meaner acceptable to Lender, or shall in good faith rnntest such lien by; ordefend enforcement of such lien in, legal proceedings which operate to prevent-the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Inwrance. Borrower shall keep the improvements now e:iating or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as bender may require and in such amounts and for each 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 We sums secured by this Mortgage. 'The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval 4 shall not be unreasonably withheld. AU premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if ~ not paid in arch manner, by Borrower making payment, when due, directly to the insurance carrier. AU insurances policies and renewals Wereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Leader shall have the right to. hold the policies and renewals thereof, and Borrower shall promptly fnrniah to i,ender all renewal notices and all receipts of paid premiums. In the event of lass, Borrower shall give prompt notice to the insurance carrier II and Leader. Lender may make proof of foes 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 arch restoration or repaer is economically feasible and the security of this Mortgage is not thereby impaired. If such ! k! restoration or repair is not economically feasible or if the security of this Mortgage world be impaired, the insurance proceeds shall be applied to the snms secured by thia Mortgage. with the excess, J any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to I respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ogere to setae a claim far inauseace benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any arch 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. Unnder paragraph 18 hared the Property is aoquie+ed by Fender, all right, title and interest of Borrower in and to any insurance policies and is and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall peas to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation end Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Properly and shall comply with the provisions d 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 oonstitnent documents. U a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and I agreements of such rider shall be incorporated into and shall amend and supplement the rnvenants and agreements of this Mortgage as if the rider wen a part hereof. 7. Protection of Lender's Security. U Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any ~ action or proceeding is canmenoed which materially affects Lender's interest in the Property, including. but not limited to, eminent domain, insolvency. code eaforoimeat. or arrangements or proceedings involving a buekrapt or decedent. then Lender at Lender's option,npon notice to Borrower may make each appearance. disburse each sums earl take such action as is necessary to protect I.sade:'a inteeed, including, but not limited to, disbursement d reasonable attorney's fees and entry upon the Property to make repairs. U_Lender regoaed ~ mortgage insurance as a condition of making the {can secured by this Mortgage, Borrows shall pay the premiums required to maintain ~ such insurances in effect until such time as the requirement for such inuurance terminates in aeoordance with Borrower's and Lender's written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided render paragraph 2 hereof. i Aay amounts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall become additional indebtedness d Borrows secured by this Mortgage. Unkes Borrower and Leader agree to older terms of payment, such amounts shall be payable upon notice from Leader to Borrower requesting payment thereof, sad shall bear intend from the date of disMersement at the rate payable from time to time on outstanding principal under the Note unless payment of 'entered at such rate world be contrast' to applicable law, in which event such amounts shall bear interact at the highed rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Lender to incur any expense or take any action hereemder. BOOK ~5 PAlif e~~ ' ~ ~ - l