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HomeMy WebLinkAbout1149 j .s;' • ~ T fit'' Unt~wttt~t tbvttroanrrs. Borrower sad header covenant and agree as follows: )ti. FtpmetN d lri~al atsi iittleral. Borrowu shall promptly pay when due the principal of and interest on the ietdebtodnas evidenced by the Note. prepayment and late charges as provided in the Moto, and the principal of artd iater+at oa say Fwure Advattea secwbd by this Mortgage. ' lltri tw 1Larea aai ltrwnsa~e. Subject to applicable law or to a written waiver by Lender, Borroaer shall pay l to Leader on the day monthly itWallments of principal and interest are. payable under the Note, until the Note is paid in full. ; -a sum (herein "Funds' equal to one-twelfth of the yearly tax~~ and assessrnatts which may attain • priority over this Mortgage, and ground rents on toe Properly. if any. plus one-twelfth of yearly- premium installttxnts for haurd inwrattce. s plus one-twelfth of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and from time to time by Leader on the basis of assessments and hills and rcasonab~.. estimates thereof. _ i The Funds shall be held in an institution the deposits or accounts of which are insutYd or guanateed by a Federal of s state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments, j iawraooe premiums and ground rents. lender may not charge for so holding and applying the Funds. analyzing :arid account. ~ or verifying_aad compiling acid assessments and bills, unless Lender pays Botmwer interest on the Funds and applicable law I permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of .this Morlgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the - purpose for which each debit to the Funds was made. The Funds are pledged ss additional security [or the sums secured by the Mortgage. Tf the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the dues dates of taxes, assessments, imurance premiums and ground rents, shall exceed the amount required to pay said taxes. astrtaamenss, irt:uraaoe premiums and ground renu as they fall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Fund: bdd by Leoder-shall not be suf6cieot to pay taxes, assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Ler?der any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment is full of all iums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under Paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender :hall spply, rw later than immediately prior to the sale of the Property or its acquisition by Lender, say Funds held by Louder at the time of application as a credit against the sums secured by this Mortgage. 3. A'pUcation of PgmeNs. Unless applicable law provides otherwise. all payments tYCeived by Lender under 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 hereof. teen to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. d. Crarges; Liens. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which 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 manner, 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, sad in the event Borrower shall make payment directly, Borrower shall promptly fumish 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 manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard lasarartce. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured against loss 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 Eby this Mortgage. The 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 melded under ar rah 2 hereof or if not aid in such manner, b Borrower makin t, when due, directly to the P Y 8 PaY~ P P a8 P ~ insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage E clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. j 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 impaired. 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 s to Borrower. If the Properly 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 :claim- for insurance benefits, Lender is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Propene or to the sums secured by this ;Llc~rtgage. 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 s _in sad to any insurance policies and in and to the proceeds thereof resulting from damage to the Properly 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. 6. Prestnatioo and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit yvaste 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 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 1 shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Properly, including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then tender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary tv protect Lenders interest, including. but not limited to. disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If I_cnder required mortgage insurance as a condition of making the loan secured by this Alongage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement (or such insurance terminates in accordance with Borrowers and I t E • i .4 i i r ! BUOK 3i~ PdGE . ~ 114?