HomeMy WebLinkAbout1452 i
Ut+trostre Oovautetvrs. Borrower and Lender covenant and agree ss folbws:
>ti. FtpwaM d hioelMl terser Irtlereef. 8orrovver shall promptly pay when due the principal of snd inter+e:t on the
indebtedness evideaoed by the Note, preprtyrrteat and late charges as provided in the Note, and the principal d sad intersst
oa soy Future Advsttces aecttrcd by this Mortgage.
Ilts¦tis fir Tasea aatl lttstlra¦ce. Subject to applicahk law ar to • written waiver by Lender, Bor:o+rar shs!! pay
to Lander on the day monthly itstallments of principal and interest are payabk under the Note. until the Note is paid in full.
a stttm (hereon "Fuads'~ equal to one-twel[th of the yearly taxc~. and assessments which may attain priority over this
Mortgage. and ground rests on the Property, if any, plus one-twelfth of yearlli prctnium installments for hazard insurance. '
plus oae•twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
time to tithe by Leader oa the basis of assessments and hills and reasonabk estimates thereof.
The Funds shall be held in an institution the deposits or accounts of Mrhech arc insured or guaranteed by a Fedeal otr
state sgettcy (including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes, asse~nenis,
insurance premiums and ground rents. lender may not charge for so holding and applying the Funds, analyzing said account,
or verifying_aud compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and appiigbk taw
permits Leader to make such a charge. Borrower and Lender may agree in writing' at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement a made or applicable law
requires wch interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shW pve to Borrower, without charge, an annual aa:ounting of the Funds showing credits and debits to the Funds and the
purpose for which each. debit to the Funds was made. The Funds arc pledged as additional security for the sums secured
by this Mortgage.
If the amount of tba Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
a:saaaents, insurance premiums and ground rents as they fall due, such excess shall be. at Borrower's option. either
promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds..tf the amount of the Funds
htdd by Leader-shall sot be sul6cieat to pay taxes, aaessments. itsurance premiums and ground rents as they fall due.
Borroarer snail fay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Linder to Borrower requesting payment thereof. ,
Upon payment is fuU of aU sutm secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by Leader. If under paragraph l8 hereof the Property is sold or the Propeny ~s otherwise acquired by Lender. Lender
shall apply. ra later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Leader at the time of application a: a credit against the sums secured by,this Mortgage.
3. A~tiiatloa d Pap~neab. Unless applicable law provides otherwise, all payments received 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. then to interest payable on the Note. then to the principal of the Note, and then to interest and
principal on any Future Advances:
t. Charged Lktas. 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, and is 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
r+equered 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 teen ia.
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Harard lawraace. Borrower shall keep the improvements now existing or hereafter eructed on the Property insured
against Toss 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 rnverage exceed that amount of coverage required to pay the 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 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.
j All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
I clause in favor of and in 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 rn,ticc to the insurance carrier and Lender. Lender may make proof of ions 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
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 insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender's option- either to restoration or repair of the Properly t
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 l8 hereof the Pro forty is acquired by Lender, all right, title and interest of Borrower
in and to any 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.
fi. Preservation 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 Borrowers 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 emit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider a
~ 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 ~c rnmmenced which materially affectc I-ender c interest in the.. Property,
~ including, but not limited to. eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lenders interest, including, but not limited to, disbursement of
reasonable attorney's tees and entry upon the Property to make repairs. If lender required mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrrwer shill pay the premiums required to maintain such
inuurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and
i
. } •
~ ~ 8
'?ii
EO~t P~~~c~ ~