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HomeMy WebLinkAbout1819 ~ _ ~ _ i N . ~ • , f si Urttrostna taovsrtwras. Borrower and Letsder covenant and agree u tdlows: Ttat~swt at liriacijyal tttsi hleresl. 8orrowar shall promptly pay when due the prinuipal of ttrid interest on the aidebtedaas evidertoed by the Note. prepaymatt and late charges as provided in the Note. and the principal of and intae:t oa troy Putur+e Advatioes secured by this Mortgage. 3. Fri irir 7latoss earl lwwteawtw Subject to applicable law or to a wrtitteti waiver by Lender, Borrower shall lay to Lander oa the day t><iorttlily installments of principal and interest aro.payabk under the Note, until ilia Nok is paid in full. a sutra (herein "Fuads'~ egos! to Dire-twelfth of ilia yearly taxcc and assessrriaits which tray attain priority over this Mortgage, sad gr~otwid Twits oa the Property, if any, plus otie-twelfth d yeatfii~ premium installments for hazard inwratice. plus Due-twelfth of yearly premium installments for mortgage inuirance, if any. all u reasonably estimated initially and from time to time by Lander on the bass of assessments and hills and reasonable estimates thereof. The Ftrrds shall be held in an institution the deposits or accounts of which aro itiwred or gmranteed by a Federal of statae agency (inchding Calder it. Lender is such an institution). bender shall apply the Funds to pay said taxes. ataeamaik. iasutanoe premiums sad ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account. or veritying_aud compiling said ustxsments and bills, unless Larder pays Borrower interest on the Funds grid applicable law parmib Calder to make such a charge. Borrower sad Lender may agree in writing at the titre of execution of this Mortgage that interest on the Funds shall _be paid to Borrower. and uakss such agreerriait is made or applicable law requira tnicli interest b be paid, Lender :loll not. be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annwl accounting of the Funds showing credits and debits to the Funds and the purpoea for which aadi dtsbit to the Funds wzs tnadc. 'Ries Funds era pledged ss additions! security for the sums secured by this Mortgage. TE the amtwnt of the Funds heW by Lendt:r. together with the future monthly installments of Funds payable prior to the due data of taxes, assessmtinis, imuranoe premiums and ground roots. shall exceed the amount required to pay said taxes, awasments, iasuratioe premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Fund: bold by Leader dull not be sut&ieM to pay cues. a:sessrriaits. instuance prwaiums and ground roots u they fall due. Borrower shall pay to Leader say amount necessary to make up the deficiency within 30 days from the date notice is mailed ~ by header to Borrower requesting payment ther+cof. - Upoo payment in full of all stmu saur+ed by this Mortgage, Lender shall promptly rotund to Borrower any Funds - held by Leader. If under paragraph 18 heefof the Property is soM or the Property a otherwise acquired by Lender, Lender dull apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds htld by Lender at the time of application u a credit against the sums secured by this Mortgage. ' 3. A~iitatlaw eft rayueNs. Unless applicable law provides otherwise, all payments received by Lender under the Nora and paragraphs 1 sad 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 say Future Advatioa. 4. Cl>targes; Dews. 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 roots, 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 steal! promplly furnish to Lender a!! notices of amounts due under this paragraph, and is the event Borrower shall make payment directly. Borrower shall promptly famish 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 brag as Borrower shall agree in writing to the payment of the obligation sceured by such lien in a manner acceptable to Lender. or shall in good faith rnntest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thercot. S. Hoard Iwrawee. Borrower shall keep the improvements now existing or hereafter erected on the Property ittwrod against loss by Ere, hazards included within the term "extended coverage", and such other haurds as Lender may require - aad in such amounts and for such periods u Lender may require; provided, that Lender shall not require that the amount of such coverage excced that amount of coverage required to pay the sums secured Eby this Mortgage. 'Rte 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 puagraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due. diroctly to the insurance carrier. Aq insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ ~ ~ clauu in favor of and in form acceptable to Lender. Ler?der shall have the right to hold the policies and renewals thereof, and Borrower shall promptly futaish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to ilia 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..lf 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 Leader 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 ttie insurance procxeds 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 puagraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any ftisurance 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, i f. Prsservatbo sad Maintenance of Property; Leaseholds; Condominiums; Planned Udt lkveilormeats. Borrower i, shall keep the Property in good repair and shall not commit yvute or permit impairment or deterioration of the Properly 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 obligatioru under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the i 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 agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage u if the rider were a part hereof. _ 7. PrMectiow of Leader'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 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 Lcndcr'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 b}° this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for tiuch insurance terminates in accordance with Borrowers and 3 .:j~ ~ • B00 c~?V Pi1~~,8~?