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HomeMy WebLinkAbout0249 • p - . Unttrosut troveNxtvrs. Borrower and Lender covenant and agree u follows: 4 of hieclrsl att+d Interest. Borrower shall promptly pay when due the principal of and interest oa the ittdebtedrras evidenced by the Note. prepayment and late charges as provided in the Note, and the principal o[ and interest on any Future Advances secured by this Mortgage. 2. 1BtrNs for Taws sei Iwra~ee. Subject to applicable law ar to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in full, a stun (herein "Fuads'7 equal to one-twelfth of the yearl~• taxc. and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hwrd insurance. plus otx-twelfth of yearly premium inuallmenta for mortgage insurance, it any, all u reasonably estimated initially and from time to tithe by Lender on the buffs of assessments and hills and reasonable estimates thereof. 'IUe Funds shall be held in an institution the deposits or accounts of which are insured or gwranteed by a Federal or :fate agency (including Lender if Lender is such an inslitutionl. 1_ender shall apply the Funds to pay said taxes. assessments. insuratue premiums and ground rents. lender may not charge For sn holding and applying the Fttndc. analyzing said account, or verifying-sad compiling said sssesstnents and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and [.ender may agree in writing at the time of exceution of this Mortgage that intereat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to bs 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 wu made. The Funds arc pledged u additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, sssessrrreats. insurance premiums and ground rents, shall exceed tht amount required to pay said taxes. assessments, insurance premiums and ground rents as they tall due, such excess sfiall be, at Borrower's option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds hdd by Leader shall not be su8'icieat to pay taxes. asstxsments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. ' ~i' Upon payment is full of all sums secured by this Mbrtgage, l_e~tder shall promptly re[und to Borrower any Funds held by Lender. If under puagraph 18 hereof the Property is sold or the Properly rs otherwise acq~red by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition ~ey Len t, any Funds held by Leader at the time of application as a credit against the sums secured.by this Mortgage. • 3. Atplkatioa of Payments. 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. 4. Charles; Liens. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which may attain a priority over this i?iortgage, 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 in 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 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 in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Nazard Insurance. Borrower shall keep the improvements noN• existing or hereafter erected on the Property insured against lass by Ere, 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 ~by this Mortgage. 'Ibe 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 - j provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the ~ instrraace carrier. i All insurance policies and renewals thereof shall be inform acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. I and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of losi. ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly i by Borrower. Unless Lender and Burrower otherwrsr agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoratron or repair is economically feasible and the securit of this Mortgage is not thereby impaired. If such restoratron or repair is not economically feasible or if the security ot7this 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 it Borrower fails to respond to Lender within 30 days from the date notice is marled 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 Property or to the sums secured by. this i.ivrigagc. Unless Lender and Borrower otherwise agree in writing, any such application of pra:eeds 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 acywred 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. 6. Preservation and ~faiatenance of Property; Leaseholds; Condominiums; Planned Unil 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 wi[h the provisions of any lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a condomimum or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condomrnitrm 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 I shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider t 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 ur proceeding rc a+mmenccd which materially affects Lender's interest in the Property, including, but nut limited to, eminent domain. incohency. code enforcement. or arrangements or proceedings involving a bankrupt or decedem, then Lender at 1-ender's option, ulx+n notice to Borrower, may make such appearances, disburse such sums and take such action ac is nece~cary to protect Lender's interest, including. but not limned to, disbursement of reasonable attorney's fees and entry ulx+n the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan Secured by this M~rtgagc. Byrn:wcr shill pay the premiums required to maintain such insurance in etiect until arch time as the requirement for such insurance terminateti m accordance with Borrower's and ' 1 • ~t;~ - 'IK327 PaGE 248 ` ' R ~