Loading...
HomeMy WebLinkAbout0273 • ...e . ~ Untt~aaat Ooven~rtra. Borrower and Leader covenant and agree as follows: >ti. ltt~etM M hiaetgal anti ltttleresf. Borrower shall promptly pay when due the principal of and interest on the indt~tetlrtea evidetttxd by the Note, prepayment and late charges ac provided in the Note, and the principal of sad interest as any Ftriure Advances secured by this Mortgage. 2. lhtnis [K Ta:as teasel Irtnrrce. Subject to applicable law cx to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest err-payable under the Note. until the Note is paid in toll, a sum (herein "Ftrrtds'7 equal to one-twelfth of the: yearly ease. 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 hazard insurance. plus one-twelfth of yearly premium installments for mortgage insttrartcc,.it any. all as reasonably estimated initially and front time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. 'IUe ~ltrtds shall be held in an institution the deposits or •rccounts of which arc insured or guanntced by a Federal ot• state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. lender may not charge (or ro holding and applying the Funds. analyzing said account. or verifying.and compling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge.` Borrower and Lender may agree in writing at the time o[ execution of this Mortgage 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 as additional security for the sums secured by this Mortgage: If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable pfior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments. insurance premiums and ground rents as they tall due,. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments pf Funds. If the amount of the Funds heW by Lender shall not be aut6ciieat to pay taxes, assessments, 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 Lender to Borrower requesting payment thereof. Upon payment in full of all sums 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 shall apply. rto later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Leader at the tune of application as a credit against the sums secured by this Mortgage. 3. Appiicatlat of Paymeets. Unless applicable law provides otherwise. all payments received by Lender under •the , Note 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 any Future Advances. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, tines 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 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 $orrower 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 gciod faith co8test 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. Hazard Irrwrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such ocher 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. "Ilse ituurance 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 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 notice to the insurance carrier and (_ender. 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 cs 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 at;tl;zr'iztd to collect a:,d apply the insurance proceeds at Lender's option either to restoration or repair of the Pmperiv or to the sums secured by This Mortgage. Unless Lender and Borrower otherwise agree in wasting, any such application of proceeds to principal shall not extend or postpone the due date of the mumhly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. I( under paragraph 18 hereof the Property 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 k acquisition. . 6. Preservation and ~tainlenance of Property; I.easehulds; Condominiums; Planned Untt Ikvebpments. Borrower shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if thu 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 nr planned unit development, the by-laws and regulations of the condominium or planned unit development, anJ cuustitucut J.kurnrnt,. if a cunduminium or planned unit deveiopnrent rider is executed by Borrower and rernrded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider v?ere a part hereof. 7. Protection of Lender's Security. If Borrower tails to perform the covenants and agreements contained in this Mortgage, or if any action ur proceeding is ccimmcnced which materially affects Lender's interest in the Properly, including. but nut limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings invoh•ing 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 a. is necessary to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and emry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Burrower shall pay the premiums required to maintain such insurance in effect until uich time as the reyuirentem fur wch insurance terminates in accordance with Borrowei s and • ~ ~ 8(?O! Ji~ / PAGE i~~z ~ :