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HomeMy WebLinkAbout2750 burrower and Lender covenant and agree as follows: I. Payment of Principal and lttterest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the princip:+l of and interest on any F uture Advances secured by this Mortgage. 1. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by lender, Bc,rruwer shall pay to Lender un the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds '1 equal to one twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one- twelfth ofyearly premium installments for hazard insun+nce, plus onrtwelfih ofyearly premium installments for mortgage insurance, if any, :i: as reasonably estimated initially and from time to tine by Lender un the basis of assessments and bills and reasonable estimates thereof. The Fonda shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency (including Lender it (.ender is such an institution). Lender sh:+ll apply the Funds to pay said taxes, :+sseasments, insurance premiums and ground rents. Ixnder may not charge for so holding and applying the Funds, analyzing said :+ccount, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the F ands and applicable law permits Lender to make such a charge. Borrower and (.ender may agree in writing at the time of execution eef this Morig:+ge that in/erect on the Funds shall be paid to Burrower, and unless such agreement is made or applicable law requires such interest ke be paid, Lender shall ,not be required to pay Borrower any interest or earnings on the Fonda. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Fonda and the purpose for which each debit to the Fonda was made. The Funds are pledged as additional security for the sums secured by this ;Mortgage. If the amount of the Fonda held by (.ender, together with the future monthly installments of Funds pay:+ble prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exc.•ed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Born,wer's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by bender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Burrower shall pay W (.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by (.ender to I;urruwtr requesting payment thereof. Upon payment in full of all sums secured by this Morig:+ge, (.ender shall prun:ptly refund to Borrower any funds held by (.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired hp 1 gender, (.ender shall apply, no later than imrediately prior to the sale of the Property or its acquisition by Lender, any Funds held by ! w nder at the time otapplication as a credit against the sums secured by this Mortgage. 3. Application of Payments. tlnle.•s applicable law provides otherwise, all payments received by (.ender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by 13orruwer under paragraph l hereof, then to interest payable on the Note, then to the principal of the.Nott, and then b, interest and principal on any Future Advances. 4. Charges: Liens. Borrower shall pap all taxes, assessments and uthtrcharges, fines and impositions attributable to the Property which may attain a priority o~•er this Mortgage,, and leasehold payments ur ground n•nts, if:+ny, in the manner pruvidedunder par.+gr.+ph'l hereofor, if nut paid in such manner, by Rum,u•er making payment, when due, din•(•tly to the pape•c• thtn•c,f. Borrower shall promptly furnish to lxnder all notices of amounts due under this pan+gr.+ph.:+nd in the event Iturrut+•er shall make payment din•t•tly, Iturruwer shall promptly furnish to l .ender receipts evidencing such payments. Itc,m,wtr shall promptly discharge any lien which ha priorih• over this Mortgage; pn,vidcd, that Bortower shall nut tx• rectuinci to discharge any wch lien so tun{: as Burrower shall aKn•e in w•riling to the pacm+•nt of thtuhligation secured by such lien in a manner ac•ceptablc• to 1 w•nder• or shall in };ur+cl L•+ith contr~t wc•h lien I,y, ordeftnd tnforc4•nu•nt of such lien in. legal prrx•redings which operate to prevent the enfon•rnu•nt of the lien or forfeiture 4.f the I'n,perty nr :uey part thennf. 5. Hazard 1 nsurance. Kurn,a•tr shall keep th+• improvements nr,..• txistinK ..r here:+fttr tre•c•ted ore the l'n,pc•rtp insured aKainst loss by fire, hazards ineludcd ~•ithin the term "extended coverage.,' :ued such utleer haz:+nls as Lender may re•ctuin• and in such amounts and forsueh periods as Lender may nv{uin•; provided. that Lrnde•r shall not n•quin• that the amount of such c•+,ver.+gt exceed that amount of coverage r4quircd to pap the sums ser•und by this Mortgage. The insur.?nct carver prv,viding the insurance shall h4• rh~s4•n he li~~rruwer suh~ect to appn~~ al h~ Lender. pnn•ided. that such approval shall nut be• unreasonabh• vrithheld. All pn•mium: un in~uraA~•e p~~hcie~ ~h:+II I,r• {rod in the m:uen4•r pru~ id4d under paraktt?ph henr,f nr, if riot paid in such manner. b~- Burruu•er m:+kinK paynu•nt. ~ehen due. din•cth• to the insur,uece tamer. All insurance policies and renewals thereo! sha111,+• in form acceptable to 1.e•nder and shall inclwie a aandard mortgage clause in favorof :+nd in form acceptable to Le•nder. (.ender shall have the right to hold the twdicies and r4•ntwals thtn•uf, and Born,wershall promptly furnish to (,e•nder all renewal notices and all n•ceipts of paid pn•+niums. In the eceut r,f loss, Kurruwer shat! give, prompt notice to the insurance carver and Lender. Ixnder may make pr~N,f r,f loss if not made prompt;}• by ttorruwtr. I; ('nless Lender and iiurruu•er otheruise• agn•e in wntinK. insur.+lu•e pruc4•e•ds shall I,e• applied to restoration ur repair of the Property damaged, provided such re•storatiun ur n•pair is 4•c•unnuu(•ally kmsible• and the sevurity of this ~1nrtKage is riot thereby impaired. If such n•sturatiun nr repair is not ex•unomicallp feasible nr if the, se•e-uritp of this Murtg:+gt would bt impaire•d, the insurance pn,c•ecds shall tee applied to the sums secured hp this Mortgage, with the excess. if any. paid to Rorn,u•e•r. If the Pn,pc•rty is ab:mdoncd by Burrower, ur if Burrower fails to ~ re;pund to Lender within a~+ days from the date, nutic4• is maibd by 1 ••nder to liorrou•rr that the insurance tamer uffen to settle a claim for j insurance benefits, I.tnder is authori~c•el to collect and apply th+• insurance prr,e•er•ds at Lender's option tither to restoration ur repair of the Eroperty or the sums secured by this Mortgage. l'nless (.ender and Burn,wer otherwise agr(•e• ue wntueg. any such ap{,h.:ctiun r,f pn,ceeds to princip:+l shall nut extend ur postpone thedue ~ date of the monthh• installments referred to in para?;r.+phs 1 :rod hen•uf r,r change th:• amount of such iristalLnents. If under paragraph 1H hereof the Property is acquired by i.e•nder, all right, title :+nd interest r,f Borruu•e•r in and to am• insur.?ncr pulic•ies :+nd in and to the proceeds thereof resulting from damage tr, 1'ruperty prior to the salt r,r acymsitiun shall pass b, 1~•ndtr to the extent of the sums secured by this ~ aturigage immediately prior to such salt ur acquisition. ~ 6. Preservation and 4laintenance of Property: I,c•asehulds; ('ondominums; Planned ('nit I)evc•lopments. Burruwershall keep the Property in gaud repair and sh:?II not cornrnit wash or permit impairment nr dettriur.?tion of the Yrupt•rtp and shall comply with the t provisions of any lease if this Mortgage is un a leasehold. if this Mortgage, +s un a unit in a condominium or a planned unit devtlupment, Burrower shall perform all of Rorn,wer's (~hligations under the d4•c•I:+ration.,r e•uvenants creat+ngor govc•rn+ng the condominium or planned unit deve•lupment, the by-laws and regal:+tiuns of the cundominiwn ur planned unit development, and constituent documents. If a condominium or pl:+nned unit dev4•lopment rider is executed by li(irruwtr and r•conled together with this Mortgage, the n,venants and s :+grte•me•nts of such rider shall ht inci~rlN,r:+ted into and -h.+11 :upend and tiupplenu•nt the cocen:uets and agre•c•ments of this Mortgageasif the rider wart a part hereof. ~ 7. Protection of Lender's Security. if Bom>wer fails te, perfunn the rnvenanty and agreemtnta contained in this Mortgage, or if any $ action ur pn,ceeding is commenced which materially affects bender's interest in the Property, mcludinq, but not limited to, eminent domain, insolvency, rnde enforcement, or arrangementx or pr+,ceedings 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 Ixnder'e interest, ?nduding, but not limited to, disbursement of re;+sonable attorney's fees and entry upon the 1'roperiy to make repairs. If Ixnder required mortgage insurance as a condition of making the loan stc•ured by this Mortgage, (;<,rrv,wer shall pap the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Ixndei s written agreement or applicable law. Burrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 'l hereof. Any amounts disbursed by bender perauant to this paragraph with inttrtst ther•un, shall Irecume additional indebtedness of j Borrower secured by this Mortgage. l'nless lic,m,wer and Lender :+grte G, other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from t soft su h a+muu tst shall bear interest at the hiKhttit ate pennmsiltle ur der applicable law. I~uthing cuntainedin this paragraph 7 ehta I require Lender to incur any expense or take any action hereunder. e i ~K32? F~GE2748