HomeMy WebLinkAbout1409 ..,R.
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UNtrotus Covtat+~tvrs. Borrower and Leader covenant and agree a: follows:
1~. ><gt*est sg hielMl tttai Itakraf. Borrower shall promptly pay when due the principal of and interest on the
indebtedttas evidetttxd by the Kota, prepayment and Isle charges ac provided in the Nate. and the principal of and interest
as any Future Advattces secured by this Mortgage.
!Is¦i for Tatcaa ttrttl lawraaee. Subject to applicat+k law ar to a written waiver by Lender, Borrower shall pay
to Leader on the day monthly installments of principal and interctt arc payabk under the Note. until the Note is paid in full,
s tattn (herein "Futtds'q equal to one-twelfth of the yearly tax~~ and assessments which tray attain priority over this
Mortgage. and gr~ottttd react on the Propttiy. if any. plus one-twelfth of yearly premium ittstallmenu for haurd insurance.
plus.oaatwelfth of yearly premium installment; for nwrtgage insurance, if any. all as reasonably estimated initially and it+om
time to tithe by Lender on the basis of assessments and hills and reasonable estimates thereof.
'ILe Fttnds.shall be held in an institution the deposits or accouna of which are insured or guaranteed by a Federal otr
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
imurance premiums and ground rents. lender may not charge for sc+ holding and applying the Funds. analyzing said account,
or vetifying.and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
pumice Lender 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 is made or applicabk 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 ~artd the
purpose for which each debit to the Funds was made. The Funds are pledged as ~1litional security for the sums secured
by this Mortgage.
TE the amount of tht Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due darts of taxes, assessments, irsurance premiums and ground rents, shall exceed the amount required to pay said taxes.
assepateats, insuratce premiums and ground rents as they fall due. such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the Funds
held by Caplet shaA not be wffcieot 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 rwtice is mailed
by Leader to Borrower requiting payment thereof. '
Upon payment is 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 Properly is sold or the Property ,s otherwise acquired by Lender, Lender
:hall apply. no later Wan imtrtediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Leader at the time of application as a credit against the sums secured by this Mortgage.
3. A~iicatioa of PgretNs. 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 interat payable on the Note, then to the principal of the Note, and then to interat and
principal on any Future Advartoes.
4. Cbarses; Lietas. 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 Wis paragraph, and is the event
Borrower shall make payment directly, norrower 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 wch lien so long as Borrower shall agree in writing to the payrpent bf the obligation secured by
such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforrement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part Wereof.
• S. Hazard Inwrtutce. 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 other hazards as Lender may require
aced 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
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, .
West wch 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
inwrance carrier. ,
All insurance policies and renewals thereof shall be in farm 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 shalt give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly '
by Borrower.
Unless Lender and Borrower otherwise agree in writing, imurance 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 vrould
i be impaired, the insurance proceeds shall be applied to the wins 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 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 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 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
i or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
y acquisition. ~ ~ -
€ 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the'Property in good repair and shall not comrpit Waste or permit impairment or deterioration of the Property
f and shall comply with the provisions of any lease if this Mortgage ,c 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 or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documentc_ !f a condominium or planned unit development
rider is executed by Borrower and recorded 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
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 is commenced which materially affects Lender's interest in the Property,
including, but not limned to. em,nem domain, insolvency, code. enforcement, or arrangements or proceedings invoicing a
bankrupt or decedent, then Lender at Lender's option, upon notice tip Borrower, may make such appearances, disburse such
sums and take such action as is necectary to protect Lender's interest, including. but not limited to, disbursement of
~ reasonable attorney's ices and entry upon the Property to make repairs. If Lender required mortgage insurance as a
cond,don of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such '
ifsurance in effect until such time as the requirement for wch insurance terminates in accordance with Borrower's and -
Ef:~X 328 P~~.409 • ~