Loading...
HomeMy WebLinkAbout1467 • • :.t . UNttrotur Covtttr+arm. Borrower and Leader covenant and agree u follows: L Fqueatl ei FttbteiMl fetal ltitlerest. Borrower shall promptly pay when due the principal of and interest oa tht indebtedrxa evidetuoed by the Note. prepayment and late charges ac provided in the Note, and the principal of artd interest on any FWurc Advances t+ectrred by this Mortgage. - . Iliitwi fee Tit[M tnwti Insrtaataa~e. Slrbject to applicable law .~r to a written waiver by Lender. eorro~er shall pay to Lender on the day monthly installments of principal and interest are. payable under the Note. orate) flee Note is paid in full. a stem (herein "Fuacb'~ equal to one-twelfth of the yearly tare. and assessments which may attain priority over this Mo~rtgape, and ground rents oa the Property. if any, plus otratwelfth of yearly premium installments for hazard ituuratrce. plus one-twelfth of yeuly premium inuallrmnts for mortgage insurance, if any. all u reasonably estimated initially and from tithe to time 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 vrhich arc insured or gwranteed by a Federal otr state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. usessmenes. insurance premiums and ground rents. lender may not charge for sa holding and applying the Rtrnds. analyzing said account, or verifying-acrd compiling said assessments and bills, unleu Lender pays Borrower interest otn the Funds and applicable law perrrrits Larder to make such a charge. 8crrower and Lertdtr 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 applicable law requires such interat to be paid. Lender shall not be required to pay Borrower any interat or earnings on the Funds. Lender shall pve 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 o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of toes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. ast~unents, irauranoe 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 Lender shall not be sutticiwt to pay taxes. astessments, insurance premiums and ground rents u they fall due. Borr~o~rer 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 rcquating 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 herr:of the Property is sold or the Properly rs otherwise acquired by Lender. Lender shall apply. no later than imrtrediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. A~iicatioti of Paymetsts. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower tender paragraph 2 hereof. then to interest payable on the Note, then to the p~incipat of the Note, and then to interest and p~riucipal on any Future Advances. 1. C~arga,; Liens. 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 ' providod under paragraph 2 hereo[ or, if not paid in such manner, by Borrower making payment, when due, directly to the payoe thet+oof. Borrower shall promptly furnish to Lender all notices of amounts due under -this paragraph, and io 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 rcquitod 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. Horsed lwsorawce. Borrower. shall keep the improvements haw 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 - and in such amounts a_ nd for such periods as Lender may require; provided, that Lender shall not reyuirc 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 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 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, i sad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiv;rts. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not m_ ode promptly by Borrower. - Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ! the Property damaged, provitkd such restoration or repair is economically feasible and the security of this Mortgage is f not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance procceds 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 faits 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 f in and to any Insurance policies and in and to the pra:eeds thereof resulting from damage to the Properly 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 I acquisition. ~ - 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Udt fJevebpments. Borrower stall keep the Property in good repair and shall not co)rtrpit yvaste or permit impairment or deterioration of the Property and shaft comply with the provisions of any lease if the Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned orate development, Borrower shalt perform all of Borrowers obligations under the declaration ~r cwe~a^.ts seating or governing the condominium or planned unit development, the by-taws 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 shall be incorporated into and shall amend and supplement the envenoms and agreements of this Mortgage as if tht rider were a part hereof. 7. Protection of LeadePs Security. if Borrower failc to perform the covenants and agreements contained in this Mortgage, or if- any action yr proceeding n commrnceJ which materially affects Lender's interest in the Property, including. but not 6m~ted to. eminent domain, incolve~c~~, cede enforcement, or arrangements or proceedings involving a q bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such I sums and take such action ac is necessary to protect Lender's interest. including. but not limited to. disbursement of .reasonable auorney's feet and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan cecureJ by thts Mortgage. Borrower shall pay the premiums required to maintain such ~ ~ insur}race in effect until such time as the reyuiremegt for wch insurance terminates m accordance with Borrowers and - i £~;OK PAGE ~4s / ~ .