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HomeMy WebLinkAbout1497 ' is Uxtrouar Oovanat+». Borrower aril Lender covenant and agroe ss follows: 1 ir~ytwN esff hltse~! ttM !Merest. Borrower shall promptly pay when due the principal of and interest on the itidebtedaaa evidenced by the Note, prepayrarnt and late charges as provided in the Note, and the principal of and intctest oa soy Futuro Advances secured by this Mortgage. ltit~is filer Taaua anti Inwrsee. Subject to applicable law M to a written waiver by Lender. 8ormrNer shall wY to Leader on the day monthly installments o[ principal and interc~t arc. payable under the Note. until the Note is paid in full, a attm (htrein "Fuada'~ equal to one-twelfth of the yearly tax« and assessments which may attain priority over this Mortgage, and ground rents oa the Property, if any, plus one-twelfth of yeartli' premium itrstallrrrents for hazard itrwrarrce, plus ooe-twelfth of yearly premium installments for mortgage inuerance, if any. all as reasonably estimated initially and from time to time by Leader oa the basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which aro itrsured or guaranteed by a Federal of state agency (including Lender if Lender is such an institution). Lender:lrall apply the Funds to pay said taxes. ataasmart:„ insurance premiums and ground rents. i_ender may not charge form holding and applying the Fnttds, analyzing said account, a veritying.aad compiling said assessments and bilk, unless Leader pays Borrower interest on the Funds and applipbk law - permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of exxution of the Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law tequila such interest to be paid. Lender shall not be required to pay Borrower any interest or araings on the Funds. Lender shag give to Borrower, without charge, an annual aexounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured this M Yf the amount of the Funds held by .Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes. ataessmeats, insurance premiums and ground rents, shall exexod the amount required to pay aid taxes. assaaoeats, imuraace 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 irstallments of Funds. If the amount of the Furrds held br Leader shall not be sul6cieat to pay taxes. asseurnents. insurance _premiutrrs and ground rents st they fall due. Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requestiaE payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Property is soW or the Property rs otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Letsder at the time of application as a credit agsiwt the sums secured by this Mortgage. 3. A~ikatlaa esE tgmeMs. Uttkss applicable law provides otherwise, all payments received by Lender under the Note and panrgraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 ber+eof. then to interest payable on the Nexe.~ then to the principal of the Note, and then to interest and principal oa any Future Advances. 1. Crarges; Lietss. 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 parsgraph 2 her+oof 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 went Borrower shall make payment directly, Borrower shall promptly furnish to Lender reexipts evidencing such payments. Borrower :hall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be reoquireod to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by 3 such lien in a manner aexeptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such Herr iq legal proceedings epe p operty or any part thereof. which rate to revert the enforcement of the lien or forfeiture of the Pr ~ S. Hazard Iwsanex. Borrower shall keep the improvements now existing or hereafter erected on the Property insured i against loos by Ere, hazards included within the term "extended coverage", and such other haurds 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 rnverage exceed that amount of coverage required to pay the sums secured ~y this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval. by Lender. provided. that such approval shall not be unreasonably withheld. Alt premiums on insurance policies shill be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. diroctly to the insurance 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. 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 Lender. Lender may make proof of loss if not made promptly by Borrower. I 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 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 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 clays [rein 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 agrce 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 I 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 ituurance 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. . f. Preserratioo and Maintenance of Properly; Leaseholds; Condominiums; Planned Unit Deveioproenis. Borrower ( shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a i condominium or a planned unit development, Borrower shall perform all of Borrowers 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 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 covenants and agreements of this Mortgage u if the rider = were a part hereof. 7. Protection of Lender's Security. I( Borrower fails to perform the rnvenants and agreements contained in this Mortgage, or if any action or proceeding is cemmcnced w•hi~h materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings 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 pretext Lender's interest, including, but not -limited to, disbursement of - reasonable attorney's fees and entry upon the Property to make repairs. If I~nder required mortgage insurance u a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ; insurance in effect until such time as the reyuirement for ouch insurance termenates in accordance with Borrowers and - • ~ ~ - ~~X 328 P~~E x.49`7 ,