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HomeMy WebLinkAbout2762 ~ 4 J ~ 1 .i Utttrosu~s Oovttrutvts. Horeower and Lender covenant and agree as follows: ' 1a i~tgaseM M hittttrttl ttratl 1Mered. Borrower shall promptly pay when due the principal of and interest on the ittdebtedottss avidertoed by the Note, ptepaymertt and l:te charges as provided in the Note, and the principal of sad interest rya say Fwure Advanoa secured by this Mortga~. lthutY tK Tazaa ttrstl lawta¦ee. Subject to applicable law •x to a written waiver by [,ender, Botr+ower shag wy to Lender oa the day monthly installments of principal and intrrcct arc. payable under the Note. until the Note is psid in full. i s soar (herein "Fuads'ry equal to ottat:velfth of the yearly- tax~~ and assessments which may attain priority over this Mortgage. and ground ersatz on the Property. it any, phis one-twelfth of yearly- protaium installments for hazard insurance, plus oho-twelfth of yearly premium installments for mortgage inurrancc, it any, all u reasonably estimated initially and from time to time by Lander oa the basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in :n institution the deposiu or acti~ounts of which aro ittwred a gwranteed by a Federal of state agency (including Lander if Lender is such an institutionl. Lender shall apply the Funds to pay said taxes. assessmetttt. _ inwrattee premiums and ground rents. tender may not charge form holding sod applying the Funds. analyzing said account, or verifying-sad canpiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permits Leader to make wch a charge. Borrower sad Lender may agree in writing at the' time of execution of the Mortgage that interest on the Funds shall ba paid to Borrower, and unless such agreement is made or applicable law require such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lander shall pve to Harrower, without charge, an annwl accounting of the Funds showing credits and debits to the Fund: and the purpose for which each debit to the Funds was made, The Funds era pledged u additional security for the sums secured by this Mortgage. if the amount o[ the' Funds heW by Lender, together with the future monthly installments of Funds payable. prior to - the due data of taxes. assessments. insurance premiums and ground roots, shall exceed the amount required to pay said taxes, a+aesmoents, irt:urattce premiums and ground rants 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 btttd by Leader shall not be uriH~! 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 Leader to Borrower requesting payment thereof. ! Upon payment in fuQ of all sums secured by this-Marigage, Lender shall promptly refund to Borrower any Fund: held by Lender. If under paragraph 18 hereof the Property is sold or the Property a otherwise acquired by Lender, Lender shall apply, no later Wan immediately 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~iieatioti off Pa~eob. 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 interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Futuro Advances. ~ 1. CYarges; Lkas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain :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 io the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower she!) promptly discharge any lien which has priority over this Mortgage; provided, that -Borrower 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 good faith contest such lien by, or defend enforcement of such Tian itt, legal proceedings which operate to prevent the enforcarnent of the lien or forfeiture of the Property or any part thereof. ' S. Hazard lawrsaee. Borrower shall keep the improvements now existing or hereafter ereged on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards u 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 by 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 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. A!1 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 loo, 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, 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. ]f 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 authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the •Propenv or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shalt 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 installtrteots. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in attd to any fisurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tM: sale ~ or acquisition shall pass to Lender to the extent of the_ sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Pr+eaervataa sad Maintenance of Property; Leaseholds; Condominiums;, Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Properly 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 . condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under tlr~ declaration or tAVenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. !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 ; ,hall be incorporated into and shalt amend and supplement the co~•enants 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 t Mortgage, or if any action or proceeding is commence.) which materially affects [.ender's interest in. the Property, j 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 appearance, disburse such sums and take such action as is necessary to pntect Lender's interest, including. but not limited to, disbursement of reasonable attome~s fees and entry upon the Property to make repairs.: If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums require) to maintain such insurance in effect until such time as the reyuirement for wch insurance terminates in accordance with Borrowers and ! nnq~ x BoOKJ~A PeGE~~1