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HomeMy WebLinkAbout2773 • , a • ? r • t t t! f I • ~ ~ Uxtroaat Oovaxarm. Borrower and Leader covenant and agroe as follows: 1M IMy~wt oft hic4ol tri ItMeraM. Borrower shall promptly pay when due the principal of artd interest on the irtdebtadttw evideaood by the Note. prepayment and late charges ac provided in the Note, and the principal of sad interest as any Fttturo Advtutces sxur+ed by this Mortgage. lrntls tK'1ltateE try Ittrwraret. Stitbjetx to applicable law M to a written waiver by Lender. Botrottrar shall Wy to Lander on the day trwrtthly installments of prirtcipsl and interest arr. payable under the Note, until the Note is psid in full. >t sum (herdn "Fuads'~ equal to one-twelfth of flea yearl)• taxs~ and assessments which may attain priority over this Mortgage, and ground rants on the Property, if any, plus one-twelfth of yearly prcntium installments for hazard insurance, plus ouatwelfth of yearly premium installments for mortgage insurance, it say, all as reasonably estimated initially and from lima to tints by Larw.'-,r oa the basis of assessments and i+ills and reasonable estitnates thereof. The Funds shall be bold in an institution the deposip or accounts of which era irtsttred or guaranteed by a Federal oT state agency (including Laatkr if Lender is such an institution). Lender shall apply the Funds~to pay said taxes, trssasments. F itssuraooe premiums and ground rents. lender may not charge for ro holding and applying the Funds, analyzing uid account, or verifying.artd compiling said assessments and bilk. unku Lender pays Borrower interest on the Funds and applicable law permip Leader to melee such a charge. Borrower sad Lender may agroe in writing at the time of execution of this Mortgage that interat on the Funds shall be paid to .Borrower. and unless such agreement is made or applicable law ~ requires such interest to be paid, Lander 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 and the purpose for which sash dt~it to the Funds was made. The Funds are pledged as additional security for the sums secured by thk Mortgage. l'I the tunount o[ the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. attsesemtents, irtsuraaca premiums and ground rents as they tall 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 Leader shag not be sttl6ciaat to pay taxes, assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount ntxxssary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting pajrment thereof. Upon payment is full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Property t: otherwise acquired by Lender, Lender shell apply, no later than immediately prior to the s!e 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~piicatiorr off Prpoettts. Unless applicable law provides otherwise. all payments received by Lender under the Note sad paragraphs 1 and 2 hereof shat! 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 say Future Advances. 1. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fitter and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground trots, if any. in the manner provided under paragraph 2 hereof or, i[ not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish to Lender rtceipis evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be r+oquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation sceurt~d by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such Tian in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iowrartce. 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 sad in such amounts and for such periods as Lender may trquire; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums sectttrd by this Mortgage. - 'Ilse 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. dirtctty to the inwrance carrier. All insurance policies and renewals thereof shall be in form aSceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Leader. Lender shall have the right to hold the policia and renewals thereof. and Borrower shall promptly furnish to Lender all renewal notices and alt receipts of paid premiums. In the event of Mss. 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 twt 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 stuns secured by this Mortgage, with the excess. if any, paid to Borrower. If the Properly is abandoned by Borrower, ar if Borrower fails to respond to Lender within 30 days from the date tx+tice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is authonned 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 I 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 tttsurance 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 salt or acquisition. 6. hrstrvrrtioo and Maintenance of Property; Leaseholds; Condominiums; Plantxd Unit Devebpmeats. 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 condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or govtrning 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 agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agrcements of this Mortgage as if the rider Wert a part hereof. 7. Protection of I.eoder'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 jn 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 protect Lender's interest, including, but not limited to. disbursement of reasonable attorney's tees 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 required to maintain such insurance in effect until such time as the requirement tar such insurance terminates in accordance with Borrowers and BOOK c71~,0 PAGE ~ 1 (G ,