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HomeMy WebLinkAbout0249 - - +R.. +~,jl, ~ Untro~tts[ Covtu+xnvs, Borrower and Leader covenant and agtYe as follows: >l, lhtprtaestt et lrirsrtNl aui Ia/t+reaf. Borrower shall promptly pay when due the principal of and interest on the indebtedrtps evideatxd by the Note, prepayment and late charges ac provided in the Note. and the principal o[ tad interest as nay Future Advaaoa sectu+ed by this Mortgage. ilnt.tl. ter 7Latea tMi it+wsraaea Stirbject to applicable law or to a written waiver by Lender. Borrower shall pay to Leafier on the day monthly installments of principal and interest arc payable under -the Note, until the Note is paid in [ull, a sum (herein "Ftrads'ti equal to Otte-twelfth of the yearly tax~~ and assessments which may attaitn priority over this Mortgage, and ground testa on tht Properly, it any, Flus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance. if any. all as reasonably estimated initially and tram time to tirrre by Lender oa the basis of assessments and hills and reasonable estimates thereof. 'I1re Fturds shall be bold in an institution the deposits or accounts of which arc insured or gwranteed by a Federal 01' sate agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. tssessrnent:, iasuraaoe premiums and ground rents. lender may not charge for so holding and applying the Fonds. analyzing said account, or verityirtt_srtd compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applipbk law permits Lender to make :uch a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Ftrnds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest ro be paid. Lender shall not be required to ply 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 each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. Tf the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assaanents, iasuraaoe premiums and ground rents as they fall due, such excess shall be. at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments o[ Funds. If the amount of the Funds htdd by Leader shall rest be sm'IYCieat to ply taxes, assessments. insurance premiums and ground rents as they fall due, Bortrowec shall ply to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader ro Borrower requesting payment thereof. Upon payment is full of all sums secur~od by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Leader. If under paragaph 18 hereof the Property is sold or the Property rs 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 Leader at the tune of application as a credit against the :ums secured by this Mortgage. 3. A~Hcatiorr of P+U'me~s.. 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 hherof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advarroes. { 1. C6ar=es; I.ieas. Borrower shall pay all fazes. 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 tht 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 in the event f 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 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 lien in, ~ legal proceedings which operate to prevent the enforcement of the hen or forfeiture of the Property or any part thermf. ~ ; S. Harard lasrrrtwce. Borrower shall kcep the improvements now existing or hereafter erected on the Property insured t r against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require l and 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- 'Ibe iasurarrce carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, Wst such approval shall not be unreasonably withheld. All premiums on insurance policies shtil 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 insurwce 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 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. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied so resiaration or repair of - the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. It 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 I to Borrower. If the Property is abandoned by Borrower,.or it Borrower fails to respond to Lender within 30 days from the j 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 II 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 t in and to any htsurance 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. i ~ 6. Preservation and Naiatenance of Property; Leaseholds; Condominiums; Planned Unit IDevelopments. Borrower shall keep the Property in good repair and shall not comrvit K•aste or permit impairment or deterioration of the Property i and shall comply with the provisions of any lease ~f 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 s or co~•enants 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 thn 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 Leaders Security. If Borrower fads to perform the covenants and agreements contained in this Mortgage, or if any action ur proceeding es commenced which materially affects Lender's interest in the Property, including, but not limited to. eminent domain. insolvent}. code cnforcemem. or arrangements or proceedings invoking a { 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 as is necessary to protect Lender's interest. inch~ding. but not limited to, disbursement of { reasonable auomey's fees and entry upon the Property to make repairs. 1( Lender reyuircd mortgage insurance as a cond?don of making the loan secured by this Mortgage. Borrower shell pay the premiwns required to maintain such insurance in efkct until such time as the reyuireinent for ,uch insurance terminates in accordance with Borrower's and . t ~ t,~.. 8~~~30 P~ 249