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HomeMy WebLinkAbout0527 - ~ - - - - s+ r . ;(i i 7•~L~ i ~1~' UNtrosar Covat+ar+ls, Bonourer and Lender,coveaant and agroe ss follows: » l~weN et hfitsef~tsl ttrsi iisleseel. Borrower shall promptly pay when due the prstcipal o[ and interest on the ittdebtedttea evideooed by the Note, prepayttteat and late charges ax provided in the Note, and the principal of and interest as at:y Future Advances securod by this Mortgap. 1 >ltsisi far Tstoaa ttmi lststrrsaa~e. Stitbject to applicable law .x to a written waiver by Lender. BotroMer shalt pay to I.ertder oa the day monthly installments of principal and intere>t ire. payable under the Note. until the Note is paid in full. a soar (Mr+ein "Funds' equal to otra-twelfth of the yearly taxc~. and asse:srnetrts which may attain priority over this Mortsap. and ground rents on the Property, if any, plus oae•twelfth of yearlli pYmium iastalltnent: for hazard inwrance. plus one-twelfth of yearly premium installments for mortgage insttrartce, if any. all as reasonably estimated initially and from lima to time by Lender on the bass of assessments sad hiNs and reasonable estimates thereof. The Ftutds shall be Geld in an institution the deposits or accounts of twhich are inwred or gttaranteed by a Federal ot~ s4te agency (including Lender if Lender is such an institution). Lender shall apply tht Fund to pay said taxes. assessmeMS. insursooe premiums and ground rents. Lender may not charge for ro holding and applying the Funds. analyzing said account, j or verifyins.srrd compiling said assessments and bills. •unleu Lender pays Borrower interest on the Funds and applitxbk law ~ permiq Lewder to make stticlt a charge. Borrower and Lender may agree in writing at the tithe of execution of tha Mo~rtpp that interest on the Futtds shall 6e paid to Borrower. and unless such agreement a made or applicable law requires such interest to be paid. Lender s1ia11 not be required to pay Borrower any interest or earrings 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 pupae for which each debit to the Funds was made, The Funds are pledged as additional security [or the wms secured by tha Mottsase. If the amount of the Futtds 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. assessments, insurance premiums and ground rents ss 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 Fund: heW by Lender shall sot be wf6cient to pay taxes, assessments. insuratce 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 requiting payment thereof. . Upon payment in fuU of aB sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds beW by Lender. If utrder paragraph 18 hereof the Property is soW or the Properly 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 Lender at the tithe of application as a crodit against the sums secured by this Mortgage. 3. A~ilcatioa of Pap~ssestla. Unless applicable !aw 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 Future Advanoa. 1. Cfitasgss; 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 provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee ther+oof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payrncnts. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be requirod 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 ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any. part thereof. S. Hazard IrrsnraKY. Borrower shall koep the improvements now exiuing or hereafter ereaed~on the Properly insured against loss by fire, hazards included within the term "extended coverage", and such other hazards 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 coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. 7Le insurance carrier providing the insurance shall be chosen by Borrower subjoct 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 j inwrance carrier. j ~I All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage F 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. ~ ~ 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 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 Properly or to the sums secured by this Mortgage. 4 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 Assurance 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. t 6. hesenatioo sad Maiafenaace of Properly; 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 I condominium or a planned unit development, Borrower shall perform all of Borrower's 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 as if the rider were a part heroof. i 7. Protection of Leader's Security. It Borrawer 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 in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a 3 bankrupt or decedent. then 1_ender 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 limned to, disbursement of reasonable attorney'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 Mort Rage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates ~in accordance with Borrowers and ` ~ r~ 808K~ PAGE 527