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HomeMy WebLinkAbout1911 • ..e Utrtrotttt Oovtanxtrts. borrower sail Lender covenant and agree as fellow:: 1. Ts~tttent of hieiNl ttt~d ItNnrM. Bwrowu shall promptly pay when due the principal of and interest on the indebtedntxa evidettoed by the Note, prepayment and late charges as provided in the Nae. and the principal of and interest oa soy Future Advaotxs securod by this Motnsage. 3. >lttatis tar 7Lzar anti Inwra¦a~e. Stirbject to applicable law ~x to a written waiver by Lender. Borrower shill pay to Lender on the day tnotttAly installttxnta of principal and interest arc. payable under the Note. until the Note is pald in tuU. a stmt (herein "Fuads'q egaal to one-twelfth of the yearly tax~~. and assessments which tray attain priority over this Mortgage. and ground rend on the Property, if any, plus one•twelfth d yearly premium installments for hazard insurance. plus one-twelfth of yearly ptwnium installments for mortgage insurance, it any. all as reasonably estimated initially and from tints to tints by Leader oa the basis of assessments and hills and reasonable estimates thereof. The fitttds shalt be held in an institution the deposits or accounts of which are irtwred or guaranteed by a Federal of state agency (incltding Lender if Lender is such an institution). Lender shall apply the Fonds to pay said taxes. assasmenb, insurance premiums and ground rents. tender may not charge For :n hoMing and applying the Frtnds. analysing said account. or verifying.and compiling said assessments and bills, unless Lender pays Borrower interat on the Funds and applicable law permits Lender to make such :charge. Borrower and Lender may :grce in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable taw requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shag 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 arc pledged ss additional security for the sums secured by thk Mortgage. If the atrtount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, imurance premiums and ground rents, shall exceed the amount requited to pay said taxes, asapatnents, insurance premiums and ground rents as they fall due. such excess shall be. at Borrower's option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be wfficieat to pay fazes. aasessrnents, insurance premiums and ground rents as they fall due. Borrower ahsll pay to Leader any amount rrecassary to make up the deficiency within 30 days [rom the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in fuU of all sums acurcd by this Mortgage, tender shall promptly refund to Borrower any Funds held, by Lender. I[ under paragraph 18 hereof the Property is sold 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 Lender at the titre of application as a credit against the :urns secured by this Mortgage. 3, A~iicatiott of lapraetNs. 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 Future Advances, ' 1. Cranes; Lietas. Borrower shall pay all taxes, assessments and other charges. fines and impositions attribu_tabk 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 dtte, directly to the payee thet+eof. 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 fumish to Lender receipts evidencing serich payments. Borrower shalt 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 fiat in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iasrrrttrtce. 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 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. 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. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if rat paid in such manner, by Borrower making payment, when due, directly 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. Unless Lender and Borrower otherwrse agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoratron 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 Propem 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 t and 2 hereof or changt the amount of such installments. If under paragraph 18 hereof the Property is acyuired 6y Lender, all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pus to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Ptttservation artd 4laintenance of Property; Ltaseholds; Condominiums; Planned Unit Developments. Borrower - shall keep the Property in good repair and shall not commit ri•aste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease rf 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 o[ 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 as if the rider were a part hereof. 7. Protection of Lender's Securfry. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is cammence~i which materially affects Lender's interest in the Property, including. but not limited to, eminent domain. ina,lvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearancts, 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 fees and entry upon the Propert~• to make repairs. If I.cndcr reyrrircd mortgage insurance as a condition of making the loan secured by this Mortgage. Born:wer shill pay the premiums required to maintain such insurance in effect until such time as tht requirement for such msuran:e terminates in accordance. with Borrowers and BO~K',•~O PdGF1e~