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HomeMy WebLinkAbout1917 • • Uwtrottl~t tbvartawis. Borrower sad Leader covenant and agroe a: follows: 1E. la3rtrmM M hre4itl ttrni 1tMetal. Borrower shall promptly pay when due the principal of and interest on the • indebtedness evidettoed by the Note, prepaytmatt and late charges u provided in the Noe, and the principal of and interest oa soy Futtrrs Advances toecurod by this Mortgage. li<trrds htr lbtas tort Itrwsrtaa~e. Subject to applicable law or to a written waiver by Lender, Borr~o~wet shall pay to Lender on the day monthly installments of principal and int~rest ~re payabk under the Note. until the Note is paid in full, • aura (ht3rein "Fuads'~ equal to one-twelfth of the yearly tax~~c and assessrrtents which may attain priority over this A~ortgage. and irotrad rents oft the Property. it any, plus orte-twelfth of yearh? pranium installment for hazard insurance. plus orta-twelfth of yearly premium installments for mortgage inu~rance. it any. all as reasonably estimated initially and from tune to time by Lender oa the bases of assessments and hills and reasonable estimates thereof. The llrrtd: shall be held in an institution the deposiq or accounts of which are ittstrrod or guaranteed by a Federal of slats agency (including Linder if Lender is such an ittstitutionl. Lender shall apply the Funds to pay said taxes. assessments, iawraoce premiums and ground rents. lender may not charge for so holding and applying the Funds, anatyxing said account. or verifyiag_and compiling said assessrtrents and bilk, unless Leader pays Borrower interest on the Funds and applicable law permits Lender- to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agroement is made or applicable law roquiret such interest to be paid, Lender shall trot be required to pay Borrower any inttnest 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 f putpttse for which each debit to the Funds was made. The Funds are pledged as additional security for the :urns secured q by this Mortgage. Tf the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payabk prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assetrpnents, iasuranrx premiums and ground rents u they tall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to $orrower on monthly installments of Funds. If the amount of the Funds- ht:W by Lender shall trot be sutlsedeat to pay taxes. assessments. insurance premiums and ground rents s: they [all due, Borroatrer shall pay to Lender any amount rteressary to make up the deficiency within 30 days tram the date notice is mailed ' by Lt;atder to Borrower requesting payment thereof. ' Upon payment is full of all sutm secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by "Lender. Lender shall apply, rto later than imtttediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the tittle of application a: a credit against the sums secured by this. Mortgage. 3. AlNitatlat of IoymeNs. Unless applicable law provides otherwise, all payments received by Lender under the ~ Note and paragraphs 1 attd 2 h~eteof_`aU be applied by Lender first in payment of amounts payabk to Lender by Borrower uackr paragraph 2 hereof. theft to interest payabk on the Note, then to the principal of the Note. and than to interest and principal on any Future Advartoea. 4, Clarges; liie~s, Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which tray attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under putlgraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due, dirtxtly to the payee thereof. Borrower shall promptly furnish to Lenckr 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 payments. Borrower shall promptly discharge any lien which hu 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 lien or forfeiture of the Property or any part thereof. S. Hazard Iawrartee. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod ; against loss by fire, hazuds included within the term "extended coverage", and such other hazards as Lender may require wd in such amounts and for such periods as Lender may require; provided, that Lender shalt not require that the amount of such coverage exceed that amount of coverage required to pay the sums secttr+ed ~y 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 not paid in such manner, by Borrower making payment, when due, directly to the inwraace carrier. All insurance policies and renewals thereof shall be in form acceptable to Ltnder 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 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. nu! 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 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 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 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 pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. >rrrsenatloa and Maintenance of Property: Leaseholds; Condominiums; Planned Unit Developments. Borrower ah~ll keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property ' and shall comply with the provisions of any lease it 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 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 shalt amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower fads 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 bankrupt or decedent, then Lender at !.ender a 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 i insurance in effect until such time as the reyuircmem fvr loch insurance terminates in necordance with Borrowers and ' BOOK ~ PACE~c7iJU •