HomeMy WebLinkAbout1923 • y
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Urtrtratu Oovst+~wrs. Borrower and Lender covenant and aarce a: follow::
~ in4~e~t M Teiaergal tttM 1nNsaQ. Borrower shall promptly pay when due the principal of std iaterat on the t
iadebtedtrw evideooed the N ?
by ore. ptepayntetrt and late clwraex as provided in the Note. artd the principal of and interest
oa any Fttturo Advaatxs securod by this Mortgage.
lrrtnis ter'1ltune tttai Irtertence. Stitbject to applicable law or to a written waiver by Letttler, Bon+ower sltaB pay i
to Lender on the day monthly installments of principal and interest arc. payable under the Note, until the Note is paid in tali,
a sum (herein "Futtds'~ equal to one-twelfth of the yearly- tax~~c and ataesatrtents which easy attain priority over this
Mortgage, and ground rents oa the Property, if any. plus one-twelfth of yearly premium installments for hazard inwrance, `
plus otte-twelfth of yearly premium iastalltnenta for mortaaae insurance. it any. all as reasonably estimated initially and from
time to lima by Leader oa the basis of assessments and hills and reasonable estimates thereof.
The Funds shalt be bold in an institution the deposia or accounts of which are irtsttred or guaranteed by a Federal of
state agency (including Letrder it Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments.
inwranoe premiums and ground rents. lender flay not charge for so holding and applying the Funds. analyzing said account.
or verifyinasad compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and appligbk law
permits Leader to make such :charge. Borrower sad Lsnder may same in writing at the time of execution of ttis
Mortgage that interest on the Funds shall be paid to Borrower, and unless such aaroement is made or applicable law
tequirct s»cb interest to be paid. Lender shall not be required to pay Borrotwer~any interest or earnings on the Funds. Lender
sbaq give to Borrower, without charge, an annual aoeountina of the Funds showing credit and debits to the Funds and the
ptupote for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
by the Mortgage.
TE the amoutrt of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes. assessrrtent:, insurance premiums and ground rents. shall exceed the amount required to pay said taxes.
aaessments, insurance premiums sad around rents as they tall due. such excess shall be. at Borrower's option, either
prtxaptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
btdd by Lender shall not be wtBcieat to pay taxes, aasessrrtent:, insurance premiums and ground rents ss they fall due.
Borrower she!! pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lett+der to Borrower requesting payment thereof.
Upop payment is full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
held by Lender. If uudet paragraph 18 hereof the Property is sold or the Property u otherwise acquired by Lender, Lender
sba0 apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the bate of application as a credit against the sums secured by'this Mortgage.
3. ApNieation of )beds. Unless applicable law provides otherwise, all payments received by Lender under the
Nora and paragraphs I sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. then to iatereu payable on the Note, then to the principal of the Note, and then to interest and `
principrtt on any Future Advances.
4. Cdarger, 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 arty, 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 iher+eof. Borrower shalt 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 payments. ;
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. the! Borrower shall not be i
roquired 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 goal 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 InwrawtY. 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 t
such coverage exceed that amount of coverage required to pay the sums secured'by this Mortaaae. d
'Ilse inuurance 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, ditYCtly to the - j
insurance carrier. 4
All insurance policies and renewals thereof shag 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, 3
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not madt 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 it Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier osiers 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 Proieriy 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. ifrrsenation sad Maintenance of Property; Leaseholds; Condominiums; Planned Unit Devebparents, Borrower
shall keep the Property in good repair and shall not commit Waste 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 shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof. 1
7, Protection of Lender's Security, if Borrower tads to perform the covenants and agreements contained in this
Mortgage, or it any action or proceeding ~s commenced which materially slicers 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 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 fees and entry upon the Property to make repairs. if i_ender required mortgage insurance as a {
condition, of making the loan xcured by this Mortgage, Borrower shall pay the premiums required to maintain such
insurance in effect unfit such time as the requirement for such msurance terminates in accordance with Borrower's and
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