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HomeMy WebLinkAbout1929 • •~r ~ {t , Ut+trortn[ OovawanTS. Borrower sad Lender covenant and sgrce u follows: ' 1<gweM elf >rti¦e4a1 tttsti lttleresl. Borrower :hall promptly pay when due the principal of and interest on the indebtednea evidertoed by the Note, prepayment and late charges ac provided in the Nola, attd the principal of and intereq oa any Future Advstttxs secured by this Mortgage. L lttr.i I!er 1~ates tarsi lestuarrca Sltbject to applicable law M to a written waiver by Leader. Borrower shall pay to Leader on the day monthly installments of principal and interest are payable under the Not0. until the Note is paid in full. a tttmt (herein •'Fuads'7 agwl to one-twelfth of the yearl)• tax~~ and assessrrrents which tray attain priority over this Mortgage• and ground teats oa the Property, it any, plus one-twelfth of yearly pretttium itWsllrrtents !or hazard insurance. plus ones-twelfth of yearly premium irutallments for mortgage insurance, if any, all u reasonably estimated initially and from tithe to lima by Lander oa the basis of assessments and hills and reasonable estimates thereof. _ The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal of state agency (including Lender if Lender is such an institution). leader shall apply the Funds to pay said toes. asseulnents. insurance premiums and around rents. lender may not charge for :n hoWina and applying the 1=nods. analyzin= uid account, or verifyingsad compiling said assessments and bilk, unku Lender pays Borrower interest on the Funds and apptigbk law permits Lender to make such a charge. Borrower acrd Gender may agree in writing at the time of execution of this Mortg:je that interest on the Funds shag be paid to Borrower, and unless such agrYement is made or applicable law r+equira such interest to be paid. Lender shall not be requited to pay 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 i purpose for which each debit to the Funds was made. The Funds arc pledged u additional security for the sums sxured t by this Mortgage. if the amoutu 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. ataeatrmenta. imuranoe premiums sod ground rents as they tall due. such excess shall be. at Borrower's option, either pcamptty repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds heW by Lender shall not be sufficient to pay taxes, sasessrnents, insurance premiums and ground rents as they fall due, Borroaer shall pay to Lander any amount necessary to make up the deficiency within 30 days from the date notice is mailed by header to Borrower requesting payment thereof. ` Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds i held by Lender. If under paragraph 18 hereof the Property is sold or the Propeny rs otherwise acquired by Lender. Lender :hail apply, rte later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Loader at the time of application u a credit against the sums secured by this Mortgage. 3. A~catiott e>< Paynetws. Unless sppliable law provides otherwise, all payments received by [.ender under the Nola sad 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 Nae, then to the principal of the Note, and then to interest and principal on any Future Advarrces. t. CWraes; Lietas. 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 thereof. 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 payments. BotTOwer shall pranptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be r+egtrired to discharge any such lien so tong as Borrower shall agree in writing to the payment of the obligation secured by such liptr in a manner acceptt~ble to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, legs! proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. t S. Hazard Iewrawce. Borrower shall keep the improvements now existing or hereafter erected on tht Property insured ~ agair~t 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 rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe 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 insurance carrier. ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shalt include a standard mortgage clause in favor of and in form acceptable io 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 procceds 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. priid ' 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, (.ender 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 Pro~,erty is acquired by Lender, all right, title and interest of Borrower in sad to any inuurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale t or acquisition shall pass to Lender to the extent of the sums secured by this 1Nbrtgage immediately prior to such sale or acquisition. 6. Prrservatioo sod Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shalt keep the Property in good repair and stroll not commit yvaste or permit impairment or deterioration of the Property 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 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 t+nif 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 arid 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 Security, If Borrower fa+lc to perform the covenants and agreements contained in this I` Mortgage, or if any action or proceeding is c~+mmenced which materially affects tender'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 Borrowei, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender's interest, incttrding. but not limited to, disbursement of reasonable attorney's /ces and entry ulx~n the Property to make repairs. If Lender required mortgage insurance as a cond+tron of making [hc loan secured by this Mongage. Bomzwcr sh~rll pay the premiums required to maintain such insurance in effect until such time as the reyr+irement for tiuch +nsurance term+nates +n accordance with Borrower's and 1x i eo~x pecEi918 + .