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HomeMy WebLinkAbout2414 UNtt~o~t Oovata~m. Borrower sad Leader covenant and agree u follows: ' 1. TyrrNeat err hMe1M1 oni Werep. Borrower shall promptly pay when due the principal of and interest on the iadebtedaea evidenced by the Note. prepayatent sad late charges u provided in the Note, artd the principal of sad interest oa say Future Advances sxured by this Mortgage. 14rnis for '1'azat W tasaranee. Sltbjext to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in full, a sum (herein "Futtda'7 equal to one-twelfth of the yearly taxes and assessments which may attain priority over this • Mortgage, and ground rents oa the Property, if any, plus one-twelfth o[ yearly premium installments for hazard insurance. - plus one-twelfth of yeuly premium installments for mortgage insurance. if any. all u reasonably estimated initially and from time to tithe by Lender oa the bass of assessments and bills and reasonable estimates thereof. ` 1be Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or state agency (inchding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing acid account, or verifying and compiling said assessments and bills. unless Lander pays Borrower interat on the Funds and applicable law permits Lender to make such a charges. Borrower and Lender may' agree in writing at the time of execution of this Mortgage that interat on the Funds shall be paid to Borrower, • and unless such agrexment is mach ar applicable law . requirex such interest to be paid, Lender shall not be required 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 purpose for which each debit to the Funds wu made. The; Funds arc pledged u additional security [or the sums secured by this Morigye. Lf the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxex, assessments, insurance premiums and ground rents, shall exceed the amount required to pay uid taxex, assesstents, insurance premiums and ground rents u they fall due, such excess shall be, at Borrowers option. either promptly repaid to Borrower or credited to Borrower on monthly ~ installments of Funds. If the amount of the Funds held by Leader shall not be su~cieat to pay taxes. assessments, insurance premiums and ground rents u 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 requesting payment thereof. Upon payment is full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Fund: held by Linder. If under paragraph 18 hereof the Property ik sold or the Property is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the: sale of the Properly or its acquisition by Lender. any Funds held by Lender at the time of application u a credit against the sums secured by this Mortgage. 3. A~ikatlow of )rrrynrewb. Unlexs applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 sad 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. Charges; Liiens. 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 fumish to Lender receipts evidencing such payments. Borrower shall 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 acceceptabk 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 Iawrance. Borrower shall kesep the improvements now existing or hereafter erected on the Property insured agairut loss by fire. hazards included within the term "extended coverage", and such other hazards u Lender may require I and in such amounts and for such periods u 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. l The insurance carrier providing the insurance steal! be chosen by Borrrowei subject to approval by Lender, provided, that such approval shall not be unre:uonabty 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 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, j 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 i by Borrower. ~ Unless Lender and Borrower otherwise agrce in writing, insurance proceeds shall be applied to ratoration or repair of ~ the Property damaged, provided such mtoration 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 tails to respond to Lender within 30 days from the s date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender i is authorized to collect and apply the insurance proceeds at Lenders 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 g such installments. If under paragraph 18 hereof the Property is acquired by Linder, all right. title and interat 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 sexured.by this Mortgage immediately prior to such sale or acquisition. 6. Preservatioa_ sad Maiatenaoce of Property; Leaseholds; Condomisiuars; Planned Uait Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property sad 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 a obligations under the dexlaration or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the F 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 u if the rider ` were a part hereof. r 7. Protection of Leader's Secortty. If Borrower fails to perform the covenants and agrcementa contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. I including, but not limited to. eminent domain. insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedtnt, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action u is necessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance u a , condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such ~ insurance in effesct until such time u the requirement for such insurance terminates in accordance with Borrower's sad PACE~~