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HomeMy WebLinkAbout1725 tINtU~ORId Covarr~i+». Borrower and LRtrder covenant and agree as fdbws: )ti. I<ttyma¦t of IhirdNl ttrtl IaNtnsl. Borrower shall promptly pay when due the principal of and interest on the indebtedaaa evidettoad by the Not0. prewymettt std late charges as provided in the Notes and the principal of and interest oa soy Future Advaatxs secttted by this Mortgage. 1 >Er~tilt tK 1'attaa tttatl lrrraoce. Subject to applicat+k law ~x to a written waiver by Lettder. Borrower shag pay to Leader on the day tttottthly itstallments of principal and interest arc. payable under the Note, until the Note is paid in full, a sum (herein "Fttnda'9 egttal to orte-twelfth of the yearl~• tax~~ and assessments which may attain priority over this Mortgage, and gr~txrttd recta oa the Properly. if any. plus one-twelfth of yearlli Premium installments (or hazard insurance, plus coo-twelfth of yearly premium installrttents for mortgage insurance, it any, all ss reawnably estimated initially and from time to time by Leader on the bssis of assessments and hills and reasonable estimates thereof. 'Ibe Furls shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution!. Lender shall apply the Funds to pay said taxes, assessments. inwranoe ptertriums and ground tents. Lender may not charge form holding and applying the Fends. analyzirtg said account. or verifying.and compiling said assessments and bills, unless Leader pays Borrower interest on the Funds and applicable law permits Leader to make such a charge. Borrower and Lender may agree in~ writing at the firm of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agroement it made or applicable law t+egttites such intet+at 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 tht Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by tbk Mortpge. If the ataoutrt of the Fund: held by Lender, together with the future anonthly installments of Funds payable prat to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay uid taxes. asseaments, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shau not be wfficieat to pay taxes, sssessmenu, insurance premiums and ground rents as they fall due. Borrower ball pay to Leader any amount ttecessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payttsent is full of all suass secured by this Mortgage, tender shall promptly refund to Borrower any Fund: held by Lender. If under paragraph l8 hereof the Properly is sold or the Property rs otherwise acquired by Lender, Lender sbaU apply. no later than immediately prior to the sale of the Properly or its acquisition by Lender, any Funds held by Canceler at the time of application az a credit against the sums secured by this Mortgage. 3. A~licatioa of Prip~meNs. Unless applicable law provides otherwise, all payments received by Lender under the Note 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, they to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Grange:; Lkrss. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which taay 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 sbal! 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, that Borrower shall not be required to discharge any such lien so beg 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 defenJ 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 Iastttarrce. Borrower shall keep the improvements now existing or hereafter erected on tbe Properly insured j against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require t wd 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 io pay the suers sz<uted by this Mort>tafte. 'ilre itsurance 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 f 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, II and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event bf loss, Borrower shall give prompt notice to the insurance carrier and lxnder. 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 nut 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 offers to settle a claim for inuurance benefits, Lender s'' 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 ferry is acquired by Lender, all right, title and interest of Borrower in and to any fisurance policies and in and to the proceeds !hereof 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 acquisitan. 6. Preservation sad Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall 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 i condominium or a planned unit development, Borrower shall perform all of 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 dr 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 Security. If Borrower fails t~ perform the covenants and agreements contained in this Mortgage, or if any action or proceeding n commcnccd which materially affects Lender's interest in the Property, including, but not limned to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a _ bankrupt or decedent, then lxnder at Lender's option, ulxin notice to Borrower, may make such appearances, disburse such sums and take such action as is neceuary to protect Lender's interest. including. but not limited to, disbursement of reasonable attorney ~ (ces and entry upon the Property to m,:ke repairs. 1( Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Barrr:wer shall pay the premiums required to maintain such insurance in e(Tect until such time as tlx: reyuircment for wch insurance Terminates m accordance with Borrower's and . ~ BOOK PaCE1~4