Loading...
HomeMy WebLinkAbout2274 Baass>Q sad header count and scree as follows: 1_ Pgmaat e>< Ptiaei~al sad Istereat. Borrower shall promptly pay when due the principal of and interest on the indebtedness evideaead lYy the Nott', prepayment sad Lk charges as provided in the Note, and the principal of and interest on any Future Advances secured by this ~i~ Z >Plnads iorTswea sad Iaiattraace. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day moatlbbr installments of principal and interest are payabk under the Note, until the Note is paid in full, a sum (herein "Funds") equal to oat twdQh of tbeyeartr taus and aasessaten4 which may attain priority over this Mortgage, and ground rents on the Properly, if any, plus one- twellthaE~~r premi~nn instaiLnertts for hasard insurance, plus one•twelfth of yearly premium installments for mortgage insurance, if any, aII as reaaaoaDly estimated initially sad from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. ' Tde I•Lods shall be heW in as inatitntiaa the deposits or accounts of which are insured or guaranteed by a Federal or State agency tiaeisdrrt Roder J Fader is sash an iastitution)L Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and groaod reefs. Dade: rosy not charge far so holding and applying the Funds, analyzing said account, or verifying and compiling said aaseavsots and DBL. anksa Lender pays Borrower interest oa the Funds and applicable law permits Lender to make such a charge. Borrower and Leader m:1 a~r+ee ~ writing at the tins of a:ecution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless sath s~rseseot is made ar app6abk taw requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earaissa o. the 1<lmds. Leader shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Fuods:ad the purpose 6or which each debit to the Fonda was made. The Funds are pledged as additional security for the sums secured by this Uthe amomt of the Fins held by Lender, together with the future monthly installments otFunda payable prior to the due dates of taxes, asaessaseotr. ins=anoe premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and perad rents as they bll doe, such e:ceas shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on moatbly iastalLmeat; of i!Lads. U the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance peems~s and trornd rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days Eros the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in fill of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If under paraQaph 18 Meof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale atthe Property oritsaegnisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured bx this Mertsi~ 3 A~eatioo o[ Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and 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 ia0ereet payade ea the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. .t_ CIYar~er. Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which mar strain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereotor, if not paid is such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender ail notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Leader receipts evidenang such payments. Borrower shall promptly discharge any lien which has priority over this Mortt- age;provided, that 1 i3orrower 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 Ilea m a manner acceptable w Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings w~hieh oQe:ate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. Hmrd lossaranee_ Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by Sze, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods asi bender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage rEquiied to pay the sums secured by this Mortgage. The iawnance carrier providintL the insurance shall be ch~~.cen by l;nrrower subject to approval by Ixnder, provided, hat such approval shall not be unreasonably withheld_ All premiums un insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if nut paid in sash roamer. by Borrower making payment, when due, directh• to the insurance carver. Ali iasteancr policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and inform acceptable to lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to «ader aII renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Linder. Lender may make proof of loss if not made promptly by Borrower. Ualera lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property j damaged, provided each restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such resLoeatioa or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied ro thea®saecozed 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 [.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier otl'ers to settle a claim for inset:nee benefits, Lender is authorized to collect and apply the insurance proceeds at Lender s option either to restoration or repair of the Property ar the arms secured by this Mortgage- UnlessLender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue date oEthe monthly installments referred to in paragraphs l and 2 hereof or change the amount of such installments. If under paragraph 18 t 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 tize:eof rraalting 5tom damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Noctga8e immediately prior to such sale or acquisition. 6, preserr:tioa and Dtaintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep tl~.e Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall rnmply with the provisieoos 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 aII of Borrower s obligations under the declaration or covenants creatinRor governing the condominium or planned ~3ait devebpment, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a evnaominism or plumed nail development rider is executed by Borrower and recorded together with this Mortgage, the covenants and .~streements 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 pert hereof T. Proteetioa of Leader's Security. If Borrower fails to perform the aovenanta and agreements contained in this Mortgage, or if say actin or proceeding is commtnced which materially affects Lenders interest in the Property, including, but not limited to, eminent domain, iaedveoelr, code fit, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lendei s option,upoa Mice to Borrower may mdte such appearances, disburse such sums and take such aMion as is necxssary to protect Lender's interest, incitrding~ bat not Limited ta, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required i ~ mortpge insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain ~ sorb iosaraoce in e8ect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's vrritteo agreement or applicable Law. Borrower shall-pay the amount of all mortgage insurance premiutna in the manner provided under paraQaph 2 heitof_ Any amounts disbarscd by lender perauant to this paragraph 7, with interest thereon, shall become additional indebtedness of Boerors~ secured br this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Leader to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from rime tD time on oatstandiag principal undo! the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Linder m incur any a:pence or take any action hereunder. f BOOK PbGE~j ~ ~ _r~