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HomeMy WebLinkAbout2612 ~ jt ; 7 Utt[ratat OovetuRa+ts. borrower and Lender cowtnant and agree s: folbws: >ti. i~gmetN of lltioefMl tttM btiatrssl. Borrower shall promptly pay when due tba principal of and interest on the ittdcbtedttess evidenced by the Note. propaymatt and late charges ac providtd in the Note, and the principal of and intersst ota any Future Atlvaaoes secured by this Mortgage. lyt~is ftetr '1lsozee ttrrtt 1owe~ca Subject to applicable law ~x to a written waiver by Lender. Bornosrer shag pay to Lender on the-day monthly ittstalWtents of principal and inttrect ire payable under the Note. until the Note is paid in full. a attm (herein "Funds' equal to Otte-twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage, and ground carts oa the Ptnperty. if any, plus one-twelfth of yearyi premium installments for hazard insurance, plus ono-twelfth of yesrly premium inuallments for mortgage insrrrartoe, if any. all as reasonably estimated initially and from lima to tithe by Lender on the basis of assessments and hills and reasonable estimates thereof. The flrnds shall be held in an institution the deposiu or accounts of which are insured a guaranteed by a Federal of sure agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessmrnts. insurance praniums and ground rents. lender may nd charge for sn holding and applying the Fonds. analyzing uid account. or verifyin=. and compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement it made or applipbk law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender :ball 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 was made. The Funds arc pledged as additional security for the sums secured by this Mortgage. Tf the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. :aasasents, itt:uranoe premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be wfficieat to pay taxes. assessments, insurance premiums and ground rents as 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 Lender to Borrower requesting payment thereof,k Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender :ball apply. no later than immediately prior to the sale of the Property or its acquisition 6y .Lender, any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. A~iicatlorr of PayrateNs. 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. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. C<targtx; Liens. Borrower shall pay all (axes, 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 al! notices of amounts due under this paragrsph, 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 wch lien so long as Borrower shall agree iii writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest wch 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. Harard Iowrartee. 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 such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner vided under ra ra 2 hereof or if not id in such Pro Pa g Ph manner, b Borrower makin meet when due direr to the Pa Y g Pay uY II tnwrance corner. j 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. 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 madt promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of E 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 r be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid 1 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. Lender ~ is authorized to collect and apply the insurance procceds 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 I and 2 hereof or change the amount of such installments. If under paragraph I S 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 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. Prrsenation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Ihvelopments. Borrower t 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 i[ 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. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects 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 1_ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary w protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's tees and entry upon the Properly to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower sh.rll .pay the premiums required to maintain such insurance in effect until such time as the reyuircment for such insurance terminates in accordance with Borrower's and i v i ~ LL~~11~~ ~r,~rn(~2 PAGE~l.ll)~J i t 4___