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HomeMy WebLinkAbout2632 r ~ . Ut+trottte Covtat~tarrn. Borrower aed Lender cot?arant and agree ss follows: tayaeetat of hYttNl tttw l1Men~t1. Borrower shall promptly par whet due the ptiiacipal of and ioleteq an the ietdebtedrtps evideuood by the Note. ptepaytnatt and late charges m provided in the Note, and the principal of d inleteat oa any Futuro Advance secured by the Mortgage. 2. )llmtti ter Tttrea tteti Irotscw Stirbject to applicable law .x to a written waiver by Lender. Horror tthd pry to Leader on the day rrtoathly installments of principal and interest art: payable under the Note. until the Note is prid is felt. r sttm (Aarain "Fuade'~ equal to one-twelfth of the yearly taz~~ and atsasrrtatts which ttoay sttsia priority over this Mortgage, and ground rents oa the Property, if any, plus oete-twelfth of yearly premium iastrllmatts for harard irtstrrartoe. plus otte-twelfth of yearly premium installments for mortgage insurance, if say, all as rasoaably estimated irtitisBy and trees time to tithe by Leader on the brsis of assessments sad hills and reasatabk estimates theseof. The Funds :hall be held in an institution the deposits or accounts of which are ituwr~ed a gttaraateed by a Federal otr state sgency (inchding Lender if Lender is such an irtstitutionl. fender shall apply the Funds to pay said taxes. asaessrrtatlR insurance premituns and ground rents. 1_ender may not charge form holding and applying the Ftrrtds, analysing said aooottrtt. or verifying.attd compiling said assessments and bilk. unless Leader prys 8orrotver interest oa the Funds and appliabk {aw permit: Lender to make wch a charge. Borrower and Lender may agree in writing at the time of ettectrtion o[ this Mortgage that interest on the Funds :ball be paid to Borrower, and uttlas such agreematt is made or spplipbk law require such interest to be prid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall pve to Borrower, without charge, an annwl accounting of the Funds showing credits and debits to the Funds tad dte } purpose for which each debit to the Funds was made. The Funds arc pledged as sdditional security for the sums secured by the Mortgage. If the amount o[ the Funds held by Leader, together with the future monthly installments of Funds payable prior ~ the due dates of taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pry said taros, a>aaaaents, iruuranoe premiums std ground rents as they fall due, such excess shall be. at Borrower's option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the Funds held by Leader shall trot be suf6cieat to pay taxes. as~essrttertts. insurance premiums and gt+ound rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the dam notice is mailed by Leodtr to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property n sold a the Property a otherwise scquired by Lender. Ltatder shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, say Funds held by Lander at the time of application as a credit against the sums :seated by this Mortgage. 3. ApNicatiots oft if r~yarerals. Unless applicable law provides otherwise, all payments tYCeivod by Ltrid~er under the Note and paragraphs 1 and 2 hereof shall be applied by Lender fire 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 :rtd principal on any Future Advances. 1. Cfsarga;; Lkns. 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 shy. 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, sad io the erect Borrower shall make payment directly, Borrower shall promptly furnish to [.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided, that Borrower shag ~t 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 acceptable to lender, or shall in good faith contest wch lien by, or defend enforcement of such liar ia, legal proceedings which operate to prevent the enforcement of the lien or fotieiture of the Property or any part thereof. S. Harvard lawrartee. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred 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 wch 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. The insurance carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on inwrance pdicies 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 'i 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 made promptly by Borrower. ` Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of f the Property damaged, provided such rcstoratton or repair is economically feasible and the security of this Mortgsge is not thereby impaired. 1f 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. prd to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the 3 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 proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage- t Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend 's 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 18 hereof the Property is acquired by Lender, all right, title and inttrest of Borrower in and to any Assurance policies and in and to the proceeds thereot rewlting from damage to the Property prior to the uk g or acquisition shalt pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or i acquisition. 6. Preservation and !Naintersance of Property: Leaseholds; Condomiaiumsy Planned Unit IDevdopoerts. Borrower ~ shall keep the Property in good repair and shall rsot comtpit 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 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 or planned rmit development ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agroernenls of wch rider :Hall 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 t Mortgage, or if any action ur proceeding a commenced which materially affects tender's interest in the Property, including, but nut limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings invol.ing a - t bankrupt or decedent. then Lender at lender's option, upon notice to Borrower, may make such appwrantxs, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limned to. disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If lender reyuircd mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower sh.tll pay the premiums required to maintain such ; insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and r . nR 332 Pr.GE~S I - sips;