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HomeMy WebLinkAbout0279 I 7 . ~ ~ ~ ~ ~ ~ j• ~~.E UNr~osus QOV>lNAtlTti. Borrower aced Lender coveaanl and agree as follows: >M )iltyt.Nt et hise4al tN InMtrnl. Borrower Shan promptly pay when due the principal of aced interest on the irdeblednps evideaoed by the Note, preltaymatt and late charses as provided in the Note. and the priacipd of aced interest oa any Futttre Advances securod by this Mortgase. !r¦is tar 1'atsss ttoi 1¦a¦nncs•. Stitbject to applicable law or to a written waiver by Leader. Borrower :hap pay to Leadw as the day monthly instdhnents of principal and interest are payable urtdu the Note. until the Note is paid in full. a tattas (hen "Funds' equal to nee-twelfth of the yearly taxes and assessments which tray attain pt~ority over this ~ Mortsa8e. soil gr+otttd reab oa the Property. it say. phts otte`twelfth of yesrll?~ premium itatallmeab for hoard insurance, plus one-twdith of yearly prcntiwa iastallmptts for mortpge irtsurancc, it say. all as rcasonsbly estimated initially and from tints to time by Leader oa the bass of assessments aced hills and reasonable estimates thereof. 1Le Funds sbsll be Geld in an institution the deposits or accounts of which arc ittsttred or guaranteed by a Federal of ~ stale sgettcy (inchtding Leader if Lender is such an institution). I~nder shall apply the Futile to psy:zid taxes. asse:zrrtertes, iaprtsaee premiums aril s~ vents. i.ettder tray red charse form holding and spplyins the Fttttds. analysing said account. or veritying.sad compiling said assessments and bilk. unless Lender pt?ys Borrower interest on the Funds and applicable law permits Leader to make such a chose. Borrower and Lender may sera in writing at the time of execution of this Mortgage that intsrat oa the Funds shall be paid to Borrower, and unless such agreprtent is made or applicable law rogitira such interest to be paid, Leader shall red be required to pay Borrower any interest or arainss on the Funds. Lender shall give to Borrower, without charse. an annual aooounting of the Funds showins credits and debits to the Funds and the ` pupae for which each debit to the Funds was made. The Funds arc pledged as additional security for the wins secured by this MotYgye. Tf the amount o[ the Funds htdd. by Lender. tosether with the future monthly installments of Funds payable prior to the due dates of taxes, a:sa:trteats, irtsttranoe premiums and ground rents, shall exceed the amount required to pray said toes. aaattmeats. iasunnce premiums sad around rents as they fall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower a txedited to Borrower on monthly installments of Funds. If the amount of the Funds Geld by LeadershaU not be stdBcient to pay toes, sssessntatts, irtsttrattce premiums and smund rents as they fall due, Borrower shall pay to Lender any stnouat aeoessary to make up the deficiency within 30 days from the date notice is mailed b7 Leader b Borrower requestins payment thereof. Upon psymeat is fop of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds ~ hdd by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender I shill spply. no later than immediately prior to the sale o[ the Property or its acquisition by Lender. any Funds held by Lender st the time of application as a credit ssaimt the sums secured by this Mortgage. 3. A~iitatisn st Psgtaeals. 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 amount: payable to Lender by Borrower under paragraph 2 hereof, rhea 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'Yarses; Liens, Borrower shall pay all taxes, assessrttents and other charges. fines and impositions attributable to the Property which rosy attain a priority over this Mortgage; and leasehold payments or ground rents, if any, in the manner provided under puagtaph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. dircetly to the , payee thereof. Horr+awet shall promptly furnish to Lender all notices of amounts due under this parasraph, sad in the event Borrower shall make payment directly, Borrower shall promptly furnish to lender receipts evidencing such payments. Borrower shag promptly dischuge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so bog as Borrower shall agree in writing to the payment of the obligation secured by 's such lien in a manner stxeptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien iq legal prootxdings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hasari lawranee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loos by fire, hazards included within the term "extended coverage end such other hazards as Lender may require sad 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 wins secured ~y this Mortgage. The insurance 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 , provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the inwrance curler. Ap 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 rcrtewals thereof. { and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss, I Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loos 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 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 it Borrower fails to respond to Lender within 30 days from the date notice is marled by Lender to Borrower that the insurance carrier offers to settle a claim for insunnoe benefits, Lender ¢ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property 3 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 wch installments. If under paragraph I8 hereof the Property is acquired by Leader, all right, title and interest of Borrower f in and to any Ibsurance policies and in and to the proceeds thereof resuUing from damage to the Property prior to thy: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Praervatloo sad Maintenance of Property; Leaseholds; Condominiums; Planned Unit Devebpmcats. Borrower shall keep the Property in good repair and shall not comtpit yvastc 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 Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulatans 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. g 7. Protectioe of Lender's Secretary. If Borrower fails to perform the covenants and agrcements contained in this Mortgage, or if any action or proceeding is commenced which materially affects lender's interest in the Property, including, but noc limited to, eminent domain, insolvency. code enforcement. or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower. ma make such a ~ Y ppearances, disburse such sums and take such action as is ttaessary to protect Lender's interest, including, but not limbed to. disbursement o[ reasonable attorney's tees 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 pav the premiums required to maintain such iruurance in efkct until such tune as the reyuircment for such insurance terminates in accordance with Borrowers and