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HomeMy WebLinkAbout0286 r t Ilnttroa~t Oovat+anTS. Borrower and Leader covenant and agree ss folbws: L ltgwatN et lrYre4a1 tttM lateral. Borrower shall promptly pay when due the principal of and inter+e:t on the ittdebtedetas evrdenoed by the Note, prepayment and late charges as provided in the Note, and the principal of sad intetwt as any Future Advattoa secw+ed by this Mortgage. )Yraatls fir Tanta atstl Iawteaaca Subject to applicable law or to a written waiver by Lerder, Bortaver shall WY to Feeder on the day matthly installments of principal and interest arc.payabk under the Note, until the Note is paid in full. s sum (herein "Fuetda") equal to oro-twelfth of the yearly laze. and assasrnents which tAay attain priority over this Mortgage, and ground rents on the Property. if any, plus onrtwelfth of ye,rly~ pretaium installments for hasard insurance. plus oae•twdfW of yearly pr+emittm installments for mortgage insurance. it nay, all as reasonably estimated initially and troaa time to time by Lender oa the basis of assessments and hills and reasonable estimates thereof. 'Ibe Funds shall be held in an institution the deposits or accounts of twrhich are insured or guaranteed by s Federal of slats sgenry (including Lertder if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. irattraaoe premiums and ground rents. Lender may na charge torn holding and applying the Funds, analyzing said account. or veritying..and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and appliable law permits Leader to make :tacit a charge. Borrower and lender may agree in writing at the time of execution of this Mortpge that interest on the Funds shall be paid to Borrower. and unless web agreenxnt a made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earrings on the Funds. Lender shall give to Borrower, without charge, an annwl accounting of the Funds showing credts 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. - If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, atsasrttests, ittwranoe premiums and ground rents. shall exceed the amount required to pay said taxes. assesaaeats. irt:uraaoe premiums and ground rents as they fall due. such excess shall be. at Borrower's option, either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Funds held br Linder shall not be wheat to pay taxes. assessments. insurance premiums and ground rents ss they fall due, Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower r+eque:<ing payment thereof. Upon payment is full of all sums secured by this Mongage, lender shall promptly refund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Properly w sold or the Properly rs otherwise acquired by Lender. Lender shall apply. no later Wan immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Altpiieatiot. of PgaeMs. Unless applicable law provides otherwise, all payments received by Lender under the Note aced paragraphs 1 aced 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 Liew. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mongage, 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 fumish to Lender all rrotices of amounts due under this paragrsph, a>d in the event Borrower shall make payment directly. Borrower shall promptly fumish 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 long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable fo Lender. or shall in good faith contest such 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 pan Wereof. S. Harari Iwraace. Borrower shall keep the improvements now existing or hereafter erected on the Progeny insured agaitrst loss by fire, hazards included within the term "extended coverage', and such other hazards as Lender may require aced in such amounts and for such periods as Lender may require; provided, that Lender shall not require Wat the amount of such rnverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. 'Ibe inwrance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. Wst such approval shall not be unreasonably withheld. All premiums on insurance policies strait be paid in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making paymatt, when due, directly to the j insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage 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, I 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 procceds shall be applied to restoration or repair of the Progeny damaged, provided such restoration or repair is economically feasible and the security of this Mongage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mongage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mongage, with the excess, if any, paid to Borrower. If the Properly 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 proceeds at Lender's option either to restoration or repair of the Progeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agrce 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 tae amount o[ 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 huurance policies and in and to the proceeds thereof resulting from damage to the Progeny 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. t 6. Preservation and z~taiatenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Progeny in good repair and wall not comrgit yvaste or permit impairment or deterioration of the Progeny and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mongage 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. It a condominium or planned unit development rider is executed by Borrower and recorded together with this Mongage, the covenants and agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mongage as if the rider r were a pan hereof. 7. Protection of Lender's Security. 1f Borrower fails to perform the covenants and agreements contained in this i 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 Lender at Lender a option, upon notice to Borrower, may make such appearances, disbutx such sums and take such action as is necessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall 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 i . ~ 1 BOOK ~J PAGf _