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HomeMy WebLinkAbout0313 r 1 t ' r~ Ut+trotttt Oovsnatrzs. Borrower and Ltatder covenant and agree ss folkw~r: fi. Ifttywsnt of ><eiodMl tttai hlsrssl. Borrower shall promptly pay when due the principal of and interest on the irrdebtedrteu evidenced by the Note, prepaytaerrt and late chats u provided in the Note. and the principal of and interest oa say Future Advances secured by this Mortgage. llris fear =tsaas and Irrsttr~c's. Subject to applicable law or to a written waiver by Lender. Botrotrer shaq py to Leader on the day monthly installments of principal and interest are payable under the Note, until the Note is psid in tall. a erne (herein "Fuads'q equal to Otte-twelfth of the yearly tax~~ and assessrrtettts which taay attain priority over this Mortgage, and ground reab on the Property, if any, plus ante-twelfth of yearly premium installments for htwrd insurance, plus oaatwdith of yearly premium iastallrnents for mortgage inurrantx, it any. all as reasonably estimated initiaNy and from tirrse to titrre by Lender on the basis of assessments and hills and reasonable estimates thereof. 'ILe Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Fedt:ral otr slats agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessntaru. .inwsanoe premiums and ground rents. Lender may not charge for :n holding and applying the Fends, analyzing said account, or verifying_aud compiling said assessments and bilk. unless Lender pays Borrower interest on the Funds and appliabk law pamtits Louder 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 is made or applicable law cegtiit+es welt interest b be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give b Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which esch debit to the Funds was made. The Funds arc pledged u additional security for the wins secured by this Mortgage. If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments, insurance premiums and ground rents, shall excced the amount required to pay said taxes. teats. imuraaee premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Leaderaball not be t to pay taxes, assasmarts. insurance premiums and ground rents ss they fall due. Borrwrer sbaU pay to Leader any amount necessary to make up the deficiency within 30 days from the data notice is mailed by Leader b Borrower requesting payment thereof. Upon payment in full of ail suns: secured by this Mortgage, Lender shall promptly refund to Borrower any Funds Geld by Leader. If under paragraph 18 hereof the Property is sold a the Property a otherwise acquired by Lender, Lender :ball apply. no later rhea immediately prior to the sale of the Property or its acquisition by bender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatlaa oft lgaseMs. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I sad 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 Advaoees. 1. Charges; Lkas. 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 any. in the manner provided under puagraph 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, and is 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 such lien so beg u Borrower shall agree in writing to the payment of the obligation secur~od by ! such Ilea in a manner acceptable to 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 part thereof. S. Illarard Iaarrawee. Borrower shall keep the improvements now existing or hereafter erected on the Property iawred against loss by fire, hazards included within the term "extended coverage", and such other hazards u 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. 'Ibe 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 insurwce carrier. II All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage t 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. - E Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Properly 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 if Borrower fails to respond to Lender within 30 days from the date notice is mailed by lender to Borrower that tbe 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. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend f or postpone the due date of the monthly installments referred to in paragraphs 1 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 interest of Borrower in and to say Auurance policies and in and to the proceeds thereof resulting from damage to the Property prior b 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. f. Prt:servatioo and Maintenance of Property; Leaseholds; Condominiums; Plartaed Unit Derelopaseati. Borrower 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 if this Mortgage is on a leasehold. 1[ this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration p 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 agrcements of such rider $ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage u 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 hot 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, may make such appearances, disburse 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 secural 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 * t~ r f 80 K ~h~J Pt.GF 313