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HomeMy WebLinkAbout0972 - ~ ~ . 1 t Borrower and Leader cotrenant atsd apse as folbwa: 1. Pyrtaetat of Ptrlaei~a[ std Interest. Baerower shall promptly pay when lyre the pritxipal o[ and interest oa the indebtedness evidenced by the Note. peptayotent and late eltarget; as provided is the Note. attd the prinopal of std interest oa atUr Ftttare Advances secured 2 Foods for Tn:ea and lasirasoe. Subject to applicable law or to a written waiver by l.+rnder. Bw*uwer shall pay w lender oa the day .monthly irrsbllnteab of principal and interest are payable under the Note. until the Note is paid in full, a sum Therein "Futds'1 equal to sae twelfth of the yearly tares and assessments whidt may attain priority over this Mortgage, and grwnd tents oa the Property, itaay, plus one welfth of yearly premumm irtstalboeab for hazard insurance. dusonetweiM ofyearly premium installments [or mortgageinsurance, Jany. all as eeasouaMy estimated initially and from. time to titue by Lender oa the basis of assessments sad bills and teasonabie estimates thereoL 7be Itinds shall be held in an inatibtian the deposib a smoanb of which are inserted or guarat?teed by a Federal or State agency lincludiog Leader J Lender is such an irtstitotioa). Leader shall apply the Funds to pay said tares, assessments. irasatanec premiums std grouted rents. Lender troy not charge for ao 6oidins and applying the Fonds. analyang said account, or cetifjriaa and compJing said assesstaents std bills, artless Lender pays Borrower interest oa the Ftitrrds and applicable Vs permits Leader to make sash a chaR'e_ Borrower and Lender tray spec in writing at the tithe of a:ecution of this 1lfortgage that inter+eK oa the Fonds shall be paid w Borrower, and unless retch sgeeesseat is made or applicable law requires sash interest to be paid, Leader shall trot be requited to pay Borrower any interest a earnings on rtes Funds. Leader shall give to Bortower, without charge. an anneal amounting of the Perils ahosring crndits and debib to the Fords std the purpose for whidt esKh debit w the Funds war: made_ 71,e Futds ate pledged as additional sersrity for the sums secured by this ~ag'e- Ifthe attsouat ofthe Fonds held ty Lender. together with the future monthh• installments otFuad; parable prior to the duedates of tares; assessments, insurance premiums and grontd tents, shad ~crrd the amount rayuired w pay said to=e,r. a:Bessments~ iawrance premiums and gewnd tents as they fall doe. arch e:ea~s shall be, at Botrowei s option, either promptly repaid iu Borrower or credited to Borrower oa monthly itasbllmenb o[ Futds_ U the amount of the Funds heW by Leader shall twt be saffiaent to paY tares. assessments, insurance premiums and ground yeah as they fall doe. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is maned by Lender to Borrower requesting payment thereof Upon pa_rmeat in fall doll sums second by this ~t'tgage, Lender shall pr+wnptly refund to Borrower nay funds heW by Lender_ if under paragraph 18 betedt the Property is sold a the Property is otherwise amquited M 1.ender. Lender shall apply. fro later than immediately prior to the axle ct the Property err its aogaidtion by Lender. any Furls held by [~tder at the time of application as a credit against the sums secured by this Iortgage_ 3 Application of Pasuseats. Urtkss applicable "law proaides otherwise, all pa}meats received by Lender ender the \ote and paragraphs 1 and 2 hoed shall be applied by Lender first in paymer+t of amounts payable to Letder by Borrower under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the 1~ote, and then to interest and princip~a! m any Furrier Advances. Chargesti Lietas, Bartower shall pay all razes assessments and other charges` fines and impositions attributable to the Property which may attain a priority rn-er this Mortgage. and leaseleold pa}-meets or ground rents, if any. in the manner proaidrd under paragraph 2 hereof or. if not paid in sack manner. by Borrower making payment. when due, dit+Ertly to the puree thermf- Bomrwer shall prvarptly futtush to L~ettder all notices of amounts doe under this paragraph. and in the event Ror>{,wer shall make payment directly. Bornm shall promptly furnish to Lender receipts evidencing such payments. Borrower shall prompth discharge any lien vehicle ha_e priority over this Mortgage: proaided, that Borrower shall not be required to discharge any such lien so k,ng a_s Bumwcer steal l agree in venting to the pad-meret of the obligation. secured by - surh lien in a marine: aeceptabk to Lender, or shall in good faith n,ntr_-t such lien by_.r defend enfon,errtertt of atrlt lien in. legal pnoceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or am part thereof- a Ho=ard 1 tsawranee. Borrower shall keep the imptorementc now evicting c,r hereafter created on the Property insured against lass by fire. hazards iadoded within the term "eztettded coverage" and such ether haratdc ac I.etder may require and io sock atttennts std farsach periods as Lender mac regnitr; prmided that Lender shall not require that the amount of such coverage esceed that amount of coverage required to pay the sums secwred by this Mortgage. The insurance earner providing the ireuranav .hall 1„• ch.~-n i.r li+~rr~+w"K sub~~t ia~ apps,r.tl h~ I~-rider pn~aidad_ chat such approval stall not be nttreasonably withheld. All pmmium_:..n inwronort- p~.hair shall l,e paid ,n the manner pra.cid.d unaler parycraph'L hereof or. if not paid in such manner. by Born+veer making payment- when due- dirwatiy u. the incur.;nc~e camE-r- AU insurance policies and renew-aLs thereof shall be in form ameptaMe w I~nder a.-td shall include a standard mortgage clause in favoro[ and in form acceptable to Lfttder_ Lender shall have the right to ha.1d the p.,lioies and reitrwaLs thereof_ and Borrur-er shall promptly furnish to a.ender all renewal notices and all receipts of paid pretnium_c- In the Brent of loccc_ Rorn,wer shall give prompt notice W the itt<nrance carrier and Leader_ Lender may make proof of loss if cwt made promptly by Borrox-er- Unkss Lender and Borrower otherve-LSe agree in venting. in_curanee pr+uoee~d_c shall be applied to restoration or-cepair of the Property i damaged, provided such restoration or repair is ecc,roxnically feasible and the security of this ~IoryZage is not thereto impaired_ If such j restoration a ttpair is not economically fea_cibk or if t he security of this 1ortgage would be impaired_ the iasuratrce proceeds shall be applied to the sums secured by this Mortgage. with the ezcesc, if any. paid to Borrower. If the Property is abatdorted by Borrovrex_ or if Borrower fails to respond to Lender within :30 days from the date notice is mailed by Lender to Barr+cwer that the irtsurarrc~ rattier offers to settle a claim for ` insurance benefits. Lender is authorized to cY,ilcct and apply the insurance prc,ceecl_c at I~nder's option either to restoration or repair of the ~ Property or the sums secured by this lbrtgage_ L'mesa Lender and Borrower otherwise agree in w-ritirig. any such application of proceeds to principal shall not eztad or postpone thedae E date of the monthly installments rnferred to in paragraphsc l and 2 hereof or change the amount of Bach tnstallments_ If ender paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies acrd in and to the proceeds ~ thereof resnIting from damage to Property prior to the sale or ac~qutsition shall pa_cc to Lender to the a:tent of the sums secured by this Mortgage immediately prior to such sale or acgaisition- li Preservation and Maintenance of Property: L~easehoMs; Cotdooinutar Planned l'nit Decelopmenta,. Borrowershall keep - the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the proaisions of any lease if this ~brtgage is on a kaseM,ld- If this Mortgage iF un a unit in a condomtnium or a planned snit decdoptnent, Borrower shall perform all of Borrower s ubligatiunc under the declaration or cm Besets c-rc-attngor gorerntng the condominium or planned unit devebpment_ the by-laws and regulations of the condominium or planned unit development_ and cottstitnent docwmenta_ [f a ~ condominium or planned unit devebpment rider is ezecuted by. Bormveer and recordtd together v?ith this Mortgage, the rnceaants and i ytrermentc of such rider shall be inca.rporated into and shall amend and supplement theaxenanis and agtecrnerttsof this Mortgage self the rider were a part hereof. 7- Protection of Letder's Se~rity. If Borrower fails to perform the mvenanta and agreements avntained in this 1M[w'tgage, or if any - action or proceeding is commenced which materially afferta Lender's interest in the Property. including. bat ttat limited to. eminent domaiq g insolvency, code eaforcement, or arrangements or proceedings inarolring a bankrupt or de~eYdeat. tbm Lender at Leader's option,upon 3 notice to Barrovrer rosy make such appearances, diaburae each sums and take such action as is tteoneary to protect Lender's interest, induding. bat not limited to, disbursement of teasunable attorney's fees and entry upon the Property to make repairs- If Leader required mortgage insurance as a condition of making the loan secured by this 1Nortgagt; Borrower shall paw the premiums required to maintain ` such insurance in effect until such time as the requireatent for such insurance terminates in accordance vrith Borrower a and Lender's written agreement or applicable Law. Borrower shall pay the amount of all mortgage ittsnrancr ptrmiams in the manner prarided under } pa~Ph 2 hereof- ` Any amoanta disbursed by Lender persttant to this paragraph with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage- Unless Borrower and Lender agree to other tams of payment, such amounb shall be payable epos ~ notice from Lender to Borrower regotBttng payment thereof, and shall bear interest from the date of disbnraetneat at the rate payable tirm time to time oa outstanding principal under the tiote unless payment of interest at attclt rate would be cor;tran w applicable law, in which Brent such amounts shall bear interest at the highest rate permissible under applicable lave- \othirtg contained in this paragraph 7, shall ~ a require Leader to incur any-ezpenae or take any action hrreunder_ - f - 800[ ~ Pxf s r = ~ ~ _ ~ - .