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HomeMy WebLinkAbout1305 t t ~ • UNlrortt+r OovattaMS. Borrower sad Lattler covenant and agree u follows: 1i, rtgnte¦t of hise4al aenl IMersM. Borrower shall promptly pay when due the principsi of and interest on the iadsbtedoaa svideaoed by the Note, prepaymatt and fate charges as provided in the Note, and the principal of and interest oa any Future Advances secured by this Mortgage. llMis lw Taaee ttrttl lt~aw. Sltbject to applicable law or to a written waiver by Lender, Borrower shall Wy to Letsder on the day monthly installments of principal and interest ire payable under the Note. until the Note is paid in full, a sutw (basin "Ftuda'q equal to one-twelfth of the yearly tax~y and assessments which may attain priority over this Mortsage, sad gr~outtd rents oa the Property. if any, pfus one-twelfth of yearty~ premium installtrtent: for hatrard insurance. plus one-twelfth of yearty pranitun installments for mortgage inu~rance, if any. all as reasonably estimated initially and from time to time b+y Lender oa the basis of assessments and hills and rcssonabk estimates thereof. I 'tLe Funds shall be held in an iratitution the deposits or accounts of which are insured or Guaranteed bl? a Federal oft stale agency (inchding Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. insurance ptsyrtiurrts sad Ground rents. lender may not charge for sn holding and applying the Funds. analyzinG said account. of vtuifying soil compilinG said assessmenu and bills. unless Lender pays Borrower interest on the Funds and applipbk law 4 permits Fender to make such a chute. Borrower sad Lender may agree in writinG at the time of execution of the 11[ortgage that interest on the Funds shall be paid to Borrower, and uaku such agramertt is msde or applicable law requiter such interest to be paid. Lender shall not be requited to pay Borrower any interest or earnings on the Funds. Lender tha8 give to Borrower, without t:harge, an annual atxatnting of the Funds showing credit: and debits to the Funds and the pupae for which card. dt~it to the Funds was made. The Funds arc pledged as additional security for the sums secured this M ~ If the amount of the Fua4 held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, asstxsmeab, irtatrance premiums and Ground rents, shall exceed the amount required to pay said taxes. aaasmatts, imuraaoe premiums sad ground rents u they fall due. such excess shall be, at Borrower's option. either prooptly repaid to Borrower a credited to Borrower on monthly installments of Funds. !f the amount of the Futtds herd by Lender shat) not be suf$cieot to pay faze, ssaessrr~atts. insurance premiums and ground rents as they fall due. Bort+owet 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 roqutxtiog payment thereof. Upon payment is full of alt sums secured by this Mortgage, Lender :hall promptly refund to Borrower any Funds held by Larder. If under pnrsGraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. iendcr shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by I.eoder at the tune of application as a credit against the sums secured by this MortGaGe. 3. ApGtlcatiM st ltp~eob. Unless applicable law provides otherwise, all payments receivod by Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by I-ender first in payment of amounts payable to I.cnder by Borrower wader paragraph 2 hereof. they to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. ' d, Charges; I.ierr. 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 kaschold paytnenis or ground tents, if any. in the manner pt+avided 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, sad in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. 8orrorrer shall promptly discharge any lien which ha: 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 such flea in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien ia, kgaf proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Ilaisari Iiis~rawce. Borrower shall keep the improvements flow existing or hereafter erected On the Property insured against lass by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require sad is 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 sums secured by this Mortgage. 'the insurance carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shill be paid in the manner d provided under paragraph 2 hereof or, if not paid in such manner, by Borrower tusking payment, when due, directly to the I' iawnace carrier. AI! insurance policies and renewals thereof shall be in form acceptable to Ixnder and shall include a standard mortgage . clause in favor of and in form acceptable to Lender. Ixnder shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. In the event of loss, t Borrower shall give prompt notice to the insurance carrier and ixrder. 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 ~ the Property damaged, provided such restoration or repair is economically feuible 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 excest, 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 Larder to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance prot:ceds at Lender's option either to restoration or repair of the Properly or to the wins 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 inuallments 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 any insurance policies and in and to the proceeds thereof resulting from damage to the Property 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. € f. lhsscrvatioo sod Maintenance of Properly; Leaselwlds; Condominiums; Planned Uait Developments. Borrower shall koep 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. If this Mortgage is on a unit in a ~ s 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 unit development s rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider - shall be incorporated turn and shall amend and supplement the covenants and agreements of this Mortgage u if the rider were a part heroof: { 7. Profectiow of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commence) 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 E p bankrupt or decedent, then i~nder at Lender's option, upon notice to Borrower, may make such appearances, disburse such wms 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 Properly to make repairs. if Lender required mortgage insurance as a 3 conddion of making the loan secured by this Mort Rage, 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 g ~ry ~ ~ 80 KJe)e) PdCE~.~ ~T~y