Loading...
HomeMy WebLinkAbout2021 ~ Ut~troRt~t Covettxt~rrs. )torro+rer and Calder covenant and agree ss follows: 1<tq~enl eft ><tinelpsl w isfisrsa Hort+ower shall promptly pay when due the principal of and interest on the 1 iadebledaess evidenced by the Note. prepayment and late charges ss provided in the Note, and the principal of and interest i as any Future Advances secured by this Mortp~ge. ltt~i fir'/loss tttatl lrwtrcw Stitbject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day tnontAly iastdhaerta of principal and interest ~re payable under the Note, until the Note a paid in toll, a sttra (ha+eia "Fuads'~ egwl to one~twdith of the yearly taxi. and assessments which may arisen priority over this Mortgage. and gratrd rata on tba Property. it any, phis one-twelfth d yearlli- premium itutallmena for hazard inwrance. plus one-twelfth of yearly premium iastalltnents for mortgage insurance. it aay, all ss reasonably estimated initially and ft+om time to time by Lender on the basis of assessrrtents and hills and reasonable estimates thereof. _ . '[be Funds :ball be held in as institution the deposits or accounts of ~rhich are insured a guarantied by a Federal otr stale sgency (iachding Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. ioatraaoe premiums and l~ recta. lender may not chase for sn holding and applying the Fends. analyzing said account, or verifyirrg_aad compiling said issessnterta and bills, unless Lender pays Borrower interest on the Funds and applicable law - { permits Lerder to make .such a chugs. Borrower and Lender may agree in writing at the time of execution of tha s Mortgage that interest oa the Foods shall be paid to Borrower. and unless such agreentatt is made or applicable law t requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender 11 shall give to Borrower, without dtarge, an annual atxounting of the Funds showing credia 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 sums secured this M Tt the attaunt of the Funds beW by Lender, together with the future taonthly installments of Funds payable prior to the due data of taxes. assessments, imurance premiums and ground rents. shall exooid the amount required to pay said taxes. atesameats, iawraaee premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds. If the amount of the Funds held b7 Lesder shall not be sul6cie~ to pay taxes, a:xssrttatts, insurance premiums and ground rents as they fall due. Borrower sbaU pay to Leader aay amount rreoessary to makes up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment is full of aU sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Property u sold or the Property rs otherwise acquired by Lender. Lender shall apply. no later than 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. Applicatlr ei lrgttaettr>s. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lerder first in payment of amouna payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the princrpal of the Note, and then to interest and principal on any Future Advances. 1. Charges; I3eas. 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 paragraph 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 in 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 bog as Borrower shall agree in writing to the payment of the obligation secured by such lien 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. Award i~wrar+ee. Borrower shall keep the improvements now existing or hereafter ertxted on the Property insured against loss by fire, 6aluds includod within the term "extended coverage', and such other hazards as 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 Eby this Mortgage. 'Ibe inwrartce 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 uader~paragraph 2 hereof or, if not paid in such manner, by Borrower making paytrtent, when due, directly to the iawrantx carrier. II AU 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 renewals thereof, and Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Linder. Lender may make proof of bss if not made promptly by Borrower. f Unless Lender wad Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of the Property damaged, provided such ratoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such ratoration or repair is not economically feasible or if the security of this Mortgage would s be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid to Horrower_ 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 the insurance carrier offers to settle a claim for insurance benefits, Lender _ is authorized to colket and apply the insurance procxeds 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 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 IS hereof the ProFerty is acquired by Lender, all right, title and interest of Borrower in wad to any Auurance policies and in and to the proceeds thereof resulting from damage !o 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. 6. Prraen~atiw asd Mrtulerraore of Property; Leaseholds; Condominiums; Planned Uttut DeveloptaeaLs. Borrower shall keep the Property io good repair and shall not commit Waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it 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 Borrowers obligations under the declaration K 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 as if the rider were a part hereof. 7. Prolectios of Lewder': Sectulty. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action ur 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's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limited to; disbursement of reasonable auomey's tees and entry upon the Property to make repairs. I( Lender reyuired mortgage insurance as a ' condmon of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such I insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and ~ . ~ BG01 PAGE ~9 5 ~ ~ ~ ' ' ~ ~ '