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HomeMy WebLinkAbout1269 f ~ titre Utvt~ottltt Oovat+an». Borrow and Lender covenant and agree ss tdlows: 1. ~ywsat w >TtYte1M1 aai loMtresf. Borrower shall promptly pay when due the principal of and interest on the irrdebtednps evideuoed by the Note. prepayment and late charges as provided in the Note, and the principal o[ and interest oa any Fwure Advances secured by the Mortgage. !ri fhr 7lsoua arts Iawitttnce. Subject to applicable law •x to a written waiver by Lender. Borrower dull pay to Lender on the day tnoathly irrstallrtrents of principal and intcrcN ~rc payable under the Note. until the Note is paid .k full. a sum (btttein "Funds") equal to one-twelfth of the yearl~• tax~~ and au~essmeots which auy attain priority over this Mortgage. and ground rents on the Properly, if any, plus one-twelfth of yearili~ preraitua installments for hazard insurance. plusone-twelfth of yearly premium installments for mortgage insurance, it any. all as reasonably estimated initially and from tune to tithe by Leader on the bass of asseuments and hills and reasonable atirnates thereof. The Funds shall be held in an institution the depoaia or accounts of which are insured or guaranteed by a Federal or state agency (including Letrder if Lender is such an institution). I~nder shall apply the Funds to pay said taxes. assessments. irrttrranoe premiums and ground rents. tender may not charge for sr+ holding and applying the Frrnds. analysing said account, or veri[ying.and compiling said assessments and bilk. unless Lender pays Borrower interest on the Funds and applitxbk law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of executia? of this Mortgage that interest on the Funds shall be paid to Borrower.. and unless such agreement a made or applicable law require such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annwl acrntrnting of the Funds showing credits and debits to the Funds and the putpae for which cede debit to the Funds was made. ~ The Funds arc pledged as additional secutyty for the wins secured by the Motipge. Tf the amount o[ 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 exceed the amount required to pay said taxes. assesanents, insutatrce premiums and ground rents as they fail 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 Lender shall not be wtf5cdent to pay taxes, assessments. insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof: Upon payment in fuU of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Properly 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 appliation as a credit against the sums secured by this Mortgage. 3. Applicatloti of Pay~eNs. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 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. 1. Crarges; Lies. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which tray 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 a!l 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 rat 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 to Lender, or shalt in good faith contest such lien by, or defend enforcement of such lieu iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. lilsaard Iwraw~Y. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured agaitr:t loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may acquire sad in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount of j such rnverage exceed that amount of rnverage required to pay the sums secured by this Mortgage. j "I1re irrwranct 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 rat paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall tx 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 BorrowYr 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 agrce in writing, insurance procceds 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 rat 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 Properly is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the p date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurarce benefits, Lender E 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 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 any insurance policies and in and to the procceds thereof resulting from damage to the Property prior to tlx: 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 ~ f. Preservation and htainteaaace of Properly; Leaseholds; Condomiaiunrs; Planned Udt Derdopmeats. Borrower w shalt keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Properly 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 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. If a condominium or planned unit development i rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements 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. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this s 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'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 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. Bormwcr shell pay the premiums required to maintain such insurance in eBect until such time as the requirement for wch insurance terminates in accordance with Borrowers and : t 3 . Ill( BOOK~~ PtGE~~.IJV