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HomeMy WebLinkAbout1116 ~ Utrt~oast Cbvart~rrrs. >lors+ower sad Lender covenant sad agcea a follows: 1. )rgmsrst N >ral~etlal errs laNawf. Borrower shag promptly pay when dues the principal of sad interest on the iudebtedaess evidenced by the Note, pr+epsyaseat and Isla charges as provided in the Notes, and the principal of sad interest ~ - oa say Future Advaaoas secured by this I?gertsage. ltiris 1be 1lsaes swtl Ibawraaoa. ~ Srtbject t0 applicable law or to a written waiver by Lender. Borrower :ball pay to Leader on the day monthly ir~talhnents of principal sad interest era payable under the Note, until the Note is paid in full, s stun (barein "Fttnds'~ equal wone-twelhb of the ysariy .taxes and assesstrtents which may attain priority over this Mortgage. sad =round rents on the Propertp, if say. phis one-twelfth of yearly premium igstallatents for haurd insurancx. plus one-twelfth of yearly premium iastdhtaatte far mortgage insurance, if any. all as reasonably estimated initially and from tints to tithe by Lender on the basis of asseasrnent: and bilb and reasonable estimates thereof. The Funds shall be-held is as institution the deposits or accounu of which are insured or guaranteed by a Federal or state agency (including Lander if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance prcmittms and ground rents. Leader may not charge for so holding and applying the Funds. analysing said account, or verifying and compiling acid assessments and bilb, unless Lender pays Borrower interat on the Funds and applicable law permit: Lender 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 requira such interat 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 annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made: The Funds arc pledged as additional security for the sums 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 data of taxes, assessments, insurance premitmu and-ground rents. shall exceed the amount required to pay said taxes, assesantents. insurance 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 oa monthly installments of Funds. if the amount of the Funds held by Lender shall not be wf8cient to pay taxes, assessment:, insurance premiums and ground rents as they fall due. Botrowyr shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. - Upon payment in full of all stuns scetrred 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 Property is otherwise acquired by Lender. Lender shall apply. no later than immediately prar 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. A~plicatioa of Psiyoeata. Unless applicable law provide 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. 4. Crargea; Liees. Borrower shall pay all taxes, assewrtents and other charges, lines 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 promptty 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 bag as Borrower shall agree in writing to the payment of the obligation secured by - suc6lien in a manner acceptable to Lender, or shall in good faiW contest such Ikn 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. Hazard Is~suaace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured agautat loss by fire, hazards included 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 by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, West 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 i insurance carriu. All 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 furn~h to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shalt-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 agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economicagy 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 We sums secured by- Wis 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 the 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 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 Ldnder, all right, title and interat of Borrower in and to any insurance policies and in and to the proceeds Weroof 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. 6. Prsservatioa sad Maintenance of Property; Lesiseholds; Condominiuats; Planned Udt Developmentr. Borrower shall keep the Property in good repair sad shall not commit waste or permit impainztent or deterioration of the Property and shall comply wiW the provisions of any kale if this Mortgage is on a leasehold. If this Mortgage is on a unit in a y 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 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 a were a part hereof. 7. Protection of Leader'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 not limited to, eminent domain, insolvency. code enforcement, or arrangements or procxodinga involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower. may make such appearances. dtsburae such sums and take such action as is necessary to protect Lenders interat, 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, Bonrower shall pay the premiums required to maintain wch insurance in effect until such time as the requirement for such insurance terminate in accordance wiW Borrower's and I~oK 49~ PAGE27T2 BGOKJJS PAGE~~O - - - ~ -