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HomeMy WebLinkAbout1687 ~ ~:3~~~ ' ~j~t~ ~i~ Urttt~oast covansr+ss. liorrowsr sad Lender covenant and agree as follows: 1. >ngttttart sf )tsitei*ttl tN. Messaf. Borrovrsr svtall promptly pay whsn dw tits priacipa! of ttad ialet+eat oa the svidsttosd by tbs No1s, pnpaymatt sad fats charges ss provided in the Note. and tbs ptrbtcipal of told jatstsst oft am Ptttttes Advartoss sttcund by this iVtortgap. 1 11<IittNs fie 7lssss anti Itta~stres. Stitbjea to spplieabk law ax to • wtrittsn waiver by Lsndsr, Borrower sbaq py to Leodsr oa tlts day monthly installments of principal and intereN are. payable under the Note. until tint Nots is paid in Gttl. • twat (httnia "Fta,tds'~ equal to one-twdith of the yearly taxc~ and a:sessrrtettts which stay attain priority oust this Mortgage. and gt+ound troaa oa the Property. it any. plus one-twelfth of yearly premium ittstalltttattts for haurd ittsurtutcs, " plus Drat-twdith of yearly premium installments for mortgage inutraacc, it any. all as tessonably estimated initially and ftvm time to lima by Leader oa the basis of assessments and hills and reasonable estimates thereof. 71ts Funds shall beheld in as institutit?tt the deposits or accounts of whkh are insuued or gtcarantoed by a Federal of state stgettcy (including I„ender if Lender is such an institution). I~nder shall apply the Fwtds to pay :aid taxes. assasrnents. iasuraaca pretr>iutm and ground rents. lender may not charge for ro holdin=and applying the Fttnds, analytin=said account, or vetityiag.aad compiling said assessments and bills. unless Lender pays Borrower interest on the Funds sad applicsbk law pmmits 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 unku such agreement a made or applicable law r+egttires sudt interest to be paid, .Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender sbsU give to Borrower, without charge, an annwl 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 are pledged as additional security for the sums secured by this Mortgage. I[ the amount of the Funds held by Lender, together with the future ttaoathty installments of Funds payable prior to the due date: of taxes, asRSeaments. iawrartce premiums and ground rents. shall exceed the amount required to pay said taxes. aaaameab, iasuraaoe premiutra and ~ ground rents ss they fall due. such exceu shall be. at eorrawtr's option, either promptly repaid to' Borrower or credited to Borrower oa monthly installments o[ Funds. If the amount of the Fund: held by Lender shall not be sufBtdeat to pay taxes, aaessnrenp. insurance premiums and ground rents as they fall due. Bort+otrer sbaU pay to Leader any amount netxssary to make up the defkiency within 30 days from the date notice is ntiiled bIr Lender to Borrower requestin8 payment thereof. , Upon paymtmt is cull of all sutra secured by this Mortgage, Lender shall promptly refund to Borrower :ray Funds held by Lender. It under paragraph 18 hereof the Property is sold or the Property a otherwise acquired by Lender. Lender I sbaU 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 s credit against the sums secured by this Mortgage. 3. A~iicatian aE lgweNe. Unless applicable law provides otherwise, sit 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 Leader 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 Advantxs. - 1. Cram Litws. Borrower shall pay all taxes, assessments and other chatges._flnes sad impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground Hots. if any. in the manner pmvidad under puagraph 2 hereof or, if not paid in such manner, by Borrower making paytnatt. robes due, directly to the payee thereof. Borrower stroll promptly furnish to Lender all notices of amounts due under this paragespb, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender rcoeipta evidencing stitch payments. ~ Borrower shah pranptfy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such Ikn 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 shall in good faith contest such lien by, or defend enforcement of such.lien iq kgal proceedings which operate to prevent .the enforcement of the lien or forfeiture of the Property or any pert thereof. S. }Ilttsard lasttraKY. Borrower she!! keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards u Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amourat of such rnverage exceed that amount of coverage required to pay the sums secured Eby this- Mortgage. 'ITte insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that wch 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 inwrance carrier. 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 furnish to ixnder alt renewal notices and aN receipts of paid premiums. In the event of loss, 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 agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such ratorat;on 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 faits to respond to Leader 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 rnlkct and apply the insurance proceeds at Lender i 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 Proferiy is acquired by bender, all right, title and interest of Borrower in sad to any insurance policies and in and to the procceds thereof rewlting from damage to the Property prior to ten;-sale ' or atxluisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. heservatlon at~d Maintenance of Property; Leaseholds; Condominiums; Pl:tttred Utit Dereloppeats. Borrower ' shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any tease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a eoodominium or a planned unit development, Borrower shat! 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 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. 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 proceedings involving a bankrupt or decedent, then Lender at 1.endCr's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest: including. but not limited to, disbursement of s 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, Borrawcr 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 _ t 8~(~5 PaGf~~