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HomeMy WebLinkAbout1694 _ - .l - s Urv[troast CbvaNSrrtn. ion+owst aril Leader onvprsM and agree as lolbws: >L rtpttas~t aft Peitet/~nl aM wsnw. Borrower span promptly Pay what dos tbs prxrcipat of and intaest on the ierdebtedtrtas svidetroed by the Notts. prepaytt.eat and bte charges ss provided in tha Nob, std the principal o[ sail interest oa any Ftrtw~e Advat?oa secured by this MortssBe.. _ !`i set 11~ssa atsd I¦satatte~ Subject to applicable bw M to a written waiver 64? mender. Borro~wet tdrsB pry b Leader oa the day monthly installments of principal snd interest ire. payable under the Note. until tM Note is paid in tt01, • suet (Itatin "Fuads'~ egwl to vrre-twelfth of the yearly taxes and assesstrrarb which rtnay atttua priority over this Mottgs~gs, and gr+owtd teats oa the Property. it any. plus otx-twelhh of yearly praniwa it>staparents [or hazard iraurarrce. plus ooatwetfith of yearly prrsmium installments (or mortgage inurrarta. it any, all ss rea:onabry estimated initiany and frosa lima to tiros by Lender oo the basis of assessments and hills and reasonable estimates tha+eot. The Funds shall be htsld in an inuitution the depasita or accounts of which are irattred or gwranteed by a Federd of _ + Buse agency (including Lentkr if I.errder is such an institution). Lender shall apply the Fut><!s b pay said tares, twpsnrarts, i iawrattoe praniums and ground rents. I_errder may not charge for so latdirrg and applying the Frrnds. analyzing said aooouM, of verifying~ad eompling:aid staessments and hilt. unless Lender pays Borrower interest on.the Funds-and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest oa the Funds stall be paid to Borrower, and unless such sgr~eemart is made or appliabk law requires such interest to be paid, Lender shall not be requital to pay Borrower any interest or earnings on the Furls: Lender shall give so Borrower. without charge, an annwl accounting of the Funds showing credit and debits to the Furtds and the purpose for which eadr debit to the Funds was made. The Funds are pledged as additional security for the tyros secured by this Mortgage. TE tba amount of the Funds held by Lender. together with the future monthly installment of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shall lxoeed the amount requirrd to pay said taxes. aaea«aenb. inwratroe premiums and gr~otrnd rents as they fat! due. such excess shall be, at Borrosvsfs option. either pr+oasptly repaid to Borrower of credited b Borrows on monthry installments of Funds. If the amount of the Funds held bj Leoder-shall not be suf6deat tti pay taxes, asses:rnents, insurance premiums and ground rents ss they fall due. Borrost?er Shan pay b Lender any amount rreoa:ary to make up the deficiency within 30 days from the date notice is mailed ~ by Deader b Borrower erquatiag payment thereof. Upon payment in full of aU sums secured by this Mortgage, Lender shall pranptly refund to Borrower any Funds I held by Larder. If under paragraph 18 hereof the Property is sob or the Property rs otherwise acquired by Lender, Lender shill sppry, no tatty than immeditrteiy prior to fire 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. Altpiitattea d Unless applicable law provides otherwise. all payments received by Lender under the Noss and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph Z hereof. then to interest payable on the Note. then to the principal of the Note. snd then to interest and principal on any Future Advances. 1. (.larger Liens. 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 Borrowrc making payment, when due, directly to the payee thereof. Borrower sha!! promptly furnish to Lender all notices of amounts due under that paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender rrcxipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over. this Mortgage; provided, that Borrower shall rat be squired 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 shall in good faith contest such lien by, or defend enforeement 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. Harard IaarrarK~e. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured against Mss by fire. hazards included within the term "extended coverage". and such other hazards as Lender may require sad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage. The inwrarroe carrier providing the insurance shalt be clwsen by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withhtW. Al! premiums on insurance policies shad bt 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 havt the right to hold the policies and renewals thereof. and'Borrower shall promptly furnish to Lender all renewal notices and all 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 lass 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 cwt 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 scans secured by this 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 Lender, al! right, title and interat of Borrower in and to any Auurance policies and in and to the-proceeds thereof resulting from damage to the Properly prior to thy: 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. Preservation soil Maintenance of Property; Leaseholds; Condomiaiamfi Planned U~ Devebparents. 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 lease if 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 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 suppltment the covenants and agreements of this Mortgages as if the rider were a part hereof. - 7. Protection of Leader's Security. If Borrower fads to perform the covenants and agreements contained in this Mortgage. or if any action or proceeding is commenced which materially aBects 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 Lenders interest, including, but not limited to, disbursement of reasonable: attorney's tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums requital to maintain such insurance in efltct until such time as the requirement for such insurance termrnales in accordance with Borrowers and . aoo~5 PAGE1687'