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HomeMy WebLinkAbout1700 Uatrdtw Oovtu+~wss. •orrower attd Deader covenant and agree a toUottrs: 1 I ltptwaaf Nf tei~etNl tttM Ittlaral. Borrovrsr shall protngly pay when dw tbs priadpal of turd iatsrep on the iadebtedaese evideaoed b)? Na Note, prepayment std late charges u provided in the Note. tttd the prittcipel of sad interest eta say Ftrtttre Advtutcaa second by this Mortgage. llNtfr hr 7lnoee tttai Iaetratrt:e~ Subject to ttpplicabk law or to a writtstt waiver by Lander. Borrower sbap Pay to Leadar oa the day tnontttly installmetts of principal and intertN one. payable under the Note, uau'1 the Nots is paid in Wli. a sum (bttteln "Futtda'7 equal to on~twethh of the yearly taxc: and assastrtettts which troy attain priority over this Mortgags, trod gtnwtd teas oa the Pwperty. it any, plus one-twelfth of yearn?~ pranium imtsllments for hazard ittwrtutcs, plus cue-twdRh of yearly pr~eruium installments for ttwrtjase inu~ratKe. if atgr, ail ss raa:ooably euitnated initially and tr~om time tD tiros by Leader oo tba b~ais of assessrttents and hills and reasonable atitnates theceot. _ 7Ue Funds shall be bald in an institution the deposiu or account: of which arc itwund or guaranteed by s Federal of state agency (including Lzeader if Lender is such an institution). I~ttder shall apply the Funds to pay said taxes, assatunenls. insurance premiums and-ground rents. lender may not charge for so holding and applying the Funds. analyzing said account. or varitying~ttd compiling said assessments and trills. unless Lender pays Borrower interest on the Funds and appligbk law petmtits Lender to make wdt a charge. Borrower and Lender may agree in writing at. the time of execution of this Mortgage tbu interest on the Funds shall be paid to Borrower, and unless such trgreement is made or applicable law _ requirtx such interest to be paid, Lender shall not tx required to pay Borrower any interest or earnings on the Funds: Lender ' shall give b Borrower, without charge, an annual atxounting of the Funds showing credits and debits to the Funds and the purpose for which eadt debit to the Funds was made. The Funds are pledged as additional security for the sutras secured by this Mortgage, TE the amount o[ tots Funds held by Lender. together with the future monthly installments of Funds payable prior to the dues dates of taxes. awessmena, inwtana premiums and ground rents, shall eattxed the amount rtquiri:d to pay said taxes, aaeaaoseats, irnttrattce premiums and ground rents as-'they tall due. such excess shall be. at Borrower's option. either proaaptly repaid to Borrower a credited to Borrower on monthly iratallmertt: of Funds. If the amount of the Irunds held b7? Laadar-sbaU not be wtHcieat to pay taxes. assessments, inwranee premiums and ground rents ss they fall due, Borrower shaft pay to Lender any amount necessary to make up the deRciertcy within 30 days from the date notice is mailed by Castles to Borrower r+equatitsg payment thereof. Upon payment is fuU of aU sutra stxut+ed by this Mortgage, Lender shall promptly refund to Bon+ovrer any Funds held by Leader. If uttdtx paragraph I8 hereo[ the Property is sold or the Property is otherwise acquired by Lender, Lender tbal! apply, no later than itamedit?tely prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender st the time of applicatiat ss a credit against the sutras stxurtd by this Mortgage. 3. ll~licstlan at !'ayaseab, Unless applicable law provides othxrwise, all payments tYCeived by Lender under the Note attd paragraphs 1 and 2 trercof shall be applied by Lender first in payment of amounts payable to Lender by Borrower - uoder paragraph 3 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advatttxs. d. C~ I.ieiss. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which tttay attain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the manner provided raider paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, what due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amount: due under this paragraph,. and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such paymenu. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrowu shall not 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 shall in good faith contest such lien by, or defend enforcement of such fiat ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Ra:ard Iawraaee. Borrower shall kcep the improvements now existing or hereafter eructed on the Property insured against 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. 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Linder. 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 not paid in such manner, by Borrower making payment, when dot, directly to the ittwraace carrier. - Ail 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 tight 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 !.ender. 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 teasibk and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or i[ the stxurity 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 Property is abandoned by Borrower, or if Borrower fails to respond to Linder wittun 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 ratoration 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 shalt not extend or postpone the dos date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of wc6 irutallmeats. )f under paragraph 18 hereof the Property is acquired by Lender, all right, title and interat of Borrower in sad to any insurance policies and in and to the proceeds thereof revelling 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. )rreservattoa sad Maintenance of Property; Leaseholds; Condomiaiarax Plaaaed Unit Devetoptneats. 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 shah perform a!1 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. end constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcentents 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 t-~ereof. 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 Properly, 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 rcgiiired mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shill pay the premiums required to maintain such insurance in effect until such time as the reyiiirement for such insurance terminates in accordance with Borrower's and BIN KJJS P1CEi f j " • ° : riaceia~ _ - - - - - - - _ _