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HomeMy WebLinkAbout1742 Ur+rrbsw Oovst+at+ts. >tonawar and Lender covenant and agroa as follows: Z? )<+ywsM et hY~1 tttM iaeesret. Borrower shall ptgnptly pay when dw the priadpsl of srtd interest on the irtdsbledrtess evidsttoed by the Noes. ptepaytaeAt std late charges as provided in the Nate. sad the principal ot.aad interest oa say Future Advaaoes second by this Mortgage. . l1Mi fer 7~ss ttrM lttr>rratrc~e. S~rbject to applicable law .x to a written waiver by Lender. Hormarar shall pay to I~ettder oa the day monthly ittstallments of principal and interest arc. payable under the Note. until the Note is paid in Lull. a strm (Mr+sin "Funds'? equal to ono-twelfth of the yearly tax~•c and assessment: which relay attain priority over this Mortgage, and grotntd rata on lira Property. if any. plus ones-twelfth of yearll?" premium iastagmanb for hazard itnurance, Plus oaatwelfth of yearly premium irwallments for mortgage instrranca, if say. ell as reasonably estimated initially and from time to time by Lader oa the basis of assessments and hills and reasonable estimates thereof. Tbs Funds shall be held in an institution the deposiq or accounts of which are insured a gtunnteed by a Federal at state agency (including Lender if Lender a such an ittstitutiwt). Lender shall apply the Ftirnds to pay said taxes, asse:srrtertts, irquranoe pemiutm and ground rent:. !.ender may not charge for sn holding and applying the Fonds. analyzing said account. or verifying and compiling said assessments and bills, unku Lender pays Borrower interest on the Funds and applicable law permih Fender to melee such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that inter+at on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires strd? interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender :ball give to Borrower, without charge, sn annwt accounting of the Funds showing credib and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged ss additional security. for the sums secured by the Mortgage. Tf the amount of the Funds. held by Lander, together with the future monthly installments of Funds payable prior to the dos dates of taxes, asstasmeats, ittsuranca premiums and ground rents, shall exceed the amount required to pay said taxes. assessm® eats, inaurartoe premiums and around rents as they tall 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 Fund: held by Leader shall not be wt6tdeat to pay taxes. asseuments. insurance premiums and gr+ourtd rents as they fall due. Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice ~ mailed by Leader to Borrower requesting payment thereof. Upon payment in full of aq sums secured by this Mortgage, Lender :ball promptly refund to Borrower any FuodN held by Lender. If under wragraph 18 hereof the Property is sold or the Property a otherwise at~uired by Lender. Lender :ball apply, no later than immediately prior to the sale of the Property or its acquisition by Lander, any Funds held bU Lender at the time of applicatitxu as a credit against the sums secured by this Mortgage. 3. Aplikatian of tayfateMs. Unless applicable law provides otherwise. all payments received by Lender under the Note sad paragraphs I 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 oo the Note. then to the principal of the Note, and then to interest and principal on any Future Advances. 1. Cbar~ge:r ti.ie~s. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which tray attain s 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.amounta 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 not be requited 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 atxeptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such~liat ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S• Hssard Iaarrarrce. Borrower shall koep the improvemenu now existing or hereafter erected on the Property insured against loss by firs, 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, 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 insurance carrier. . "All etsuranee 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 policiei and renewals thereof. and Borrower shall promptly. furnish to Lender all renewal. notices and all- receipts of paid premiums. In the event of lass. 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 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 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 shalt 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 heroof the Property is acquired by Lender, all right, title and interest of Borrower in and to any tttsurance policies and in and to the procceds thereof resulting from damage to the Property prior to tin; 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. Ttraenation sad Mainteuaace of Property; Leaseholds; Condominiuttt~ Phoned Unit tl)evdopmeots. Borrower shall keep the Property in good repair sad shall not comrvit 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 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 conuituent 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 shaft be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. - 7. Protertioe of LeodePs 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 Ixnder 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 foes and entry upon the Property to make repairs. 1( Lender required mortgage insurance as a condition of making the loan sa:ured by this Mortgage. Barrcwcr sh.rll pay the premiums required to maintain such • insurance in effect until such time as the reyuirement for such insurance terminates in accordance with Borrower's and Bo~335 ~lT~~:; ~ ~ ~