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HomeMy WebLinkAbout0854 ` UNtpotw Oovtt*tAt+». DOrt~ower arid Leader covenant and agroe at folbws: • 1'aywaM r >lrbteiwl Ott ItMersel. Borrower shall promptly pay when due the principal of and interest on the • . - ittdebtedt~ss evidenced by the Note„ prepayment and late charges ac provided in the Note. and the principal o[ and interest on soy Ftttttre Advsttees securod by this Mortgage. 1 llaai tart 7ytsea ttrai Ltwraac+a. Subject to spplicabk law ~u to a written waiver by tender. Borrower shall pay to Leader on the day ttnonthly ittstalhuents of principal and intcrett are. payable under the Note, until the Note is paid in full. a sttm (herein "Fuads'7 equal to ottatwelfth of the yearly taxL~ and assessments which tttay attain priority over this Mortgage, and gr!otxld r+ena oa the Property. if any. plus otte~twelfth •of yearhi• premium iastapntenb fo' hazard insurance. plus otte•twelfth ~ yearly ptemitim installments for mortgage insurance, if any. all as reasonably estimated initially and tram tuna to time by Lender oa the basis of assessments and hills and reasonable estimates thereof. 7tte Ftttds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal of state agency (including Lender if Lender is such an institution).. Lender shall apply the Fonds to pay said taxes, assessments. ' insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account, or veritying.and compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower sad 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 requiros such interest to be paid. Lender shall not be required to pay Borrower any interest or earrings on the Funds. Lender shall give to Bdrrorrer, without charge, an annual accotrnting 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. TE the amount o[ the Fund: held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, imurance premiums and ground rents, shall excced the amount required to pay said taxes. asstsptaents, irt:uranoe ptemiturn and grourd rents as they tall due. such excess shall be, at Borrower's option, either prromptly repaid to Borrower or credited to Borrower on monthly installments of Funds. , if the amount of the Funds held by Lerwkr shall not !m strf6cieat to pay taxes. assessments, insurance premiums and ground rents as they fall due, Bonoerer sbaQ pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Deader to Borrower requesting payment thereof. Upon payateac in fuze of all auras secured by this Mortgage, Lender shall promptly refund to Borrower any Fund: held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender s6aU apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by L~der at the time of application as a credit against the sums sxured by this Mortgage. 3. A~licatiatr at 1•rq~t•estls. Unless appli~bk law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender fire in payment of amounts payable to Lender by Borrower under paragaph 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. I. Liass. Borrower shall pay aU taxes, assessments and other charges, fines and impositions attributable to the Property which tray 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 tht payee theneot. Borrower shaft promptly furnish to Lender all notices of amounts due under this paragraph, and in the event _ Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payntenis. 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 brag 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 in, legal-proceedings which operate to prevent the enforcement of the lien or forfeiture of the Properly or any part thereof. S. Hazard lewrartce. BorrowYr shall keep the improvements now existing or hereafter erected on the Properly insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require °••^r• ~"a rM s..rb rrrirxtc ac I.e»der 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 by this Mortgage. The insurance carrier-providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies studl~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 inwraace 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 Lender all renewal notices and all receipt: of paid premiums. In the event of loss. t3orrowgr 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_dherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of the Properly 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 tx 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 procceds 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 Z hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acyuired by Lender. all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th.: sale or acquisition shall pass to bender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Preservation atad Maintenance of Property; Leaseholds; Condominiums; Planned Unit tDevelopmetris, Borrower shall kcep the Property in good repair and shall not comr0it yvaste or permit impairment or deterioration of the Properly 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 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 were a part hereof. 7. Protection of Lender'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 tender at Lender's option, upon notice to Borrower, may make such appearances, disbuise'such sums and take such action as is necessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attomey's• tees and entry up~m the Property to make repairs. 1f Lender reyuircd mortgage insurance as a condition of making the loan secured by this Mortgage. B~rrrwer sh_dl pay the premiums required to maintain such I insurance in effect until such time as the requirement for wch msuran:e Iermrnates in accordance with Borrower's and ~ BOOK~7 PdGE OJ~ t i