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HomeMy WebLinkAbout1447 t _ _ _ Borrower sad Leader ooveaaat and agree as folbws: I. Permeat of Principal sad Interest. Boerowa: shall promptly pay whoa due the prinapal of and intered on the indebtedness evidenced by tM Note, prepayment sad late charges as provided is the Note, and We principal eland interest on say Future Advenees secured by this Mortgage. 2 fitnds for'I'a:ea and Insurance. f3ubjed b applicable law or to a written waiver by Leader. Borrower shall pay to Lender on the day monthly iruftallmeab of principal sad interest ace payable under the Note, until the Note is paid is full, a sum (herein "Funds'? equal to oaa twelfth of the yearly taxes sad aaseamerats which may attain priority over this Mortgage. and ground rents on the Property. if any, plw one twelfth of yearly premium installments for hazard insurances. plw one•twelfth ofyearly premium installments for mortgage insurance, if say, all w reasonably estimated iaitialbr sad frog time to time by Lender on the basis of assessments and bills and reasonable estimates thereof: Ths Pltnds shall be heW is an institntioa the deposits or accounts of which are insured or guaranteed by a Federal or State agency (including Lendae u Lender is such an institution). Lender shall apply the Funds to pay said taxes, asseearaents, insurance premiums and ground rent. Loader may rat charge far so holding and applying the Ponds. analysing said account.'or verifying and compiling said assessmenb sad bills, unless Deader pays Borrower iutereston the Funds and applicable law permits Lender to make such a charge. Borrower and Leader may agree in writing tat the time of execntioa of this Mortgage Wat interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law regnires such interest to be paid. Lender shall not be required to pay Borrower any interest or easning~ oa the Funds. Lender shall give to Borrower. without charge, an annual 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. . If the amount of We Elands held by Lender. together with the future monthly installments of Funds payable prior to the due dates of tares. assessments. iruiurance premiums and_ground rents. shall orated the amount required to pay said taxes, assessments, insurance premiums and ground rents w they fall due. snch excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Puads. V the amount of We Funds heW by Lender shall not be sufficient to pay taxes. assessments. Insurance premiums and ground rents ss they faU due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full ~ all lams secured by this Mortgage. Lender shall promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the oak of the Property or its acquisition by Lender, any Plands held Ky Lender at the time of application ae a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under We Note and paragraplu 1 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 oa7 the Note. then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority ova this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, . if not paid in snch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly famish to Lender all notieea of amounts 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 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 lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loos by fire, hazards included within the te[m "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 a:teed-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 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 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 i ixnder all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance canner and Lender. Lender may make proof of loss if not made promptly by Borrower. E 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 econaHnically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the snms secured by this Mortgage, with the excess, if any, paid to Borrower: If the Property is abandoned by Borrower, or if Borrower fails b 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 rnllect and apply the insurance proceeds at Lender's option either tb restoration or repair of the Property or the soma secured by this Mortgage.' Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to pnncipal shall not extend or postpone thedue date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. U undre paragraph 18 hereof the Property is saquired 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 Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to arch sale or acquisition. 1 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrowershall keep the Property in good repair and shall not commit waste 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 creatingor governing the condominium or planned unit development, the by-laws and regulations of the rnndominium 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 agreementaof this Mortgage as if the 1 rider were a part hereof. 7. Protection of Lender's f3ecurity. If Borrower fails to perform the covenants and agreements contained in this Mortgage, a 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. err arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,npon notice to Borrower may make such appearances, disburse such snms and take snc6 action as is necessary to prated Lendds interest, ~ including, bM not limited b, disbursement of reasonable attorney a fees and entry upon the Property to make repairs. If Lender regairrd mortgage insnrance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain i each insurance in effect until such time as the requirement for such insurance terminates in aooordaace with Borrower's and Lendds l written agreement err applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under s paragraph 2 hereof. My amounts disbursed by Lender perouant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrowrr secured by this Mortgage Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbarsanent at the rate payable hero time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7. shall require Lender to incur any expense or take any action hereunder. _ $~~338 ~~Ei445 f _ =ate _ _ _ _ _ _ £ `°6Y:.=.- ~ _ _ r ~:.sib' - -