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HomeMy WebLinkAbout1459 Borrower sad Leader oovenaat sad agree Y folbvw: 1. Payraeat of Prioctpal sad Interest. Borrower shall promptly pay when dw tla principal of sad interest oa the indebtedness evideaosd 18r the Note, perpetymeat sad late charges as provided in the Note. sad the principal of and interest on say PLture Advaaoes secured by this Mortgage. ~ - 2. Fonda for 1`~xea sad Iasoraaoe. Subject to applicable law or to a written waiver by Lender, Borrows shall pay to Lender oa the day monthly insWlmeab of principal sad interest are payable under the Note, until the Note is paid in full. a sum (herein "Funds"1 equal to one twelfth of the yearljr taxes sad assessments which may attain priority over this Mortgage. and ground rents on the Property. ilany. phu one twellW of yearly premium inatalhnents fat hasard imurance, plus one•twelfth of yearly premium installments for mortgage insurance, if any. all a. reasonably estimated iaitialll? and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Enacts shall be held is as institatioa the deposits or acaounta of which are insured or guaranteed by a Fedesal or State agency (including Lender if Lender is such as iastitntion). Lender shall apply the Fonda to pay said taxes. assessments, insurance premiums end ground rents. Lender may not charge for so holding and applying the Funds. analysing said account. or verifying and compiling said assessments and biW, unless Lender pays Borrower interest on the Fends and applicable law permits Lender to make such a charge. Borrower and Leader may agree is writing at the time of ezecntion of this Mortgage that interest on the Funds shall be paid to Borrower, and oaten such agreement is made ~ applicable-law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Enacts. Lender shall give to Borrower. without charge, an annual accounting of the Fonda showing credits and debits to the t: ands sad the purpose for which each debit to the Ptimda was made. The Funds are pledged as additional security for the arms sa~ured by this Mortgage. - Ifthe amount of the Funds held by Leader, together with the futwr monthly installments of Enacts payable prior to the due dates of fazes, asaeeuaents; insurance psaaiums and ground rents. shall ezoaed We amount required to pay said to:es, assessments, insurance premiums and ground rests a. they fall dne, such exee~ shall be. at Borrowds option, either promptly repaid to Borrower or credited to Borrower on monthly inatallmeats of Plrnds. U We amount of the Fonda held by Lender shall not be sufficient to pay faxes, assessments, insurance premiums sad ground Hats ea they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 3l1 days from the date notice is mailed by Lender to Borrower requesting payment thereof. ~ Upon payment is fell of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any funds held by Lender. If ender i paragraph 18 hereof We~Property is sold or the Property is otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of We Property or its soquisitian by Lender, any Fonda held by Lender at the time of application as a credit against the soma secured by this Mactgage. 3. Application of Payments. Unleaa applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof then to interest payable oa the Note, Wen to the principal of the Note, and then to interest and principal on any Enters Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to We Property which may attain a priority ova Wis 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 amounts due under Wis paragraph, and in We event Borrower shall make payment directly, Borrower shall promptly fnrniah to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hhs priority over Wis Mortgage; provided, Wat Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of We obligation secured by such lien in a manes: acceptable to Lender, or shall in goad faith rnntest 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. Hasard Insurance. Borrower shall keep the improvements now existing or hereafter erected 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 Bauch periods as Lender may require; provided, that Lender shall not require that the amount of such coverage e:eeed that amount of rnverage 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 mortgageclause in favorof and in form acceptable to Lender. Lendershall have the right to hold the policies and renewals thereof, and Borrower shall promptly famish to i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to We insurance carrier and Lender. Lender may make proof of loss if clot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of We Property damaged, provided such restoration or repair is economically feasible and We security of Win Mortgage is not Wereby impaired. I[ such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, We insurance procceds shall be applied t to the awns secured by this Mortgage, with the e:ceas, 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 eiWer to restoration or repair of the Property or We soma secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application otproceeds to principal shall not extend ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmenta. If under paragraph 18 hereof the Property is acquired 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 We sale or acquisition shall pass to Lender to the extent of the sums secured by Win Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominums;Planned Unit Developments. Borrowerehall keep f the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply wiW We provisions of any lease if this Mortgage is on a leasehold. If Wis 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, We by-laws and regulations of We condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded togeWer with Wia Mortgage, the covenants end agreements of such rider shall be incorporated into and shall amend and supplement the rnvenants and agreements of this Mortgage as if the rider were a part hereof. § 7. Protection of Lendds Security. If Borrower fails to perform We 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, bet not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, Wen Lender at Lendda dption,npon ~ notice to Borrower may make such appearances. disburse such same and take such action as is necessary to protect I.endds interest, f including, bet sot limited to, disbursement of reasonable attorney's fees and entry upon We Property to make repairs. If Leader required mortgage insurance as a condition of making We loan secured by Win Mortgage, Borrower shall pay We premiums required to mainteia F such insurance in effect until such time as We requirement for such insurance terminates in accordance wiW Borrower's sad Lendds written agreement er applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in We manner provided under t paragraph 2 hereof. s Aay amounts disbursed by Lendre pereuant to Wis paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable epos notice from Lender to Borrower requesting payment Wereof, and shall bear interest from We date of disbursement at We rate payable from time to time on outstanding principal nnder.We Note unless payment of interest at such rate would be contrary to applicable law, in which event sash amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in Wis paragraph 7, shall require Lender to incur any expense or take any action hereunder. E ~ ~ 1 BO~If ~ P'1CE1~7 .