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HomeMy WebLinkAbout1463 i _ _ _ L _ _ _ ~ ~ 1 8saowsr sal Leader oaaaalR sad agree a• fallowa: 1. Pa~vsat st PtLefrl sad IaMresR. Borrower shall promptUr pay when dos the prindpal d and interest on the indebtedness esidsaea th? tits NotR ~repaymart sal lafeebargea a. provided in the Note. sad the principal land interest on any Futuna Advances secured t F`ia toe'11tr:ea aid Iawraeoa Subject b appUtabk law a to a written waiver by Lender, Borrower shall pay b Lender on the day moathb iartansmts dprindpal and istere~st are payable uakr the Note. until the Note is paid in full, a sum (herein "Funds' equal to oae• tweHth dtireyeasb Cases and asseasmarts which may attain priority over this Mortgage, sad ground rents oa the Property. if any. plw one- twettlh dyesrly peemiv iaetaliemtsfor haeeud insurance; plus oae•twelRb dyearlyp~emium installments for mortgage insurance, if any. aY ss teaaoeably estimated in~ialbr sal ir+om time to time by Lander aer the basis o[ assessments and bills and reasonable estimates thereof. The Ftisds ai?aU be held in as institutiea the deposits a atxormts d which an insured or suaranteed by a Federal or State agency 1 Cmdadias LaWrr if Larder is each an in~ution)L Larder shall apply the Funds to pay said tares, assessments, insurance premiums and • gresrrd rents. Lades mq? sot ehaegs for ss bolding and applying the Funds. arrabriing said rrceounR or verifying sad compiling said aasearvenis sal bells.anless Laderpaya Barawe:interest on the Ftinds and applicable law sad I.reder argr agree in wri!tias at the brae desecution of this Mortgage that intered on the Funds shall makewch acharge. Borrower paid to Borrower, and unless sash aBneemmt is vane or appSabie Lw requires each interest b be paid, Fender shall not be required b pay Borrower any intered ~ earsisgsti as? the F1vds. Lender ehaIl give to Borrower. without charge; an annual aooounting of the Funds showing credits and debits to the + Eustis sal the propose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Iliortgagr= . Ihhe amo~t tithe Flrsds held by I.endrr, together with the future monthly instslhnenta of Funds payable prior to the due dates of truces, aasaanents, inswanoe premiums and ground rents, shall exceed the amount required to pay said fa:es, assessments, insurance premiums and geeasd renb a• they fall deK, aaKh e:aes shall be, at Borrower's option, tither promptly repaid to Borrower or credited to Borrower on m~oafbly d FYvds. H the amount d the Furrda held by Lender shall not be sufficient to pay taxes. assessments, insurance peevisvs sect geoand rents as they fall tire. Borrower shag pay to Leader any amount necessary to make up the deficiency within 30 days . inns the date nstioe is maned by Lender to Borrower requesting payment thereof. Upon psument m fail daD cams secured by this Mortgage, Lender aliall promptly refund to Borrows any funds held by Lender. If under paragrapis 18 hereof the Pssperty is sold err the Property is otherwise aogsired by Ierrder. Lender shall apply. no Later than immediately prior to the asks tithe Property or its aogaisitioa by Larder. any Fonds held by Larder at the time of application as a credit against the soma secured by this ~ Ap~liatioa of P~ymeats. Unless applicable law provides otherwise, all payments received by Lender under We Note and paragraphs 1 and 2 hereof shall be appbed by Laden first in payment damounts payable to Lender by Borrower under paragraph 2 hereof, rhea to msaest payable an the Note; then to the prindpal of the Note, and then to intrreat and principal on any Future Advances. 4. Gtiar~ Lieaa. BarrawershaU pay all is:es, aaseasmenta and other charges, fines and impositions attributable to the Property which may attain a priority overtWs Mortgage,and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if red paid in swdr manner, b?Borrower making payment, when due, dirrctiy to the payee thereof. Borrower shall promptly furnish to Lender all mtias dassosnts doe ender this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidendng actin paymnsts. Borrower shall promptly discharge any lien which hds priority over this Mortgage; provided, that Baerower shall not beregaired to dasciraege any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien m a manner acnepta6ie to I.euder, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate Co prerent the enforcement d the lien or for&iture of the Property or any part thereof. 5.. Harar+d Insaraes~ Borrower shall keep the improvements now existing or heresRer erected on the Property insured against loss by fine; hazards indsded within the term °extended coveraSr,^ and wch other hazards as [.ender may require and in wch amounts and for wch periods as tender may require; prodded, that Lender shall not require that the amount of such coverage exceed that amount of coverage regained to pay the sums secured by this Mortgage The inwranee carrier prodding the insurance shall be chosen by Borrower subject to approval by Ixnder, provided, that such approval shall rot be aoreasouablg sithheld_ AU premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in astir 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 infavor of andm form aooeptabie to Lender. Larder shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to ' i.eader a8 tenewal notices and all rereipta d paid premiums_ In the event of lass, Borrower shall give prompt notice to the insurance carrier ~ anti Leader_ Lender may make proof d bas if not made promptly by Borrower. j Ualeas Leader and Borrower otherwise agree in writing, insurance proceeds shall be applied to reatoradon or repair of the Property davaged. provided sash restoration a repair is ernnomically feasible and the security of this Mortgage is not thereby impaired. If wch restoration or repair is not econamieaUy frasibk or if the secuQity d this Mortgage would be impaired, the insurance proceeds shall be applied to thea®sseceed b]? 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 irrswanoe benefits, Lender m antharized to collect and apply the insurance proceeds at Lender a option either to restoration or repair of the Property a the sums reeved by this Mortgage. UnMas Larder and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date tithe monthly indallmenta rderred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is aogaired by Lender. all right, title anti interest d Borrower in and to any insurance policies and in and to the proceeds thereof rewiting from damage to Property prior to the sale or acquisition shall peas to Lender to the extent of the sums secured by this Mortgage Y prior to such sale err acgaisitian. 6~ Pr+caeesstioa and ltaintenaneeof Property; Leaseholds; Condomionms; 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 pruvi>oons d any kease if this Mortgage m on a leasehold> If this Mortgage is on a unit in a condominium or a planned unit development, Banower shall perfsrv a0 d Borrower a obligations nndlr the declaration or rnvenanta creatingur governing the condominium or planned unit development, the by-laws and regnlatioas d the condominium or planned unit development, and constituent documents. If a condominium err planned snit drv:loprnent rider is e:ernted by Borrower and rernrded together with this Mortgage, the covenants and agreements dsnch rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider sere a part hereof_ 7_ Prwteetisa d I.ender'a Seetrity. U Borrower faib to perform the aovenanta and agreements contained in this Mortgage, or if any action or proceeding is eammeneed which materially affects Lender's intersst in the Property, including, but not limited to. eminent domain. ~ irrsol.en~ code enforcemmt, err arrarr~enb or prooeediags invdving a bankrupt or decedent, that Lender at Lender's option,upon notice to Borrawe: mq make sash appearances, disburse such soma and take such action as is neoceaary to protect Larders interest, inelddisg, bet rest limited to, disbursement d reasonable attorney's fees and entry neon the Property to make repairs. If Lards required mortgage issvanoe a. a condition d making the ban secured by this Mortgage, Borrower shall pay the praninms required to maintain ¢ each inasrance in dfect until wch time :a the regnQement for each insurance terminates in accordance with Borrower's and Lendds Britten apeemmt err appbeable Law. Harrower shall pay the amount d all mortgage insurance pmninms in We manner provided under ' paragraph 2 bereoE Any amoaoia disbursed by Lender passant w this paragraph T, with interest thereon. shall become additional indebtedness' of Borrower seeured.by thus Mortgage Unias Borrower and Lender agree to other tennis of payment, wch amounts shall be payable neon notice 6om Lader to Borroser requesting payment thereof; and shall bear interest from the date of disbursement at the rate payable from time Co time on oatstaodirrg prinapal render the Note anlesa payment d interest at each rate would be contrary to applicable law, in which - evsst wch amounts shall bear interest at the highest rate permissible nude: applicable Law. Nothing contained in this paragraph 7, shall - regaire Lender to inror say expense or take any action hereunder. ~ e« 338 P~1461.