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HomeMy WebLinkAbout0057 .i _ a~ . ~ • - ~ r - - _ ; Borrower sad Iwader ooveaaat and ogres as folbws: ~ - 1. Pwyateat of Prlnctpal and Irttee+et. Borrower shall promptly pay when due the principal of and interest oa the indebtedaees . evidenced by the Note. prspaymerit sad late charges as provided in the Note. and the principal of and interest on any Fntnre Advances secured by this Mortgage. Elands !or 7'a:ea and Fawrantes. 3nbjed to applicable law or to a written waiver by Lender, Borrower shall pay to Leader oa the day t monthly installments of principal and interest are payable under the Note. until the Nots is paid in full, a sum (herein "Pltttds'7 equal to ate• twelM of the yeas>,y taxes and assewmertts which may attain priority over this Mortgage. sad growtd rents on the Property. if any. plus orte~ twelfth of yearly premium irtsteJlmeats fa hasard insurance. plw one•twelRh oLyearly praaium installments [or atorlga;e inuurance, ifany. ali v reasonably estimated initially sad from time to time by Lender on the bwis of assessments and biW and reasonable estimates thereof. - - The PLnds shall be held in as institution tM depodb or accounts of which are iasnred or guaranteed by a Federal or State agency (including Leader u Lander is such as iastitutioali. Leader shall apply the Funds to pay said taxes, assessments, insurance premiums and ground teals. Lender racy not dusge foE-au holding and applying the Funds. analysing said aooount, or verifying sad compiling said - assessmattsand bills, nnles4Lertdin pays Borrower interestoa the fiends and applicable law permits Larder to make such a charge. Borrower and Leader may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, sad nnlas such agreement is made or applicable law requires such interest to be paid, Lends shall not be required b pay Borrower any interest or earnings on the Phnds. Leader shall give to Borrower. without charge, an annual aooounting of the Fusels showing credits sad debits to the Funds sad the purlwss foY which each debit to the Funds was made.'1Le Funds are pledged as additional security for We sums eecnred by this Morlgage. - If the amount of the Pltndb held by Lander. togethei with the future monthly installments of Funds payable prior to the due data of taxes. assesanatts. irtsnranoe premiums and gronrd rents. shall e:oaed the amount required to pay said taxes. assessments. irtsuraaoe premiums and gevund ra?b a. they fall due. inch eras shall be. at Bo er a option, either promptly repaid to Borrower or aedited to Borrower oa monthly installments of Funds. If the amount of the Fuad~ held by Lender shall not be sufficient to qay faze, asseeameats, insurance pnminmu and ground teats sashay fall due, Borrower shall pay to bander any amount necessary to make up the de5ciency within 30 days from the date notice is mailed by Lender to BotTOwer requiting payment thereof. - Upon payment in inD of all sums secured by this Mortgage, Lender shall•pranptly refund to Borrower any funds held by Lender. If Hader paragraph 18 hereof the Property is sold or the Properly is otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of appUcatii+n as a credit against the sums secured - by this Mortgage. _ . 3: AppUeation of Payments. Unka applicable law provide otherwise. all payments received by-Leader under We Note and ~ paragraplu 1 and 2 hereof shag be applied by bender first in payment of amounts payable to Lender by Borrower ands paragraph 2 hereof, - then to interest payable oa the Note. then to'the principal of the Note, and then to interest and principal on any Futnee 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 over this Mortgage. and leasehold payments orground rents, if any, in the manner provided under ppaarraag~rraaph 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 dui under Phis paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lends receipts evidencing such payments. Borrower shall promptly discharge arty lien which has priority over this Mortgage; provided, that Bonower 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 pari thereof. _ " 5. Hasard Insurance. Borrower 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 a_uch other hazards as Lender may require and in such amounts and forwch - 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 irisuranee 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 hereofor, if not paid in inch manner. by Borrower making payment, when due, directly to the insurance carver. - - Allinsurance 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 Harrower shall promptly furnish to lender all renewal notices and all receipts of paid premiums. In the event of lose, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loos 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 Properly damaged, provided ouch ritoration'or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such i restoration or repair is not ernnomically [easible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums scented by this Mortgage. with the excess, itany. paid to Borrower. I[the Property is abandoned by Borrower. or if Borrower fai4 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 inaurartce batefits, Lender is authorized to rn11eM and apply the insurance proceeds at Lender s~option either to restoration or repair of the Property or the bums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any auchapplication of proceeds toprincipal ehallnot extend orpostpone thedne - _ date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. I[ under paragraph IS _ 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 , , „ 4 - thereof resulting from damage to Properly prior to the sale or acquisition shall pass to Gender to the extent of the same secured •by thii Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Coadominums; Planned Unit Developments. Borrowerahall 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 rnndominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration or covenants creatingor governingthe 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 - agreerrlents of such rider shall be incorporated into and shall amend and aupplerrient the covenants and agreements of this Mortgage as if the rider were apart hereon 7. Protection of Leader's Security. If Borrower fails to perform the covenants and agreaneats contained is this Mortgage. or if aqy action or proceeding is eommenoed which materially affects tenders interest in the Property. including, bat not limited to, eminent domain, insolvency, code enforoematt, or arrangements or proceedings involving a bankrupt or deoedait, then Lender at Lender's option,npoa notice to Borrower may make such appearance, disburse each same and take wc6 action e. is necessary to protect Leader's interest, including, but not limited to, dubunaaent of reasonable attorney's fees and entry upon the Properly to make repair. If Latch required - ~ mortgage irunraace as a oordition•of making the loan secured by this Mortgage, Borrower shall pay the praniums regaind to maintain such insurance in effect until such time as the requirement for such insurance laminate in accordance with Borrower's and Lenders written agreement a applicable Laver. Borrower shall pay the amount of all mortgage insurance praniuma in the manner provided Hader E paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph. 7, with interest thereon, shall become additional indeMednas of - Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable neon notice from Latch to Borrower requiting payment thereof, and shall bear interest from the date of disbursanent at the rate payable from time to time on outstanding principal under the Note unless payment of interest at ouch rate would be wntrary to applicable law, in which event such amounts shall bear intact at the highit rate petmiesibk under applicable law: Nothing contained is this paragraph 7, shall require Larder b incur any expense or take any action hereunder. • ~ -'A . ~ ~339 P 5? ~ - _ _