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HomeMy WebLinkAbout0065 r .s ~ ~ ~ t ! j~: ~ } Borrower and Lender covenant sad awes u folbws: . 1. Payment of Peindpal cud Iater+eN. 8aro.wr shall prompt(y pay when doe tM prindpal of sad interest on she irrdebtedciess evidenced by the Note. prepayment and late charges u provided in the Note. and the priadpal land iatereston any Pbture Advantxs secured, by this I1[oetgage. - - . 2 Ftwds !or T'+ar~era and Insaranos. 3abjed to applicable law a to a written waives by Leader. Borrower shall psy to Larder on the dsy monthly instalhments of prinapal and interest are payable under the Note. until the Note is paid in full, a wan (herein "P4rds'~ epwl to oat 'twelfth of We yenrbr taxes and assessments whidr may attain priorib over thin Mortgage. and grand raw oa the Property. tinny. phr not twelfth of yearly premium indallnaents fer haurd insurance. phis oattwslRlr atyenrbr premium installments far mortgage insurance, if nay. . all u reasonably estimated initialbr and fkoaa time to time by Leader on the basin oiaasesoent and bills and rauorrabk estimates thereoL 1LrFbnds shall be herld in an inadtutian the depoat a aomaat d whiter are insased a guaranteed by at Federd or State agmey ' (including Lender if Larder is sack an institation~ Lander shop apply the Funds to pay said taxes. assessment, insurance premiums and - ground renh. Lander may not charge for so holding and applying the Farads, anabrang said aeoooant. or verifying and eompiliag said assessments and biW. unless Leledespays Borrows interest oa the Ptinds sad appUcabbLw permits Leader tdmake such a charge. Borrower and I:ender may ogres in writing at the time of esecation of this Mortgage that interest on the Farads shall be paid to Borrower. sad anlas such agnemart is made or applicable law requires Bach interest to be paid. reader shall not be required b pay Boerower any interest er earnings on the'~lrnds. Loader shall give to BoQOwer. without e~rarge. an annual aooamting of the Farads showing ea+edit sad debit b the 3 Frauds and the paspoae for which each debit Lo the Ptimds was made.'lUe Funds are pledged u additional eecurib fortbe sums aeesnd by this { Mortgage. - - • If the amount of the Plrnda held by Larder. together with the future monthly instllmart of Futds payable punt tothe doe dates dtaxes. assesaneat. insurance praainms and ground rents. shall ezoeed the amount required to pay said lases. a~saemeati. insurance premiums and ground teats u they fall due. such exexss shall be, at Borrower's option. eatlrer promptly repaid tD Borrower or aeditd to Borrower oa . monthly itrstallmart d Funds. U the amount of the Frauds ~ by Lender shall not be sutfideat to pay tares. assessment, insurance - - preminms sad ground rarta u they fall due. Borrower shall pay to Linder any amount neoesury to make op the dcfiarmy within 30 days from the date notice is mailed by Larder to Borrower requesting wYmeat thereof Upon pgymart in fall of all wins secured by this Mortgage. trader shall promptly refund to Honower any fonds beW by Larder. Uender paragraph 18 hereof the Property.is soW or the Property is otherwise acquired by Lewder. Lander shall apply. no later than immediatdy prior toWeBabdthePropertyoritaogaisitionbyLender.anyFundshcldbyLeaderatthetimeotapplicationuaezeditagainstthewmssecared - by this Mortgage. . 3. Application of Payments. Ualesa applicable law peovides otherwise. all payment reexived by Lender Wade: the Note aed paragrapher 1 and 2 hereof sl;all be applied by Lender first in payment of amounts payable to lender by Borrower ender paragraph 2 hereof they` to interest payable on the Note. then to We prindpal of the Note. and then to interest and principal oa any Future Advances. T Charges; Liens. BotrowershaU pay all taxes. assessments and othKa•Irarges. fiaea and impositions attribalabk to the Prrrp~erty which may attain a priority over this Mortgage, and kaeeholdpaymentsorground rents, tinny, in themannerprovided"underparagrapb2bered~ if not paid in such manner. by Borrower making payment, when due. directly to the payee thereof Borrower shall promptly furnish to I.ender all notices of amount due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender reaaQt evidencing anch payments. Borrower shall pranplljr discharge any lien which has priority over this Mortgage ; provided, that Borrower shall not be required to discharge any sudr Gem so bug as Borrowrer shall agree in writing to the payment of the~bligation semred by ' such Gen in a meaner adaptable to Lender, or shall in good faith conceal anch lien by, or defend emtomeneentotsnch lien in, legal proceedings which operate to prevent the enforcement of the Gem or forfeiture of the Property or any part thereoL 5. Hazard Insurance. Borrower shaA keep the improvements now existing or hereafter stetted on the Property insured against bss by fire, hazards included within the term "e~ctemded rnverage," and such other hazards as Lender may require and in andr amwat and for Bach - _ periods as Lewder may require: provided, that Lender shall not require that the amount of such rnverage eseeed that amount of coverage required to pay the s~rms scarred by thin Mortgage. Tire insurance carrier providing the insurance shall be chosen by li~.rrower subject to approval M Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance p~.iicies shall be paid in the manneY proms ided 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 aeceptabk to Lender and shall include a standard mortgagedanse infavor d and in form aaxptabk to Lender. Leader shall have the right to hoW the policies and rencwala thereof, and Borrower shall promptly famish to tender sU renewal notices and all receipts of paid premiums. In the event of loos, Borrower shall give prompt notice to the insurance carrier and Larder. Lender may make proof of lava if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair d the Property ` dam ed, provided such restoration. or air is eronomicall te~asibk and the securit of this M ee TeP Y . Y ortgage is not thereby impaired. If andr restoration or repair is not economically feasible or if the security d this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the axeeaa, if any, paid to Borrower. If the Property is abandoned by Borrower, or J Borrowrer fait to re~apond to Larder within :i0 days from the date notice is mailed by Lender to Borrower that the insurance carrier oBcrs to settle s claim for insurancx bemefita, Lender is authorized to rn1lecYand apply the insurance proceeds at Lender s option either to restoration or repair d the Property or the sums secured by this Mortgage. - Unless Lender and Borrower otherwise agree in writing, any such application of proceeds W principal shall not extend a postpone the due date of the monthly installments referred to in paragraphs i and 2 hereof or change the amount of such installments. U under paragraph 18 hereof the Property is acquired by lender. all right, title and interest d Borrower in and to any inanianee poGciea and in and to the proceeds thereof reaWting from damage to Property Prior to the Bak or acquisition shall pass to Lender to the enrtent of the sums secured by tbu Mortgage immediately prior to such sale or aa;uiaition. - ; 6. Plrewervadon and Maintenance of Property; Leaseholds; Cordoesinuss; Planned Unit Developments. Borrower shall keep i the Property in good repair and shall not commit waste or permit impairment or deterrioration of ibe Property and shall comply wiW the provisions d any lease if this MMortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration oreovenant creatingor governing the condominium or planned r unit development, the by-lava and regulations of the condominium or planned unit development, and a~rrstitoent document. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenant and agreements of such rider shall be incorporated into and shall amend and supplement theeovenant and agrenoentdthis Mortgagees tithe rider were a part hereof. 7. Protextion of Lender's Security. U Borrower fait to perform the covenant and agneenenb contained in this Mortgage; or if any action or proceeding u eommemced which materially affects tenders interest is the Property. including, hot not limited lo. eminenidomain, insolvency. node enforcement, .or arranganent or proceedings invdving a bsmk:apt or decedent. thin Leader at lender's aptianapon notice to Borrower may make such appearances. disburse such sus and take Bach action w is aeceasaq to protect Leader's inlawt, including, but not limited to: diabursaaeat d reasonable attorney's few sad entry upon the Property to make repairs. U Lends: regai:ed ~ mortgage irutrrande u a condition of making the loan-secured by this Mortgage; Borrower shag pay the premiums required to maintain ~ each insurance in dfectr until sack time o dre regnireraent for such insurance terminates in erdeoedanoe with Borrowers a~ Leadds . written agreemart or applicable Law. Borrower shall pey the amormt d all mortgage insoranee premiums in the manner provided ender paragraph 2 hereof. Any•amonnt disbursed by Lender persuant to this paragraph 7, with interest thereon. shall become additional indebtedcass d Borrower sexrrred by this Moregaga Unkena Borrower and lender agree to other tams of paymerrt, such amount shall be payable neon notice from Lender to Borrower requesting payment thereof; and shall bear intexest fiom the date of disbursement at the rate payable fiom time to time on outstanding principal under the Note unless payment d interest at such rate would be contrary to applicable law. in which - event such amount shall bear interest at the highest rate permissible ender applicable law. Nothing contained is this paragraph shall require Lender to inarr any expense or take any action hereunder.