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HomeMy WebLinkAbout0727 f i~ ~ a! J~: 1 Unttt*otu[ Oovtu+at+ss. Borrower and Deader covenant and agree as follows: )<ayttsstN of >reiaeiNl a¦d hMraef.. Borrower shall promptly pay when due the principal of sad interest on the j iadebtedrrat evideaoed by the Note. ptepaytaent and late clwrges ac provided in the Note. and the principal of and interest ~ as soy Futtu+t Advaeroes sttcurod by the Mortgage. S. llrodt? fir 7~ta trod 1¦strstrt.~e. Subject to applicable law ~x to a written waiver by Letrdsr. Borrower :hall Pay to Leader on the day moathty installments of principal and interest arc. payable under the Note, until the Note is paid in full, a seas (hat+ein "Furtds'~ equal to oaa~twdith of the yearly taxc~. antl assessment: which may attain priority over this Mortpge, sad gtuitard rents oa tbs Property. it any. plus one-twelfth of yearly prcttsiuaol in:taUrrtent: for hazard inwtarrce, plot oaatwdttA o[ yearly premitun iastallrttents for mortgage insurance, it say. all as reasonably estimated initially and fray time to tiros by Leader oo the basis of assessments and hills and reasonable estimates thereof. The Fttads shall be held is an institution the deposits or accounts of which are insured a guaranteed by a Federal of start sgertcy (including Lender if Lender is such an institution). lender shall apply the Funds to pay said taxes. assatmartt, iwatartoe premiums and around rents. Lender may not charge for so holding and applying the Fttnds. analyzing said account, or veritying.aad compiling said assessments and bilk. unless Leader pays Borrower interest on the Funds and appliabk law pttrmits Larder to make such a charge. Borrower and Lender may agree is writing at the time of execution of this Mortgage that interest on the Foods shall be paid to Borrower. and ualleu such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall pve to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which esch debit to the Funds was made. The Funds arc pledged as additional security for the sums secured thle M Tf tba amount o[ the' Funds held by Leader. together with the future monthly installments of Funds payable prior to the dot: dates of taxes, auasmeats. insurance premiums and ground rents. shall exceed the amount required to pay said taxes. assessments. imuraatx premiums and ground rents as they tall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds { httM by Leader shall not be stdRtdeat to pay taxes. assesunents, insurance premiums and ground rents ss they hll due.. I Bon+o~wer shall pay to Deader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Deader to Borrower requesting payment thereof. Upon payraeot is full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds btdd by Larder. if under partrgrsph 18 hereof -the Property is sold or the Piopeny is otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sttk of the Property or its acquisition by Lender, any funds held by Lender >u the time of appliatiwt as a credit against the sums secured by this Mortgage. 1 3. A~iieatiarr et lap~meals. Unless applicable law provides otherwise, all payments received by Lender under the ~ Note sad paragraphs 1 sad 2 hereof shall be applied by Lender Cast in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. rhea to interest payable.on the Note, then to the principal of the Note. and then to interest and prtiatdpal on say Future Advauoes. - 4. C<tartes; rests. Borrower shall pay all faxes, assessments and other charges, fines and impositions attributable to t the Property which may attain a priority over this 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 this paragraph, sad is the event Borrower shall make payttnent 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 ia, legal proceedings which operate to prevent the enforcement of the lien or for[eiture of the Property or any part thereof. - S. Hasard taartttsee. Borrower shall keep the improvements now existing or hereafter erected on the Progeny irtsucod against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require sad in such amounts and for such 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 inwrantx carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, !i that such approval shall not be unreasonably withheld. All premiums on` insurance policies shall be paid in the meaner I 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 Lender all renewal notices and all receipts of paid premiums. in the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. - Unless Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to rcstoratan or repair of the Progeny damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired"'lt such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. if the Progeny is abandoned by Borrower, or if Borrower fails to respond to Linder within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offer to settle a claim for insurance benefits, Lender # is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Progeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph t 8 hereof the Pro ferry is acquired by Lender, all right. title and interest of Borrower in sad to any Assurance policies and to and to the proceeds thereof resulting from damage to the Progeny prior to tltc sale I or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. _ ~ . f. !reservation and Maintcrsaace of Property; Leaseholds; Condominiums; Phoned Urrlt Devdopmerrls. Borrower shall keep the Property in good repair and shall not comrgit Waste or permit impairment or deterioration of the Progeny sad 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 creating or governing the 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 agrcetnents of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider ~ were a pan hereof. 7. Protertioa of Leader's Security. If Borrower tails ti? perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Properly. including, but not limited to. eminent domain. insolvency, c~xle enforcement, orrrrangements or proceedings involving a bankrupt or decedent, then.lRnder at Lender's option, upon notice to Bor~wer. may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest, including. but not limited to. disbursement of reasonable attorney's tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shill pay the premiums required to maintain such insurance in effect until such time as the requirement for .uch insurance terminates in accordance with Borrower's and e~e~ ~ . ~ 800K~ PAGE