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HomeMy WebLinkAbout0733 Ut+nwars G~ovaNarns. Borrower and lender covetunt and agree u follows: L FgareM et hiatipel tttati I~MretM. Borrower shall promptly pay when due the principal of and interest on the ierdebtedrrea evidenced by the Note, prepayraertt and late charges ss provided in the Note. and the principal of and interest oa any Futuna Advance: securod by this Mortgage. llrnis ~ '11aaa turd I~s¦etrce. Subjta to applicable law ~ to a written waiver by Linder, Botraarer shall pay to Leader oa the day monthly installments of principal and interca are. payable under the Note. until the Note is paid in full. a stun Qrnein "Futtds'ti equal to anmtwdith of the yesrly tax~~ and assessnrertts which may attain priority over this Mortgage, and ground rants oa the Property. if any. plus anatwelfth of yeary?' premium iauaUmena for hszadd inwrarrce, plus one-twelfth of yearly premitnrr itstallments for mortgage inutrartce. if any. all u reasonably estimated initially and from lima to tints by Leader oa the basis of assessments and hills and reasonable estimates thereof. 'Ibe Funds shall be held in an institution the deposia or accounts of which are insured or guaranteed by a Federal of state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessment. insurance pranitrms and ground rents. lender may not charge for so holding and applying the Fonds. analyzing said account. or vsrifying.sad compiling said sssessments and bills. unku Lender pays Borrower interest on the Funds and applicable law permit lender to make such a charge. Borrower sad Lender may agree in writing at the Time o[ execution of this Mortgage that interest on tine Funds shall be paid to Borrower. and unless such tsgreement is made or applicable law requires such iaterea to be pgtid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credit: and dt~its to the Funds and the purpose [or which eadr debit to the Funds was made. The Funds are pledged as additional security for the sums secured by the Mortgage. - If the attrount o[ tbti Funds held by Lender. together with the future monthly installments of Funds payable prior to this due dates of taxes. ssstxsmeats, insurance premiums and ground rents. shall exotxd the amount required to pay said taxes, assdaaeat, insurance premiums sad ground rents u they fall due. such excess shall be. at Borrower's option. either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. tf the amount of the Funds htdd by Lender shall not be ur~t to pay taxes. assessment:. irrwrance prerrriurns and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requtating payment thereof. Upon payment is fuq of dl'stnas secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold w the Property rs otherwise acquired by Lender, Lender sbap apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held br Lender at this time of application as a credit against the sums sxured by this Mortgage. 3. A~i{catioa of Pgytsrt:Ms. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs l and 2 hereof shall be applied by Lender fire in payment of amounts payable to Lender by Borrower carder paragraph 2 hereof. tbw to interest payable on the Note, then to rite principal of the Note, and then to interest and principal on any Future Advartoa. 4. Clargefi Litws. Borrower shall pay all fazes, assessments and other charges, fines and impositions attributable to the Property which trtay 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, and is the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender raxipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that. Borrower shall not be r+egtrired to discharge any such lien so brag u Borrower shall agree in writing to the payment of the obligation soured 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 [orfeiture of the Property or any part thereof. S. liiTazard Ieseraece. Borrower shall keep the improvements now existing or hereafter crated 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 for such periods as Lender may require; provided. that Lender shall not require that the amount o[ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe iosurarttx carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. AU premiums on insurance policies shall be paid in the manner provided ueder.paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the j inwrance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall includ•. a: [!aidard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the polr~ies 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__lerrder may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of i the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. if such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. the insuratscx proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower tails 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 autborizod to collet and apply the insurance proceeds at Lender's option either to restoration or repair of the Property 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 ~ I arid 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in sad to any Insurance policies and in and to the- proceeds thereof resulting from damage to the Property prior to thy: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Prtxervatioe sad Maintenance of Property; Let~seholds; Condominiums; Planeed Unit Developments. Borrower shall keep the Property in good repair and shall not commit yvaste, or permit impairment or deterioration of the Property ! 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 Borrowers obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the f 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 agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protectioe of I.toder's Security. If Borrower fails to perform the covenants and agrcements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially aftectt lender's interest in the Property, including, but not limited to, eminent domain, insolvenc~•. code entorcemerlt, or arrangements or proceedings involving a ~ bankrupt or decedent, then I~nder at Lender's option, upon notice~to Borrower, 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 tender required mortgage insurance as a condrlion 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 such insurance terminates in accordance with Borrower's and ~ PEE