Loading...
HomeMy WebLinkAbout0739 , Unrroiw Oovtt+~ttra. Borrowsr aril Larder covenant and agree as fdkws: 1. >htpwaot sf ~ ttM dtlsresl. Borrower shall promptly pay when due the principal of sail ialereq on the iadebledrtess sviderroed by Ws Nob. pnpaymeat and late charges as provided in the Nob. and the principal of and interest oa asy Futtrts Advances sxund by this Mortgage. lrotls far 71ssrM arts laattr~ta Subject to applicable law ~x w a wMten waiver by Lender. Borrower shall Pay to I~ertdsr oa the day monthly itatalhuents of principal and interest arc payable under the Note. until the Note is paid in full. a soot (hstein "Fuads'~ -egwl to oaatweltth of the yearly taxs~ and astessrnatb which may attain priority over this Mortgags. sail ground ratb oa the Property. if any, plus one-twelfth of yearly- prt:raium iaUllnteab for hasard inwrsnce, plus atatweltth of yearly premium irstallments (ot mortgage inurrattce, if say, all ~ reasonably estimated initially and from time to lima by Lender oa the basis of assessments and bilk and reasonable estimates thereof. 7be Flrnds shill be held in an institutiart the deposits or accounts of which ate insured or guaranteed by a Federal of stab agency (iachding Ltadet if Lender is such an institution). Lender shall apply the Fonds to Pay :aid taxes. assessments. iawnnos premitrtrts aed growtd rents. 1_ender may nil charge for sa holding and applying the Fends. analyzing said account. a verityiagard compiling said assessments and bilk. unless Lender pays Borrower interest on the Funds and applicable law ptxmib Larder to make such a charge. Borrower sad Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement a made or applicable law requires sudt iaterat b be paid. Leader shall not be requited to Pay Borrower any interest or earnings on the Funds. Lender sbaU gives lu Borrower. without charge, an annual aooounting of the Funds showing credit and debits to the Funds and the purpose [a which eadt dt~ii to the Funds was made. The Funds are pledged as additional security for the wms stectrred by this Mortgage. - . it the amount of the Roads held by Lender, together with the future monthly installments of Funds payable prior to the dos data o[ taxes, assasrrreob, inwtanoe premium: sod ground rents, shall exceed the amount required to pay said taxes, aaessmatb, insurance praaiums sad ground tents as they tall due. such excces: shall be. at Borrower's option. either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Funds head by Letsder shall cot be aulBcieat to pay taxes. assessments. insurance premiums and ground rents a they hll due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice a mailed by Lander b Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held 6y Leader. It under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender shall apply. no later than iro~nediately prior to the sale of the Property or its stquisition by Lender. any Funds held by Lsada at the time of application as a credit against the sums secured by this Mortgage. 3. A~iieatiars eft faPtieals. Unless spplicabk law provides otherwise, all payments received by Lender under the Nob sad paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of :mounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Nde, then to the principal of the Note. and then to interest and principal on say Future Advaata. 4. Crasges; Lktss. 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 kasehdd payments or ground rents. if any. in the manner provided under paragraph 2 hereof or, i! not paid in such manner, by Borrower making payment. whoa due. directly to the payee thereof. Borrower shall promptly furnish to Lender all ratites of ataounts due under this paragraph. soil is the Ducat Borrower shall make payment directly. Borrower shall promptly fumish 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 bog as Borrower shad agree in writing to the payment of the obligation secured by such liar in a manner atxxptabk to Lender. or shall in good faith contest such lien by. or defend enforcement of wch lien i4 . legal prooeedirrgs which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. BLrari Irw~wet. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred agaimt loss by Rrc. hazards included within the term "extended coverage", and such other hazards ss Lender may require sad is such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount o[ such toversge exceed that amount of coverage required to pay the sums secured Eby this Mortgage. 'ibe iaarrance carrier providing the insurance shall be chosen by Borrower subject to approval by Lataer, provided. ~ that such approval shall not be unreasonably withheld. All premiums on inwrance pdicia shall be paid in the meaner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the - iawraoce carrier. f AU ursurance pdicia and renewals thereof shall be in form acceptable to [,ender and shall include a standard mortgage ~ clause in favor of and in form scteptabk to Lender. Lender shall have the right to hold the pdicia and renewals thereof. soil 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 less: if rant made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair o[ the Property damaged, provided such tstontion or repair is economically feasible and the security of this Mortgage is not thereby impaired. I[ 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 Property is abandoned by Borrower, or it Borrower tails to respond_to Louder within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier of[ers to settle a claim for inwraace benefits, Lender t is autborined to Collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property i 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 inuallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under, paragraph I g hereof the Property is acquired by Corder, all right, title and interest of Borrower is sad to any ftrsurarrce pdicies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or soqui:;tioa shall puss to Lender to the extent of ,the sums secured by this Mortgage immediately prior to such sale or x f. f'saervstba aai MaiNersatsee of Property; Leaseholds; Condomittt5rrws; Plarmed Urrit Derelo'raetsb. Borrower shall keep the Property in good repair and :ball not comr0it ~vaue or permit impairment or deterioration of the Property sad shall comply with the provisions o[ 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 toveaartts creating or governing the condominium or planned unit devebpment. the by-laws •artd regulations of the condominium or planned unit developtrrent, and conuituent documents. It a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreements 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. T. Pretectiorr of Lewier's Securlfy. If Borrower fails to 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 Property, including, but rat limited to, eminent domain, insolvency. code enforcement, ur arrangements or proceedings involving a bankrup or decedent, then I~nder at Lender's opion, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, includinf. but not limited to. disbursement of - •reasonabk attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a conditiaui of making the loan secured by this Mortgage, Bc?rrawcr shill pay the premiums required to maintain such insurance in effect until such time as the requirement fur such insurance terminates in accordance with Borrowers and . ; , . ; ~ ~ - {)R 80~~ PACE ~ ~ , _ f~