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HomeMy WebLinkAbout0745 a a Unrrorue Oovawet+». borrower and bender covenant and agree as follows: U if!rgwsM et Triae4al trtl IMsreN. borrower shall promptly pay when due the principal of and iateteq on the atdebtedrtess svrdeaoed by the Note, propaymatt and bte clwrges u provided in the Note, and the principal of and interest oa say Potato Advances securod by the Mortgage. trod: fhtr 7latea ant Iawraaee. Stirbject to applicable law .x to a written waiver by Lender. borrower shall pay to Leader on the day monthly installments of principal and intereN ire payable under the Note, until the Note is paid in toll. a sttm (bttrein "Fwrdt'~ equal to one-twelfth of the yeari)• tax~~. and a:se:srrtents which may attain priority over this Mortgage, and ground rend oa the Property. if any. plus one-twelfth of yearly premium imtallmenb for hazard inwrance. plus oaatwelfth of yearly premium installments for mortgage inurrancc, if any. all u reasonably estimated initially and from time to time by Leader oa the basis of assessments and h~-and reasonable estimates thereof. The Fund: shall be held in an institution the deposiu or accounts of which are inwrsd or gwanteed by a Federal of state agency (including Lender if Lender is such an institutionl. Lender shall apply the Funds to pay aid taxes, assessments. irrsutaaoe premiunq and ground rents. i.ender may not charge for u+ holding and applying the Funds, analyzing said account. %'r veritying.aad compiling said asseuments and bilk, unless Lender pay: Borrower interest on the Funds and appligble law petunia Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interat on the Funds shall be paid to Borrower. and unless such agreement is made or appligbk law requires such interest to be paid, Lander 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 credits and debits to the Funds and the putpae for which each debit to the Funds wu made. The Funds arc pledged u additional security for the wins secured - this M ~ U Nre attaunt of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the dire dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. sapsments. irattranoe premiums and ground rents as they fall 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 held by Ltmdar shall not be wfficieat to pay taxes. assessrncnts, insurance premiums and ground rents ss they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days tram the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of aU sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 herco[ the Property is sold or the Property rs otherwise acquired by Lender, Lrnder stall apply. rte late than immediately prior to the .sale of the Property or its acquisition by Lender. any Funds held by Ltteder at this time of application u a credit against the sums secured by this Mortgage. 3. A~iitatiarr of lrtyaseMs. Unless applicable law provides otherwise. all payments received by Lender under the N1~te and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. (.laeges; Liens. Borrower shalt pay all taxes. assessments and other charges, fuses and impositions attributable to the Property which may attain a priority over this Mortgage, and kuehold payments or ground rents, if any, in the manner - provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu 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 in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. IHasara l~wea~ee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazuds 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 rat require that the amount of 'i such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by L.eitder. provided, I'~i that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided antler 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 Qroceeds shall be applied to restoration or repair of ! 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 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 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 authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property t or to the sums secured bg 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 installmenu. If under paragraph 18 hence[ the Property is acquired by Lender, all right, title and interest of Borrower in and to any tnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tls~: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. # 6. lreservatioo and Maiotenaace of Property; Leaseholds; Condominiums; Phoned Ualt Derebpmeats. Borrower , shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Properly and shall comply with the provisions of any lease if this Mortgage is un a leasehold. 1f 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 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. 7. Protection of Leader's Security. If Borrower fails to perform the Covenants and agreements contained in this Mortgage, or if any action or proceeding is cumnsenced which materially affects lender's interest in the Property, including, but nut limited to, eminent domain. insolvency. code enforcement. ur arrangements or proceedings involving a bankrupt or decedent. then I~nder at I.enefer'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 limned lo, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If lender required mortgage insurance as a conddion of making the loan secured by this Mortgage. Born:wcr shall pay the premiums required to maintain such ~ insurance in effect until such time a's the requirement fur such ~nsuran:e terminates m accordance wish Borrower's and t i - ~