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HomeMy WebLinkAbout0757 i - ....er _ , UNrPOrtne (~OVLP1APtTt1. BOrrOwer and Lender covenant and agroe it fOlkwa: ~ 1? ltpateM el lriefMal sat hNnat. Borrower shall promptlp pay when due the principal of and iateteq on the , inde6tedrtea evidanoed by the Note. prspayttnntt and late clwrges as provided in the Note. and tbs principal of and interest oa atsy Future Advances securod by tha Mortgage. 3. lrratis fete 1lsttee ant taearaac~e. Subject to spplicabk law ro to • written waiver by Lender. Borrower shag pay to Leader on the day monthly installments of principal and interest arr. payable under the Nota until the Note is paW in full. a sttm (Ittrein "Fuads'7 equal to onatweltth of the yearly tax~~ and assesstrtents which tray attain priority over this Mortgage. and ground rend oa the Property, it any, plus one-twelfth of yearlli protaittm iauallnt•nts for hazard insurance. plus one-twelfth of yearly premium installments for mortgage inutrartce. if any. sll as reawnably estimated initially and from dtne to time by Lender on the basis of assessments and hills and reasonable euirnates thereof. The Fwtds shall be bald 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. ~ irattraace premiums and ground rents. lender may not charge for so holding and applying the Fonds, analyzing said account. or verifying.snd compiling said sssessments and bills, unless Leader pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of iha Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requites such interest to be paid. Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting o[ the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the ansount enquired to pay said taxes. weameat, insurattee premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower ~ credited to Borrower on monthly installments of Funds. If the amount of the Funds beW by Lender shag not be wtficiieat to pay toes.-a:sessrrterrts. inwrance ptemitrms and ground rents ss they fall due. Borrower start pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Deader to Borrower tequestigg payment thereof. Upon payment is full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph. 18 hereof the Property is sold or the Property rs otherwise acquirtd by Lender. Lender sbaU apply. no later than immediately prior to the sale o[ the Property or its acquisition by Lender. any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. - 3. A~catloa of hprsaeNs. Unless applicable law provides otherwise. all payments received by-Lender under the ' Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 heroof. 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. Cf~es; Lkas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Aortgage, 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 thercpf. Borrower shall promptly [urnish 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 rorxipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. tliaC 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 i0. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Igwragce. Borrower shall keep the improvements now existing or hereafter erected on the Property inwrod against loss by 5rc, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lertekr may require; provided, that Lender shall not require that the amount of ~ such coverage exceed that amount of coverage required to pay the sums socurcd Eby this Mortgage. T1re iawranee carrier providing the insurance shall be choler. by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrowtt 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 hoW 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 it not made promptly by Borrower. Unless Lender and Borrower otherwrse agree in writing. insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoratron 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 t f to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the dart notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claifi for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at 1-ender's option either to restoration or repair of the Property or to the sums sccural 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 !8 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the: 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. Preservatiog and ~laiglenaace of Property; I.easehulds; Condominiums; Plagued Uait Deveiopgxgts. Borrower shall keep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property ' and shall comply with the provisions o[ any lease it 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 condominium or planned unit develoi,nrent. and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together w,th this Mortgage, the covenants and agreements of such rider I 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 /,ender's Security. If Borrower lark a~ perform the covenants and agreements contained in this i j Mortgage. or if any action or proceeding rs commenced which materially affeets Lender's interest in the Property, includmg, but not hmrted to, eminent domain. inu?Ivency. c~xle enforcement, or arrangements or proceedings involving a bankrupt or decedent..thcn 1-ender at I ender's option, upon notice to'Borrower, may make such appearances, disburse such sums and take such action ac is necessary to protect lenders interest. including. but not limned to, disbursement of reasonable attorney s ices and entry upcm the Property to make repairs. If Lender reyuircd mortgage insurance as a condition ~t making the loan secured by thu Mortgage. Borrrwrr shill pay the premiums required to maintain weh ~ insurance in effect until such time as the reyuirenient for wch msurao:e Terminates in accordance with Borrower's and - ~ -s ~ j : X339 P~ 7~7 _ -