HomeMy WebLinkAbout0763 4S
R
Ut+tr~att~t Oovtat+atns. borrower and Letfder covenant and agroe as follows:
1 ITtytweat M hMte4a1 tltM IaNnsf. Borrowsr shall promptly pay when due the principal of sad interest oa the
itrdebtedrrea sviderroed by the Nob, prepaytaeat and Tate charges as provided in the Note. and the principal of sad .interest
oa soy Future Advattoes aecttrsd by this Mortgage.
t ltiatts fret 71t+ous ttratl lastrra~ct. Subject to applicable Isw mr to a .written waiver by Lender. Borrower shall pay
to Lender err the day monthly irrstallmertt o[ principal and interca arc payable under the Note, until the Nob is paid in full.
s sttm (fin "Ftutds'9 equal to one-twelfth of the year)}• taxt~ and assessment which may attain priority over this •
Mortgage, and ground rent oa the Property. it any. plus one-twelfth of yeary? premitras inttalhnent to hazard insurance.
plus oas-twdhh o[ yearly praaium installments for mortgage inutrana. it any. all as reasonably estimated initially and from
tins to time by Lender oa the basis of assessments and hills and reasonable estimates thereof.
1ba Funds shall be held in an institution the deposiu or account of which are insured a guaranteed by a Federal otr
stab agency (including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assestttrtartls.
iasuranod praniturts and ground tent. !.ender may not charge for set holding and applying the Funds. analyzing said account.
or vetifying.and compiling said atxessment and bills, unkst Lender pays Borrower interest on the Funds and applicable law
permit Fender to make such a charge. Borrower and 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 agreetrrertt 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 give to Borrower, without charge, an annual accounting of the Funds showing credit and debit to the Funds and the
pupote for which eseb dsbit to the Funds was made. The Funds are pledged as additional security for the sums secured
tha M
~ It tba amount o[ the Funds held by Lender. together with the future monthly installments of Funds payable prior to
the dues dates of taxes. assasmenb, irourance premiums and ground rent. shall exceed the amount required to pay said taxes.
assesaaent. inwraaoe premiums and ground rats as they tall due. such excess shall be. at Borrower's option, either s
promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Funds !
hdd by Leodar shall not be sulBaent to pay taxes. a~aessntent. insurance premiums and ground rents ss they tall due.
Borrower shag pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed '
by Loader to Borrower regtrtxting payment thereof.
Upoa psymeat in full of all sum: secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by Leader. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender
shall apply. rte later than immediately prior.to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. A~liatlaa of Irgmetttb. Unless applicable law provides otherwise. all payment received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amount 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 intere:< and
principal on any Future Advances.
4. Cvrges; Lkas. 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 leasehold payments or ground. rents. if any, in the manner
provided tinder parsgraph 2 hereof or, it 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 amount due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payment.
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 obligatwn secured by
such lien in a manner aoreptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, ~ ~
legal procesdings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Ifliazard lastrrarrcY. Borrower shall keep the improvements now existing or hereafter eructed on the Property inwred
against loos by fire. hazards included within the term "extended coverage", and such other hazards as Lender may require
and in such amount and for such periods as Lender may require; provided, that Lender shall not require that the amount o['
I' such coverage exceed that amount of coverage required to pay"the sums secured'by this Mortgage.
1be inwraace cattier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. ;
that such approval shall not be unreasonably withheld. All premiums on inwrartce policies shall be paid in the manner ~
' provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the
iosuraaoe carrier.
l 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 furr~h to Lender all renewal notices and all receipts of paid prcmiums..in the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lost if not made promptly I
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds thal! 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 r
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 it Borrower fails 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 benefit, Lender
is authorized to collect and apply the insurance proceeds at Lender s option either to restoration or repair of the Propettv
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of procoods to principal shall not extend
or postpone the due date of tbe monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the ProFerty is acquired by Lender. all right, title and interest of Borrower
in and to any htsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thr. sale
.or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquaitioa.
• f. Praervatioi and Maiateaaace of Property; Leaselwlds; Condomiuittms; Planned Unit Devdopareats. Borrower ,
shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease it this Mortgagc is on a leasehold. If this Mortgage is on a unit in a
's 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 devebpment, the by-laws and regulations of the
condominium or planned unit developrttent; 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.
Protectios of Leader's Security. If Borrower fails m perform the covenants and agreement contained in this
Mortgage, or if any- action or proceeding is commenced which materially affects (_ender's interest in the Property,
including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings invoking a
bankrupt or decedent, then Lender at lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest, including. but nut limited to. disbursement of
reasonable attorney's tees and 'entry upon the Property to make repairs. If Lender reytrired mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such msuran:e terminates to accordance with Borrower's and
~ •.,~,,~+r „sew
. 8 ~ PaGE ~3