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HomeMy WebLinkAbout0817 ._I _ ;~~~;~J,.:. , ~?T~~ UNtrattt?t COVtNAN?s. Dotro*?ar and Leader covenant and agroe as follow:: !gttrtt M lisiaef~l trtl Ylerssl. Barrovrer shall promptly pay when due the principal of and iatet~st at. the irtdebkderpt wideaood by tbs Note. pnpaymeat and Tate charges ss provided in the Note, and tba principal of tad interest as .ay Future Advanat second by this Mortgage. 1 !~i ftar 7ltnrta tttstt irrtata¦ea Subject to applicable law ax to • wtittert wsiver by Lender. llorrower shall pry to Lttrrdtr oa tha day monthly iastalUrtents o[ principal and intercal arc. payabb under the Note. until the Note is paid in full. a sum (bereirt "Ftrndt'ti egtral to one-twelfth of the yearly tu~~ and assasssrrtertts which tttay attain priority over this MortNge; sad grtwad Hats oa the Property. it say. plus orte-twelfth of yearly-premium itt:Whrrents for haurd insurarce. plot otratttrdtth o[ yearly premium installments for mortgsge insurance. it any. all as reasonably estimated initially and from lima to time by Lender oa the basis of assessments and hilh and reasonable estimates thereof. ' The Funds :hall be hold in an institution the deposits or accounts of which arc insured a guaranteed by a Federal otr tttata agency (including Leader it Lender is such an institution). Lender shall apply the Funds to pay said taxes. assearrtentt. iawraooe premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account, ar verityingand compiling said assessments and bills. unless Lender pays Borrower intetYSt on the Funds and applicable law , petrrtitt Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this ~ Mortgage :bat interest on the Funds shall be paid to Borrower, and unless sorb agreement a made or applicable law requira suds interest to be paid. Lender shall nd be required to pay Borrower any interest or earnings on the Funds. Lender shall give to'Borrower, without charge, an annwl accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured this M U tba amount of the Fuadt htld by Lender. together with the future monthly installments of Funds payable prior to ~ the due data of toes. assessments. irt:urance premiums and ground rents, shall exceed the amount required to pay said toes. agataaents, iasurartce premitutts and ground rents as they tall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. It the amount of the Funds hdd by Leader shall not be wflicient to pay rues. assessments, insurance premiums and ground rents ss they fall due. ~ Botro~arer shall pay to Ltutder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrottrer rzgtKStiag payment thereof. - ; ~ - , - l Upon payment is full of all sums securtxl by this Mortgage, Lender shall promptly detuntl~Zo Borrower any Funds bald by Leader. If under paragraph 18 hereof the Property is sold or the Property is otlte0lvi~ acquired by Lender. ter?der i shall apply. no later than immediately prior to the sale of the' ~ropetty or its acquisitiaq ttder any Funds held br Lender at the time of application a: a credit against the sums secured by this Mortgage. ~ ` t~ 3. ApNicatioa aE >ra~rmeds. Unless applicable law provides otherwise. aft payments received by Lender under the - Note sad 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. t. Crtsges; Liests. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to I the P~t'tY which may attain a priority over -this Mortgage, and leasehold payments or ground rents. if any, in the manner provided tinder 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. sad in the event Borrower shall make payment directly, Borrower shall promptly furnish 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 brag as Borrower shall agree in writing to the payment of the obligation secured by such lief. is a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien io, ' legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part therm!. ~ s. Haaytrd lewrartce. Boaower shall keep the improvements now existing or hereafter erected on the Property insured against lass by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require 1 and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of t such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe iasuranct carrier 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 inwrance 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 i inwtaace arrier. - - All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage i clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. t 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 Ions if not made promptly f by Borrower. i Unless Lender and Borrower otherwise agree in writing, insurance proceeds 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 it 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 otters 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 ` or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agreg 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 and 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 attd to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tltc sale i or acquisition shall pass to Lender to the extene of the sums secured by this Mortgage immediately prior to such sale or acquisition. )rrraerratloo and 1?lainteoance of Property; Leaseholds; Condominiums; Planned Unit Dereloptnents. Borrower shall keep the Property in good repair and shall not comrvit yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisions o[ any lease if this Mor-:gage is on a leasehold. If this Mortgage is on a unit in a i I 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 condominitun or planned unit development, and constituent documents. It a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider t shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage 9s if'the rider } I were a part hereof. 7. Protectloa of Lender's Security. If Borrower fair to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding ~s commenced which .materially affects lender's interest in the Property, including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at I-ender'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 not limned to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan• secured by this Mort feage. Borrewcr shall pay the premiums required to maintain such insurance in effect until such time as the requirement for tiuch msuran:e terminates in accordance with Borrower's and ~e~ s . • 8~ ~ PAGE 817 s,