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HomeMy WebLinkAbout0865 1 ~ UNtFObL1 OOVtNetiTS. borrower and Lender covenant and agree as tollows: L >ntprastN of hite}nl W blaed. Borrower shall promptly pay when due the principal of and interest on the itrdebtedrrass svidetroed by the Note, pt+epayrtreat and late charges ss provided in the Note. and the principal of and interest as any FuRUre Advatroes :tscttt+ed by tha Mortgage. lttri Eer liras: ttri ltrswttsx~e. Stirbject to applicable law cx to a written waiver by Lender. Borrower :hall pay to Lender on the day monthly installments of principal and interest arc payable under the Note. until fire Note is paid in full. a sttat (htraia "Frwrds'~ equal to oro-twelfth of the yearly tax~~ and assesstrren~s, which may attsia priority over tha Mortgage. aril grand rend oa the Property, it any, plus one-twelfth of yearlli premium installments for hazard inwraace. plus owe-twelfth of yearly praaium installments for mortgage inu+rancc. it stry, all ss reasonably estimated initially and from time to time by Larder ar the basis of assessments and hills and reasonable estimates thereof. 'ILe Fwd: shall be bell in an institution the deposiu or accounts of which are insured or guaranteed by a Federal otr :tats agsrrcy (including Lender if Lender is such an institution). Lender shall apply the Funds to pzy said razes. assessmarts+ iawranoe premiutra and ground rents. Lender may not charge for sr+ holding and applying the Funds. analyzing said account. or vaifying.and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law ptxmits Leader to make such a charge. Borrower sad Lender may agra in writing at the time of execution of this Mortpga that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law roquires such iatetest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall pve to Borrwrer, without r:harge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose Ior which each debit to the Funds was made. The Fund: are pledged as additional security for the sums secured by this Mortgage. It the amount of the Fuud: held by Lender, together with the future monthly installments of Funds payable prior to the due dates of fazes, assessments, itrstrtance premiums and ground rents, shall exceed the amount required to pay said taxes. asfdaoents. itr:urarrce premiums and ground carts 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 Leader shall not be wit to pay fazes, aasesunents. insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed 63r Leader. to Borrower regrratiag payment thereof. Uptw payment is full of all somas secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Leader. It under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender :ball apply. no later than immediately prior to the sale of the Property or it: acquisition by Lender. say Funds held by Letsder at fire time of applicatiar as a credit against the sums sxured by this Mortgage. 3. A~Yeatiaa of lrrptitenb. Unless applicable law provides otherwise. all- payments received by Lender under the Note std paragraphs 1 sad 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 intereu and principal on say Future Advatroes. 1. Ctrages; Lkws. 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 under 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, std is the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrowu 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 shall agree in writing to the payment of the obligation encored 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. >Hs~rd lwrsace. Borrower shall keep the improvements now existing or hereafter eructed on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards ss Lender may require sad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums securcd'by this Mortgage. The insurance 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 insurance policies shill be paid in the manner j provided under 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 Leader all renewal notices and all receipts of paid premiums. in the event of Ions. 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 proceeds shall be applied to restoraton or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is rat thereby impaired. It 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 zany, paid to Borrower. if the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date Halite 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 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 installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. It under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in soil to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tM: sale or acquisition shall puss to Lendei to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. lreaervatbe sad Maisteosace of Property; Leaseholds; Condominiuau; Planned Unit Developroeds. Borrower shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Properly sad shall comply with the provisions of any lease if this Mortgage is on a leasehold. !f 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 j or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit develoimrent. 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 F.ereof. 7. Protection of Lerder's Security. If Borrower fails a~ perkrm 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. ina.lvency. rode enforcement. or arrangements or proceedings involving a bat?krupt or decedent, then 1_ender at Lender ~ 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 limited to, disbursement of i reasonable attorney i fete and entry up+n the Property to make repairs. If l.cnder required mortgage insurance as a condition of making the loan secured by this Mongage.. Borrower sh.+11 pay the premiums required to maintain such insurance in effect until such time' as the requirement for strch +nsuran:e term+nates in accordance with Borrower's and . + rS,t'~r' • 800Kc~ ,p~CE y_ - - - -