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HomeMy WebLinkAbout1312 f,iV UNIt*ORM OovawanTS. Borrower and bender covenant and agroe u follow:: 1~ lgtwetN of hiaelNl treat) hlerstA. Borrower shall promptly pay when due the principal of and interest on the: indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and else principal o[ and interest an any Futuro Advances aecurod by this Mortgage. 2. Ilttr~i her Tazea and Ittnrrtttree. Subject to applicable law sir to a written waiver by Lettder. Borrower shall pay to Lender on the day monthly installments of principal and interest are payable uncles the Note. until the Note is paid in full. a twm (herein "Funds' equal to one-twelfth of the yearlt~ tas~~ and assessments which may attain priority over this Mortgage. and ground rents on the Property, if any, plus otre-twelfth of yearly premium installments for hoard insurance. plus otx-twelfth of yearly premium installments for mortgage instrrarscc: if any. all u reasonably estimated initially and from time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. 1be Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or tote agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. irotrranoe premiums and ground rents. lender may Trot charge for u+ holding and applying the Funds. analyzing said account, or verifying and compiling said assessments and bilk, unless Lender 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 o[ execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interact or earnings on the Funds. Lender sbaU give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds ind the purpose for which each debit to the Funds was made. The Funds arc pledged u additional security for the sums secured by this Mortgage. If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to the dot: dates of taxes, assessmenb. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. aapemarts. insurance premiums and ground rents u 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. If the amount of the funds held by Lender shall not be std6cieat to pay toes. assessrrtersts, insurance premiums and ground rents as they fall due. Borrower shall pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requiting payment thereof. Upon payment in full of all sums :ectrred by this Mortgage, Lender shall promptly refund to Borrower any Funds heW by Lender. If under paragraph 18 hereof the Property is soW or the Property rs otherwise acquired by Lender, Lender shall apply. no 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 agaitsst the sums secured by this Mortgage. 3. A~iicatian of >rapr~eala. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2lsercof 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 prinapal on any Future Advatroa. 4. Crtr=e~ Lies. 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 pusgraph 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, and in the event Borrower shag make payment directly, Borrower shall promptly fumish 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 Mng as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manrxr acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lim in, legs) proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. HTarard Irrswarree. Borrower shall keep the improvements now existing or hereafter erected on the Property insurai sgairt:t loss by fire. hazards included within the term "extended coverage", and such other hazards u Lender may require and in such amounts and [or such periods u 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 secured by this Mortgage. . 1be insurance carrier providing the inwrance shall be chosen 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 ~'i provided under paragraph 2 hereof or, if rat paid in such manner. by Borrower making payment, when due. directly to the ~ inwrance carrier. All insurance pdicies 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 Mss if not made promptly i by Borrower. ` Ualas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propaty 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 Properly is abandoned by Borrower. or if 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 i option either to restoration or repair of the Property or to ibe sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall nol 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 ProE,erty is acquired by Lender, all right, title and interest o[ Borrower in and to any Assurance policies and in and to the proceeds thereof resulting from damage to the Properly prior to thy: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Preaenatloe and Malntcnaace of Property; Leaseholds; Condominiums; Planned Unit IDeveloptoeats. Borrower shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease it this Mortgage rs on a leasehold. It 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 I condominium 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 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 Lender's Security. If Borrower fads ti. perform the covenants and agreements contained in this Mortgage. or if any action or proceeding rc commenced which materially affects Lender's interest in the Property, including, but neH limited to, eminent domain. insolvency, code enforcement. or arrangements ar proceedings involving a bankrupt or decedent. then Ixnder at Lender ~ option, upon notice to Borrower, may make such appearances, disburse such E sums and take such action as is riecessary'lii protect Lenders interest. including, but not limited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. If I.cnder reyirircd mortgage insurance as a condition of making the.loan secured by this Mortgage. Born:wcr shill pay the premiums required to maintain such insurance in effect until such time as the reyiiirement for such insurance terminates iii accordance with Borrower's and BOOKc~