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HomeMy WebLinkAbout0479 ~ ~t UNtPOttt~[ CovaNAPtla. Borrower and Calder covenant and agree as follows: >ti. lgweM N hYc~ ttttN 1tMerat. Borrower shall promptly pay when due the prittciprtl of and interest on the atdebtsdttea svtdettosd by the Note. prepayment and late charges ss provided in the Note. and fife principal of and interest as soy Future Advaatxs sttcund by thk Mortgsgs. t >Errit fse'Iwrtet atstl lrtetrreaa~e. Subject to applicable law ar to a written waiver by Lender. Bornosrsr shall pay to Leader tart the day moathly installments of principal and interest are. payable under the Nots, until the Note is paid in full. a suet (herein "Futtdt'~ equal to orte•twelfth of the yearly faze. and asxssntents which may attain priority oust this Mortgage. and ground trots oa the Property. if any. plus otte•twelfth of yearly premium installments for hazard inwratta. plot oas•tweltth of yearly premium installments for mortgage insurance. it any. all u reasonably estimated initially and from tittle to lima by [.seder on the basis of assessments and hills and reasonable estimates thereof. 'IUe Funds shall bs btld in an institution the deposits or accounts of which arc ittwred or gwrantced by a Federal otr hats agency (inchding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. itquranoe prsmiutra and ground rents. Lender may na charge far so holding and applying the F+rnds. analyzin=said account, oc vsrifying.sad sampling said assessments and bills, 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 of execution of this Mortgage tbat interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law t+egtriret stx:h inteesu 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 credits and debits to the Funds and the ~rpose~or ~h eadt debit to the Funds was made. The Funds arc pledged u additional security for the sums secured Tf the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the dot: dates of taxes. assasmeats. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. aaesaments, iasurattce premiums and ground rents 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 bead by Leader shall not be sttt5caeat to pay taxes, asxssntents, insurance premiums and ground rents as they fall due, Borto~tt?er shall pay to Larder any amount necessary to make up the deficiency within 30 days [rom the date notice is mailed by Leader to Borrower tequating payment thereof. Upon payment in fuU of all stuns ttecured by this Mortgage, l.etnden>ahal~.~r _ ly refund to Borrower any Funds beW by Leader, If under paragraph 18 hetYOf the Property is sold or the Pcope_rty herwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its ~iicquisition by Lender, any Funds held by Loader at the time of application a: a credit agsinst the sums secured by this Mortgages . , , 3. Allikatiorr of taprraeNs. Unless applicable law provides otherwise, all payments tYCCivtd by Lender under the Noss sad paragraphs 1 attd 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 Moto, then to the principal of the Note. and then to interest and principal on any Futua Advances. 4. Crarge~ 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 trots, 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 prwnptly furnish to Lender all notices of amounts due under this paragraph, and 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 bog u Borrower shall agree in writing to the payment of the obligation secured by. sucb lien in a manner scceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such liar in, legal proceedings which. operate to prevent the enforcement of the ben or forfeiture of the Property or any part thereof. S. i$asara l.wra.ce. Borrower shall keep the improvements now existing or hereafter erected on the Property ittwred against lass by fine, hazards included within the term "extended coverage", and such other hazards u Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The inwrartce carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. Al! premiums on insurance 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 inwraace 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.furaish 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 tender. Leader may make proof of toss if not made promptly by Borrower. Uokss 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 if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the exci:si, if any, paid to Borrower. If the Property 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 offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance procte<is at Lender's option either to restoration or repatr 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 daft 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 Prorerty is acyuired 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 Proptrty prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sate or acquisition. f. treaerratbs and Maintcnaace of Property; Leaseholds; ('ondominiutns; Planned Ueit Developrneats. Borrower shall keep the Property is good repair and shall not comrpit waste or permit impairment or deterioration of the Property i and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a r condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration i or covenants creating or governing the condominium or planned unit development, the by-laws and regulations o[ the condominium or planned unit development, 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. Protection of Ltuder's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding commenced which materially aftrcts l.endtr's interest in the Property, including, but not limited to, em+nent domain. insolvency. aide enforcement. or arrangements or proceedings invoh•+ng a bankrupt or decedent, then lxnder at Lender's 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 reasonable attorney's secs and entry upon the Progeny to make repairs. If Lender required mortgage insurance as a condition of making the loan secure) by this Mortgage. Bern:wet sh_dl pay thr premiums required to maintain such insuranxe in effect until such time as the requirement for wch insurance terminates in accordance with Borrower's and Q~ QYC ' ~ _ _ .