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HomeMy WebLinkAbout0527 ~f t .~~~U Ut+tt~asut Oovsnet+rtrs. >fortower std Ltarde• oovataat and sgroe as follows: 1. liu...t at hwtlwl ter lttlssew. Borrows shall protmph par whoa due the principal of tud inkrea on the iadebtedrras evideaoed by the Note„ prepayment sad lore charges n provided in the Note. and the priacipal o[ attd interest + o>t any Fttttue Advsrroes secured by this Mactgage. 1 !refs fFir Tierce atsi 6ttwnt¦cw Sltbject to appticalak law ce b a written waiver by Leader. 9ottoarer shall pay to Letrder oa the day ttaathly irrstallnreab of principal and interest ~rc paytrbk under the Note. until the Note is paid in full. a stem (herein "Fttttds") egwl to oae-twdith of the yarly tsxx-. and asse:snteats which taay attsia priority over the Mortgage, and ground reab on the Property. it any. plus one-twdhh of yeatil? premium imtalhnenb for hazard inwrance, plus oao-hreltth of yearly premium installtrrents for mortgage irtstrrsrrce. it say. sp as reasonably estimated initially and from lima to time by Leader oa the basis of assessments and hills and rcasonabk estimates thereof. The Fttrrd: shall be btdd in an instituticnr the deposits or accounts of which aro inwrod or gwranteed by a Federal otr state agsncy (iachding Lender it Lender is such an institution). !.ender shall apply the Funds to pay said taxes. assasmarts, iwuranoe premiutra and ground rents. lender may rid charge for sn hoWin=and applying the Fonds. analyzing said aceouat. j or veri~ying.arrd tatnpilirrg said assessments and bills, unless Leader pays Borrower interest on the Funds and applicable law permib Leader to tusks such a charge. Borrower and Lender may agree in writing at the tirrre of execution of this Mortpgt that interest on the Funds shag be paid to Borrower, and unto: such sgroaacnt is made or appliabk law requiter sutdr interest to be paid. Lender shall not be required to pay Borrower any interest a graings on the Funds. Leader ' shall give to Borrower. without charge, an annwl accounting of the Funds showing credits and debits to the Funds std the purpose for which each debit to the Funds was made. 7be Funds arc pledged as additional security for the sums sewrod by tots Mortgage. ! If the amount o[ the Funds heW by Lender, togaher with the future monthly installments o[ Funds payable prior to the: due dates of taxes. sssasmeab, iasurance premiums sad ground rears, shall exceed the atnouat required to pay said taxes, aadsmeats, iawranot: prertuums std ground rents as they fall due, such excess shall be. at Borrower's option. either promptly repaid to Borrower a credited to Borrower on naathly installmenb of Funds. If the amount of the !:wads bdd by bender shall tat be tadRaeat to pay taxes, assessments, iasurana premiums and ground rents ss they fall due, Borrower shall pay to Larder aay :Haunt rreoasary to make up the deficiency within 30 days from the date ratite is mailed by Lender tD Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shag promptfi? refund to Borrower aay Funds hdd by Larder. If under paragraph 18 hereof the Property is sob a the Property a otlrartrise sequined by Lender, Deader shall apply. ra later rhea imasediatdy prior to the sale of the Property or its acquisition by Leader. any Funds held by Lander at the: bare of application as s credit agsimt the sums secured by this Mortgage. 3. A~Ycatiott aft tgiseats. Unless applicable law provides otherwise, all payments received by Leader under the Nett: sod paragraphs 1 and 2 baeof shall be applied by Lender first in payment of amounts payable to Lender by Borrower wader paragraph 2 hereof, than to interest payable oa the Nde, then to the principal of the Nae, and then to intereu and principal on aay Future Advaooes. 1. Charges; Lietrs. Borrower shall pay all taxes, assessments and other charge. tines 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 wader paragraph 2 hereof or. if not paid in such manner. by Borrower malting payment, whin due. directly to the payee thereof. Borrower :ball promptly furnish to Lender all notices of atnouats due under this paragraph, and is the evtxrt Borrower :ball asaJte payment directly, Borrower shall promptly furnish to Lender receipts evideaciag such payments. Borrower shall promptly discharge any !tent which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so brig as Borrower shall agree in writteg to the payment of the obligation secut+od by such lies in a manner aceeptabk to Leader, or shall in good faith contest such lien by, a defend enforcement of such lies ia, legal proceedings which operate to prcvtat the enforcement of the Ixn or forft~ture of the Property or any part thertof_ S. Hasard /aarrarrte. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred against bas by fire, hazards included within the term "ettended coverage", and such other hazards u Lender may require and io 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. 1]re iusutanCe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. that such approval shall not be uartasonably withheld. All premiums on insurance policies shag be paid in the meaner provided wader paragraph 2 hereof or, if not paid in such manner, by Borrower nraltmg paymeat, when due, dirtxt)y to the insuraoee cttrricr. 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 rerxwal notices and a!I 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 bas if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, inwrance_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. 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 any, paid to Borrower- If the Property is abandoned by Borrower, or if Borrower fails to respond to Leader within 30 days from the date noGet 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 Leader i option either to restoration or repair of the Property or to the wins 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 wch installments. If under paragraph 18 hereof the Progeny is acquired by Lender, all right, title and interest of Borrower in and to any (t?surance policies and in and to the proceeds thereof resuluag from damage to the Property prior to the sale or togtrisition shall pass to !.ender to tyre extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. Irr~aenatba aed Maiateoaoce of ~ Property; [.easeMilds; Condonrinirrms; >rlsanei Unit fi)evebprtseks. Borrower shall keep the Properly in good repair and shalt not commit K~aste or permit impairment or deterioration of the Property sad shall comply with the provisions of any kale if this Mortgage on a leasehold. !f 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 coveaants creating or governing the condominium or planned unit development, the by-laws and rcgutations of the condominium or planned unit devetoprttent. and constituent documer»s. 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 pan kereof. 7. Protection of Lender's Sectufty. tf Borrower fa+Is u. perform the covenants and agreements contained in this 3 Mortgage, or if any action or proceeding n commenced which materially affects Lendti s interest in the Property, { including. but not limited to. eminent domain. ins~•lvency. code enforcement, or arrangements or proceedings invoh•ing a f bankrupt or decedent: then Lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such sums and take such xtion as is necessan~ to protect Lenders interest, including. but not limited to, disbursement of ~ reasonable attorney's fees and entry upon the Property to make repairs. 1( Lender reyuircd mortgage insurance as a condition of making the loan secure) by this Mortgage. &vrrrv?cr shill pay the premiums required to maintain such ~ insurance in effect until such time as the reyuiremem for such insuran:e terminates m accordance with Borrower's and ~ . BUOK~~ Pl~6E t~.Ar. / - , - . v.