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HomeMy WebLinkAbout1072 f 1 ; t ~ ~ I 1 Unttrotut Oovawat~ns. Borrower attd Lender covenant and agree ss follows: 1. la~eat sii It'et~l tttai irNersel. Borrower shall promptly pay when due the principal of and interest on the itsdebledttess evideaoed by the Nde, prepayment and late charges as provided in the Note, and the principal of std interest oa say Futuro Advances securod by this Mortgage. - S. !'wi I~otr 7'aaar anti 1t+arrttiK~e. Subject to applicable law ~x to a written waiver by Lender. Borrower shsll pay to Lender on the day monthly installments of principal and interest are payable under the Nde. until the Nde is paid in full. . a strn (herein "Futds'~ equal to ottt:~twelfth of the yearl~• tax~~ and assessments which may attain priority over this Mortgage. and ground rents oa the Property. it any. plus one-twelfth of yearly Premium installments for heard insuratttx, plus one-twelfth of yearly premium installments for mortgage insurance. it any. all as reasonably estimated initially and from tints to lints by Lender on the basis of assessments and hills and reasonable euimates thereof. The Futtds shall be held in an institution the deposiu or accounts of which arc insured or gwnnttxd by a Federal of starts agency (including Lender if Lender is such an institutionl. Lender shall apply the Funds -to pay said taxes. assessments, iasunnoe premiums and grotttd rents. Lender may nd charge for sn holding and applying the Funds. analyzing said account, or verifying.ard compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law .permits Lertder to make such a charge. Borrower and Lender may agree in writing :t the time of execution of this Mortgage that interat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law r+egttites snot 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 annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was nude. The Funds arc pledged ss additional security for the sums secured by this Mortgage. U the atnouni Of the Funds held by Lender, together with the future monthly installments of Funds payable prior to d the dots dates of taxes. asseumenu. imunnce premiums and ground rents, shall exceed the amount required to pay said taxes. astewaents, insurance praniutra and ground rents as they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to' Borrower on monthly installments of Funds. if the amount of .the Funds htsid by Leader shall ltd be wt6cient to pay taxes, assessments. irisuratice premiums and ground rents as they fall due, Borrower shall pay to Corder any amount titstxssary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower tequestiag payment thereof. Upon payment in full of all sotto secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Corder. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply. ra later that immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the time of application ar a credit against the sums secured by this Mortgage. 3. A~licatiort of )1'a~yttoxttr. Unless applicable law provides otherwise, all payments received by Lender under the Note aid paragraphs I .and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower . uttder paragraph -2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and printtipal on any Future Advances. 1. Cturgss; iierrs. Borrower shall pay all taxes. assessments and other charges. fines and -impositions attributable to the Property which may attain apriority-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, aad io 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 nd be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured 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. Harvard Iaatranee. Borrower shall kcep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as 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 coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ills 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 shall be paid in the manner ' L provided under paragraph 2 hereof or, if rat paid in such manner, by Borrower making payment, when due, directly to the itrwrance 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 [.ender all renewal notices and al( receipts of paid premiums. In the event of loss, - i 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 restoration or repair of - - the Properly 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 procceds 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 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 proceeds at Lender's option either to restoration or repair of the Properly ~ or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall nd extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of i stub itutallmeots. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower } in and to any Assurance policies and in and to the proceeds Thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured b_ y this t?iortgage immediately prior to such sale or d acquisition. - 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Derdbptneats. Borrower shall kcep the Property in good repair and shall not comtt)it Waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it this Mortgage is on a leasehold. If 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 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. ~ 7. Prdtetios of Letder's Securfly. It Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Properly, including, but not limited to,-eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a ~ , bankrupt or decedent, then Lender at Lender'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 lirtfiled tt?. Idisliufsement of reasonable attorney's tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such dine as the reyuiremem for such insurance terminates in accordance with Borrowers and i BOOK341 pA~i~~O 1