HomeMy WebLinkAbout1379 Utvtt*oa?t Oovtu+xt~ns. borrower and Lender covenant and agree as follows:
L !<gmaM e[ lriae4al aM ltstareel. borrower shall promptly pay when due the principal of and interest on the
ietdebtedaea eridettoed by the Note. prepayttnent and late cfwrges as provided in the Notes. and the principal of and interest
oa aoY Futuro Advattoa secured by this Mortgage.
lrnia ter 7lazaa and laaaraace. Subject to applicable law or to a written waiver by Lender, borrower shall flay
to Letsder on the day matthtY installments of principal and interest arc payable under the Note. until the Note is paid in full,
a twm (lteroln "Fonda") equal to oncetwelfth of the yearly tax~~ and assessments which tray attain priority over this
. Mortgage. and ground rents oa the Properly. it say. plus one-twelfth of yeariy~ premium installmenu for haurd insurance.
plus ottatwellth of yearly premium installments for mortgage inutrance, if any. all as reasonably estimated initially and troan
Erne to tithe by Larder on the basis of assessments and hills and reasonable estimates thereat.
The Funds shall be bald in an institution the deposits or accounts of which are inwt+ed or guaranteed by a Federal ot•
state ssency (including Lender i[ Lender is such an institution). I~nder shall apply the Ftutds to pay said taxes. assessments.
inattrartce premiums and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account.
or verifying sad compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Larder to make such a charge. Borrower sad Lender may agree in writing at the time of 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 interest or earnings on the Funds. Lender
t?haU give to Borrower, without charge, an annwl aaounting of the Funds showing credit: and debits to the Funds and the
purpose Ion which each debit to the Funds was made. The Funds an pledged as additional security for the sums secured
by this Mortgage.
N the amount of the Funds held by lyettder, together with the future monthly installments of Funds payable prior to
the due data of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
assessments. inattranoe premiuaa and ground rents as they fall due. such excess shall be, at Borrower's option, either
promptly repaid to Borrower ar credited to Borrower on monthly installments of Funds. If the amount of the Funds
heW by Leader shall not be twBiciaat to pay taxes„ a»asrrtettts, iraurance premiums and ground rents as they fall due.
Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower requesting payment thereof.
Upon payment in fuA of aU soma aentrcd by the Mortgage, lender shall promptly refund to Borrower any Fonda
held by Leader. It under paragraph 18 hereof the Property is sold or the Properly u otherwise acquired by Lender. Lender
shall apply. no later tban unmediately prior to the ssk of the Property or its acquisition by Lender. any Funds held by
Leader at the time of application as a credit against the sums secured by this Mongage.
3. A~iicatioa a[ Payaaeab. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 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 interest and
principal on any Future Advanoa.
t. Cbargssr IJeas. Borrower shall pay all taxes, assessments and other charges, floes and impositions attributable to
the Property which they 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 tIx
payee theroof. Borrower shall promptly ftuaish to Lender all notices of amounts due under this paragraph. and in the~event ~
Borrower shall make paytnent directly. Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which ha: priority over this Mongage; provided. that Borrower shall not be
required to discharge any such lien so brag as 13orrower_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 Properly or any pan thereof.
S. llar~rd lawraace. Borrower shall kelp the improvements now existing or hereafter erected on the Properly 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 rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
'Ibe inwrance 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 inwrance policies shall be paid in the manner
provided under paragraph 2 hereof or, if rat paid in such manner, by Borrower making payment, when due. directly to the #
insurance carrier.
All inwrance policies and renewals tbereof 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. ~
j and Borrower shall promptly furnish to Lender all renewal ratites and all receipts of paid premiums. in tM_ event of loss,
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. !f such restoration or repair is not economically feasible or if the security of this Mongage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mongage, 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 ratite is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
E is authorized to collect and, apply the .insurance proceeds at Lender's option either to restoration or repair of the Propene
or to the wms secured by this Mongage.
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
sue6 installments. !f under paragraph 1$ hereof the Properly is acquired by Lender, all right. title and interest of Borrower }
1 in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Properly prior to ten: sale t
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
! acquisition.
L. Preservatba sad Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Properly in good repair and shall not comrgit yvaste or permit impairment or deterioration of the Property
I and shall comply with the provisions of any kale if this Mortgage is on a leasehold. -If this Mongage is on a unit in a
condominium or a planned unit development, Borrower shalt perform all of Borrowers obligations under the declaration
r 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 do:.umenrs. tf a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mongage, the covenants and agrcementa of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mongage as if the rider i
F were a part hereof.
7. Protection of Lender's Secnrlty. If Borrower fads to perform the covenants and agreements contained in this ~
Mortgage. or if any action or proceeding is commenced which materially atiects Lender's interest in the Property,
including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings invol~•ing a j
bartkruq 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 limited to, disbursement of
reasonable .attorney's tees and entry upon the Property to make repairs. 1t Lender required mortgage insurance as a
condition of making the loan secure) by this Mongage. Borrrwcr sh.rtl pay the premiums required to maintain such
insurance in effect until such time as the reyoirement for such insurance terminates in accordance with Borrower's and
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