Loading...
HomeMy WebLinkAbout1386 ...~i•; .i~~~s t i Ut+trortw Qovterrsrns. Borrower sad lender covenant and agroe ss fellows: ~ >ti. iftptMtM of hirardMl ttri 1sMssesl. Borrower shall promptly pay when due the principal of and interest on the indabtedttps svideuoed by the Note. prepayment and late chargss sc provided in the Note, attd the ptir~ips! of and int:rest oa aoy Fwwe Advsttoes aeeurod by this Mortgage. )ttta>i tar 'ilso<ea aai Ittwa¦c~e. subjat to applicable law or to a written waiver by Lander. Borraeror shall pay I to Lender on the day ntoathly installments of principal snd intercat uc payable under the Note. until the Note is WM in full, ~ a attm (lrerdn "Ftutds'q egttsl to one-twelfth of the yearly taxc~c and assessment: which tray attain priority over this Mortgage. and ground renb on the Property. if any. plus orratwelfth of yearhi premium itwallments for hazard inwrance. plusone-twelfth of yearly premium installments for mortgage inurrancc, if any. all as reasonably estimated initially and Croat time to lima by Leader oa the bass of assessments and hills and reasonable estimates thereof. The Itltrtds shall be held in an institution the deposits or accounts of which are insured a gwranteed by a Federal of state agency (including lender if lender is such an institution). Lender shall apply the Funds to pay said taxes. asses:trtents. { iaatraaoe premiums and ground rents. Lender may not charge forte holding and applying the Funds. analyzing said account, i or veritying_aad compiling said assessments and bills. unku Lender pays Borrower interest on the Funds and applicable law ~ permits Lender to make wch a charge. Borrower and 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 a made or applicable law regttira such interest 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 annwl accounting of the Funds showing credits and debits to the Funds and the f purpose [or which eseb debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mt>>ttgage. } It the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to t the due dates of taxes. assessments, insurance premiums and ground rents. shall exceed the amount required to pay said taxes. j asaesemeats. iasurartce premiutm and ground rents as they fall due. such exceu shall- be. at Borrower's option, either { promptly repaid to Borrower or credited to Borrowtr on monthly installments of Funds. If the amount of the Funds beW by Laadershall not be adficieat to pay taxes. assessrrtatt:. iraurartee premiums and ground rents as they fall due. , Borrower shall pay to Lander any amount necessary to make up the deficiency within 30 days tram the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in fuU of all suns secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. If .under paragraph 18 hereof the Property is sold or the Propeny a otherwise acquired by Lender, Lender shall apply. no later thsn immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the time of application as a credit against the suau secured by this Mortgage. 3. A~icatima at 1!'~yaseab. 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. they to interest payable oa the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. d. (,'Wugesti Lkas. 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 paragraph 2 hereo[ 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 paragrsph. and in the'event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such paymenu. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to dixharge any such lien so beg 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 liar in, - kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ' S. Huard lawraace. Borrower shall keep 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 wch amounts and for such periods u Under 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. - Tbe inwrantx 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 :hail 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 ' inwratttx carrier. All insurance policies and renewals thereof shall be inform 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 steal! girt prompt notice to the insurance carrier and bender. Lender may make proof of loss it not made promptly by Borrower. Unless 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. 1f such restoration or repair is not economically feasible or if the security of this Mortgage would 3 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 Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offcts 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 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 E or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or changt the amount of such installmeots. If under paragraph 18 hereof the Property is acquired by Lender, all right. title and interest of Borrower in and to any lhsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to Ilr~ sale or scquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prier to such sale or acquisition. f. Pttcaerratioa and Maintenance of Property; Leaseholds; Condominiums; Pbaatd Unit fDevelopaeats. Borrower shall keep the Property in good repair and shall not commit yvute or permit impairment or deterioration of the Property and :ball comply with the provisions of any lease if this Mortgage is on a leasehold. -If this Mortgage is on a unit irs a i condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration i or covenants cresting 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. Protection of Leader's Securtry. If Borrower tails to perform the covenants and agreements contained in this , Mortgage, or if any action or proceeding is commenced which materially affects Lendei s interest in the Property. i including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or ptceedings 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 Lenders interest, including. but rrot limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If [tender reyrrircd mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower sh.rll pay the premiums ~ required to maintain such insurance in effect until such time as the rcyuirement for such insurance terminates in accordance with Borrower's and ' ~ ' BQO PaGE~~~ `i