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HomeMy WebLinkAbout1392 i 1 ~ 'R 1 Urrrt+osw Oovttt+atvss. docr+owar and Leader covenant and agra ss folbws: 1f. 1'gmaot sg ~eise4sl atN bNral. Bortowsr shall promptly pay when due the principal of and interest on the indabeedrtess svideemed bX lM Nose. Pcepaymsnt and lab charges ax provided in the Nets, and the Prhtcipal of sad iate[est oa soy Future Advances secured by this Mortgage. t ltinis far 7'a:sa ItM Iawrrce. Subject to applicable bw ar to • written waiver by Lander. 9otTOwsr shall Pay to Leader on the day monthly installments of principal and interest ~rc payable under the Note. until the Nots is paid In tuq. a stria (herein "Funds'q equal to orte-twelfth of the yeari)• taxs~ and a:sasmenb which tray attain priority over this Mortgage. surd ground renb oa the Property. it any: plus one-twelfth of ytartli Premium instalhtnertb for heard inwranca, plus one-twelfth o[ yearly premium installments for mortgage instrrsr~cc. if any. all as roasonably estimated initially and from lima to time by Lattdet oa the basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounb of which are insured or guaranteed by a Federal otr slats agency (including Lender if Lender is such an iintitution). I~nder shall apply the Funds to pay aid taxes. assessments, insurance premiums and ground rents. lender may hat charge for so holding and applying the Frrnds. analyzing said account, or verifying-sad compiling aid assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law pennib Lender to make such a charge. Borrower and lender may agree in writing at the time of execution of iha Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement a 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 :ball 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 made. The Funds arc pledged as additional security for the sums secured by the Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shalt exceed the amount required to pay said taxes. ss>eameab. irtsuramx premiums and ground ~ertts as they fall due. such excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installment: of Funds. It the amount of the Funds held by Letder shall not be sttf6cieat to pay taxes. assessments. insunrce premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. . Upon payment is [all of aA sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds beW by Leader. If under ptvagrsph 18 heroof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Leader at the tithe of application a: a credit against the sums secured by this Mortgage. 3. A~Ikatisa d ls~ytneMs. -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 Advances. t. Crarge:; Clefts. 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 rtnts, if any. in the manner i 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. and is 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 long as Borrower shall agree in writing to the payment of the obligation secured by such lien in :manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hasarr lawsawce. 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 whey hazards as Lender may require sad in such amounts and (or such periods as Lender may require; provided, that Lender shall not roquirc that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ilse iratrranee 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 provided under paragraph-2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the insurance 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 Lender all rcntwal notices and all receipts of paid premiums. In the event of Ions, Borrower shall give prompt notice to the insurance carrier and lender. Lender may make proof of loos if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoratan or repair of < the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby imp~ircd: It such restoration or repair is not economically feasible or it 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 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 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 Jate of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired 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 Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgagt immediately prior to such sale or acquisition. 6. h+eservatioa sad Maiatcaaacc of Property; Lsase6olds; Condominiums; Phutrted Uait Devdoptuettts. Borrower I shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property l and shall comply with the provisions of any lease it this Mortgage i4 on a leasehold. If this Mortgage .is on a unit in a condominium or a planned unit Development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit devebpment. the by-laws and regulations of the condominium or planned unit development, and constituent Documents. If a condominiums or planned unit development t rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider I shall be incorporated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the rifer ~ were a part hereof. 7. Protection of Leader's Security. If Borrower fads to perform the covenants and agreements contained in this l Mortgage or if any action or proceeJing rs commence) which materially affects Lender's interest in the Property, including, bLt not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, Then lender at I.snder ~ option, upon notice to Borrower, may make such appearances, Disburse such sums and take such actuirt as is necessary to protect Lender's intertst, including. but not limited to, disbursement of reasonable attorney's tees and entry upon the Property to make repairs. It 1_ender requited mortgage insurance as a condition of making the loan secure) by this Mortgage. Born:wer shall pay the premiums require) to maintain such insurance in effsct until such time as the reyuiremem for such insurance terminates in accordance with Borrower's and i y.~. _