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HomeMy WebLinkAbout1399 ! Ut+t~ortw Oovu+atvis. ,otwMer and Leetdsr covenant and agree as follows: >tepws~t et ~ ttN LtMnM. Borrowex shall promptly pay when due the principal of std interest oa the ittdebtedrtgs evideatoed by the Note. prepayment and lab charges as provided in the Note. and the principal of and interest on any Futuro Advances setcurod by this Mortgage. ltinis ter '1lssee ttesel lnettrrtK~e. Subject to applicable law ~x to a written waiver by Lender. Borrower shall pay to I.ertdtr on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in full, ~ a sum theuein "FuaeM'~ tegeal to one•tweltth of the ywrly taxcs and assessments which may attain priority over this ; Morigags, and gr~otmd ronb oa the Proputy. it any, plus one-twelfth of ysarhi premium installments [a hazard inwraerce. plus oae•tweltth of yesrly premium installments for mortgsge inutraetce. it any. all as reasonably estimated initially and from ~ time to tittle by Lender oa the basis of assessments and hilb and reasonable estimates thereof. The Fund: shall be held in as institution the deposits of accounts of which arc inwted a guaranteed by a Federal of state agency (including Lender it Lender a such an institutionl. Lender shall apply the Furls to pay said taxes. a:seumr~e, iawranoe? premiutrt: and ground rents. lender rosy not chargt for so holding and applying the Frtrds. analyzing said account. or verityingsad compiling said assessments and bills. unless Lender pays Borrower interest oa the Funds and applicable law permib Linder to make such a charge. Borrower aid Lends may agroe in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrowu. and unless such agreemnat is made or applicable law requires such interest to be paid. lender shall rtes be required to pay Borrower any interest or earnings oa the Funds. Lender i shall give to Borrower. without charge, an annwl aeootenting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security [or the wins secured by the Mortgage. Tf t!w amount o[ ltd Funds ht:M by letdrr. together w:th the future rrtonthly installments of Funds payable prior to the due dates of taxes. assessmenb. inwranoe premiums and ground rents, shall exceed the amount required to pay said taxes. asseaaneab. insurance premiums and ground rents ss [hey tall due. such excess shall 6e. at Borrower's option. either { promptly repaid to eotrowsr a txedited to Borrows oa monthly installments of Funds. _If the amount of the Funds ~ held by Leader shall not be t to pay taxes. asse:ssrnntts. insurance premiums and ground rents as they tall due, Bonower shall pay to Lender any amount rteoesaary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower rttqutwtiag payment tbt:reof. Upon payment in full of all sums 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 Property rs otherwise acquired by Lender. Lender shall apply. rte later than immediately prior to the sale of the Properly or its acquisition by Lender. say Funds held br Lender at the; time of application as a credit against the sums aecetred by this Mortgage. 3. A~Yrwtlow d)rprlitata Unless applicable law providex othetwist. all payments received by Lender under the Note sad paragraphs 1 and 2 hereof shall bt applied by Lender first in payment of amounb payable to Lender by Borrower under paragraph 2 hereof. then to interest payable oa the Nde, then to the principal of the Note, and then to interest and principal on say Future Advances. 4. CYruge~ iietss. 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 hereof or, if not paid in such manner, by Borrower making payment, wheat due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. std in the event Borrower shall make payment dirtstly. Borrower shalt promptly furnish to lender receipts evideexing such paymenu. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be requited to discharge any such lien so long as Borrower shall agree in writing to the payment of the obliguion secured by such lien in a manner acoeptabk to Lender, or shall in good faith contest wch lien by, or defend cnfor+cerrtent 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. Harari Iwrawee. 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 is such amounts and for such periods as Lender may require; provided, that Lender shat! not require that the amount of such rnverage exceed that amount of rnversge required to pay the sums secured by this Mortgage. The iawrarttx 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 Borrows making paymatt. wheat due, directly to the ~ inwraace career. ~ All insurance policies and renewals thereof shall be in Corm acoeptabk to Lender and shall inclade a standard mortgage j clause in favor of and in form xceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof. E sad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower sha!! give prompt notice to the insu:once carrier and Leader. Letder may make proof of loss if not made prc+mgly j by Borrower. _ _ f~ ~ 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. 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 it Borrower fails to respond to Leader within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for irtwraace benefits. Lender is authorized to collect and apply the insurance prooesds at Lender's option either to restoration or repair of the Property or to the sums scoured by this Mortgage. 4 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 web installments. If under paragraph tg hereof the Pro~,erty is acquired by Lender, all tight, tick and interest of Borrower in sad to say tttsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tF>< sale or acquisition shall pass to Lender to the extent of the wins secured by this Mortgage immediately prior to such sale or acquisition. s 6, rr+eservatioo sad Maioteaartce of Property; I,essebolds; Con~omiwitrrwx Charred Unit Derdopeoertts. Borrower shall keep the Property is good repair and shall not commit yvas~e or permit impairment or deterioration of the Property and shall comply with the provaions of any kale if this Mortgage is on a leasehold. If ibis Mortgage a on a unit in a 1 condominium of a planned unit development, Borrower shall perform all of $orrower's obligations under the declaration or wveoants 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 wpplement the covenants and agreements of this Mortgage as if the rider were a part hereof. a 7. Protection of Lender's Secrulty. If Borrower tails to pcrform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. 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 appwrances, disburse such sums and take such action as is necessary to protect Lenders interest, including. but not limited to, disbursement of reasonable attorney's tees and entry upon the Properly to make repairs. 1t 1_ender reyuired mortgage insurance as a condition of making the loan secure) by this Mortgage. Borruwcr shill pay the premiums required to maintain such inwrance in effect until such time as the requirement for such insurance terminates rn accordance with Borrowers and } t • ~ ~ ~ 342 P~1~ - .