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HomeMy WebLinkAbout1411 r ~~V~~ Ut+ttrostrt Qovtu+~r+rs. Sonower sad Letrder covsaant and agree u follows: 1. lkpwsetN N !el•elNl atN iMeswt. llEorro+rrer shall promptly pay when due rho principal of and interest on the i:tdebsedrrw evidenced by the Note, prepayment sad late charges as provided in the Nob, and the principal of std inters! as my Futuro Advances toectrred by this Mortgage. . 2. ltNi ter '!bans tni Irwratlee. Subject to applicat+k law ce to • written waiver by Lender. Borrrower shall pay to Leader on the day monthly installments o[ principal and interest arc payable under the Note. until tM Note is paid in full, a sttra (ltsrein "Ftutds'y equal to one-twelfth of the yearly taxcx and assessments which may strain priority over this Martgags. and ground teats on tbs Ptnperty, it any. plus one-twelfth of yearly premium installments for hazard irtsttrance. plus Otte-twdtth of yearly premium installments for tnortgsge inutrance. it any. all u reasonably estimated initially and from time to tithe by Leader on the bass of auasmcnts and hilh and reasonable estimates thereof. 1lte Fends shall be held in an institution the deposits or a~-cottnts of which are insured or guaranteed by a Federal of state agency tinclttding Lender if Lender is such an institution). Lender shall apply the Fonds to pay uid taxes. assessments. iawrattce premiums and ground rents. !.ender may not charge for sn holding and applying the Funds. analyzing uid account. or veritying.sad compiling said assessments and bills, unksi Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Motigsge 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 shall give to Borrower, without charge. an anew! aeoounting of the Funds showing credit: and debits to the Funds and the . purpose for which esdt debit to the Funds was made. The Funds arc pledged u additional security for the sums secured by t6i: Mortpge. IE the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes, assasrneats. ituwatt.-x premiums and ground rents. shall exceed the arimunt required to pay said taxes. astesaaeats. insurance premiums and ground rents as they tall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds hdd by LeadershaU not be sutficieat to pay taxes. astessm«tt:. insurance premiums and ground rents as they tall due, Borrower shall pay to Larder any amount rtetxssary to make up the deficiency within 30 days tram the date notice is mailed by Larder to Borrower requesting payment thereof. Upon payment is full of all sums secured by this Mortgage, Lender shall promptly re[und to Borrower any Fund: held by Lender. If under paragraph 18 hereof the Property is sold or_ the Property uz 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 time of :pplicition as a credit against the sums secured by this Mortgage. 3. A~catlart of tgreMs. 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 Notc, then to the principal of the Note. and then to interest and principal on any Future Advamoes. 1. Charges; Lists. 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 pusgraph 2 hereof or, it not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender dl notices of amounts due under this paragraph, and in tbe-event Borrower shall make payment directly, Borrower shall promptly furnish to lender receipts evidencing such payments. . Borrower shall promptly discharge any lien which hu priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long u Borrower shall agree in writing Io 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 lion in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Imatrarree. Borrower shall keep the improvements now existing or hereafter erected on the Property insured agairt:t loss by fire, hazards included within the term "extended coverage", and such other hazards u Lender may require ~ and in such amounts and for such periods u Lender may require; provided, that Lender shall not require that the amount of ~I such coverage excced that amount of coverage required to pay the wms sceurcd by this Mortgage. 'ILe insurance carrier providing the insurance shall be chosen by Borrower subject to approve! 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 inwrance 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 renewal notices and all receipt: of paid premiums. in the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly y by Borrower. . ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall bt 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. If such restoration or repair is not economically feasible or if 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. It the Properly is abandoned by Borrower, or it 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 procceds at Lender's option either to restoration or repair of the Property i 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 date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installmemts. If under paragraph 18 hereof the Property is acquired by [.ender, all right, title and interest of Borrower in and to any Ihsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to ten: sale t of acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ f. Preaervatbo and Mttimtemaace of Property; Leaseholds; Condominiums; Plansed UtW ffleveloptoemts. Borrower :hall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold.-_If this Mortgage is on a unit in a comdominium 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 develoi?meni. and constituent documents. It a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the covenants and agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage u i( the rider were a part hereof. 7. Protectiom of Leoder's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if arty 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 ~banktvpt or decedent, then lxnder at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action u is necessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attomey's~ fees and entry upon the Property to make repairs. If lender required mortgage insurance as a i condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time u the requirement for such insurance terminates in accordance with Borrowers and Boon - ~ • ~ ' ~~R342 ~~1410