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HomeMy WebLinkAbout1447 Unu~oatr OovtewanTS. lorrower and Lender covenant and agree as folbws: L IAgttss~t M >rsiae~al trtM Irrleseel. 8orr+nwer shall promptly pay when due the principal of and interest oa the iadabtedrtea evidertoed by tba Note. pcapaymatt and bee charges ss provided in the Note. and the principal of sad interest oa say Future Advattoa ttttcttced by this Mortgage. f. Etsais ter Tasiea anti Iawra~ee. Subject to applicable law .x to • written waiver by Leader, Boerawer :hall pay to Leader on the day monthly installments of principal and interest arc payaltk under the Note. until tM Note is paid in full. a sum (herein "Futtds'q equal to one-twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage, sad ground rents on the Property. it any, plus one-twelfth of yeuly premium installments [or hazard insurance. plus one-twelfth of yearly prcmitun imstalltnents for mortgage insttratta. it any. all as reasonably estimated initially and from time to time by Lender oa the buffs of assessments and hills and reasonable estimates thereof. 7Le Funds shall be held in an institution the deposiu or accounts of which are instu+ed or gwranteod by a Federal of ttbN agency (inchtding Lender i[ Lender is such an institution). Lender shall apply the Funds to pay :aid saxes. assessments. iwttranoe premiums and grated rents. Lender may not charge for w holding and applying the Fends. analyzing said account. or verifying-and oompiling::id assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permits Leader to make such 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 uttku such agreement a made or applicable law requires such intereu to be paid. Lender shall nM be required to pay Borrower any interest or earnings on the Funds. Lender shaD give to Borrower, without charge, an anew) accounting of the Funds showing credits and debits to the Funds and the purpose for which eadt debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this Mortgags. TE the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates ~ ta3tes. assrssrr~ssts. insurance prcmiutm and ground rents, shall exceed the amount required to pay said taxes. aaasmeats, insuratnce premiums and ground rents as they fall due, such excess shall be. at Borrower's option. either promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Funds hold by Lender shall not be t to pay taxes. assesstrtents. insurance premiums and ground rents ss they fall due. Borower shall pay to lender any amount neceswry to make up the deficiency within 30 days from the date notice is mailed by Deader to Borrower regttating payment thereof. Upon pymeat in full of ail sums secured by this Mortgage, Lender :Etas) promptly refund to Borrower any Fund: held by Lender. If under paragraph 18 hereof the Property is sold or the Property w otherwise acquired by Lender. Lender shall apply. no late than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lander at the time of application as a credit against the :tins secured by this Mortgage. 3. A~liatioa of )rrtymeafe. 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 Nae, then to the principal of the Note, and then to interest and print pal on any Future Advances. d. Charges; Liao. 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 prmridod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when dtte, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in tbs 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 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 lien ia, legal proceedings which operate to prevent the enforcement of the lien or for[eiture of the Property or any part thereof. S. Htwrti lttnraaea. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against leas by fire, hazards included within the term "extended coverage", and such other hazards as (.ender 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. 1Le insurance carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender. provided. tLat wch approval shall not be unreasonably withheld. Ail premiums on insurance policies shall be paid in the manner providod 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 renewal notices and all receipts of paid premiums. In the event of loss, 4 Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lass if not made promptly by Borrower. - Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoratan or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. It 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 Property is abandoned by Borrower, or i! 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 wins 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 installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to uty Assurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tlt~: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f. lneervatba noel Maintenance of Property; Leaseholds; Condomiaisrrns; Planned UaH IDeveioptaeats. Borrower shall keep the Property in good repair and shall not comrgit Waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease st this Mortgage is tin a leasehold. _ If this Mortgage is on a unit in a condominium 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 devebpment, the by-laws and regulations of the condominium or planned unit development, and constituent documents. It a condominium or pianned 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, Prottctiow of ),ender': Security. If Borrowrer fails to perform the covenants and agreements contained in this t Mortgage, or if any action or proceeding a commrnce~i which materially affects Lender's interest in the Property, i including, but eat 5mued to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ? bankrupt or decedent, then Ixnder 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 not limited to, disbursement of t reasonable attorney's Ices and entry upon the Property to make repairs. If I.cnder required mortgage insurance as a ~ condition of making the loan secured by this Mortgage. Borrower shsll pay the premiums required to maintain such t insurance in effect until such time as tbe rcyuirement for such insurance terminates in accordance with Borrowers and