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HomeMy WebLinkAbout1466 ' ~T a~ RV~~ ~ Ut+ttosur Gbvtu+sn~rs. Borrower sad Leader covenant and agree as follows: L iiyttttew M Trigel'ul tttatl la/aeal. Borrower shall promptly pay when dos the principal of srd iateteq on the iadtbtedrtess evidenced by the Note. prepaymatt and late charges as provided in the Note, and the ptincipsl of sad interest oa any FtlRUre Advatttxs securod bI? this Mortgage. llwi ter'1lsoces ttatta Inwtta.ca Sltbject to applicable law ~u to a written waiver by Lender, Borrower shall pay to Lettdar on Ute day monthly iastallmenu of principal end int~rcU are payable under the Note. until the Note is paid in full. a atttrs (herein "Funds' egtW to one-twelfth of the yearly tass~. and assessments which may attain priority over this Mortgage, and ground renu oa tbs Pwpeny. it any. plus one-twelfth of yeariy~ premium installmenu for hazard insurance. plus one-twelfth of yearly premiune intallments (or mortgage insurance. it any. all as reasonably estimated initially and from elms to titre by Leader oa the basis of assessments and hills and reasonable estimates thereof. The Fttrtda shall be bald is an institutit+n the deposits or accounu of which arc insured or gwrantted by a Federal of stale agertry (including Leader it Lender is such an institution). I.ettder:hail apply the Funds to pay said taxes. assessments. iawrance premiums and ground rent:. Lender may not chargt form holding and applying the Funds, analyzing said account, or veritying_and compling said assessmenu and bills, unless Lender pays Borrower interest on the Funds and appligbk law permiu Leader to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that intcrett oa the Funds shall be paid to Borrower. and unless such agreement a made or applicable law requires nosh interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shag give to Borrower. without charge, an annual accounting of the Funds showing crediu and debiu to the Funds and the purpose [or which escb debit to the Funds was made. The Funds are pkdgal as additional security for the sums secured by this Mortgage. If the ataourtt of tbt Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of tatcsa, ata~mcrtts, itnurance premiums and ground rants, shaft cxtxcd the amount required to pay said taxes. assaaments, uauaaoe prcmiutns and ground rents as they fall 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 Fonda bt;id by Lettrdar shall not be wf5tdeot to pay taxes. asst~srrtenu. insurance premiums and ground zero as they fall due. Borrower shall pay to Leader any amount rtetxsaary to make up the deficiency within 30 days from the date notice is mailed by Leander to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund, to Borrower any Fund held by Lender. If under paragraph 18 hereof the Progeny is sold or the Progeny rs otherwise acquired by Lender. Lender shall apply. rte I:ter than 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 agair?st the sums secured by this Mortgage. 3. ARMcatN>t d rgr•eab. Unless applicable law provides otherwise, all paymenu received by Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounu payable to Lender by Borrower uatkr 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 Futuro Advances. 4. Cfrarges; 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 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the payee thereof. Homower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in 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 bng 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 fotieiture of the Progeny or any pan thereof. S. Henri iaarraaee. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured agsiast loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require . sad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums sectrrcd Eby this Mortgage. The insurance carrier providing the inwrance 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 rat paid in such manner, by Borrower making payment. when due. directly to the ~ insurance carrier_ All insurance policies and renewals therm( 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. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ` ~ Unless Lender and Borrower otherwise agrce 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. If such restoration or repair is nW 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..If the Property is abandoned by Borrower, or it Borrower tails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower chat 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 Properly I or to the wens 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. I[ 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 Properly prior to tlx; sale or acquisition shall pass. to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. d. Pr+eaenatloa noel Maiatenasce of Property; Leaseholds; Condominiuass; Planned Udt Devebptoeats. Borrower shall keep the Property in good repair and shall rat commit quests or permit impairment or deterioration of the Property and shalt comply with the provisions of any lease if this Mortgage is 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 development, the by-laws and regulations of tit.: condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and rernrded together with this Mortgage, the covenants and agreements of such rider ~ shall bt incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a pan hereof. 1 7. Protection of Leaders Sectrrfty. If Borrower fads to perform the covenants and agreements contained in this Mortgage. or if any action or proceeding ~c commeiced 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 1_ender at (.ender': option, upon notice to Borrower, may make such appearance, disburse such sums and take such action as is necessary to protect Lenders interest, including. but not limited to. disbursement of reasonable auerney's tees and entry upon the Property to make repairs. if [tender required mortgage insurance as a ~ cond~hon of making the loan secured dy this Mortgage. Bormwrr shell pay the premiums required to maintain such insurance in effect until such time as the rcyuirement for such insurance terminates in accordance with Borrowers and eoo3~ ~u~i~