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HomeMy WebLinkAbout1478 - Unttww Covtu+anis. Horrowu sad Lander covenant and agree u tdk+ws: L )tayetN of laiat4al tt¦t1 Irslessal. Borrower :faall promptly pay when due the principsl of and interest on the irtdebtedneaa evidertoed by the Note, prepayttaeat and late charges as t+rovided in the Note. and the principal of and interest oa .ay Fttturo Advatces resented by this Mortgage. lEttnis Qer'Iltatea tttai laaassttce. Stisbject to applicable law ~x to a written waiver by Lender. Borrower shall pay to Leader on the day monthly irtstalltrtents of principal and interest are payable under the Note. until the Nora a paid in full. a sum (herein "Ftusds'q equal to otse-twdtth of the yearly tax~~ and assessments which may strata priority over this Mortgage. sad ground rents on the Property. if any. plus one-twelfth d yearlyi~ premium irt:talhnents for hazard inwrattca. plus one-twelfth of yearly premium installments for mortgage inu~rance. it any. sll u rcaaonably estimated initially and [rom time to tithe by Leader on the basis of assessments and hills and reasonable estimates thereof. Ths F)tnds shall be held in an inst~ often the deposits or accounts of trhich arc insured or gwnnteed by a Federal at state sgency (including header if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessntenu. irauranoe premiums and ground rents. Lender may not charge form holding and applying the Fundx. analyzing said account. or veritying.aad compiling said assessments and bills, unku Leader pays Borrower interest on the Funds~artd applicable law ptamits Lender to make such a charge. Borrower sad Lender may agree in writing at the time of execution of the Moripge that interest on the Funds :ball be paid to Borrower. and unless such agreement is made or applicable law requites such interest to be paid. Lendkr shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge, an annual 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 m pledged as additional security for the wms secured by this Mortgage. TE the amount of tbo Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, mass rt~eats, trssttrartce premiums and ground nibs. shall race the art:aunt tequircd to pay said tars. saaattmems. itauranoa premiums sad 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 thr amount of the Fund: hold by Lerder shall not be sttBcieat to pay taxes. assessments. insurance premiums and ground rents ss they fall dice. Bon~oerer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notitx is mailed by Leader W Borrower rtequeating payment thereof. Upoq payment is full of aU sutms t~ecured by this Mortgage. Lender shall promptly refund to Borrower any Funds beW by Lender. If under patstgrsph l8 hereof the Property is sold or the Property u< otherwise acquired by Lander. Lender i shaU apply. no later than immediately prior to the sale of the Property or it: acquisition by Lender. any Funds held by Lttoder at the time of applicatit?a a: a credit against the currts secured by this Mortgage. 3. A~Ikatiars o[ Ptryiaeala. Unless applicable law provides otherwise, all payments received by'Lender under the Note and paragraphs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragaph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Futtue Advances. 1. Crarges; Liews, Borrower shall pay all taxes, assessments and other charges. tines 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 rant paid in such manner, by Borrower making paymrnt. when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and is the~veat 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 a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof. S. Ilaiard laanrance. 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 i sad in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mortgage_ 'Ibe inwrance 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 inwrance carrier. ! j All insurance pdicies 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. EI sad 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 proo[ of lass if not made promptly ~ by Borrower. . Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restorauon or repair is economically feasible and the security of this Mortgage is i 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. If the Property is abandoned by Borrower, or if Borrower fails to respond to Leader 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. t Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ar 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, tick 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 Mortgage immediately prior to such sale or acquisition. f. Ptaervatbs and Maintenance of Property; Leasebdds; Condominiums; Planned Uait Developaieats. Borrower shall keep the Property in good •repair and shall not comrpit yvute 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 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 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 supplement the covenants and agreements of this Mortgage u if the rider were a part hereof. ~ 7. Protection of bender's Security. If Borrower tads to perform 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, t including, but not limited to, eminent domain, incolvenc~, code enforcement, or arrangements or proceedings invdving a bankrupt or decedent. then lxnder at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is nececcuy to protect Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender reyuircd mortgage insurance as a condition of making the loan xcured by this Mortgage. Bornswer shall pay the premiums required to maintain such insurance in effect unfit such time as the rcyuirenient for such insurance terminates in accordance with Borrowers and r~ a t ~1 pR , • ~ ~ • 8342 P~~E~477 . ,