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HomeMy WebLinkAbout1490 i r ~ ~ ~ ~ ~ . ~ { UNt~rostas Oovanat+ts. Borrower and Leader covenant and agree u folkawa: L h~eseM et telaerwl tttM Iatetral. Borrower shall promptly pay when due the pratcipsl of and interest on the indebtedttpa evidenced by the Note, prepaymait and late charges u provided in the Nae, and the principal of and interest on any Future Advnaess t~eettred by this Mortgage. ' 1 >lrarttia ter'11so<ea trN Iwranca Subject to applicable law tx to a written waiver by Lender. Borrower shall pay to Leader on the day monthly irtstalUnents of principal and intrreu ire. payable under the Note. until the Note a paid in toll. a sum (herein "Funda'~ equal to ottc~twelfth of the yearly tax~~ and assesstttents which may attain priority over this Mortgage. and ground yenta oa the Property. it any, plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage instrrancc. it any. all u reasonably estimated initially and tr+om ~ time to time by Leader oft the boa of assessments and hills and reasonable estimates thereof. 71te Funds altall be bald in an institution the depostta or accounts of which are irtsut+ed or guaranteed by a Federal or state agency (including Lender if Lender is such an ittuitutionl. I~tder shall apply the Funds to pay said taxes. usaattrents. ' ituttraaoe premiums sad groutd rents. lender may not chargr for so holding and applying the Fends. analysing said account. or verifying.atd compiling said assessments and bilk, unku Lender pays Borrower interest on the Funds and applicable law permit Lender to make such a charge. Borrower and Lender may ague in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. sad trrtkss such agreement is 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 annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Futds wu made.. The Funds are pledged ss additional security for the sums secured by this Moryage. If the atttouat of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of toes. ataasmeats, insuratree premiums and ground rents, shall exceed the amount required to pay said toes. satbasraeats, iwurattce premiums sod ground tints u they fall due, Such excess shall be, at Borrower's option. either promptly repaid to Borrower a credited to Borrower on tnonehly installments of Funds. If the amount of the Fonds hdd by Lender shall not be sttl6cieat to pay taxes, assessments. insurance premiums and groutd rents u they fall due, Borrower aba6 pay to Larder any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. upon payment in full of all aloes aacuted ~by this Mortgage, l_etder shall promptly refund to Borrower any Funds held by Lander. If under paragraph 18 hereof the Property is sold or the Property rs othervvae acquired by Lender. Lender shall apply. tto later than immediately prior to the Bak of the Property or it: acquisition by Lender. say Funds held by Lender at the filet of spplicstton as a credit against the sums secured by this Mortgage. 3. A~Yeatlsn et liptieatr. Unless applicable law provide: otherwise. all payments received by Lender under the ~ Note std paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower ~ order paragraph 2 hereof. tbea to interest payable on the Note, then to the principal of the Note, and then to interest and principal on say Future Advances. 1. C`arges; I.krts. Borrower shall pay all taxes, assessments and other charges, 6rtes and impositions attributable to the Property which tray attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner ! provided under parsgraph 2 hereof or, if not paid in such manner, by Borrower making payment, what due. dite+etly to the payee thereof. Borrower 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 rexeipts evidencing such payments. 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 bog u 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 [with contest such lien by, or defend enforcement of such lien iq legal proceedings which operate to prevent the enforcement of the lion or forfeiture of the Property or any part thereof. S. 8aasrd lawraasti. Borrower shat) keep the improvements now existing or hereafter erected on the Property insured E against loss by fire, hazards included within the term "extended rnverage", and such other hoards as Lender may require and in such atrrounts and for such periods u 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 secured ~y this Mortgage. 'Ibe itrsurstree 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 inwrance 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 ; 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 hoW the policies and retxwals thereof, ' i and Borrower shall promptly furnish to Lender all renewal notices and all trceipts of paid premiums. in the event of loss. i Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Ualcsc Lender and Borrower otherwise agree 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. It such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the irisurartce proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid to Borrower. If the Properly is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by lender to Borrower that the iruurance carrier offers to settle a claim for insuratce benefits, Lander , 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. ` 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 such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in std to any hrsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pus to Lender to the extent of the sums secured by this Mortgage immediately prior to such Bak or acquisition. 6. Ptraervatioa and Maintenance of Property; Leaseholds; Condomiaiems; Plarraed Unit Devdopmeats. 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 it this Mortgage is on a leasehold. If this Mortgage is on a unit in a t 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 development, the by-laws and regulations of the condominium or planned unit development, and constitu:rat documents. !f 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. Prottctloa of Larder's Security. It Borrower faits to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially aBects 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 appearances, disburse such sums and take such action as is necessary to protect L'~'ridcr's interest, including. but not limbed to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan ucured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in eRect until such time as the requirement for such insurance terminates in accordance with Borrowers and ~ P~2~ - _ - - ~ . , , y~~,: ~ _ _ . F