Loading...
HomeMy WebLinkAbout1496 ..mot ~ f ! ' ~ ~ ~ 1S r Unt~ptw Gbvtanxt~s. Borrower and Linder eovenant and agree u tolkws: a >214twaM at l<slinel~al trtM 1Ma'nl. Borrower shall promptly pay when due the principal of and intstest on the itrdebtetitress evidentxd by the Note. prepaytrreat and late charges a~ provided in the Note, and the principal of and interest oa any Futuro Advsntxs secured by this Mortgage. L ltri tar Tittae arsd lawrrce. Subject to applicable law cx to a written waiver by Lender. BoROwer shah pay to LRndet on the day monthly installments of principal and interest arc payable under the Note. until tht Note a paid in full. • sum (herein "Funds' equal to one•twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage. and ground rents on the Property. it any. plus ottatweltth of yearly-premium installment for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, it any. all ss reasonably estimated initially and tram time to time by lender oa the basis of assessments and hills and reasonable estimates thereof. •tUa Funds shall be held in an institution the depoaiq or accounts of which arc ittstrred or gwranteed by a Federal otr state agency (including Lender it Lender is such an institution). Lender :hall apply the Funds to pay uid taxes, sssessmrnts, iawranoe premiums and ground rents. Lender may not charge for so holding and applying the Frrrtds, analyzing said account. or verityingand compiling said 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 Io Borrower, and unless such agreement is made or applicable law requites wch 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 annwl accounting of the Funds showing credit and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by the Mortgage. - Tf the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assaaments, irsurance premiums and ground rents. shall exceed the amount required to pay said tazea. assespnents, ituuranoe premiums and ground rent 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. It the amount of the Funds hdd by I.eoder shall not be suf6cieot to pay taxes, assessments. insurance premiums and ground rent s: they tall due. Borrower shall pay to L.errder 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 is fuq of aA sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Lender. It under paragraph 1!t hereof the Property is sold or tl~e Progeny rs otherwise :squired 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 application a: a credit against the sums secured by this Mortgage. 3. A~Iicatioa of TgeeMs. Unless applicable law provides otherwise, all payments received by Lender under the Note and psragraphs 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 Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 1. Crarges; Ltews. Borrower shall pay all fazes, 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. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph, and in the event Borrower shall make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage; 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 iq legal proceedings which operate to prevent the enforcement of the Gen or forfeiture of the Progeny or any part thereof. S. 1Hanrd Itstwrawee. Borrower shall keep the improvements now existing or hereafter eructed on the Progeny insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender 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 coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ~ "Ibe insurance 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 ' inwrancc carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage i 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 tinder. Lender may make proof of loss if not made promptly by Borrower. Uakst Lender and Borrower otherwrse agrce in writing, insurance proceeds shall be applied to restoration or repair of ! the Progeny damaged, provided such restoration or repair is economically feasible and the security of this ,Mortgage is 1 not thereby impaired. if such restoration or repair is not economically feasible or i[ the security of this Mongage 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 Borrowsr 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 insurancx benefits, Lender is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Progeny 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 referr_d to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Progeny is acquired by Lender, all right, title and interest of Borrower in and to say insurance policies and in and to the proceeds thereof resulting from damage to the Progeny prior to tln: sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. L. Preservation and Maintenance of Progeny: Leaseholds; Condominiums; Planned Uait Devdopraeats. Borrower shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Progeny = and shall comply with the provisions of any lease if this Mortgage is tin a leasehold. If this Mortgage is on a unit in a condominium or a planned unit developtfient, Borrower shall perform all of Borrowers obligations under the declaration E 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 da:umenrc. If a condominium or planned unit development _ rider is executed by Borrower and recorded together with this Mongage, the covenants and agreements of such rider E shall be incorporated into and shall amend and supplement the covenants and agreements of this Mongage as if the rider were a pan hereof. , 7. Protection of Ltrder's Security. If Borrower faik to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially aRects Lender's interest in the Property. including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings invoh•ing 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 Lender's interest, including. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. if 1_ender required mortgage insurance ac a cund~tion of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ~ insurance in effect until such time as the requirement for such rnsurance terminates m accordance with Borrower's and . , X342 r~1495 j _,q _