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HomeMy WebLinkAbout1511 UNttaastnt Oovarutr». Borrower and Lender covenant and agree as follows: b itq¦1sM a1 hieclral and 1nNeesl. Borrower ;hall promptly pay when due the principal of snd interest on the i:tdebtedrreas evidepped by the Note, prepayment and late charges ac provided in the Nola, and the principal of and interest on any Futuro Advances secured by this Mortgage. ilrluis fer 7'azee tni lrtatrtr~ance. Subject to applicable law .x tea written waiver by Lender. Botrowe~ shaft pay to Leader on the day rtironthly installments of principal and interest are payable under the Note, until the Note is psW in full, a stmt (herein "Fuads'~ equal to one-twelfth of the yearl~~ tax~~ and assessrrtents which may attain priority over this Mortgage, and ground rents on the Property, it any. plus errs-twelfth of yearly premium ituallments tar heard inwrance. plusone-twelfth o[ yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from tune to time by Leader on the basis of rise:smcnts and hills and reasonable estimates thereof. 7be Funds shall be held in an institution the deposits or accounts of which are inwred or guaranteed by a Federal otr state agency (inchrding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. inwrtutoe ptemiurns and grourd rents. !.ender may na charge for so holding and applying the Frrnds, analyzing said account. or verifying and compiling said assessments and bills. unku Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time o[ execution of this Mortgage that interest on the Funds shall be paid to Borrower, and utrkss such agroement is made or applicable law roquira such interest to be paid. Leader 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 credits and debits •to the Funds' and the purpose for which eadr debit to the Funds was made. The Funds arc pledged as additional security for the scans secured by tba Mortgage. U the amount o[ the- Funds held by Lxrrder. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, inwranoe premiums and ground rents, shall exceed the amount required to pay said taxes, asseapoents, iasuraaoe premiums and ground rents u they tall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or t.redited to Borrower on monthly installments of Funds. It the amount of the Funds held by Lender shall not be t to pay taxes. assessrrrents, insurance premiums and ground rent: as they fall due. Borrower shall pay to Lender any amount rreoessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in fuB of all sums sxured by this Mortgage, Lender shall promptly refund to Borrower any Funds heW by Lender. if under paragraph 18 hereof the Property is soW or the Property rs otherwise acquired by Lender, Lender shall apply, tto later Wan immediately prior to the sale o[ the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. . 3. A~lication of Pgmewb. Unless applicable law provides otherwise, all payments received by Leader 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 psragraph 2 hereof. !ben to interest payable on the Nae, then to the principal of the Note. and then to interest and prindpal on any Future Advances.. 1. Charger Liras. Borrower shall pay all taxes, assessments and other charges, fines 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 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 paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly famish to Lender receipts evidencing such payments. Horrower shall promptly discharge any lien which hu priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so long 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 faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Propsrty or any part thereof. S. Illasard Irwraw~~e. 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 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. 'Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, !bat such approval shall not be unreasonably withheld. All premiums on insurance policies shall tx 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 ~ insttrarrce 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 accepPabk to Lender. Lender shall have the right to hold the policies and renewals thereof, f and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, _ i Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof o[ loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration of 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 MoRgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. #f any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower tails 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 Propene 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 t 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 Property prior to thy: sale or acquisition shall pus to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. Prteerratlon and Maintenance of Property; Leaseholds; Condominiums; Planeed Unit IDevebpments. Borrower shall keep the Property in good repair and shall not comrpit Wute or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. _I( 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 agraments of this Mortgage as if the rifer were a part hereof. 7. Protection of [,eoder's Security. If Borrower fads to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects tender's interest in the Properly, including, but not limited to. eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then 1_ender at Lender's option, upon notice to Borrower, may make such appearances. disburse such sums and lake such action as is necessary w protect Lender's interest, including. but not limbed to, disbursement of reasonable attorney's tees and entry upon the Properly to make repairs. 1f Lender required mortgage insurance as a conddion of making the loan secured by this Mortgage. Barr~lwer shall pay the premiums required to maintain such r insurance in effect umil such time as the requirement for cash insurance terminates in accordance with Borrower's and j ~ I .