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HomeMy WebLinkAbout1517 , / t.? Utrrrwant Cotrartatrts. Borrower and leader covenant and agree ss follows: L >!alyttaetN N TelaelMl ttrsd 1Nena1. Borrower shall promptly pay when due the ptirtcipal of and inteteat on the iarkbtedttaa eviderreod by the Note, prepayatertt and late charges ax provided in the Nate. and the principal of and interpt aft aay Future Advaaas ttectrred by this Mortgage. B. FWi ter 7lsauss ttrttl lasttrsrrw Subject to applicable law .x to a written waiver by lender. Borrower shall pay to Leader on the day monthly ittstsNments of principal and interest arc payable under the Note. until the Note is paid in full. a aunt (ht+'rin ••Funds'~ equal to one-twelfth of the yearly tax~~. and asssessrrtettts which may attain priority over this Mortgage, and grotrrtd rata on the Property. it any. plus one-twelfth of yeatfii~ premium inualltttents for hazard insurance. plus otto-tweltth o[ yearly premium itwallments for mortgage inu~rance. it any, all as reasortabiy estimated initially and from times to time by Leader on the basis of assessments and hills and reasonable estimates thereof. 'Ibe Funds shall be held in an instituticat the depoaip or accounts of which are insured or guaranteed by a Federal otr start: agency (including Lender i[ Lender is such an institutionl. Lender shall apply the Funds to pay said taxes. assessments. instrrartce Premiums and ground rents. lender may not charge for so holding and applying the Frrnds. analyzing said account, or veritying.snd compiling said assessments and bilk. unless 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 of execution o[ the Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law rcgtrir+ea such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall g~ to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpttae for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured this M ' ~ TE the artwtutt o[ the Funds bdd by Lender. together with the future matthly installments of Funds payable prior to the due dales of taxes, asse::mdtts. ittaurartce premiums and ground rents, shall exceed the atttount required to pay said taxes, asseatmteats, irtsuranoe premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either i promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. It the amount of the Funds held by Leodee shall not be sufficient to pay taxes. assessntenu. insurance premiums and ground rents ss they tall due, i Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.ertder to Borrower requesting payment thereof. I Upon payment in full of all sums secured by this Mortgage. tender shall promptly refund to Borrower any Funds beW by Lender. If under paragraph 18 hereof the Properly is sold a the Property a otherwise acquired 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 I.eoder at the time of application as a credit against the sums secured by this Mortgage. 3. Applieatioa of Pap~esewb. Unless applicable law provides otherwise, all payments received by Lender 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 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. CVrges; bkas. Borrower shall pay all taxes, asxssments and other charges, tines and impositions attnbutabk to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner providod under paragraph 2 hereof or, it 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 paragtsph, 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 in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part therwf. S. Aazara Iwwrawee. Borrower shall keep the improvements now existing or hereaher erected on the Property insured agairut loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and [or such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of rnverage required to pay the sums secured Eby this Mortgage. II 'Ihe inwranx 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 insurance carrier. 4 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 farm 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 ratite to the insurance carrier and lender. Lender may make proof of loss 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 restoration or repair is economically feasible and the security of this Mortgage is 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 a abandoned by Borrower, or it Borrower 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 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. 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, ail right, title attd interest of Borrower in and to any Rtsurance 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. i 6. Preservation and Maieteaance of Property: Leasthofds; Condominiums; Planned Ualt Deveilopttseats. Borrower ` shall koep the Property in good repair and shall not commit yvaste or permit impairment or deteraration of the Property 1 and shall comply with the provisions of any lease if this Llortgagc- is on a leasehold. U this Mortgage is on a unit in a 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 devebpment, the by-laws and regulations of the - condominium or planned unit development, and constituent documents. 1f a condominium or planned snit development I rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider l shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider 1 were a part hereof. £ 7. Protection of bender's Security. It Borrower fails 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, ~ including, but ncx limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then l.encier 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 a reasonable attorney's fees and entry upon the Property to make repairs. If I~nder required mortgage insurance as a condition of making the loan secured by this Mortgage. Bnrn:wer ah~ll pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ ao~~~2 P.~1~~6 - ~ ~ ~ ~ ~ r • "