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HomeMy WebLinkAbout1541 t s Untvotut Oovarteatrs. borrower and Letader covenant and agree as follows: 1. h~msM of hlatiNi aN ItMsrwt. Borrower shall promptly psy when due the principal of and intereN on the ietdebtsdrttts evidtntecd by the Note. ptepayrncnt and f:tc charyZes as provided in the Notts. and the principal o[ and interest ea say Future Advances sectrr+ed by this Moctgsge. ltrnis Qatr Tases ttesi itwtaace. Subject to applicable law ~x to a written waiver by Leader. Borrower thsll fiat to Larder on the day monthly installments of principal and interest arc payable under the Note. until the Nde is paid in full, a sum (herein "Funds'? equal to orre~twelfth of the yearl~• tax~~ and assessments which -may attain priority Duet this Mortgage, and grotutd rents oa the Property. if any. plus one-twelfth of yearlli prcnuum iastallrrrena for hazard insurance. plus one-twelfth o[ yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and fr+oan i time to tithe by Leader on the basis of assessments and hills and rcawnabk estimates thereof. 7Ue Funds shall be held in an institution the deposits or accounts of which arc irtsurcd or guaranteed by a Federal otr :tats agency (including Lender if Lender is such an institutionl. Lender shall apply the Funds to pay said (axes. assessments. insurance premiums and ground rents. Lender may not charge for zn holding and applying the Fonds, analyzing said account. or verifying and compiling :std assessments and bilk, unless Lender pays Borrower interest on the Funds and appligbk law permits Lender 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 to Borrower. std unless such agreement is made or appligbk law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funtb. Lender shalt give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds std the ' purpose for which each debit to the Funds was made. The Funds are pledged u 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, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments. in:urarroe premiums snd ground rents as they fall due, such excess shall be. at Borrower's option, either promptly repaid to Borrower or coedited to Borrower on monthly installments of Funds. If the amount of the Funds = htsid by Lender shall root be wlficieot to pay taxes. assessrrrents. insurance premiums and ground rents as they fall due, ~ Borrower shall pay to lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment is full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Fund: held by Lender. If under paragraph 18 battier the Property is sold or the Property rs 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 Lender at the time of application a: a credit against the sums secured by this Mortgage. 3. A~fScatiort aft l~eotr. Unless sppligble 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. 4. Charges; Lkrrs. Borrower shall pay all taxes, 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 paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Botrovrer 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 thereof. S. Hazard Iaserawce. Borrower shall keep the improvements now existing or hereafter erected on the Properly imurod against loss by Ere, 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. '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 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 'f inwrance 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 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 carnet 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. It such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procceds shalt be applred to the sums secured by this Mortgage, with the excess. if any. paid to Borrower. If the Property is abarrdorrai by Borrower, or it Borrower fails to respond to Lender within 30 days from the 3 date notice is mailed by Linder to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance procceds at tender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. j Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend 3 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 Pro forty is acyuired by Lender, all right. title and interest of Borrower in and to any Assurance policies and in and to the procceds thereof resulting from damage to the Property prior to tlrc sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Prraervatioo and Maintenance of Property; l.easelwlds; Condominiums; Planned Unit Derdopmeats. Borrower £ shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property I and shall comply with the provisions of any lease i[ 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 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 constituent documents. If a condominium or planned unit development j 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 :his Mortgage as if the rider t E were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding rs commenced which materially affects 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 1_ender 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 tees and entry upon the Property to make repairs. If I.cnder reyiiired mortgage insurance as a condition 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 msurance Iermmates in accordance with Borrower's and S ~3 P~i540