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HomeMy WebLinkAbout1524,~ •~ :~~ Ut+ttraua Oovett~nn'a. Borrower and Lertder covenant and agree ss follows: 1.. hpttwtN of hiadpal tM IMtnest. Borrower shall IN~WIy WY when due the principal of and interest on the irtdebtedrKSS evidettced by the Not0. prepayment and late charges as provided in the Note, and the principal of and interest oa soy Future Advances secured by this Mortgage. 2. !tt>.i fir Toffees arttt ItttnrMee. Subject to applicahk law sr to a written waiver by Lender. Borroaer shall pay to Lends on the day monthly installments of principal and tntcrest arc payahk under the Note. until the Note is paid in full, a soar (heroin "Funds'h equal to one-twelfth of the yearly tax~Y and assessments which may attain priority over this Mortgage. and grotrrtd tents on the properly. it any, plus one-twelfth of yearly premium installments for hazard inwrartee. plus orx-twelfth of yeuly premium inuallments for morlgage insttrancc, iI any, all as reasonably estimated initially and tram time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal otr state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes, assessments. inwrance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account, or verifying and compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a clurge. 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. and unless 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 Funds was made. The Funds arc pledged as additional security for the sums secured by this Mortgage. If the amount o[ 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. assearaents, insurance premiums and ground rents u they tall due, wch excess shall be, at Borrowers option, either promptly repaid to Borrower or t:redited to Borrower on monthly installments of Funds. if the amount of the Funds held by Leader shall not be wfBcieat to pay taxes, sssessrrrents, insurance premiums and ground rents ss they fall due. Bormrrer shall pay to Lender 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 :urns secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by i..ender. If urtder paragraph 18 hereof the Property is sold or the Properly rs otherwise acquired by Lender, Lender shall apply. no later Wan immediately prior to the sale of the Properly or its acquisition by Lender. any Funds held by [.seder at the time of application as a credit against the sums secured by this Mortgage. 3. A~litatlorr of layreNs. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shalt 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. d. Cftsrses; Lfaeas. 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, i[ 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 furntsh 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. Borrower shall pranptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in wrtttng 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 defenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the Inn or torfetture of the Property or any pan theroof. S. Hwrd luserawce. Borrower shall keep the improvements nom existing ur hereafter erected on the Properly insured against loss by fire, hazards included within the term "extended coverage". and such other hazards u 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. The insurance carrier providing the insurance shall be chosen by Borrower subject to approves! by Lender. provided, West such approval shall not be unreasonably withheld. All premiums on insurance polices shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when den, directly to the insurance curio. All insurance policies and renewals thereof shall he 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 career 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 is abandoned by Borrower, or it Borrower fails to respond to 1_ender 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 inwrance proceeds at Lender's option either to restoration or repir of the Propene or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree m writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred t~- in paragraphs I and 2 hereof or change the amount of such irutallments. If under paragraph 18 hereof the Property is acywred by Lender. all right, title and interest of Borrower in and to any Insurance policies and to and to the proceeds thereof resulting from damage to the Properly prior to the sale or acquisition shall pass to Lender to the eaten[ of the sums secured by this Mortgage immediately prior to such sale or acquisition. L. Preservation and Maintenance of Property; t.easehulds: Condominiums; Planned Unit Devebpments. Borrower shall keep the Properly in good repair and shall not commit y-•aste or permit impairment or deterioration of the Properly and shall comply with the provisions of any lease if this Mortgage is un a leasehold_ It 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. It a condominium or planned unit development rider is executed by Borrower and recorded t~~gether with this Mortgage, she covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rifer were a pan tereof. 7. Proteetiou of bender's 5ecurfty. If Burrower fads to perform the covenants and agreements contained in this Mortgage, or it any action ur proceeding is cummcnccd which materially affects Lender's interest in the Property. including. but nut limited to. eminent domain. insalvenc}. code enforcement. ur arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Burrower. mad make such appearances, dishurse 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 Propert}~ to make repaus. if 1_ender required mortgage insurance as a condition of making the loan secured by this Mortgage. Born:v-cr shall pay thr premiums required to maiuta~n such insurance in elfect until such time as the requirement for wch msuran:e terminates in accordance with Borrower's and X344 P~i5~24