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HomeMy WebLinkAbout0669_. '._' . . ~'~'~: .• ii~ • . Untrou~a Oovea~t~ris. Borrower aad Le~de~ covensnt and ajroe u tollows: 1~. iyweM et lei~c~l a~i INetrd. Borrower shall ~uomptly pay when due the principal ot and intercri oo the ~ndebtodaas evidenood by tbe Note. ptepayment and late chargcc~ac ~+tovided in ~he No1e, aod the p~ncipal o[ aod inte~est on any Future Advances secured by this Mortaase. 2. F`i /ar T~~s a~i U~w~^ca Subject to applicat+k law ~.r to a written waiver by Lender, eo~~ ~.n wr to Leader on the day mo~thly installments of principal a~d int~rcu an paysMe unde~ the Note. until the Note is paid in tull. • awn (he~+eio "Fun~'q ~qwl to one-twelfth ot the yearl~~ u~-c. an~! assasments which msy attain prioriry ovet this 1No~tsa~e. and `round reea on ~be Prnpeny, if a~y, E+lus ax-tweltth of yearly premium installments for hazatd inwrance. plus oaatweltth of yea~ly premium installments !or mortgage insunnce. it any, all as rcaso~ably estimated initially and Gnm time to time by Leader on the buis of assescmc~ts and hills and reasonabk atimata thereof. The Funds shall be beld in an institwion the depaita or accounts of which are i~uured or guaranteed by a Fedenl ot state aseacy (includina Lender if Lender is such a~ inslitution). I.ender ahall apply the Funds to pay said uxa. assessments. inwranoe ptemiums and trcwnd rcnts. l.eode~ may not charge for u+ holding and applying ~he Fundc. analyzing said actount. or verityinj snd eomplina said assessments and bills, unless Le~der pays Borrower intercst oe the Fu~ds and applicable law permits Ltoder to make such a charge. Borrower and l.ender may agrce in writing at ~he timt ot execution of this Mort~a~e that interest on the Funds shall be paid to Borrower, and unless such agreement a made or applicable law requira such ioterest to be paid. Lende~ shall no~ be rcquircd to pay Borrower any interest or earniogs on the Funds. Lender slull aive to Borrower, witlaut charge, an an~ual accounting of the Funds showing credits and debits to the Funds and tlie purpose tor rvhich eaeh debit to the Funds wu ma~ie. The Funds aro pledged u additio~al security for ~he sums secured by this Mortpse. If the amount ot the Fuads held by Lender, together with the future monthly installments of Funds payabk prior to t6e due data of ta~ces, assessments. i~nunnce prcmiums and ground rents, shall eacecd the amount required to pay said taxa. assapaents. insurance premiums and ground rcnts u they fall due, such excess shall be, at Bonower s option, either pt~omptly repaid to Bormwer or credited to Borrower on monthly inslallments of Funds. If the amount of the Fu~ds hdd by Leoder shall not be sutCcient to pay tua. atsessments, insurance premiums and ground rents as they fall due, Bormwer s6a11 pty to Lader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by L~eader to Borrower requestia8 paYment thereof. Upon paymeat in fuU of atl sutas secured by this Mongage, l.ender shall promptly refund to Borrower any Funds held by Leader. If under puaaraph 18 heroof the Property ia sold or the Propeny ~s othenvise acquired by Lender, Lender sbdl apply. no later than ima~ed'utely prior to the sak of the Property or its acquisition by Lender, any Funds held br I.eader at the time of application u a credit against the sums secured by this Morigage. 3. A~licatio~ ot l~~e~ts, Unless applicabk law provides othervvise, all payments received by Lender under the Note and parsgraphs 1 and 2 hercof shall be applied by Lender first in payment ot amounts payable to Lender by Borrower under paragraph 2 heroof, then to interest payable on the Note, then to the principal of the Note, and then to interest and pcincipal on any Futur~ Advances. e. CY~r~es; Lk~s. Borrower shall pay all ta~es, assessments and othcr charges. fin~s and impositions attributable to tht Propetty which may attain a priority over this Mortgage, and leasehold payments or ground rents, it any, in the manner provided under paragraph 2 hercot or. if not pa~d in such manner, by Borrower making payment, wh~n due, diroctly to the pa~ree the~+eof• BorroMrcr shall promptly [urn~sh to Lernitr all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furn~sh to Lender receipts evidencing such payments. Borrower shall ptomptly discharge any lien which has pnonty over thi~ Mortgage; provided, that Borrower shall not be reqwrod to discharge any such lien w long as Borrower shall agree in vvnong to ~he paymenl of the obligatiun xcured by such lien in a manner acceptabk to Lender, or shall in good faith contect such lien by, or defend enforcement of such lien in, kgal proceed~ngs which operate to prevent the enforcement ot the I~en or forfeiwre of the Property or any part thercof. S. Hasard I~wrawce. Borrower shall koep the improvcments now e~isting or hereafter erected on the Property insured against loss by 6rc, hazards insluded with~n the term "extended coverage", and such other hazards as Lender may require and ~n such amounts md for such periods as Lender may rrquire; provided, that Lender shall not rtquire that Ihe amount of wch coverage eaceed that amount of coverage required to pay the soms secured by ~his Mortaaae. The iosurance carrier providing the insurance shall 6e chosen by Borrower subject to approval by Lender. provided, that such approval shall not be unrcuonably withheld. All premiumc on insurance policies sha11 be paid in the manner ptovided under paragraph 2 hereof or, if not paid in such manner, b~~ Borrower makmg payment, when due, dircctly to the inwrance carrier. All insurance policies and renewals thereof shall be in form acceptable to Leniler and shall include a standard mortgage clause in favor of and in. form acceptable to ~.ender. Lender shall have the right to hold the policia and renewals thereof, and Borrowtr shall promptly furn~sh to Lender all renewal notices and all receipts of paid prrmiums. In ihe event of loss, Bottowtr shall g~ve prompt not~ce to the ~nsurance carner and l.ender. t_ender may make proof o[ loss if not made promptly by Borrower. Un{us Lender and Borrow•er otherw~se agree in w~riting, insurance proceeJs shall be applied to restoration or repair of the Property damaged, provukd such reatorateon or repair is economically feasible and the security of this Mortgage is not thereby impaircd. If such restoration or repair is n~~t econom~cally (easible or if the security o[ this Morigage would be impaired, the insurance procoeds shal! be applied to the sums secureJ by this Mortgage. w~th the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or it Borrower (ads to respond to Lender within 30 days from the date notice is ma~led by Lender to Borrower that ~he insurance carrier ofters to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at I_ender i option either to restorat~on or repaer of the Propertv or to the sums securod by ~his Nortgage. Unless Lender and Borrower otherv-ise .~gree m wnting. am• such applicaNon of procceds to principal shall not extend or postpone ~he due date of the monthl~ installments rcferrcd to in paragraphc I and 2 hereof or change the amount o[ wch installments. If under paragraph 18 hereof the ProE.erty is acywred by Lender, all right, tiUe and interest of Borrower in and to any ihsurance policies and in and to the proceeds thereof resulung from damage to the Propeny prior to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Alortgage immediately prior to such sale or acquisition. 6. Prrsenation aod ~laintenance of Properiy: I.easehulds; Condominiums; Planned Uait Derebpments. Borrow~er shall kcep the Property in good repair and shall not comroit y.'aste or permit imPairment or deterioration of the Propeny and shall compl~~ uith the provis~ons of any least ~( thi~ Mortg~ge ~~ un a leaschold. If this Mortgage is on a unit in a condomin~um or a planned umt development. Borrouer thall ~r(orm all of Borrower's obligations under the declarat~~~n or covenants creatmg or govermng the condommium or planned umt de~•ek-pment, the by-laws and regulations of the condominium or planced unit develo~,ment. and constituent dexumentt. It a condominium or planned }mit Jevelopment nder is executed by Borrower and rerorded toge~her wnh ~hi~ Mortgage, the covenants and agreements of such rider sha11 be incorporated into and shall amend anJ supplement the co~enants and agreements of this Mortgage as if the riJer were a part hereof_ 7. Protation of Lerders Security. If Bc.rmwer (a~l~ t~. ~xr(orm the covenanls and agreements contained in this Martgage, or if any ac~~on ur proceeding ~, commrnreil wh~ch materiall~ af~erts I.enJer's interest in the Propert~•. includmg, but not Iim~led to. eminent domam. inu.lvency, r~x1e cnforcemenl. ~r arrangrmenK or proceedings mvoh•ing a bankrupt or deceJent. then l.ender at I.ender', opt~on, u~n notice to Borrower, m•r} make such appearances, d~sburse such sums and ~ake such action as ~s necec~ar~ t~~ prrnect Lender'c mterest, including. but not limrted to, Jisbursement of reasonable auomey't fccc and entry u~~n tFic Pmpcn~ to make rcpa~n. I( I.ender rryuircJ mortgage insurance as a cond~tion o( mak~ng thc loan cecurcJ b~ th~s :~lurtgagc. B~~rrr.wrr sh.~ll pay thr prcmiums rcquired to mai~~ta~n such insurancc in rBect un~il -uch timc ati ~Ix reyuircmcnl (~r .uch insuran;c trrmi~:atr~ in :~ccordancc with Borrow•cr's anJ r~~ f t 6001~ c~`f5 PA6E ~~ ' . i i _=~ ° - s~.~'.~.`~,s._`'~`~7!~'2-~-~'~. ,~°'2 - ~.=*~ 'i~.~i~-- ~~ A _,...- . ._ ...