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HomeMy WebLinkAbout0457~. , ~. : ' ~: ~- , ,_ ~. . ~ Ui+t~o~ut Covat+at+t~s. Borrower and Lende. covena~t and a~rce u toilows: 1. ~ed ot l~i~e1N1 a~i I~tenyt. Borrowe~ shall p~omp~ly pay when due the principal of and intercst on the iRdebtednas evidenood by the Note. prepaymeot sr~d late chargec a~ provided in the No1e, aod the principal of aod interest on ~ay Future Advances sxured by Ihis Mongaae. 2. 14~i tor T~sa Mi I~wra~ce. S~bject to applicaDk law at ~o a written waive~ by Lender. Botrower shall pay to Lender on Ihe day mo~~hly installments of principal and ~o~crccl arc payable under the Note, until the Note is paid in tull, a aum (herein "Fund~") equal to one-twelfth o( the yearl~~ uac. and assasments which may attain priority over this Mottjase. and =round n~ts on the Property, if any. Flus one-twelQh of yca~ly premium installments tor hazaod insurance. plus ope-twsllth of yearly prcmium installments tor mongage ins~~rancc, if any, all as rcuanably estimated initially and trom time to time by Lender on the buis ot assescmcnts and hills and reasanable atimates thereof. 'I1~e Funds shall be held in an institution ~he depoi~a or accounts ot which are iosuoed or guaranteed by a Federal ot state ageocy (includin6 Lender if Lender is such an institution). I.ender sh~ll apply the Fur~ds to pay said laxa. assessments, insuranoe premiums and grouod rc~ts. t ender may n~~t charge For so holding and applyins ~he F~~ndc. analyzing said account. or vtrifyin~ snd compling said assessments ~nd bills, unless Lende~ pays Borrower interest on the Fuods and applicable law permits Lender to make such a charge. Barrower and [.ender may agrce in writing at the time of executioo oi this Mortga~e that interat o~ the ~unds shall be paid ~o Borrowe~, and unless such agreement is made o~ applicable law requira such interat to be paid. l.ender shall na~ be rcquired to Pay Borrower any inte~at or earnings on the Funds. Lendu shall give to Borrower~ witbout charge, an annual accounting of ~he Funds showing credits and debits to the Funds and the pnrpoae for which each debit to the Funds was made. The Funds arc plodged u additional security tor the sums wcured by this Mottpee. _ If the amount ot the Funds held by Lende~, togaher with ~he future monthly inttallments ot Funds payable prior to t6e due dates of taxes. uxssments. insuranco prcmiums and ground rcnts, shall exceed Ihe amount requircd to pay said taxa. a:suaaents. insurance premiums and geound rents as they fall due, such excess shall be, at Borrower's opt~on, either promptly repaid to Borrower or crodited to Borrower on momhly installments of Funds. I[ the amount o( the Funds held by Leoder shall not be suRcieot to pay taxes, assessments, insurance prcmiums and ground rents u they fall due, BoRO~ver shall pay to Lender a~y amount necasary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thcreof. Upoa payment in full of all sums secured by this Mortgage, l.ender shall promptly retund to Borrower any Fun~ held by Lender. If under puagraph 18 hercot the Property i~ sold or the Property ~s othervvisc acquircd by Lender, Lender s6dl apply. no later than immediately prior to the sale of the Property or i~s acquis~tion by Lender. any Funds held bv Leoder at the time of application as a credit against the sums securcd by this Mortgage. 3. A~iicatio~ of Payments. ilnless applicable law provides otherwise, all payments received by Lender under the Note and pangnphs 1 and 2 hereof shall be applicd by 1_ender first in payment ot amounts payable to Lende~ by Horrower under paragraph 2 hereof, then to i~tcrest payable on the No~e, then to the principal of the No~e, and then to intcrest and principal on any Future Advanoes. .' • 1. Char~es; Lkns. Borrower shall pay all taxec. a~scssments and othcr charges, fines and ~mpositions attributable to the Prope~ty which may attain a pnority over ~his blortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, i( not paid in such manner, by Borrower making payment, when due, dircctly to the payee theroof. Bortower shall promp~ly furmsh to Lencier all not~ccs of amounts due under this paragnph, and in ihe event Borrower shall malce payment directly,. Borrower shall promp~ly (urn~sh to Lender receipts evidenc~ng such payments. Borrowe~ shall promptly dixharge any I:en which has pnonty over th~c Mongage; proviJed, that Borrower shall not be rcquired to discharge any such lien co long as Borrower shall ~gree in wrd~ng ti~ the payment of the obligatiun ucured by such lien io a manner aeceptable to Lender, or ih•rll in gcx-d (aith conte~t ~uch lien by, or defend eoforcement of such litn in, legal proceedings which operate to prevent the enf~~rcement of the hen or. tor(eiture of the Property or any pan thercof_ S. Hwrd Insunwce. Horrower shall kcep the improvemen~~ now etiisting or hereatter erected on the Property insured against loss by firc, hazards included withm the term "rtitended coverage", acd such other hazards as I.ender may require and ~n such amounts and for such ptriodc as i_ender may reyuire; pmvideJ, that l.ender shall not rcquire that the amount ot such coverage exceed that amount of coverage reqwred to pay 1he sumc cecured by Ihis Mortgage. 71~e msurance carrier providing the insurance shali be chose~ by Borrower subject to apProval by Lender, provided, that such approval shall not be unreasonably withheld. All prem~omt on insurance polic~es shall be paid ~n the manner provided under paragraph 2 hereof or, ~f not pa~d in tiach manner, hy Bnrrower mak~ng payment, when due, directly to the insurance curicr. All insurance pol~cies and renewals therrof shali he in torm acceptable to LenJer and shall include a standard mortgage clause in favor of and in form accep~able to Lender. Lender ~hall have the right to hoW ~he poiicies and renewals thereof, and Borrower shall promptly [urn~sh to Lender all renewal nouces and all rece~pts of paid premium~. In the event of loss, Borrower shall grve prompt notice to the ~nsurance carne~ and 1=ender. l.ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwnr agree in wnting, inwrance proceeds shall be applied to restoration or repair of the Property damaged, prov~ded such retiroraaun or repair is economically feacihle and the security of th~s Mortgage is not thereby impaired. If such restorat~on or repa~r ~s'nut rconomically (rasiMe or ~f ~he ueunty of this Mc~rtgage would be impa~red, the insurance proceeds shall be applied tu the sums secureJ by this Mongage. with the excess, if an}•, pa~d to Borrower. I( the Property is abanJoneJ by Horrower. or ~f Borrower fails to respond to Lender within 30 days irom the date notice is maded by l.ender tv Borrower that the msurance carrier ofTen ro set~le a claim for insurance benefi~s, I.ender is aut6oriud to collect and apply the imurance proceeJs at Lendcr's option e~ther to restoration or repa~r of the Propert~• or to t6e sums secured by this Morigage. Unless Lendcr and Burrower vtherv-i4s agrce m anUng, any such application af pra:eeJs to pnncipal shall not extend or postpone the duc date of the monthl~• insiallmentt referred ti. in paragraph~ I and 2 hereof or change the amount o( such instaltments. It unJer paragraph 18 herevt thc Prof,erty i~ acyuued b} LenJcr, ali nght, title and interat of Borrowcr in and to an~• tnsurance policies and irt and to lhc pro~eeds thereof resulung from damage to the Propeny prior to th~ sale or acquis~tion shall pass to Lender to the e~tcnt of thc sum. ~ccurcd b}• thi~ :~tortgage immediately prior to such sale or acquisition. - 6.~ Preservation aod ~ttintenance of Property; I.easeholds; Cundominiums; Plsnned Unft Developments. &irroKCr shall keep the Property in good repair and shall not comrpit y~•aste or permi~ impairment or deterioration of the Property and shall compl}~ with the provisions ot any lease i( ih„ Norlgage i. on ~ Ie~srh~~ld. If this Mortgage is on a unrt in a condomimum or a planned unit devclupment, Borrower shail perform all of Borrower's obhgatwns under the declaratwn or coveoants creating or guverning the condominium or planned im~t devel~~pment, the by-laws and regulations of the condomin~um or planned unit development. and constituent J~kumen~~. If a condominium or planned unrt development nder is executed by Borrower and recordeJ a~gether with th~~ Mottgage, the covenants and •rgreements of such rid~r sha11 be incorporated ~nto and shall amend and wpplrment thc cuvcnantti anJ agreements ot thic Mortgage as if the nJcr were a part Fereof. 7. Proteclion of I.enders Securfty. I( Horr~~wer (:~il. t~~ ~xr(~~rm the covenants anJ agreements contained in this Mortgage, ur if any acl~on ~~r prckeed~nK n commrnceJ which materially eRrct~ I.ender't ~nteretil in the Proper~}•. ~ncluding. but n~i! limiled Iv. em~nent domain. im~.henc~. ~~ale ent~~rcemrnt, i~r arr.~nRementc ur pn~eeedings invohing a bankrupt or deceJent. ~hen I.ender at I endcr'ti opUon, u~m notice ti~ Horruw•rr. ma• make such appearances, dishurse such sums and take such actiun a. is nece~tiar} ta pr~~tert Lender'~ ~nlerest. ~nclu~hn~. but n~~t Iimi~cJ to, d~~bursement ~-f 'reasonahle anorney~'s fce~ and en~ty u~~n the Pmpcr~~ 1~- ma~,c rcpa~r.. (( (.cndrr reynirc.l m~~rtgage in~urance at a condn~un of making thc lo~n `ccureJ b} this ~1ar'tg.~~r, R~~rr~:wcr sh.dl pay thr prcmiwns reqwre.l Io mai~tte~n such iruurance in effect uMd tiuch Ume a~ Ihe rcyuirement for ~urh ~nsuran;e term~nalc. ~n ac~ordance w~~th Borruwer'. anJ a~ 346 ~A~E 4~5 , ..... ~ , s ~~~~ _~ . ' - _~.. ~. - ---- __ .'_-_Si . . .