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HomeMy WebLinkAbout1935- .. Borrower and l.~eader oovenaat and ast~ee as toUo~w: .. l. Paymeat ot Priucipal uid Iate~eat. Borrowrer shaU pcomptly p~y when due t!u pRncipal of and interat on the indebtedneas evidenced by tl~e Note, prep~ymeAt aad latecharra aa provided in ehe Note, and the principal of and intereat on any Fl~ture Advances secured by this Mortaaae 2. Fbad~ tor Tue~ u~d Inaurance. Subjcct to applicabk law or to a written waiver by Lender, 8orrower shall pay to Leoder on the dey awnthly inatallments of prindpal and interest are payable under the Note, until the Note ~a paid u~ fuU. a aum (herein "F'unds") equal to ont twdRh oithe yeady tsuces and as~essmenN which may attaio p~iority over thia Moriga~e, and grou~d renta on the Property, itany. plus ont twelRh of yearly pranium installment~ (or haurd insurance, plus onttwelRh of yeasly premium installments [or mortgage inaurance, if any, all as reawnably cstimated initiaUy and fram time to tia~e by Lender on the basia oi asaessmenta and bills and reasonable eetimatea thenoL 71~e Etiads ~hall be heW i~ aa iaatitutioa the deposita or accouab of which are in~ured or guaranteed by a Federal or State agency tuidudint Laider if Laider is wcli aa iaatitntion). l.eader shall apply the Funds to pay said taxea, auesamenb, insurance premiums and gronnd ra~b. Leade* may aot chsr~e far w holdins and applying the Funds, analyzing said account, or verifying and compiling said ~y ~ b~s. ~1~ ~+~de~ Pari ~*~~ intereat oa the Fnnds and applicable la~r pern~ita Lender to make auch a charge. Borrower ~~~ ~Y +~~ ~n ~~ at t6e time of esecution ot this 11lortgage that intereat on the Funds shall be {-aid b Borrower, ar~d unless such ~t is made or aggliGable la~.r Ts~qaire~ avrh iniereat Lo bt Raitl. Lendrr aha!! noL be required to pay Bu~n,we~ any interest or eamings oa the Fund~. I.ender ahall sive to Borrower, writhout charge, an annual accounting of the Funds ahowing credita and debits to the Funds and the purpwe for ~rhich each debit to the Funds was made. 'I1~e Fun~s are pledged aa additional aecurity for theaume eecured by thie Mortgsy~e- If the amount otthe ~nd~ hdd by Lender, together with the tuture monthiy installmenta of Funds payable prior to the due dates o[taxea, aiseasmeats, iasuranoe premiuma and ground renta, ahall excred the amount required to pay said taxea, aaaessments, inaurance premiums and ground reats as they fal) dae. suc6 acceas ahail be, at Boirower a option, either prompqy repaid to Borrower or credited to Borrowet on month~Y u-stallment~ of Ftind~. It We amount of the Funds held by Lender ahaU not be sutficient to pay taxes, aaseeaments, insurance premiums and aroand reats as they fall due. Borrower ahall pay to Lender any amouot necessary to make up the de6ciency within 30 days f*'om the date notics is mailed by Lmder to Borrower requeating payment thereot. Upoa payme~t ia [uti of all sums serured by this MorEgage, Le~der shali pmmpdy retund to Borrower any funda held by Lender. If under paragrap$18 hereof the PropMy ia sold or the Pmperty ia otherwise acquired by [rnder, I.ender ahall apply, no later than immediately prior to the sak of the PropeRy or ita aoqnisition by Lender, any Funda held by Ltnder at the time of application as a credit againat the auma secured by thi~ Mortgage. 3. Applieation ot Paymenta. Unleas applicabk law provides otherwiee, all payments received by Lender under the Note and paragraphs 1 and 2 heieot ahall be applied by lender first in payment of amdunts payable to Lender by Borrower under patagraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then w intereat and principal on any Future Advancea. 1. Chargea; Liens. Bormwer shall pay all taxes, asarssme~ts and other charges, fines and impositiuns attributable to the Property which may attain a priorily 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. E3orrov-er shall promptly furnish to I.ender all notices of amounts due under this paragraph, and in the event Rurrower shal! make payment directly, Borrnwer shal) promptly fumiah to Lender receipts evidcncing such paymenta_ E3orrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required todischarge any sach lien so tong as Horrower ahall agree in writing to the payment oi theobligation secured by such lien in a manner acceptable to Lender, or shall in good taith contest such iien by, or defend enforcement o[such lien in, legal proceedings which operate to prevmt the enforceme~t of the t~en or forfeiture of the Property or any part thereof. ~. Hazard Inaurance. E3orrowrer shall kcep the improvementa novir exist~nq or hereafter erected on the I'roperty insured againat loae by fire, hazarda included w-ithin the term "extended coverage," and such other hazards as I.ender may require and in auch amounta and for auch ~fii.;iie~ as I.rnder may rryuire, pro~idcKi, ihat t.rndrr ~naii no~ reyuire that the amount of such coverage exceed thal amount o(coverage required to pay the sums secured by this ~1ortRage. , The inauranee camer prov~ding the insurance shall be chusen by Fiortuwer sub~ect w approval by l.ender: pmvided, that such approva! shall not be unreasonablc withheld. All premiums on ~nsurance p~~l~~•uw shall t~e pa~d ~n the mannrr provided under paraKraph 2 hereof ur, if not paid in such manner, b~ Borruwer mak~ng payment, when due, directl~ tu the insurance carrier. A11 insurance policies and renew~als thereof shall be in torm acceptable tn I.ender and shall include a standard mortgaqeclause in favor of and in form acceptable W Lender. l~ender shall ha~e the right to huld the policies and rcnewals thereof, and Borrower shail prumptly furniah to ~.ender aU rcnewal notices and all nceipts of paid premiuma. In the ever~t of loss, ftorruwer ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unlese Lender and Borrower othervrise aqree in writing, insurance procceds shall be applied to reatoration or repair of the Property damaged, pro~~~ed such restoration or repair is economically feasible and the serunty of this Mortgage ia not thereby impaired. If such restoration or repair is not cconomically feasible or if the security of this Mortgage would be ~:npaired, the insurance proceeds shall be applied to the aums aecured by thia Nortgaqe, with the excess, if any, pa~d to Borrower. l f the Property is abandoned by Borrower, or if E3ormwer faila to respond to Lender vrithin 30 da~s from the date not~ce is mailyd by l~ender to F3orrower that the inaurance carrier ofCera toaettle a claim for insurance benefits. [.ender is authonzed to collect and appl~~ the insurance proceeds at I.ender'a option either to restoration or rnpair nf the Property or the sums eecured by this MoRgage Unlesa Leoder and Borrower otherw~se aqree in wnting, any such application of proceeds to pnncipal ahall not extend or postpone the due date of the monthly installmen~s refened to in paraRrapha l and 2 hereof or change the amount of auch inatallmente. If under paragraph IS he~reof the Property is acquired by Lender, all right, title and intereat of Borrower in and w any inaurance policies and in and to the proceeda thereof resulting from damaqe to Proprrty prior to the sale or acqu~sition shalt paas to Lender to the extent of the sums secured by this Mortgage immediately prior to such aale or aoquisition_ 6. Preservation and ~IaintenanceotProperty; Leaseholda;Condominums: Plenned Unit Developments. Borrowerahall keep the Property in good repair and shall not commit rwaste or permit impairment or deterioration of the Property and ahall comply with the provisione d any lease d this ~tortgage ia on a leasehold. If this ~lorigage ia on a unit in a condominium or a planned unit development, E3orrower shall pertorm all of E3orrower's obligations under the declaratiun or covenanta creat~nQor governing the rnndominium or planned unit development, the by-lawa and regulations of the condominium or planned unit development, and conetituent documents. If a condominium or planned unit development rider is e:ecuted by Borrower and recorded together with thia Mortgage, the oovenanta and agreementa of auch rider shall be incurporated intu and shall amend and supplement thecuvenants and agreemente of this Mortgageasifthe rider were a part hereof_ 7. Protection ot Lendrr'~ 3ecurity. If Borrov.er tails to per[orm the oovenants and agreements rnntained in this Mortgage, or if eny action or proceedina iu commmoed which materially aftects Lender s interat in the Propecty, including, but not limited to, eminent domain, insolvency, oode enforcement, a arrangement~ or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upoa notice to BorroweT may make such appearances, diabune ~nch sums and take such action a~ is nccessary to protect Lender'~ interest, including, but not limited to, disbursemeot of reasoneble attomey'a fees and entry upun the Property to make repain. If [.ender required mortgage insuranee as a oondition ot making the loan secured by this Mortgage, Borrower shal! pay the premiums required to maintain such uuurance in effect nntil wch time as the requiremmt tor snch insurence trrminate~ in accordance with Borrowrr s and Lendd~ written agreecnent or applicabk I~w. Borrower shal) pay the amount of all mortgage insurance premium~ in the menner provided under paragraph 2 hereot. My amoanes diabuned by Lmder penuant to this paragraph 7, with interat thercon, shall become additional indebtedness of Borrower ~ecured by thii Mortgage. Unleas Horrower snd Lender agree to other terms o[ payment, such amounts shall be payable upon notice trom Lender to Bormwer requesting payment thereof, and shall bear interest from the date of disbursement at the rete peyeble from time W time on outstanding principal under the Note unleas pay~nent of interest at such ratt would be contrary to applicable law, in which event such amounts shall bear interest at the highest nte pennisaible under applicable la~-. Nothing rnntained in this paragraph 7, shell require Lendcr fn incur any etpenie or ta1~e any action hereunder. ~ s . ~ :,~ _ - ~~~~_ -- - --- _ __ . a~350 P~1~33 .