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HomeMy WebLinkAbout0923 . ~ j . =.:~c . . . , . ~ . i',~`~'~ _ , togetbeY with said property tor the leasehold estate if this Mort- ~ g age is on a leasehold) are hecein referred to as the "Property". Mortgagor covenants that Mortgagor is lawfully seized of the ~ estate hereby conveyed and has the right to mortgage, grant.and convey the Property, that the Property is unencumber~d-, and the Mortgagor will warrant and defend generally the title to the Property against all claims and demands, subject to any declara- tions, easementa or restrictiona liated in a schedule of excep- , tions to coverage in any title inaurance policy insuring Lender's interest i~ the Property. ' UNIFORM COVSNANTS. Mortgagor and Lender covenant and agree as follows: • 1. Pa ent •of Princi al and Interest. Mortgagor shall ; promptly pay w en ue t e principa of an nterest on the indebt- ~ edr?ess evidenced by the Note, prepayment_and late charges as ; i provided in the Note. " i 2. Funds for Taxes and Insurance. Subject to applicable_law or to a wr tten wa ver by Lender. Mortgagor shall pay to Lender on ~ the day monthly insta~lmertts o€ principal and interest are payable under the-Note, until the Note is paid in full, a sum (herein ~ "Funds" ) equal to one-twel~fth of the yearly taxes and assessments ? which may attain priority over this Mortgage, and ground renks on the Property, if any, plus one-twelfth of yearly premium install- ments for hazard insurance, plus one-twelfth of yearly premium installments for Mortgage Insurance (as hereinafter defined), all ~ as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills 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 or state agency (including Lender i~ Lender is such an institution). ~ ; Lender shall apply the P'unds to pay said taxes, assessments, ~ insurance premiums and~ground rents. Lender may not charge for so j j holding and applying the Funds, analyzing said account, or verify- t ing and compiling said assessments and bills, uniess Lender pays `f Mortgagor interest on the Funds aRd applicable law permits Lender I to make such a charge. Mortgagor and Lender may agree in writing ~ at the time of execution of this Mortgage that interest on the ~ ~ Funds shall be paid to !~lortgagor, and •unless such agreement is ~ made or applicable law requires such interest to be paid, Lender ~ ~ shall not be required to pay Mortgagor a~y interest or earnings on ` the Funds. Lender shall give to hfortgagor, without charge_, a~ ~ 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 are pledged as additional security for the sums secured by this Mortgage, ~ , If 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, insurance premiums and ground rents as they fall due, such excess ~ shall be, at Mortgagor's option, either promptly repaid to Mort- gagor or credited to Mortgagor on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient • to pay taxes, assessments, insurance premiums and ground rents as they fall due, Mortgagor shall pay to Lender any amount necessary ! to make up the def iciency within 30 days from the date notice is ' mailed by Lender to Mortgagor requesting payment thereof. Failure to pay any amounts hereunder may be treated as a default under this Mortgage and the related !lortgage Note. ~ ~ 2 ~ i ~ ~ ' - 8~~2 pA~E ~22 ~ _ - - - - - - _ _ _ . - - - -