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HomeMy WebLinkAbout0971 i ~ UHtFatt~ CoveN~Nrs. Bormwer a~d Lender cavena~t and agra as follows: 1. ra~naeM ot lrMclMl aei lNerest. Borrower shall promptiy pay when due the principal of and intere:t on the indebtedness evidenced by tlie Note. pcepaytnent and late charges as provided in the Note. and the principal of and i~terest on my Future Advaaces xcured by this Mortgsge. 2. Ih~ds tor T~~s a~i I~wraece. S1~bjoct to applicabk law or to a writte~ waiver by I.eoder, Borrower shall pay ; to I.ender on the day monthty installments of principal an~ interest are payablc unde~ the Nota. until the Note is paid io fup. : a sum (herei~ "Fuads") equal to one-twelfth of the yearly taxes and asstssments which may attain priority over this ~ Mortgsge. and ground nnts oa the Property. if any. plus onatwelfth of yearly premium inuallments fo~ huard insurance. ~ plus one-twelfth of yeuly premium installments for mortgage insurance, if any, all as reasonably estimated initially and irom dme to time by Lender on the basis of assessmc~ts and bills and reasonabk estimates theceof. Tl~e Funds shall be held i~ an institution the deposits or accounts of which are insured or guaranteed by a Fadenl or state agency (including Lender if Lender is such an iastitution). Lecwier shall apply the Fur~ds to pay said taxes. assessmenta. insurance premiums and ground rents. Lender may not charge for so holdi~g and applying the Funds. analyziag said account, or verifying aad compiling said assessments and bills. unless Leader pays Borrower interest oa the Funds and applicable law permits Lenckr to make such a charge. . Boriower and L.endet may agroe in writing at the time of exxution of this Mortgage that interest on the FLnds shall . be paid ~to Borrowcr, and unless such agreement is made or applicabk law rcquires sucti intenst to be pa~id. Lender shall not be rcquired to pay Borrower any interest or earaings on the Funds. Lender shall give to Borrower, without charge, an annual accounti~g of the Funds showing crcdits and debits to the Funds aad the ~ purpose for which each debit to the Fuads was made. The Funds are pledgod as additional security for the sums secured by this Mortgage. If the amount of the Fuada held by Lender. together with the future monthly installmenta of Funds payabk prior to the due datts of taxes, asussmeau, insurance premiums and ground rents, shall eacaod the amount roquired to pay said taxa. assesannents, iasurance premiums and gmund nnts as they fall duc, such excess shall be, at Borrower's option. either pranpdy repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of the Fundi held by Lender. shaU not be su6cient to pay taxes. assessments. insurance premiums and ground rents ss they fall due, Borrower shaU Qay to Lender sny amount necexuary to make up the deficiency withi~ 30 days from the date notice is maikd by L.ender to Borcower rcquesting payment thereof. Upoa payment in full of aU sutns secured by this Mongage, l.ender shall.promptly refund to Borrower any Fun~ held by L.ender. If uadu parsgraph 18 hereof the Property :s sold or the Property is otherwise acquired by Lender. Le~dcr shall apply, no later than imnxdiately prior to the sak of the Property or its acquisition by Lender, any Funds held by Lender at the time of applicatioa as a ce+edit against the sums sec~red by this Mortgsge. 3. A~catio~ ot P~ra~eds. Unless applicabk law provides otherwise, all ~ayments receivod by Lender under the Note and paragraphs 1 and 2 hereof shaU be applied by Lender 6ru i~ payme~t of amounis payabk to ~~enikr by Borrower under paragraph 2 hereof, t6en to iaterest payabk on the Note, then to the principal of the Note. aad then to interat and principal on any Future Advanoes. . Cl~ar=e~ Lk~s. Borrovrer 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 paymenta or ground rents, if any, ia tbe manner provided under parsgraph 2 hereof or, if not paid in such manner, by Borrower makiag payment, when due. directly to tl~e payee t6ereof. $orrower shaU promptly furnish to Lender all,notioes of amounta due under this paragraph, aad in the event Borrower shall make payment directly. Bonower shall promptly fumish to Lender receipts evideacing such payments. Borrower shal! promptly discharge any lien which haa priority over this Mortgage; provided, that Borroww shall not be required to discharge aay such lien so long as Bonower shall agrce in writing to the payment of the obligation secured by such lien in a manner soceptabk to Lender, or shall in good faith rnntest such lien by, or defend enforcement of auch lien iq legal proceedings which operate to prevent the enforcxment of the lien or forfeiture of the Property or any part thereof. r . S. Hszard tos~raeca Borrower s6all koep the improvements now existing or hereafter erected on the Property insurod ~ againat loss by Sre, hazards included within the term "extended coverage", and such other hazar8s as I.ender may require _ and in such amounis and for auch periods as Lender may require; provided, that Leader s6s11 not require that the amount of such rnverage exoood that acaount of coverage required to pay the sums secured by this Mortgage. Tbe imurance carrier providing the insurance shall be chose~ by Borrower aubject to =pproval by Lender, providod, that such approval shall not be unreisonably withheld. All premiu~ns on insurance policies shall be paid in the manner providod under paragraph 2 hereof or, if not paid in such manner, by Borrower makiag paymeot, when due, directly to the ! insurance carrier. All insurance policies and rcnewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form uceptable to Leader. Lender shall have the risht to hold the policies and nnewals thereof, i and Borrower shall protnptty furnish to Lender all renewal aotices and aU receipts of paid premiums. In the event of loss, ; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy ~ by Bonower. t Unless Lender and Bonower otherwise agrce in writing, insurance procceds shall be applied to restoration or npair of - ~ the Property damaged, provided such restoration or repair is ceonomically feasible and the security of this Mortgage is - j not thereby impaired. If such ratoration or rapair is not economically feasible or if the socurity of this Mortgage wouW ~ be impaired, the insunnce proceeds shap be applied to the sums secured by this Mortgage, with the exoess. if any, paid ~ to Borrower. If t6e Property is abandoned by Borrower, or if Borrower fails to respond to Lender withia 30 days from the i date notice is mailal by Lender to Borrower that the iasurance carrier of[ers to setile a claim for insurance benefits. Lender is authorizod to colloct and apply t6e insurance procxeds at Lender's option either to restoration or repair of tl~e Property 4 or to the sums secureel by this Mortaage. ` Udess Lender and Borrower otherwise agrce in wriUng, any such application of proceeds to principal shall not extend ~ or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ suc6 installments. If under paragraph l8 beteof the Property is acquired by I.eader, all right, titk and interat of Bonower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to the eatent of t6e sums secured by this Mortgage immediately prior to such sak or ~ ~ acquisition. - ~ f. traervatbo s~i Mai~teeasee of Pro~erty; I.ease6old~ Condoa~inium~ Mae~ed U~t Derdormeof~. Borrower s6a11 keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ' and s6a11 comply with the provisiona of any {ease if this Mortgage is on a IeasehoW. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall .perform all of Borrower`s obligatiooa under the declaration 5 or covenants creating or governing the condominium or plannod unit development, itie by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit dcvelopment rider is exxuted by Borrower and recorded together with this Mortgage. the covenanta and agr~ements of such rider shall be incorporated into and s6aU amend and supplement the covenants and agroements of this Mortgage u if the rider wen a part hereof. . 7. Protectio~ of Leader's Secarit~. If Borrov?ror fails to perform the covenants and agrcements contained in this g Mortgage. or if any action or procoeding is commenced which materially affects I.ender's intecest in the Property, = including, but not limittd to, emicent domain, insolvency, code enforcement, or arrangements or proccedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make suc6 appearances, di~burse auch ~ sums and take soch action u is ~sary to protect Lender's interc,tt, including. but not limited to, disbu~sement of ~ reasonsbk attorney's fces aad entry upon t6e Property to make repairs. If Lender roquired mortgage iasurance u a . conditioa of making the loan socured by this Mortgage. Borrower shall pay the premiums required to maintain such insaranoe in eHect until such tiane as the requiremeat for such insurance terminates in accordance with Borrower's wd k.,?~x41~ eecE 97i , - - : . ~ a : _