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HomeMy WebLinkAbout0945 <<HIFItRM rG~'f!v~hiS &~rrower athl l.enJer «nenant and agree folloMS: 1. hy~ne~l oi Priwcipd ssr I~Icns1. &~~mwe? shall promptl~ pay when J~e ~he pnncipal o( and ~nterest ~~n the imiebtcdness e~~dcnceJ by the Nute, prepaymen~ arxi late charges a. proviJed ~n tht Na~e, and the princ~pal of and imercst on any Future Adva~cec sccurcd th~s Mortga~e. 2. Fowds tor Tua an~ Iw~nsce. Subject to applicable lav?• or to a wr~tten warver by l.ender, Borrower shall pay to Ixnde~ on the day mo~thly ~ostaliments ot principal and interect art payable under the Note, until the Note is paid in tull, a sum (herein "Funds") equal to one-twelfth of the yearly utes and assessments which may attain pnority over ~his Mortgage, and ground rents an the Property, if any, plus one-twelfth ot yearly prcm~um ~nstallmems for hazard insurance, plus one-tw•elfth of yca~ly premium ins~allmems tor mongage insurance. ~f any, all as rcuonably extima~ed ini~ially anci irom time to time b}• Lender on the basis of asxssments and hills and reasonable adma~es thereof. The Funds shall tx held in an inslitution the deposits or accounts o( which are insurcd or guaranteed by a Federal or state agency lincluding Lender if Lende~ is such an institution). I_ender shall apply the Funds to pa~• said taxa, assessnxnts, insunnce premiums and ground rents. l.ende~ may not charge fo~ so holding aod applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless l.ender pays Borrower interest on the Funds and applicable law permits Lender ~o make such a charge. Borrower and Lender may agree in writing at ~he time ot execution ot this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law requires such interest to be paid, Lender shall not he reyuired to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounteng of Ihe 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, toge~her w•ith the future monthly installments of Funds payable prior to the due dates of taxes, assessnxnts, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. asxssments, insurance premiums and ground rents as they (all due, such excess shall be, at Borrower's option, either promptly repaid to Borrower ot credited to Borrower on monthly installments of Funds. If the amount of the Funds htld by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they tall due, Borrower shall pay to Lender any amount necessary to make up the deficienc}• within 30 days from ~he date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. I_ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereofthe Property is sold or the Properry is otherwise acqu~red by. l.ender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leoder at the time of application as a credit against the sums secured by this Mortgage. - 3. Applicatioa of Payments. Unless applicable law provides otherwise, al! payments received by I_ender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in pa~~me~! ~F am~?~~ntc ~,ay~hte rn t ender hy Borrower under paragraph 2 hereof, then to interest payable on the I~iote, then to thc principal o[ the Note, and then to interest and principal on any Fuwre Advances. 4. C4acges; Lieas. Borrower shall pay all taxes, assescments and other charges, fines and imEx~sitians auributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to tht payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in w~riting to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in gooa taun contest such iien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or torfeiture of the Property or any part thereof. S. Hazard I~urance. Borrovrer shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may reyuire and in such amounts and for such periods as Lender may reyuirc; provided, that Lender shall not require that the amount of such covera¢e exceed that amount of coverage required to pay the sums seci~red by this Mortgage. ' The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, ! that such approval shall not be unreasonably withheld. AII nremiiimc n~ inss~rance Qnlicies shall be paid ~n the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the ~ insurance carrier. ~ All insurance policies and renewals ihereof shall be in form acceptable to l_ender and shali include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall ha~•e the right to hold the policies and renewals thereaf, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. ln the event of loss, ~ Borrower shall give prompt notice to the insurance catrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. j Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is p not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the e~cess, if any, paid ~ to Borrower. If the Property is abandoned b~• Borrower, or if Borrower faels to respond to 1_ender within 30 da}~s from the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender ~ is authorized to collect and apply the insurance proceeds at (_ender's option either to restoration or repair of the Property or to the sums secured by this Morigage. ~ Unless Lender and Borrower otherwise agree in writing, any surh application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount ot ~ suc#~ installments. If under paragraph 18 hereof the Propertp is acyuired b}• I.ender, all right, title and interest of Borrower ~ in and to any insurance policies and in ar~d t.; ~~e p~:,eecds ihereof resulting from damage to the Properry prior to the sale or acquisition shall pass to l.ender to the extent of the sums secured b}• this Mortgage immediately prior to such sale or ; acquisition. ~ 6. Prcsenatioo and Maintenance of Propert}~; Leaseholds; Condominiums; Planned Unit Derelopments. Borrower ~ shal! keep the Property in good repair and shall not commit w•aste or permit impairment or deterioration of the Property - and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this vfortgage is on a unit in a condominium or a planned unit de~•elopment. Borrower shall perform all of Borrower's obligations under the declarat~on ~ or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the condominium or planned unit development, and constituent documen~c. If a condominium or planned unit de~•elopment rider is executed by Borrower and recotded together w~th this Mortgage, the covenants and agreements ot such rider sha11 be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ' were a part hereof. 7. Protection of Leode~s Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenceJ v?~hich materially afiects Lender's interest in the Propert~~. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a = bankrupt or decedent, then Lender at l_ender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such aclion as is necessar}~ to protect Lender's interest, including, but not limited to, disbursement of ; reasonable attomey's fees and entry upon the Properry to make repairs. If Lender required mortgage insurance as a ' condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such inwrance in eftect until such time as ~he reyuirement for such insurance terminates in accordance with Borrower's and -.~';p41i j~~~ 944 . ~ --r>-t - - . . ~ - ~ .