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HomeMy WebLinkAbout0926 - r : ~~:.3 ' ' Ut+aoa~ CovlH~nrs. Borrowrer aod Lende~ covenant and aarx u follows: Aqreat ot M~dNi s~i Iwhraf. Borrower shall promptly pay when due the principal of snd interest on the indebtednest evidenced by the Note. prepayme~t and late charga as providcd in the Note, aod the pri~cipal of and interat on aay Future Advances secured by this Mortaate. 2. F~ Mr Tau~s a~i Iawra~ee. Subject to applicable law or to a written waiver by Lender. Borrowe~ shall paY to Lender on the day monthly installments of principal and interrst are payabk under the Note, unti! the N~te is paid in full. a aum (herein "Fundt'~ equal to one-twelfth of the yearly taxes and assessments which msy attain priority over this Mo~ttage, and ground rents on the Prape~ty. if any, plus one-twelfth of yearly premium installments for hazard insu~ance. plus one-twel(th of ytarly premium installments for mortgage insurance, if any. all as rouonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thercof. , 'i?~e Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lende~ if Lender is such an institution). Le~de~ shall apply the Funds to pay said taxa, asscssments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account~ or verifying and compiling said asxssments and bills, unless 1_ender pays Borrower interest on the Funds a~d applicoble law permits Lender to make such a charge. Borrower and Lender may ag~ee in writing at the time of execution ot this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicabk law requira such interest to be paid, Lender shall not be required to pay Borrower any interat or ea~nings on the Funds. I.ender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and tht purpose for which each debit to the Fur?~; was made. The Funds are pledged as additional security for the sums securcd by this Mortgage. If the amount of the Funds held by lende~, together wi~h the fu~ure monthly installmen~s of Funds payable prior to the due data of ~axes, assessments. insurance premiums and ground rents, shall exceed th~ amount required to pay said taxa. assesstnents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay tax~s, assessments, in~urance premiums and ground rents u they fall due. Borrower shall pay to Lender anr amount necessary to make up the Jeficiency within 30 days from the date notice is maikd by Lender to Borrower requating payment thereof. Upon payment in full of all sums secured by this Mor~gage, l.ender shall promptly refund to Borrower any Funds held by Lender. I! under paragraph 18 hereof the Property is sold or ~hc Propcrty is otherwisc acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Propcrty or its acquisition by I.ender, any Punds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatiop of Paymeafs. Unless applicable law~ provides otherwise. all payments received by L~nder un~ier the Note and paragraphs 1 and 2 hereof shall be applicd by 1_cnJer firs~ in payment of amounts payable to Lcnder by Borrower under paragraph 2 hereof, then to interest payablc on the Nutc, then to the principaf of the Note, and then to interest and principal on any Future Advances. d. C6argts; Liens. Borrower shall pay all ta~cs. assessm~nts. and othcr ch~rges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold paymcnts 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. Borrower shall promp~ly furnish to Lender all notices ot amounts due under this paragraph, and in the event Borrower shall make payment direcU~•, Borrower shall prumptly~ lurnish to Lender,receipts evidencing such payments_ Borrower shall promptly discharge any lien which h:u priority u.er this ~furtgage: proviJed, that Borrower shal) not be required to discharge any such lien so long as Borrowcr shall ~grec in writing to the pap•ment of the obligation secured by s~ch lien in a manner acceptable to Lender, or shall in go~xi frith cunte+t such lien hy, or defen~l enforcement of such lien in, legal proceedings which operate tu prevent the enforcement of the lien or furfeiture of the Property or any part thereof. S. Hazard lnsurance. Borrower shall S.cep ~he improvcmcros noN cricting or hereafter erected on the Properry insured ' against loss by fire, hazards included within ihe term "~~tendeJ coverage". and such other hazards as Lender may rcquirc ~ and in such amounts and for such periocls a. Lender may require; provided, t::a. ~~nder shall not require that the amount of ~ such coverage exceed that amount o[ coverage r~quired to pa~~ the ~ums secured by this Mortgage. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to aYr::'-~! r_^'!=e: r~oYSdt~l, ' that such approval shall not be unreasonably withheld. All prcmium~ on insurance policies shall be paid in the manner ; provided under paragraph 2 hereof or. ~f not paid in such manner, by Borrower making payment, when due, directly to the ~ insurance carrier. ! All insurance poli:ies and renewals there~f shall be in form acreptable to LenJer and shall include a standard mortgage F dause in favor of and in form accep~abk to Lender. Lender ,hall hacc the right to hold the policies and renewats thereo , ~ and Borrower shall promptly furnish to LenJer all rencwal notices and all receipts o[ paid premium~_ In the event of loss. ~ Borrower shaU give prompt notice to thc insuran~c carncr and Lender. I.en~icr ma} make proof of loss if not made-prompUy ~ by Borrower. ~ Unkss Lender and Borrower othcrwisc agree in writing, inwrance pr~kecds shall be applied to restoration or repair of ~ the Property damaged, provi~fed such restoration or repa~r is economically feasible and the security of this Mortgage is ~ not ~hereby impaired. If su~h re~torati~n or repair is not e~unumirall~~ fcasible or if the securiry of this Mortgage would ~ be impaired, the insurance proceeds shall be :~pplieJ to thr, sums secure~ by this Mortgage. with the excess, if any, paid to Borruwer. lf the Proper~~• is ahandoncd b} Borrower, or il Borrower faib to respond to 1_ender within 30 days from the ~ date notice is mailed by Lender to Borruwer that ~he insurance carrier ofTen to seule a claim for inwrance benefits, Lender is authorized ro collect and apply the in~urancc proceeds at 1_enJer's option either ~o restoration or repair of the Property s or to the sums sccured by this Mortgage. ~ Unless Lender and Borrower otherKi+e agree ~n wnhng, anc such ~pplication of prckeeds to principa) shall not exttnd ~ or p.~stpone the duc Jate of the monthly in>tallmcntc rcferred tu in paragraph, 1 and 2 hereof or c6angc the amount of ~ such installment~. If under paragraph 18 hereof the Propert~• i+ acyu~re~ h~ Lendrr, all righ~, tide and interest of Borrower y in and to any insuran:e policies and in and to thr proceeds thercof resulung frum damage to the Property prior to the sale or acyuisition sh:~ll pass to Lender to the eatent of the wms secured by ihis ~lortgage imm~diately prior to such sak or ~ acquisition. • - ~ 6. Preser~ation and 14~intenance of Property; Leacchulds; Condominiums; Plsnned Uait Devclopmenis. Botrower shall keep the Property in good repair and shall not commit +~aste or permit impairment or deterio[ation ot the Property ~J and shall comply with the provisions uf any lease if thu ~tor~gage is on a leasehold. If this Mortgage is on a unit in a j condominium ~r a planned un~t development, Borrower shall perform all of BorroHer's obligations under the declaration or covenants creating or governing thc condommium or planned imit deveiopment, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documems. If a conJominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of sueh rider = shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider : were a part hercof. ' 7. Protectian of Lender's Security. If Borrower fails to perform the covenants and agreements cont~ined in this ~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then l.ender at Lender's option, upon notice to Borrower, ma}~ make such appearances, disburse sueh ~ sums and take such action as is necessary to protect Lenders interest. incluJing. but not limited to. disbursement of ~ rcasonable attomey's fces and entry upon the Property t~ make rcpairs. I( Lender required mortgage inwrance u a ~ condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requir~ f~~y~ insurance terminates in acc~rdance with Borrower's and ~.,C.t_Y a~ 413 P,~E ~ . _ rt _ ~ ~ -y ..~4Ff' ..'8'~'e ~ . . .r~ ~ ~ .,.r-r'" . .