Loading...
HomeMy WebLinkAbout0955 . ~ 1 w - . . . . + ~ ~ ` ! Ut+il~olur CovswsN7s. Oort~ow~ aad l.endet ooveaant and s~ree as tolbwt: L l~we~t ~t lerc}~I ~¦i I~NtMt. Botwwe~ ~hall P~~P~~Y WY wl~en due the priaripai ot and intenst on the iade~ednpt evideooed by tbe NMe, propaydrcat tad late charses u provided io the Note. and the pcincipal ot aad ietarat ca ~ny Futuro Adv~ ~ecurod by this Mortsa~e. l1~i f~ 71a~s a~i l~we~ca S1~bject 1o applicsbk law or to s written waive~ by Leeder. Bocrowe~ shap paY to Lender on the day moethly instaliments of priacipal and intercst arc payabk uode~ the Note. until the Note is paid in [ull. s wm (lierein "Fuadt'~ equal to on~twelfth of the yea~ly taxes and assessme~ts which may attain priority ove~ this Mo~aje. and ~round nna oa che Propee~y. if aay. plus oae-twclfth of yearly premium iauallments for hazard insuraace. plus ooe-tweltth o[ yearly premium inatallments fo~ mort~ inwrance. if any. all as ~casonably astimated initially and fran dme to time by Leader oa the basis of auessments and bills and reasonabk estimates thereof. The Funds shall be held in an institution the depoaits or accounts of which are insuted or ~uaa~teed by a Federal or state a~ency (including Leader if Lender is such an iastitution). lendo. stull apply the Funds to pay uid taxes. assasmena. iasurance premiums and ground rents. Lender may not char~e for so holding and applying the Funds. analyzi~g said accoun~ or veritying and compiling said assessments and bills, unlGU Leader pays Borrower interest on the Funds and applicabk law ~ , permits Lender to make such a charge. Bormwer aad Lerder may agrce in writing at the time of execution of this ~ Mortgage that interest on the Fuads shall be paid to Borrower. and unless such agrcement is made or applicabk law requira such interat to be paid, L.ender shall not be requircd to pay Borrower any interest or ~an::ngs on the Funds. Lender shall give to Boirower. without charge, an 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 arc pledged u additional security for the sums securcd by this Mortgage. If the amount of the Funds held by Lender, together with ihe future monthly installments of Funds payable Qrior to the due dates of tazes, assessments, insurance premiums and ground rcnts. shall exceed the amount requiced to pay said taxa. assa~.unents, insurance prcmiums and ground rents ac they fall due. such eacess shall be. at Borrower s option. either pranptly npaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount of the Funds held by L.ender shall not be sulTicieat to pay taxa, assessments. insurance premiums aod gmund rents u they fall du~. Borrower shail pay to Lender any amount necassary to make up the deficiency within 30 days from the date notice is mailed by I.ender to Borrower requestiag payment thercof. Upon payment i~1 full of all sums secured by this Mortgage, t_ender shall promptly refund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Property is sold or the Property is othen~rise acquired by Lender. Lender s6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Leader at the time of application as a credit against the sun:y secured by this Mortgage. 3. Applicstioo of P~meefs. Unless applicable law provides otherwise. all payments received by Lender under the Note aad paragraphs 1 and 2 hereof shall be applied by Le~der first in payment of amounta payab~e to Lender by Borrower under pangraph 2 hercof. thea to interest payable on the Note, then to the principal of the Note, and then to interat and principal on any Future Advances. - 4. C~e~ Lie~. Borrower st~all pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attaia a priority over this Mortgage. and kssehold 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. direcdy to We payee thereof. Borrower shall prompdy furnish to Lender all noticat of amounts doe under this paragraph, and in the event Borrower shall make payment direcUy. Borrower shall promptly furnish to Lender receipts evidencing such payments. Bonower shall pmmptly discharge any liea which has priority over this Mortgage; provided. that Bormwer shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured. by such lien in a manner acceptabk to L.eader, or shall in good faith contest such lien by. or defend enforcement of such lien in, legal proceedings which operate to preveat the enforcement of the lien or fodeiture of the Property or any part ihereof. S. Huard les~rance. Borrower shap kcep the improvements now ezisting or hereafter erected on the Property insurod against loss by fin, hazards included within the term "extended coverage", and such other hazaeds as Lender may nquire and in such amounts and for auch periods as Lender may roquire; provided, that Lender shall not require that the amount of such coverage exceed that unount of coverage required to pay the sums secured by this Mortgage. '1Le i~uranc~e carrier providing the insurance s6a11 be chosen by Borrower subject to approval by Lender, provided, that such approval sbal! not be uareasonably withbeld. All premiums on insurance policies shall be paid in the manner provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making paymeat, when due, dirxtly to the inwrancx carrier. All insurance policies and nnewak thereof shall be in form acceptable to L.ender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the rig6t to hold the policies and renewals thereof, and Borrower shall promptly furniah to Lender all renewal notices and aq rceeipts of paid premiums. In the event of loss. ~ Borrower shall give prompt notice to the insurance curier and Lender. l~nder may make proof of loss if not made promptly ~ by Bonower. ~ ( Unle~ Ltndar aad Borrowcr otherwise agrce in writing, insurance procceds shall be appliod to restoration or repair of t ! thc Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such rcstoration or repair is not economically feasible or if the socurity of this Mortgage would be impaired, the insurance procoeds shall be applied to the sums secured b~1 this Mortgage, with the excess. if any. paid to Borrower. If the Property is abandoned by Borrawer~ or if Borrower fails to respond to Leader within 30 days from the ~ date notice is mailcd by Lender to Borrower that the insuranct carrier ofters to settle a claim for insuraace benefits, Lender ~ is authorizod to coliect and apply the iruurance praxeds at Lender's opiion eithe: to restoration- or repair of the Pmperty or to the surtu secured by this Mortgage. Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or poatpone the due date of the monthly inuallments referrcd to in par~graphs 1 and 2 hereof or change the amount of s~uh installments. If under paragrap6 18 hereof the Property is acquircd by Lender, all right, titk and interest of Borrower in and to an y insurance p o licies and io and to the proceeds thereo[ resultin g from dama g e to t6e Pro p ert y p rior to the sale ~ or acquisition shall pass to Leader to the eactent of the sums secured by this Mortgage immodiately prior to such sak or acquisition. ~ 6. Preservatbn ~d Maiatepaace of Property; Leaseholds; Condomiaiumr, Plaaaed Unit DerdoPments. Borrower ~ shall keep the Property in good repair aad shall not commit waste or permit impairnnent or deterioration of the Property and shall comply with the provisions of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a plan~xd unit development. Borrower shall perform all of Borrower s obligations under the decluation or covenaats creating or governing the condominium or planned unit development, the by-laws and regulations of ihe condominium or planned unit development. and constituent documents. If a condominium or planned unit development ~ rider is executed by Borrower and rocorded together with this Mortgage. the covenants and agceements of such rider shall be incorporated into and s6a11 amend and supplement the covenants aad agrcements of this Mortgage u if the rider were a part heroof. 7. Protectioi of Leoder's Secority. If Boaower fails to perform ihe covenants and agreementa contained in this ~ Mortgage, or if any acdon 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 Lender at L.ender's option, upon aotice to Borrower. may make such appearancas, disbune such ~ sums and take such action as is naassary to protcet Lender's intercst, including, but not limited to. disburaement ot reasonsble attomey's foes and entry upon tl~e Property to make repain. If Lender roquircd mortgage insurance as a A coadition of making the loan secured by this Mortgage. Borrower shall pay the premiw~u required to maintain such ~ insuranoe in eHcet nntil such time as the requirement for such insurance terminates in accordance wiW Bormwers and ~ r ~ ~~~19 P~ 9~5 ~ - ~ ~ _