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HomeMy WebLinkAbout0941 . Ut~ru~o~a[ Gbvu+~TS. Bon+ower aad La~dec ooveoant and a~r~e as folbws: 1. ~~t l~i~c~1 a~i I~tKVO. Borwrver ~hall P~PUy P~I? wl~an due tl~e priadpal ot and interat o~ the . iadebtednea avideooed by tbe Note, p~+epayment sod late char~es u provided in the Note, and tha principal ot aad interat oa any F~rtune Advanoes ~ecured by this Mort~ye. ~ S. Fr~i tor 7~s aM Lwcrew Stibjxt to applicabb law or to a writtea ~vsiver !ry Lender. Bormwer shaU pay to Lender oa the day moathly iastalla~eoa oE priocipil and interest are paysbb under the Nota, until the Note is paid in fuU. a:um (heteia "F~aih'7 equal to oae-twslfth ot the yeaciy taxes and a~asmenu which may attain priority over this Mortjaje. aad ~rau~d ra~b oa the Propecty, if any. plus oae-twelhh of yearly prea~uat. imtallmeav for hmrd inauraace. plus onatwelfth of yeariy preniium iariall~ts for mortsajer inwra~oe. if wy, dl as reasoaably estimatcd initially aad from t~me to time by Leoder on .tbe baaes of ass~smeats and bills and reasoaabk estimates theceof. ~ 'ibe fi~ads shall be he~d ia m inatitution the deposita or avcounb of ~rhich ue insured or guaraateed by a Foderal ot . state agency (includit~g I.ender if Lende~ is such an institution). Leader shall apply the Funds to pay said taxes, asseasmeab, insuranca p~+emiums aod groand repta. Lender may not charge for so holding and applyiag the Funds. analyzina said aoooun~ or verifying and oompiling a~id asseuments and bi14. ualas Leader pays Bon~ower interat oa the F~nds and applicabie law permits Lender to make such a charge. Borrower aad I.eude~ may agree in writing at the time of execution of thia Mortgage that intereat on the Funds sball be paid to Borrower, and unless such agreemeat i~ made or applicabk law requira such iaterest to be p~id, Leader shall not be required to pay Borrower any interat or earnings oa the Funda. I.eader s6all give to Borrower, withwrt charge. aa annual acoounting of the Funds showing credib aad debits to tUe Funds aad the purpose for which each debit to the Funds was made, 'i'!~e Funds are pledgcd as additional security for the sums secured _ by t6is Mort~age. ~ - If the amount of the Fw~ds held by Leader, together with the future monthly installmeata of Funds payabk prior to t6e due dates of tanes, aasessmeats. iaaurance premiums and ground rents. shall exoeed thc amount required to pay aaid taxes. asse~tnents, insuranoe premiums and ground re~ts as tt~ey fall due. such excess shall be. at Borrower's option. either prompUy repaid to Borrower or credited to Borrower oa monthly installments of Funds. If tl~e amount of the Funda held by Lender shaU not be suBcimt to pay taxes, asxssmenta, iosurance premiums and ground rents u they fall due. Bornower shall pay to Lender any amount neassary to make up the deficiency within 30 days from the date notice is mailed by I.ender to Borrower requeating payment thereof. - Upon payment in full of all sums sxured by this Mortgage, I.ender ;hall promptly refund to Bornower any Fundt heW by Lender. If under pacsgraph 18 hereof the Pmperty is sold or the Pmperty is otherwise acquired by Lender. I.ender shdl apply, no later than immediately prior to the sale of the Pmpecty or ita acquisition by Lender. aay Funds held by Lender at the time of application aa a credit against the sums secured by this Mortgage. 3• Alpikatio~ of P~c,tr. Unless applicable law providea otherwise. all payments roceived by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to i.ender by Borrower ~ under paragraph 2 hereof, then to iaterest payablc on the Note, then to the principal of the Note, and then to interest and principal on any Future Advaoc~es. 4. C6*r~er, I.k~t. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to the Property which may attain a prioriry over this Mortgage, and leacehold payments or ground rents, if any, in the man~r pmvidod uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dic~ectly to the payee tlieroof. Borrowa s6a11 pmmpdy furnish to l.ender all notices of amounts due under this paragraph, and in the event Borrower shall make payment direcdy, Bonower shall promptly fumish to Lender receipts evi~ncing such payments. Borrower shall prompdy discharge aay lien which has priority over this Mortgage; provided, that Borrower shall not be requirod to diacharge any such lien so long as Bonower shall agree in writing to the payment of the obligation secured by snch tien in a manwer soceptaWe to I.ender. or shalt in good faith contest such lien by, or defend enfonement of such lien in, legal pmceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. s• Nsz~rd Insoraece. Borrower s6a11 kcep the improvements ~ow existing or hereafter erected on the Properry insured againat laas by 8re. hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amou~ts and for such periods as Lender may require; provided. that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mongage. 'Ibe insurance carrier providing the insurance shall be chosen by Bonower aubjoct to approval by Lender, provided, that such approval sball not be unreaconably withheld. All premiums on insurance policies shall be paid in the manner pmvided under paragraph 2 hereof or, if not paid in such manner. by Borrower malcing payment, when due, directly to the iacuranoe carrier. All insurance policies and reoewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower sbalf prompdy furaish to Lender all renewal notices and afl rxeipta of paid premiums. In the event of loss, Borrower s6all give prompt notice to the insurance carrier and I.ender. Lender may make proof of laas if not made promptly by Borrower. . ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance procoeds shall be applied to restoration or repair of ` the Proporty damaged, provided such restoration or repair is economically feasible and t6e security of this Mortgage is ~ not thereby unpaiced. If suc6 restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance procecds shall be applied to the sums sxured by this Mortgage. with the excess, if any, paid . E to Borrower. If the Pt+openy is abandoned by Bornower. or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Bormwer that the iosurance carrier offers to settle a claim for insarance becefits, Lender is aut6orized to coliect and apply the insurance prooeeds at Lender's option either to nstoration or repair of t6e Propetty or to the sums secured by this Mottgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eatend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 6eroof t6e Property is acquired by I.ender, all right, titk and intenst of Borrower in and to any insurance policies and in and to t6e proceeds t6ereof resulting from damage to tbe Property prior to the sale € or ~cquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or ~ acy.~isition. f 6. Presen~atioa and Maintenaace of Property; I.ease6oldx Condominiams; Plsnned Unit Devdopmenls. Borrower ~ shall keep thc Property in good repair and s6all not commit waste or permit impairment or deterioratioa of the Property and shall comply wiW the provisions of aay lease if this Mortgage is on a leasehold. lf this Mortgage is on a uait in a condominium or a. planced unit development, Bonower shall perform all of Borrower's obligations under the declaration or covenants creating or goveraing tbe condominium or planned unit development, the by-laws and regulations of the condominium or planned unit developa~ent, aad constituent documents. If a condominium or planned unit development rider is eacecuted by Borrower and recorded together with this Mortgage. the covwants and agrcements of such rider shall be incorporated into and s6all amend and supplement tlie coveaants and agroements of this Mortgage as if t6e rider were a part hercof. 7. Protectbe oE Leade~s Sec~rit~. If Borrow~er fails to perform the oovwants and agreementa contained in thia ~ Mortgage. or if any action or proceeding is commenced which materially affects Lender's interest in tbe Property, ~ including, but not limited to, emi~nt domain. insolvency. code enforcement, or arrangementa ar proceedings involving a bankrupt or decedent, then Lender at I,ender's option, upon notice to Borrower, may make such appearanas, d'aburse such ~ soms and take such action as u neoes,sary to protect Lender's interest, includiog. but not limited to, diabunement of rea:onabk attomey's foes sod entry upon the Pmperty to make repairs. If Leoder required mortgage inaurance as a ~ condition of making the loan secuted by thia Mortgage, Borrower ahall pay the premiuros required to maintain such insurance in effect until such time as the requiremeot for such insuranve terminatea in aoootdanoe with Borrower's and ^ FORM-J18 (2 01 q 6~ ~W11 ~ ~ ~.z; ~ . . . _ . . . - .