Loading...
HomeMy WebLinkAbout0965 ~ ~f , ~ ~C UNll~ORM 0011aTiANT~. HOfr0~M0~ iDd LOll~f CllYtlliflt ~fld ij!'0! it t0~~01Mi: 1. hpw~N N hit~l a~i uNensl. 8orrowe~ shall P~W~) W1 whea due tbe pri~cipal ot and intetest on the indeb/ednat evideeoed bp the Nde. prepayment and late cha~ ax ~ovided in ~he NMe. and the principal of,ud interat oa my Futuro Adva~es ~etund bp this Mortsase. llri hr 't'a~w a~i Lwr~ca Sbbjat to applicabk law or to a written waiver by Lendw, Borm~rer shap WY to Leader on the day monthly installmeots of principal and intcrcct arc payaMe under the Note. uatil the Note is paid in full. a:tun (tierein "Funds'h eqwl to one-twdith of the yeady tazc. an~l atsasrr~e~ts which may attai~ p~ority over this Iriort~a~e. and aronnd raib oe t6e P~+npeny, if any. Flus one-twelfth of yeuly prcmium installments for huard insu~ance, plus ooe-t~relfth of yearly premium installmeets for motigsae inu~rancc, it any. all u reawnably estimated initially a~d from ' time to time by I.eoder on the basis ot assessments and hil~ and rcasonabk estirtuta thereof. Tbe I~tds shall be held in an institution the depcuia or accounts of which are insured or ~uanntad by a Fedenl or ,i w~ +~e~r c~~i~~a t.eoa~r if l.cnde~ is such an institution). 1_ender shall apply the Fuuds to p~y said taxes, asxssrt?ents, ~Atursoce premiwns and swund rcnts. Lender may not charge For so hoWing and applyinj the Funds, analyzing said account, or ve~ifyinj aad oompilinj said aasessments and bills. unkss Lender pays Borrower interest on the Funds and applicabk law perntib Leeder to make such a chuge. Borrower aad Lender may agroe in writing at the time of execution of tbis Mort~s~e tbat iaterat on tbe Funds shall bo paid_to Borrowe~, and ualess such agroement is made or applicabk law requires wch iatarst to be paid, Lender shall not be required to pay Borrower any interest or e~mings on the Fu~ds. Lender sball ~ive to Horrower, wit6out c6arge, an annual aocounting of the Funds showing credits and debits to the Funds and the parpose tor wbich ach debit to the Fuads was made. The Funds are pledgcd as additional security for the sums securcd by tha 1K~tp~- lf t6e anwunt of tbe Fun~ hdd by Lender, together with the future monthly installments of Funds payabk prior to tbe due dates of taua, assesameab, i~uranoe premiums and ground rents. shall exoeod the amount roquired to pay said taxes. s~ments. i~uanee premiuau and ground rents u they fall due. such excess shall be, at Bonower's option. either pramptly repaid to Horrower or cndited to Bornower on monthly ins~allments of Fuads. If the amount of the Funds t~dd b~? I.eader s6all not be sut6ciwt to pay taxes. atsessm~ts. insuranc~e premiums and ground rents as they fall due, Hor~+arer sball pay to L~ader any amouaf r~essary to make up the deficiency vrithin 30 days from the date notice is mailcd by I~eader to Bomower re9~~o8 PiYtnent thereof. Upon payn~wt in fu11 of all wma secuced by this Mortgage, Lender st~all Fromptly refund to Borrower any Funds heW by Lender. If under par~raph 18 heroof the Property is sold or the Property is otherwise~acquired by Lender, L.ender ! s6a11 appty, no later t6an iaumediately prior to the sale of the Prope~ty or its acquisition by Lender. any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. A~katio~ of P~qra~e~. Unless applicable law provides otherwise. all paymeats ra:eived by Lender under the Note and paragraphs 1 and 2 6ereof shall be applied by Lender first in payment of amounts payable to i.ender by Borrower under paragraph 2 heceof, then to interest payabk~on the Note, then to the principal,9f the Note, and then to interest and pri~ipal on any Future Advaooes. • . 1. C6ar~e~ Lieas. Boaower shal! pay all taxes, assessments and other charges. fic~es and impositions attributabk to the Propeity which may attain a priority over this Mortgage, and kasehold paya~ents or ground rents, if any, in the manner ' ptevided under para~raph 2 hec+eof or, if not paid i~ such manner, by Borrower making payment, whea due. direedy to the ! pay+ee tl~ereof. Bomovwer =hall promptly fornish to Lender all noqoes of amounts due under this paragrsph, and in the eveat Bormwer ahall malce payment directly, Borrower shall prompdy fumish to I.ender raxipts evidencing such payments. Hennwer shall promptly discharge any lien which has priority over this Mortgage; providod, that Borcower shall not be teqeurod to diacharge any such lien so long aa Borrower shall agree in writing to the paya~ent of the obligation aocurod by such lien in a manner aooeptabk to Lender, or shall in good faith contest such lien by, or defend eaforcement of such lien iq kEal pmccedings which operate to prevent the enforoement of the lien or forfeiture of the Property or any part thereof. s• Hara~$ IrsraK~e. Borrower s6a11 keep the improvements now existing or hen~fter erected on the Property iawred agaicnt loss by fire, hazards included within tbe term "eateaded coverage", and such other hazands ss Lender may require and in wch amounts and for such periods as Leader may require; provided: that Lender s6a11 not tequire that the amount of such coversge exoad tl~at amount of coverage required to pay the sums secured'by this Mortsage. 'ibe inwrance carrier providing the insurance shall be choseo by Borrower aubject to approval by I.ender.~ provided, tbat such approval shall not be unreasonably withheld. All premiums on insurance policiea shall be paid in the manner providod under paragrap6 2 hereof or, if not paid in such manner. by Borrower making paymeat, when due, directly to the iasursmx carrier. All iowranoe policies and r~enewals thereof a6a11 be in form acoeptabk to Lender and shall include a standard mortgage ~ clstae in favor of and in form acceptable to Lender. L•.ender shall have t6e rig6t to hold the policia and renewals thereof, and Borrower shall promptly fumish to I.ender all renewal notices aad all rxeipts of paid premiwns. In the event of loss. Borrower s6a11 give piompt notice to the insurance carrier and I.ender. Lender may make proof of loss if not made promptly by Borrawer. Ualees Lende~ and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or npair of the Property damagod~ provided such restoratioa or repair ia economically feasible and the security of this Mortgage is not t6ereby unpait+ed. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaircd, the iasurance procceds shall be applied to the sums secured by this Mortgage, with the excas, if any, paid to Borrower. If the Prupecty ic abandoned by Borrower, or if Borrower fails to respond to L.eoder within 30 days from the date aotice is mailed by Lender to Borrower that t6e insurance carrier offers to settie a daim for insurance beae6ts, I.ender is authoriud to o~llect and apply the insurance proooeds at I.ender's option either to restoration or repair of the Property or w tbe sums s~cut+ed by this Mortgage. - Udess I.ender and Borrower otherwise agrce in writing, any auch apptication of procoeds to principal shall aot extend or postpone t6e due date of the monthly installments referrod to in paragraphs 1 and 2 hereof or change the amount of such iasWlmenes. If under paragraph 18 6ereof the Property is acquirod by I.ender, all right, titk and iate~est of Borrower - in and to aay iasurance policies and in and to the proceods theroof resulting from damage to the Property prior W the sale or uquisition ahall p~ss to Lender to the extent of the suu~ secured by this Mortgage immodiately prior to such sak or acquisition. f. h+eierr:tio~ ad Mainteaance of Pruperty; Leasehold~ Condomioium~ Plsooed U~it De~ebpmeeb. Borrower at~aU keep the Property in good npair and shall not comnpit waste or permit impairroent or deteriontion of the Property aod ahall comply with the provisions of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a condominium or a planned uait development, Bonower shall perform all of Borrower's obligations under the declaration or coveoants creating or goveming t6e condomiaium or planced unit development, the by-laws and regulations of ihe condominium or planned unit development, and constituent documents. If a condominium ot planned unit development rider is a~ecutod by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and a6a11 ameod and supplement the covenants and agreements of this Mortgage as if the rider were a put hereof. 7. h~ecfio~ at I,eader's Seceft~. If Borrower fails to perform the covenants and agrcements contained in this . Mortgage, or if aay action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limitod to. emioent domain. insolvency, code enforcement, or arrangements or proceedings involving a b~atrupt or daxdent, then I,ender at L.ender's option, upon notice to Borrower~ may make such appearanoes, disburse such waas and take snch -adion as ~~nocessary to protect l.ender's interest. including, but not limited to, disbursement of reawoabk attomey's faa aed `entry upon the Property to make npairs. lf Lender rcquired mortgage insuranoe as a c~ondition of maicing tbe ban socurod by this Mortgage, Borrower shall pay the premiums requircd to msintain such imuraaoe in effect tmtil such time aa the ra~uirement for such insurance terminates in accordance with Bornower's and ~ • 300K PAGE ~4 _ - :r. . s-=.-= .