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HomeMy WebLinkAbout0973 _ ~ . ~ i Urnro~u Oovat~unrs. Bomowet aad l~eade~ covenant and Asree aa tollows: - 1. ~ ot lri~c~i a~i 1NerM. Borroww shaq promptlY paY whcn due the principal of and ir?terat on the indebtodnps evidenoed by the Note, prcpayaaent and late char~ees u provided in the Note. and tbe pri~cipal of and interat oa any Future Advances secured by this Mort~s=e. 2. 14M~ tor 1'u~s a~i Iwn~ce. Stibject to applicabk law or to a written waiver by Lender, Bomower shap pay to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full. s tum (henin "Fuads'~ equal to onc-twelfth of the yea~ly taaces and asxssmenu which raay attain priority over this Mort=age. and ground nnts oa the Propeny. if any. plus one-twelfth of yearly premium instalimeota for hazard i~surance, plus one-twelfth of yearly pretnium installmeots for mortgage insurance, if any, all u naso~ably estimated initially snd fran Nme to time by Leader on the basis of assassments and bills and rcasonable estimata~ thereof. 'Ibe Funds shall be held in an i~stitution the depoaits or accounts of which are insurod or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxa. assessmenu. iasurance pnmiums and grouod rtnts. Lender may not charge for so holding and applying the Funds, analyzingsaid account~ or verifying aad comqling said asseuments a~d bills. unless LGnder pays Borrower i~terest o~ the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrowe~. and unlas such agreement is made or applicable law rcquira such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Le~der shall give to Borrower. without charge, a~ 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 are pledged as additional socurity for the sums socured ~ by this Mortgage. If the amount of the Funds held by Lender. together with the futuro monthly installments of Funds payable prior to ~ the due dates of taxes, assessmants. insurance premiums and ground rents. shall exceed the amount roquired to pay said taxes. assessments, insurance premiums and gmu~d rcnts as they fall due. such excess shall be. at Borrower s option. either ~ pranptly repaid to Borrower or crodited to Barnower on monthly installments of Funds. lf the amount of the Funds ~ h~ld by Lender shall not be sufficient to pay tues, assessments, insurance premiums and ground rents as they fall due. ~ Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed ~ by l.ender to Borrower requesting payment ihereof. Upon payment ia full of all aums secured by this Mortgage, 1_ender shall promptly refund to Borrower any Funds held by I.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquircd by Lender. Lender ; shall apply. no later than immediately prior to the sale o[ the Property or its acquisition by i.ender, any Funds held by ~ Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application ot Paymewts. Unless applicable lav?r provides otherwise. all payments received liy Lender under the ~ Note aad paragraphs l and 2 hereof shall be applied by Lender first in payme~t of amounts payable to Lender by Borrower ~ under paragraph 2 hereof, then to interest payabk on the Note, then to the principal .of the Note, and then to interut and principal on any Future Advances. ~ 4. C~ar~es; Lie~. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to ~ the Pmperty which may attain a priority over this Mortgage, and leasehold 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, directly to the ~ payce thereof. Borrower shalt promptly furnish to Lender a!1 notices of amouats due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to I.ender receipts evidencing such payments. ( Bonower shall promptty discharge any lien which haz 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 acceptable to L.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in. ~ legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan thercof. ~ S. Hazard Iasurance. Botrower shall keep the improvements now existing or hereafter erected on the Property insured ~ against loss by firc. hazards included within the term "extended coverage". and such other hazards as Lender . may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ~ such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. "ILe insuranoe curier providing tbe insuraace shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unrcasonably withheld. All premiums on insurance policies shall be~paid in the maaner ' provided under paragraph 2 hereof or, if aot paid in such maaner, by Borrower making payment, when doe, directly to the i insurance carrier. ~ ~ All insurance policies aad renewals thereof shall. be in form acceptable to Lender and shail include a standard mortgage ; ctauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. E and Borrower shall prompdy furnish to Leader all renewal notices and all receipts of paid premiums. In the event of ~loss. I Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lass if not made promptly by Borrower. ~ Unlesa Lender and Borrower otherwise agree in writing. insurance ptocceds shall be applicd to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ( not thereby irnpaired. If such restoration or repair is not economically feasible or if the security of this Mortgage wou{d ~ be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess. if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailtd by L.ender to Borrower that the insurance carrier offers to settle a claim for insurance beaefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless I.ender and Borrower otherwise agrce in writing, any such 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 tfie amount of ~ such installments. If under paragraph IS 6ereof the Property is acquired by Lender, all right. title and inurest of Bonower - f in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale _ ~ or acquisition shall pass to Lender to the extent of the sums secured by this .Mortgage immediately prior to such sak or ~ acquisiteon. 6. P[eaervatfon and Mainten9nce of Pmpcrly; Leaseholds; Condominiems; Planned Uoit Devebpmsnts. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairment 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 planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ or. covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. lf a condominium _or planned unit development , rider is executed by Borrower and recorded together with this Mortgage. the covenants and agrcements of such rider shall be incorporated i~o and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. ` 7, prutectbo of Le~der's Secosity. If Borrower fails to perform the covenants and agreements contained in this ; Mortgage, or if any action or proceeding is commeneed which materially affects Lender's interest in the Property. : including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedinga involving a ~ bankrupt or decedent, then Lender at Lender's option, upoa notice to Borrower, may make such appearances, disburse such sums and take :uch action as is necessary to protect Lender s interest. including, but not limited to, disbursement of ~ reuonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making t6e loan secured by this Mortgage, Borrower ahall pay the premiums rcquired to maintain such inaarance in etfoct until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ ~ gp0 ~tl~ PAGE 7~3 , ~ - x ~ - .:.M_.~ ..n;~.. . ~ . - ~ . _