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HomeMy WebLinkAbout0941 . ~ . _ - . ~ ~ _ F;: . w ~ ~ ; ~ UNtro~H (?ov~H,~rrrs. son+ow~t aad L#od~r ~oweaM aad ~a~ne a[olbws: l. l~q~t N~ei~e~l aM 1~w1. Borrow~t ~AaU pr~oroptly py? wbea ~ tLe ptiedp~l o~ aad iate~at oa the i~d~b~dnMt hrideead b~? tlw t~ivw. P""'`=r~7~t aad isN chups a pro~vided in tM Not0. aed the prlncipai ct ~ad ia~enat oa aa~r Futun Advasat ~und bq tbis Moet~ye. !b¦i hr 71~ ri 1~. ~ to ~pplic~ble Isw or ~o a~rritten wahet b~? I.end~r. Hat~avet ~ pay . a LeudK oa che day rooachiy ia~tallmeob ot priacipal and incarat ue payabk uader tba No~e. uaeif ths Nae is p.id ~ tWi. a wm (Mroin "Fuad~'~ e9ud to ooatMreitth ot the yea~ly uuca and asiatona~b which uvay attain priorit~? ove~ this Mat~ys, snd ~round reab on tbe Peopectr. it aay. plus ooatwelfth ot yearty premium iaqaqaaaw Ior haurd inw~anos. plw o~at~rdith of yarly premiua~ i~taUaaeau for mort~a~e ir~wnnca, if any. ap ~a ~onaWy apmat~d ~nnially and trom tlme to titne by I,.euder oa the basa ~t as~earneau and bilb snd res:onabb estlmate~ thes+eoi. ~ - 7Ue PUnds s6aq be beld in au instit~tion tbe depai~s or sooou~a ot M,kb aro i»s~ued oc Swn~aceod by a Federal o~ . state a~a~cy Yincludins Leoder if La~der is wch an lastitution)• 1.ender:hall apply it~e Fuodt to pay uid wcas, a~a~meots. i~uraooe premiutas and ~ound nats. I~ender nu~y not cbu~e for so holdins and applyina the Fund~. analytins:aid aooount, or verif~nj aad oompiiin~ said auas~rients and Wlls, unka Leader pays Borr+o~ver interat oa i~e Fuuda and applicaWe la~r ~ permib Leader to make such a cha~se. Borrower and Leadar may agree in writin~ st the time of exec~tion of tha Mortpee tbat intenat on the fi~nd: shall be paid to Bomower, atid ualas such a~+eement L made .or applicabk iia requirea stkh interest to be pald, I,ender shall not be required to p~y Borr~ower any iatet~at or airnin~,t on tl~e Fund:. Lender shall pve W Bormwer, witbout cbarge, aa aanwl aooounting of the Funds sl~owing credits aad debib to the Fuads and t6e purpose for which acb debit to the Funds waa made. The Funda are pled~ ~ additional security for the su~m ~xurod by this Mortp~e. If the amount of the Fund~ held by Leader. to~ether with the future monthly insWlaaenb of Funds payabk prior to the due dates of taxa, auessmeats. imtus~nce premiuma and ground rents, s6a11 exoeed the amount required to paY said tues. ssseameats. ituuranoe premiuma aad gmund rcnts as they fall due. such excas shall be. at Bomowe~'s option, either promptly repaid to Borrower or credited w Borrower on moathly installments of Funds. If tbe amount of the Fw~dt heW by I.e,wer shaU not be sulBciant to p~y taxes, aaes.unents. insurance prwniwns and ground rents ss they fall due. ~ Borrower shall pay W I.ender any amount nec.eaary to make up tbe deficiency within 30 days from the date notice is maiicd ' by Lender W Borrower requatin8 WYment t6ereof. ~ ~ Upoa paymeat in fuU of all swas secured by this Mortgage. l.ender s6a11 promptly refuad to Borrower any Funds held by I.ender, If under.pars~raph 18 hereof the Property is sold or the Property is otherwise acquircd by I.ender. Lender s6all apply, ra Iater t6an immodiately prior to the sak of the Property or its acquisition by Lender, any Funds held by L.eader at the time of application as a credit against the sums securod by this Morigage. ~ - 3. A~plicatba of Pqmte~b. Unles3 applicabk law provides otherwise, all payments raxivtd by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payabk to i..ender by Borrower under paragraph 2 hereof, tbea to iaterest payabk on the Note, then to the principal of the~Note, and then to interest and principal on any Futun Advanoes: 4. Charfe~ Leot. Borrower shall pay all taxes, assessments and.other charges, flnes aad impositions attributabk to tl~e Property which inay attain a priority over ihis Mongage, and leasehold payment: or ground rents, if any, ia the manner pmvided ander paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. wlnn due, dic~ectly to the payee thereof. Borrower ahall prod~ptly fumish to [.ender all aotica of amouats due under this paragaph, and in tbe eveat Bormwer shall make payment directly. Borrowe~ shall Promptly furnish to Lender reoeipts evidencing wch payments. Borcower shall promptly diacharge any lien which h~ prioriry over this Mortgage; pmvided, that Borrowu shal! not be rcquirod to discharge any such lien so long aa Borrower shall agrce in writing to the payment of the obligation secured by such lien i~ a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforcemeM of such lien in, legal proceedings which operate to preveat the enforcement of the lien or forfeiture of ihe Property w any put thereof. S. Harard Iaweanca Borrower shall koep the improvements now existing or hereafter erected on ti~ Property inaured . I against loss by Src. 6alarda included within the term "extended coverage", and auch other haurds as Lender may rcquire i and in such amounis and for such periods as Lender may rcquirc; provided. that Leader shall not n;quire that the amouat of such coverage eacad that amount of roverage required to pay the sums securcd by this Mortgage. ; The insura~ce carrier pmviding the insuranoe shall be chosen by Borrower :ubject to approval by Lender, provided, I tbat such approval ~all not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ~ provided under paragraph 2 henof or. if not paid ia such manoer. by Borrower making payment, when due, diroctly to the f insuraux carrier. - ~ All insurance policies and renewals 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. 't:ender shall h~ve the right to hold t6e policias and renewals thereof, E and Borrower shall promptly fumish to Lender all renewal notioes aod all r~axipts of paid p~+emiums. In the event of loss. t Borrower shall give prompt notice to the insurana carrier and Lender. Lender may malce proof of loss if not made prompfty ~ by Bonower. ~ ~ Unless Lender and Borrower otherwise agree in writing. insurance prceeeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feaaible and ihe security of this Mongage is not ihereby itnpaired. If such restoration or repair is not econocnically feasible or if tht security of thia Mortgage would be impaired, the insurance procceds shall be applied to the sutna secured by this Mortgage, with the eaccess, i[ any, paid to Borrower. If the Pmperty is abandoned by Borrower, or if Borrowec fails to rapond to Lender within 30 days from t6~ date notice is mailed by Leuder to Borrower that the insurance carrier oSers to settle a claim for insuranoe benefits. Lender is autl~orizod W collect and appty the insurance praxeds at Lender's option either to nsioration or rep~ur of the Property or W the tums socured by this Mortgage. Unlas Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or portpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of snch inatailmeots. If under paragraph 18 6ereof the Property is acquirod by Leoder: all right. titk and interat of Borrower ~ ia aod to any insurance policies and in and to the procee~s theroof resultiag from damage to tbe Property prior to the sak or acquisitioa shall pass to L.ender to the extent of ~ the sums socure~ by this Mortgage immediately prior to such sale or ~ acquititioa. 6. te~eservadoa and Maisteaaace of Propedy; Lepsebold~ Condomiains~s; tlaaaed Udt Devdopme.b. Borrower ; shall kap the Property in good repair and ahall not comatit waste or permit impairment or deterioration of the Property and sball comply with the provisiau of any kase if this Mortgage is on a leasthold. lf this Mortgags a on a unit in a condomiaium or a pfannW unit developmont, Borrower shall perform all of Borrower's obligatiora u~der the declaration or coveaants creating or governing the condominium or planned unit development, the by-Isws and regulations of the condomiaium or plannod unit developmeni. and conatituent documents. If a condominium or planned unit developrrx~t rider is exceuted by Borrower and recorded together with this Mortgage. the covenants and .agroements qf such rider s6a11 be incorporated into aad ahall ameod and supplemeot the covenants and agroanenb of this Mortgage as if the rider were a part heroof. ~ 7, rrot~ctlo~ et Le~de~s Secarity. If Borrower fails to perform the oovenaats and agreamenb contained in this ~ Mort~ge, or if any actioa or proceeding is commenced which materially aHects Lender's interat in the Property. ~ including, but not limited to. eminent domain, insolvency, code enfoc+ament. or arrangemenb or procadings involvina a bankropt or doadent, thsn Lender at Leoder'a option. upon notioe Yo Borrower, may make wch appearanas. d~burse such ~ wms and take snch actioa as a neoassary to protect Lenders interat. including. but not limited W, disbunpnent of ~ reafonabk acarney'a fas and tetry upon tl~e Property to make ropsin. If Lender roquirod mortgage iasuraaoe as a ~ , condition oE makin~ the loan secured by this Mortgage. Borrower shall qy the pnmiums required w maiatain such ic~uruxx in effect until such Wne as the roquirerneat for such inwraaoe terminata ia sxoe+danoe wit6 Bon+nvrec's aod y e~= ~ ~ ~ PlwE 9~ - f, ~•.~c . . _ _ _ .