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HomeMy WebLinkAbout0970 1 - i ~ ; : ~ ~ - , UNQORDI CONdNAN73. Bon~ower and I.enda~ covu~ant and a~roe as totbws: ~ l. ~U'~t ot rci~cfNi aN t~lersst. Boroower ~all promW~Y WY M'hen dua tbe pri~cipal of arn! interat on the ; 'adebccdneu ev,denced by ihe Nae. ptepayruent and late charsa as providad in the Nwe, aed the principal of and interest ~ on any Futu~e Advances secured by this Mortja~e. l~~i tor'ht~s a~i L~ee. Stibject to appiicabb law or to a writtea waiver by i.e~det. Borrowet shaq pay to Lender on the day mwuhly instaliments of principal and intercst are payabk undtr the Note, until t~e Note is Paid in full. a sum (henin "Fund~'~ eqw! to one•tweltth ot the yearly taxes snd assessments which may attain p~oriry over this Mo~aje, and tround rena on ~he Property. if any. plus o~e-twelfth ot yearty prcmium installmenb for huard insurance. plus otx-twelfth of yearly promium installments tor morttase inwnnce. if any. all u reasooably estimated initislly ahd f~+om time to time by Leadcr oa tbe buis ot assasments and bills a~d rasonabk estimata thereof. The Funds shall be held in an institution the depoaits or accounts of wfiich are insutod or guaranteed by s Federal or state agency (intludina Lender if Lender is such ~n institution). Lender shafl apply the Funds to pay said taxa. usessments. insurance premiums aad Sround rcots. Lender may not charge for so holding and applyina the Funds. anatyzing said account, or vtrityinj and compling said aasessments and bills, unkss Leader pays Borrower interat on !he Funds and applicable law permits Lender to make such a cha~ge. Borrower and Lender may agree in writina at ~he time of execution of this Mongaje tbat iaterat on the Funds shall be paid to Borrower~ and u~kss such agrcement is made or applicably law rcquira such interest to be paid. Lender shall not be required to pay Borrowe~ a~y interest or earnin~s on the Funds. Lender slull give to Borrower. without charge, an :nnual acrounting of the Funds showing credits and debits to the Fu~ds and the purpoae for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured by this Mortga~e. ' If the amouat of the Funds held by Lender. together with the future monthly installments of Funds payabk prior to the due dates of taxes~ asxssments, iiuurance prcmiums and ground nnts. shall exceed the amount reguired to pay said taxa. assessn~ents. insurar~ce prcmiums and grouod rents u they tall due, such excess shail be, at Borrower s option. either proa?ptly repaid ta Bormwer or credited to Borrower on monthly installments of Fu~ds. If the amount of the Fun~ ; held by Lender shall not be sufficieut to pay taxes, asxssmeots, insurance prrmiums :nd ground rcnts as they. Eall due, Borrower sha!! p~ay to Lendtr any amount noctssary to make up ~he deficiency within 30 days from the date notice is mailed - by Lende~ to Borrower requesting paymert thercof. Upon payment in full of all sums securcd by this Mortgage, l.ender shatl promptly refund to Borrower any Funds ' hetd by Ltnde~. If under paragraph 18 hercof the Property is sold or thc Property is otherwisc acquircd by Ltnder, Lendar ' sbal! apply. no later than immediately prior to the sak of the P~oporty or i~s acquisition by Lender, any Funds held by ~ Leader at the time of application as a credit against ~he sums secured by this Mortgage. 3. Applicatbn of psyaewts, Unless spplicable law proviJes otherwise, all paymenls received by Lender unJer the ' Note and pangraphs 1 and Z hereof shall be applied by I.ender 6rst in payment of amounts payable to Lender by Borrower. under pusgraph 2 hersof. tben to intert;t psyabk on the Note, then to the principal of the Note, and then to interest and principal on any Future Advanca. CMsRa; Lieas. Borrower shall pay all taxes, assessments and other charges, fines and impositions atlributable to the Property which may attain s priority over this Mor~gage, and kssehotd payments or gr~nund rents. if any. in ihe manner Qrovided under paragraph 2 hereof or, if not paid in such manner. by Borrower making paytnent. when. due. direclly to the payee theteof. Borrower shall promptly.furnish to Lender all notica of amounts dtx under this parag~aph. and in the event Borrower shall malce payment directly. Borrower shaq promptly furnish to Lender ~cceipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mongage; provided, that 8orrower shal! not be required to discharge any such lien so bng as Borrower_shall agree in writing to the payment of the obligation securcd by suc6 lien in a manner uceptabk to [,ender. or shall in good faitfi contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to pnvent the e~torcement of the lien or forfeiture of the Property or any part thereof. S• Hasard lnsnra~ce. Borrower shall_ keep the improvements now existing or hereafter erected on the Propehy iosured againu loss by hne. huuds included within the term "extended coverage", and such other hazards as Lender may requirc and in such amountt and for such poriods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage requircd to pay the u~ms securcd by this Mortgage. The insurance carrier providing the insurance shalt be chosen by Borrower subject to approval by Lender. provided. that such approval sha11 eot be uarcasonably withheld. All premiums on inwrance policies sfiall be paid in the manner provided under paragnph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. dirtcdy to the ~ insurance curier. AI! insurance policies and renewals thereof shalt be in form acceptable to Lender and shaU include a standard mortgage ~ clause in favor of and in form uceptable to Lender. Lender shall have the right to.hold the policies and rcnowals thereof, ~ and Bormwer shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. ln the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loas if not made promptiy by Borrower. UnlGU Lender ar~d Borrower otherwise agree in wriling, insurance proceeds shall be applied to ratoratan or repair oi the Property damaged. provided such restoration or repair is economically feasible and the security of this Mongage is not thereby impaired. If such restoratidn or repair is not economically fcasible or if the security of this Mortgage would ~ be impaired, the insurance procoeds shall be apptied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. !f the Propeny is abandoncd by Borrower, or if Bor~ower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofiers to seule a claim for insurance benefits, Lender is authorized to collect and apply the insurance procads at Lender's option either to restoratioe or repair of tbe Property or to tbe sums securrd by this Mortgage. Unless I.ender and Borrower otherwise agreo in writing. any such application of proce~ds to prineipal shall not extend or pastpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under puagraph 18 hereof the Property is acquired by Lender. ail right. tide and interat of 8orrower in and to any insurance policies and in and to the procoeds thereof resulting from damage to the Prnperty prior to the sak or acquisipon shall pass to Lender to the extent of the sums securod by this Mortgage immediately prior to such sak or acquisition. _ f. Tresenatioa a~d Maietenance of Property; Leaseholds; Condoo~iaiua~s; planned Udt Devebp~ncnts. Borrowcr shal! iceep the Property ia good reFair and shali not commit waste or perntit impairment or deterioration of the Property aad shall comply with the provisions oP any lease it this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall pertorm all of Borrower s obligations under the declaration oc covenants crcatiag or governing the condominium or planned unit development. ~he by-Is?ws and regulations of tha condominium or planned uait development. a~d constituent. documents. IE a condominium or planned unit development rider is exauted by Borrowtr and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and suppkment the covenants and agreements of this Mortgage as if the rider were a part hereof. Trotectio~ of Le~der's Secdrity. If Borrower taifs to perform the covenants and ag~eements contained in this - Mort~a~e. or if any act+on or proceeding is commenced which materially aflects Ltnder's interest in the Property. iucluding. but not limitod to, eminent domain. insolvency, code enforament. or arnngements or proceodings involvieg a b~akrupt or decedent. then Lendar at L.eoder's oqion~ upon notia to Borrower, may make wch appearances~ disburse such wau and take such action as is nec~ssuy to protect Lender's interest. including, but not limited to~ disburse~hent of ctissonabk attorney's fees and entry upon the Property to make reQairs. If Lender requircd mortgage insuranoe u a c.ondition of makin` tt~e ban secw~ed by this Mortgage. Borrower shall pay ihe premiurns requic~ed to maintain ~wch inwranoe in eQect until such Wne as the nquireroeot for such i~qta~tttjninata ia aceordance wit6 Bor~ower's aad ~ ~ B0~ ~AGE e~ _ . x . . . ~ . . .