Loading...
HomeMy WebLinkAbout0962 - . . •t• • ~ ~ . UNtpoar?f CoveN,~Nrs. Borrower and l.endrr cuvcnant a~d agr~~c as foUuws: • 1. P~ymeot ot Princfpal and Interest. Horruwer shall prumpUy pay whcn tluc ~he principal ot and interest un Ihe indebtedness evidenced by the Note. prepayment and late char~e~ :i. pruviJed in the Note, and the principai uf and ~ntemst on any Future Advances secured by this Mortgage. I. Fuads tor Tuea and I~ur~aee. Subject to applicable !a?r or ta a writlen w~iver by I.ender, Aorrower shall pay to I,cnder on the day monthly installments of principal and imere~t .~rc payablc undcr ~hc Note, until the Notc iti paid in tull, a sum ~(hercin "Funds") equal to one-twelfth o( the ycarly tatrc and as~essme~ts v?•hich may attain priurity over thic ' Mortgage, and ground renta on the Properry, if any, plus onc-twclfth ~f ycarly premium inttallments for ha7.ard insurance, plus o~e-twelfth of ~•carly premium installments for mortgage insurancc. if any, all as rcasonably cstimatcd initially and trom time to time by I.e~der on the basi~ of assessments and hills anJ rcasonabl~ estimales thercoi. ' The Funds shall be ticld i~ an institutivn the deposits ar ai:coums uf which arc insureci or guarantced hy a Federal or state agency (including Lender if Lender is such an insti~ution I.ender shap apply the Fundx to pa)~ ,aid taxes, assessments, insurance pnmiums and ground rents. Lender may not charge for ~o holding and applyinq thc F~mdc, an:dyzing said arcounl, or veri[ying and compiling said assessments and bills, unlcss Lender ~ys Borrower interest on thc Funds anci applicable law - permits Lende~ to make such a charge. ~rrower and [.ender m:~y agrce in writing at 1he time of execution ot this ` Mortgage that interest on the Funds shaU he paid to Bc~rrower, and unless ~uch agreement is made tir applicahle law requires such interest to be paid. 1_ender shall not M: required to pay Borrower :my interest or carnin~h on Ihe fiunds. l.endcr • shall give to Borrower, without charge, an annual accounting ot the f'unda ~howing credits and dehits to the runds anJ the purpose far which each debit to the Funds was made. The Fund~ a~c plidged a~ addi~ional securitr for ~he sumL sccured by this Mortgage. If the amount of the Funds held by ~ender, tngether with the iuturc monthly installments of Fun~l. pay:~ble prior to the due Jates of laxes, assessments, insurance premiums and ground rents, shall exreed the amount reyuirc~J to pa~• said ta!ces, ~ assessments, insuranc~ premiums and ground renis as they fall due, such c~cetic shall be, at Borrower s option, either prompUy repaid to Borrower or crcdited to Borrower on m~~nthly in~tallmcnts of Punds. I[ thc amount of the F•unds htld by.Lender shall not be sufftcient to pay taxcs, assessmcnts, insurancc premiums and ground renls :u thrp fail duc, Borrower shall pay to Lendet any amount necessar}• to make up the defiriency within i0 da)•s from 1he date ne.lice i~ ma~leci , by Lender to Borrower requesting paymcnt thereof. Upon payment in fuU of all sums secured by this Mortgagc, Lender shall promptly refund to B~~rn?v?cr am• Funds hetd by l.ender. It under patagraph 1R hereof the Property i~ ~.Id or thc Propert}• is otherwi~e acquired b~- I.endcr, ~Lendcr shall apply, rw (ater than immediatcty prior to the sale of thc Property or e~s acquisitian by Lcndcr, any Funds held by Lender :~t the time of application as a credit against the sumc secured by this Mortgage. 3. Application of Payments. Unles.e applieable law provides atherw~i~c;, all payments received by l.ender un~ler the , Notc and paragraphs 1 and 2 hereof shall bc applied by Lender first in paymen~ at amounts payable to Lcnder f1~' BOffOKI'f under paragraph 2 hereof, then to intcrest payabtc on thc Notc, then to ihc principa! of thc Notc. and thcn to interest and principal un any Future Advances. • 4. CharRes; Lkns. Borrowcr ~hall pay all ~axes, asscssmcnts and oth~r charges, fines and im~.sitions attributahle to the Property which may attain a priority aver this Mortgage, and leasc:hold payments or ground ~ents, if any, in the manner. ptovided under paragraph 2 hereof or, if not paid in such mrnner, b~~ Borrower making paymenl, when due, directly to the ' payee thereof. Borrower shall promptly furnish to Lender al! noticcs of amounts due under this paragraph, and in the event Borrower shall make payment direcUy, Borrower shall promptly furnish to I.ende~ receipts e~•idencing such payments. Borrower shall promptly dixharge any liea which has priority ovcr this Mongagc; provided, that Borrower shall not be ~ required to discharge any such lien so long as Borrower shall ~grec in wfit~ng to Ihe payment of the obligation secured by ; such lien in a manner acreptable to Lender, or shall in good faith conte~t such lien hy, or defend enforcement of such lien in. ' • legal proceedings which operate to prevent the enforcement of ~he licn or forfeiture of the Property or any part thereof. S. Hazard {nsurance. Borrower shall kcep the improvements now~ existing or hereafter erected on the Pmperty insurecl : against loss by fire, hazards included within the term "ettende.i c~~verage". and surh other hazardc as l.ender ma}~ reyuire and in such amounts and for such periods as Lender may rcyuirc; provideJ, that Lendcr shall not reyuire that the amount of such coverage exceed that amount af coverage required to pay the sum~ secured by this Mortgage. 'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall ~ot be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner provided ander paragraph 2 hereof os. if not paid in such manner, by Borrower making payment, when due, Jirectly to the insurance carricr. All insuranre policies and renew~als thereof shall be in form acceptable to Lender and sha8 include a standard mortgage clause i~ favor of and in fotm acceptabte ro Lender. l.ender shaN have the right to hold the policies and reneN•als thereof. and $orrow•er shaN prompUy furnish to Lender all renewal not~ces and all receipts of paid premium~. In the event of lo~s, Borrower shall g~vc prompt notice to thc insur.mcc carricr and Lender. Lender may make pr~f of loss if not made promptt~• by Borrower. Uniess Lender and Borrowcr othcrwi~; agrec en writing, insurance procecds shall be applied to restoration or repair of the Property damaged, provided such m~tural~on or repair is economically feasible and the security of this Mortgage is not thereb}' impaired. I( su~.h restoration or repair is not ~conomically feasible or if the security of this Mortgage wauld be impaired, the insurance prcxeeds sh.+ll be applied to the sums secured by this Mortgage. W~eth the eacess, if any. paid to Borru~t•cr. If the Propert} is abandoned hy Bvrrower, or il Borrower taifs tu respond to Lender within 30 days irom thc date notice is maileJ by Lender to Borrower that the insurance carrier afTe~ to settle a claim for insuranee benefits, 1_ender is authorized tu rnllect and apply the insurance proceeds at Lender's optian either to restvration or repair af the Property or tu the sums securecl by this Mortgagc.. _ Unless Lender and Borrower otherwise agree in w•riting, any such appliration of proceeds to pnncipal shall not catend or postpone the di~e date of the monthly installments rcferred t~~ in parag~aph~ ! and 2 hereof or change the amount of such installments. It under parag~aph 18 hereof the Property.is acyuired by~ Lender, ali right, tide and interest of Borrower in and to any insurance poiicies and in and to the proc:eeds thereof resulting irom damage to the Property prior to the satc or acquisition shall pass !o Lender to the extent of the sums secureci by this Mortgage immediately prior to ~uch sale or ~ acquisition. . 6. Presenation and Maintenance of Property; [xacehulds; Condomininmc; Planned Unit Developments. Borrow~cr shall keep the Property io good repair and shalt not comrnit waste or permit impairment or detcrioration of the Praperiy and shaq comply with the provisions of any lease if this Morlgage i~ on a Icaschold. If this Mortgage is on a unit in a condominium or a planned anit development, Bo~rower shall perform all of Borrower s obligatioos under the dcclaratiun or covenants creating or governing the condominium or planned unit devclopment, the by-iaws and regutations of the s condominium or planned unit devetopment, and constituent doc:ument~. If a condominiem or planned unit der•elopment ` rider is executed by Borrower and recorded together with thes Mortgage, the covenants and agreements of such ridcr shall be incorporated into and shall amend and sopplement the covenants and agrcements of this Mortgage as i( the rider v?~ere a part hereof. ~ 7. Protectioo of Ltnder's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced w~hich materially aQects I.ender's interest in the Property, inclading, but not limited to, eminent domain, insc~lvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrowe~, ma}• make such appearances, dishurse such ' sums and take such action as is necessary to protect l.ender's interest, including. but not lirr~ited to, disbursement of ~ reasonable attorney's fees and entry upon the Property to makc repairs. If t.ender reyuircd mortgage insorance as a ~ condition of making the loan securecl by this Mortgage, Bonower sh:~ll pay ~he premiums required ta maintain such insuranCe in ef~ect until such time as the rcyuirement for such msurance tcrminates in accordance with Borrower ~ and K 2~5 ~A~f 950 .