HomeMy WebLinkAbout0252 Eiurn,wer and lrnder covenant and aRree as folluwa:
1. Peyment ot Principal and Inte~eat. Rorrower ahall pramptly pay when due the principxl of nnd interrat on the indebtedness
evidenced by the Note, prepayment and lute charges as pruvideci in the Note, nnd the principnl of and intereat un any I~ uture Advancea secured
by this Mortguge.
'l. Funda torTa~cr[s and Insurance. Subject tu applicable luw or lu a writtrn wt~iver by lxnder, f~~rrower shull pi+y to Iw nderun the day
monthly instnllmenta of prinripal nnd interest are pa~•able under the Nute, until the Nute ia puid in [ull, a sum Iherein "Funds") eyuul to une-
twelRh of the yrarly tnxes and as~essments which mny utta?in priority o~•er lhis lUortgi~te, and ground renta un the Pro~rty, if uny, plus one-
tweifth of yenrly prnmium installmentx for ht~zt~rci insurancr, plus onc-twelfth of yeurly premium inwt.illmrnkc for mortgt?ge inxur.?nce, if any,
all xs rensontibly estimated initiall~~ und from time to tin~e by I.ender on the basie of asxessments aind billa und reasonable c~timutes the~eof.
The Fl~nds ahall be held in an inatitution the deEwsita or accounta of which arn ineured or guaranteed by a Federal or State agency
(including I.ender if l.ender ia such an institution). l.ender shall Apply the F unda to pay said tuxea, nssesxmrnta, insurance premiumee and
fcround renta. l.ender may not charge for ao hulding und applying the Funda, annlyzing said account, or verifying and co~npiling said
aeseaaments and bille, unleaa Ixnder pays E3orrower interesl on the Funda and applicable luw permita l.ender to mnke such a charge. I3orrower
nnd [.ender may agree in writing at the time of execution of thia Mortgage that interest on the Funds shall be paid t~ Borrower, and unleas
such agreement ia made o~ applicable law requires auch intereat to be paid, l.ender shnll not be required to pay Borrower any intereat or
earnings on the Funds. l.ender ahall give to E3orrower, w~thout charge, an annual accountinq of the Funds ahowing credits and debita to the
Funda and the purpoae for which each debit to the Funda v?~as made. The Funds am pledged i~s ndditional security for the sums secured by thia
Hlortgage.
If the amount of the Funda held by I.ender, toECether with the futurn monihly.instalimenta of Funds payuble prior to the due dates o[tnxea,
assessmenta, insurance premiums and ground rents, shaU excred the nmount required to pay said taxes, assessments, insur~nce premiuma
and ground renta as they fail due, euch exceas ahxli be, at Bo~rower's option, either promptly repaid to Borrower or rredited to F3orrower on
monthly installmente of Funda. If the amount of the Funds held by Ixnder shall n~t be sufficien! to pay taxes, assessmenta, inaurance
pre~niums and ground rents as they fall due, Borrower ahall pay to I.ender any amount necessary to make up the deficiency within 30 days
from the date notice ie mailed by I.ender to F3orrower reyuesting payment thereof.
Upon payment in full of all aume secured by this Mortgage, l.ender shall promptly refund to Borrower any funds held by Lender. If under
paragraph 18 hereof the Property is sold or the Property is otherwise acquired by l.ender, I.ender shall apply, no later than immediately prior
to the sale of the Property or ite acquisition by Ixnder, any Funds held by I.ender at the time of application as a credit against the suma secured
by this Mortgage.
3. Application of Peymenta. LJnle~x applicable law pro~~des otherK•ise, all payments received by l.ender under the Itote and
paragrapha 1 and 2 hereo[ ahaU t?e applied by I.ender first in payment of amounts payable to I.ender by BorroNer under paragraph 2 hereof,
then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances_
4. Charges; Liens. Borrower shall pay all taxes, iissessments and other chargea, f?nes and impositions attrihutable tc~ the F'mperty which
may attnin n priorit~ over this Mortgf~ge, and tea.gehold paymen~w or Kn,und rents, if any, in the manner providEd under paraKraph'L hereof or,
if not paid in such manner, by 13orrower makinR payment, when due, directh• to the payee thercvf. Borrowershall promptly furnish to l.ender
all notices of ~mounts due under this paragraph, and in the event E3orrower shall r~ake payment directly, Borrower shnll promptly furnish to
[,ender receipts evidencinq such payments. Ek?rruw~er shall promptly diacharKe any lien which hxs priority over this Mortgage; pn,~ idrd, that
f3~~rrower shal) not be required to discharge any such lien so long as Rorrower shall agree in writing to the p~?yment of the obligation secured by
.uch lien in a manner accept~lble to Ixnder, or shail in Kax1 f~ith contest such lien by, ordeCend enforcement.~fsuch lien in, lef;a! pnxe~dinKs
t~ hich operate to pmvent the enforcement of the lierr or forfeiture of the Yroperty or am~ p~rt thereof.
5. Hazard Ineurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by
fi re, hazards included w~thin the term "extended coverage," and ssuch other hazards as Lender may require and in such amounts and for such
; periods as L.ender may require; provided, that I.ender shalt not reyuire such coverage amount exceeding the minimum, as may be required by
~tate or federal regulations governing activities of I.ender, or that amount of coverage required to pay the aums secured by this btortgage,
i whichever is the grnater.
~ The insurance carrier pruvidinK the insurance shaU be chosen by Korruw•er subject to approval by I.ender: provided, that such .~pprov.31
~hall not be unreasonab]y withheld_ All pmmiums on insurance polic•ies shali t?e paid in the manner prv~•ided under paraKraph 'L hermf or, if
~ nut paid in such manner, by Rorrower makinK puyment, Mhen due, dirertl~• to the insurancerarrier.
; Ail insurance policies and renewala thereof shall be in form acceptable to [.ender and shall include a standard mortgage clause in favor of
? :ind in form acceptable to I.ender. I.ender shall have the right to hold the policies and renewala thereof, and Borrower shall promptly fumish to
k i.ender all renewal notices and all receipts of paid premiums. In the event of loss, I3orruwer shall give prompt notice to the insurance carrier
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~ and Lender_ I.ender may make proof of loss if not made promptly by Borrower.
; Unleas Lender and Borrower otherwiae agree in K•riting, insurance proceeds shall be applied to restoration or rnpair of the Property
3 damaged, provided auch restoration or repair is economically feasible and the security of this Mortgage ie not thereby impaired. If such
; reatoration or repair is not economically feasible or if the security of this D9ortgage would be impaired, the inaurance proceeds shali be applied
~ to the sums secured by this Mortgage, r~~th the eacess, if any, paid to Borrower. If the Property is abandoned by Rorrower, or if Borrower fails to
; respond to Lender within 30 days from the date_ notice is mailed by Lender to E3orrower that the insurance camer offers to setde a claim for
~ inaurance benefita, I.ender is authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the
i Yroperty or the sums secured by thia MortQage.
F
= Unless Lender and F3orrower otherwise agrcr in writing, any such application of pmceeds to principal ahall not extend or postpone thedue
date of the"monthly inatallments referred to in para~traphs 1 and 2 hereof or change the amount of such installments. If under paragraph 1R
r hereof the Pmperty is acquired by Lender, all right, title and inlernst of Borrower in and to any insurance policies and in and to the proceeds
n thereof resulting from damage to Property prior to the sale or acquisition shall pasa to I.ender to the extent of the sums secnred by this
'w ~lortgage immediately prior to such aale or acqaisition.
= 6. Preeervation and Mgintenance of Property; Leaseholds; Condominuma; Ylanned Unit Developments. Borrowershall keep
the Property in good repair and shali not commit waste or permit impairment or deterioration of the Property and shall comply with the
rs proviaiona of any lease if this Mortgage is on a leasehold_ If this Mortgage is on a unit in a condominium or a planned unit development,
~ Borrower ahal) perform all of Borrower's obligations under the declaration orcovenants creatinKor governing the condominium or planned
~ unit development, the by-laws and regulations of the condominium or planned unit development, and conetituent documents. If a
condominium or planneci unit development rider is executed by Borrower and recorded together with this Mortgage, the eovenants and
~ aqreements of such rider shal l be incorporated into and shall amend and supplement the covenants and aKreements of this Mortgage as if the
rider were a parl hereof.
7. Protection of Lender'e 3ecurity. if Borrower faila to perform the oovenante and agreemente contained in this Mortgage, or if any
action or proceeding ie commenced which materially affecte Lender'e interest in the Property, inclading, but not limited to, eminent domain,
- ineolvency, aode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at I.endei s option,upon
notice to Borrower may make euch appearances, disburee auch sume and take euch aMion as ie neceasary to protect I.ender'e interest,
including, but not limited to, diebursement of reasonable attomey's fees and entry upon the Property to make repaira. If I,ender required
mortgage inaurance aB a condition of making the loan secured by this Mortgage, Borrower ehall pay the premiuma i~cquired to maintain
euch ineurance in effect until auch time as the requirement for such ineurance terminatea in accordance with Borrower'e and Lendei e
written agreement or applicable Law. Borrower ahall pay the amount of all mortgage inaurance premiuma in the manner provided undet
paragraph 2 hereof.
My amounfs dieburaed by I.ender perauant to thie paragraph 7, with intereet thereon, shall become additional indebtednese of
' Sorrower eecured by thie Mortgage. Unleae Borrower and Lender agree to other tetma of payment, auch amounta ehall be payable upon
notice from [.ender to Borrower requeeting payment thereof, and ahall bear intereet fmm the date of disbursement at the rate payable from
= time to time on outatandinq principal under the 1~Jote unlesa payment of interest at euch rate would be rnntrary to applicable law, in which
event euch amounts ehail bear intereat at the higheat rate permiasible under applicable law. Nothing contained in thix paragraph 7, ehaU
uire Lender to incur an ex
req y penae or take any action hereunder.
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