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HomeMy WebLinkAbout0081 . • Borrow~ and Lende~ covenaat sad ~ree as foUow~: . ~ 1. P~Ymeat ot Peit~cipal end Iatere~t. Bo~rowar ~hal) promptly pay when due the principal of end inteseet on the indebtednas evidenoed by the Note, prepayment and late char~e~ a~ pmvided in the Note. aad the priacipal of aad iAterat o~ ar~y PLturs Advanoa secured by ti~L Ma~a~a - 2. Rupds tor Tase~ aad Insuraaoe. 3ubject b appGc:able law or to a written weiver by Lender. $orrow~ shall pay to Lendar oa the day monthly u?atallmeat~ of principal aad iatereat ara payeble unde~ the Note. until the Note is paid ia full. a aum (bereia "P~nds'7 equal to oao- twelRh of tbe yearly ta:as u~d ask+ssmenta which may attain psiority over thu Mort~a~e. and Qround rents on the Propedy. if any, plus oas~ twelRh of yearly premium installments for hasard insutance. plus onetwelRh ofyearly premium installmenta for moK~ageinaurance. if aay. ~ all as reasonably estimated initiaUy and trom time to tune by Lei?der oa the basu of assessments and bills and reaeonubk estimaka thereof. 'ILe F~nd~ ~hall bs be{d in an iaditatiou the depwits or aooouats of which are iasured or guaranteed by a Federal or State ayeacy (includia~ Lender if I.~der ia snch ew institutioa~. L~der shall apply the P~nd~ to pqy aaid teu~es. aasesementa, uuuraace premiume and ~round rent~. Lender may not char~e fo~ eo holdia~ aad applyitt~ ths Phnda. analysinQ ~aid aoooun~ or verifying and oompiling said asseame~ta and bills. nde~s L~der pe~ys Borrowet iaterest oa the fi~ada sad applicaWe law permite Le~er b make such a charge. Borrower and Leadez ma?y egeee in writiag at the time of esecution of thi~ Mortgage that i[~tere~t oa tha fi~nds ahall be paid to Borruwer. and unless auch a~reemeut u made or applicebk law requins snch inte~rat Lo be paid. Lende~ she~U aot be required to pay Borruwer any iaterest or carnin~o on the F1~nds. Lender ahaq ~ive b Borrow~. withont charge. sn annual acoonnting oi ttu Fnnds showing credib and debits to the F~nd~ and the purpo~e for ahich each debit to the P~nds was made. The P~nda are pledged as additioaal secnrity for the sums secured by this Mort~ege. ~ If W e amow~t of the F1u?ds held by I.ender, together w+ith the fnture awnlhly instaUments of Funde payaWe prior to We due dates of ta~ces. aseeaem~ts. insaranoe premiums and growid rents. shall excaaed the amount required to pe~y said tazea, asaesaments. iasurance premiums and ground rents a~ Wey fall dne. snch ~oess ehall be. at Boirower's option, either pmmptly repaid to Borrower or credited to Borroweron monthly instaUments of Pbnds. If t6e amount of the F'nnds held by Leader shall aot be sut~cient Lo pay taxes. aseeasmenta. insurauoe preminms and gro~wd tents as Wey faA dne. Borrower shall pay to I.ender any amount nec~seary to make up the deficiency within 30 daya from~ the date aodoe is mailed bY Lender to Borrow+er re9~~8 PsYwent thereof. ~ Upon payment in !Wl a~' all aums secured by tbis Modgage. Lender shall promptly nfund to Borrower any funde held by. Lender. If nnder paragraph 18 hereof k'~s Prope:ty is sold or the Propezty is otherwise aoquired by Lender. I.ender ahall apply. no latu than immediately prior to the sak of the Property ae ita aoqaisition by I.ender. any I~Lnds held by Lender at the time of application ae a c~~edit against the same eec~ued by Wa M~tgage. • ~ 3. Applk~adoA of Payments. Unleas applicaWe law pmvides otherwise. all paytnents raoeived by Lendez uadar We Note uad paragraph~ 1 aad 2 het+eot shall be applied by Lender fint in payment oi amounta payable to Irender by Boirower w~der paragraph 2 hereof, th~ to uiterest payable on the Note. t6en b tht principal of the Note. and thea to intereat and principal on any Futnn Advaaces. 4. Charges; I.iens. Botrowet ehall pay all taxea. aaeessmente and other charges, fines and impositions attribulaWe to We Property which may attain a priosity ova thia Morigage, and leasehotd payaaeAta or ground rents. if any. in the manner provided under paragraph 2 hereof or. if aot paid in such manner. by Borrower making payment, when due. directly to the payee thereoL• Borrower shall pmwptly furnieh to Lend$r all notioee of aanouata due qnde: this paragraph. and in the event Borrower ahall make payment directly. Bon+ower ahall promptly furniah to Lendet receipta evid~?ciag euch payments. Borrower ahall P~P~Y diecharge any lien which haa priority over this MortBaB~ Provided, that Borrowa ehall aot be c~equired to diechasge any auch lien eo bng es Borrower ahaD agree in writing to the paymentof the obligation secured by such lien in a manner aooeptable to I.ender. or shall in good faith rnntest ench lien by, or defend enforcement of auch lien in, legal proceedinge which op~ate to prev~t the entorcement ot the lien or for[eiture of the Property or any part thereof.- 5. Hazard Inaaraaoe. Boerower ahall keep the improvementa now ezisting or hereafter ezccted on the Propecty inaured againat loss by fire. hazards included within We term "eztended ooverage." and euch other hasards as I.ender may require and in anch amounts and for anch pe~iode as Lendr,r may require; pmvided, that I.ender ehall noL require such ooverage amount exceeding the minunum, as may be required by ' etate or federal regulationa governing activities of I,ender, or that amouat of ooverage required to pay the suma eecured by thia Mortgage, whichever is the greaLer. " The insurance carrier providing the insurance shall be choeen by Borrower subjectto approva! by Lender, provided, that such appmval ahall not be unreaeonably wiEhheld. All pr_eminme on inewance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Boirower making paymeat, when due, directly to the insurance carrier. ' , All insuranoe policies and rene~vala thereof shall be in [orm aaoeptable to Lender and ahall include a atandard mortgage clause in favor of and in form eooeptable to Lender. Lender shall have the right to hoW the policies aad renewsla th~eof, and Borrower ahall promptty furnieh to i.eader all r~ewal notioes and all reoeipts of paid premiums. In the event of loss. Borrow~r shall give prompt notice to the ineurance carrier and Lender. Lender may mate proof of loss if not made prompdy by Boirower. - ~ Unlws Lender and Borrower otherwiee agree in writing, inanrance prooeeds ahall be applied to reebration or npair of the Properiy I'~ damaged, ~ovided wch reetoration or sepair is economically fea8ible and the security of thia Mortgage ia not thereby impeired. If such ~ reatotation ot repair is aot economically feasible or if the aecurity of thia Mortgage would be impaired, the inaurance proceede ehall be applied i to the suma secured by this Mortgage. with the acees, if anY. p~id to Bormwez. If the Property is abaadoned by Botrowez. or if Bo:rower faila to ' respond to I.ender within 30 days 6ram Lhe date notioe is mailed by Lender to Borrower that the ineurance carrier offets to eettle a claim for y insnranc~ b~e5ts, Lender ia aatha~rized to ooAect and apply the inaurance pmceeds at Lender'a option either to reatoration or repair of the PropQty or the eums secnred by this Mortgage. Unleas Leader and Borrowe! otherwise agn~e in weiting, any ench application of pmoeeds to principal ahall not ~tend or poetpone the due date of tbe monthly inetallments referred to in paragraphs 1 and 2 hereol~r change the amoant of snch inatallmente. If ander paragraph 18 hereof the Prope:ty is aaqnired by Lenda. all righ~ titk and interest of Borrower in and to any inaurance policies and in and to the prooeeds ~ thereof resulting from demage to Properly prior to the sale or aoquisition ahall pass to Lender to the eatent of the sama eecured by this Mortgege immediately prior to sach sale or aoq~risition. 6. Preaervat~on and 11[aintenaaoe of Pmperty; Leasehold~ Condominums; Plsaned Unit Developments. Borrow~ ehall keep the Property in good repair and shall_ not oommit waste or pennit impairment or deterioration of the Propedy and ahall oomply with the provisione of any lease if fhis Mortgage ia on a leasehold. If this Moctgage ie on a unit in a oondominium or a planned unit development, Borrower shall perform all of Borrower's obligatione ander the declaration or oovenants creatingor govezning the oondominium or planned nnit development, the by-laws and regulationa of the ooadominium or planned nnit developmen~ and constitnent documente. If a oondominiam or planned unit devebpmen! rider is euecuted by Borrower and reoorded together with this Mortgage, the wvenants and agrEemeats of auch ridet ahall be iacotporated into and ahall amend and supplement the oovenants and agreements of thia Mortgage ae if the rider were a part hez+eof. ' " 7. Protection ot Lender'~ Secnrit~. If Borrow~ fails to paform ths oovenants and agt+eemennta oontained in tbis Mottee80. 0~ if any action or prooeeding is commenoed which mate~ially agecta Lender'i interest in the Propaty, inclnding, bnt not limited to. emineat domain, inwlvmcy~ oode entoroemenR o~ arrangem~ts or proveeding~ involving a bapkrnpt or deoedest, thm Lender at I.enders option,apoa notioe to Bormwcr may make anch ap~pearanoe~. disbnne snch snms and take wch action as u neoe~sary to p:ote~t Leade~s iatae~~ indoding. but aot limited to. diibnr~emeat of reaeoaabk attorney's fees and ~?trq upon tbe Property to make repain. If I.eader reqnired ~ ma~t8age ins~anee as a condition of maldng the loan secared by this Moirt8a8e, Borrower shall p~q the preminms required to maintain ~ sw~ ~nsnsanoe in effect nntil sach time as the reqnirement for snch insaranoe.t~erminates in aooo~danoe with Bocrowet's and Leade~s ~ ~vritten agreement or applicabk I~w. Borrower shall pay t6e amonnt of all mortgage insuranoe preminma in the manner provided undu ~ paragraph 2 hereof. ~ Any amonnh disbnrsed by I.ender persaant to thii paragraph 7, with interest tbe~eon, shall beoome additional indeMedness of ~ Borrower ~ecnred by this Mortgag~ Urilea~ Bormwa aad I.ender agree to othe~ term~ of PaYment, ench amonnts shall be payable apon ~ aotice firom Leade: to Bore~nwer reqnesting payme~nt thereo~ and shall beas inteeert irom the date of disbnrsem~t at the rate payable from ~ time b time on ontstanding principal ander the Note anlw paymeat of interest at snch rate would be oontrary to ap~licabk law. in ~vhich eveat and? amounts shall bear intacest at the highest rate permiasible nnda applicabk law. Nothing c~ontained in Wia. paregraph 7. ~haU reqaie+e Larder to incnr any e:pense or take any actioa herennda. ~ ~ ~ ~ ~ . . - , - - - _ , - - _ - .Fs .~+-aaKy"~ ~rr*s~+ -..°3'+-'+ "",~r~ia . -~r~ei~ „ x-~-W~=~~.'