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HomeMy WebLinkAbout0376 . ~ ~ , ~ ~ . ~ Borrower end I.et?der rnvenant aad agree as follows: 1. P~ymeat of Prittcip~?1 wad Iateres~ Borrower shall promptly pay when due the principal of n~d iaterest oa the indebtedneas evidenced by the Nots, prepaymeat and late chargea as provided in the Note, and the pri~cipal of and interat on any I~ture Advances secured ~ ~ by thi~ Mort~age. ~ 2. FLad~ for T~e~ aad Iwuranoe. Subjed to appticable law or to s written waiver by Lender. Borrowu ahall pay to Lender o~ the day ~ monthly inetalla~ente of principail and interest are payable under the Note. unW t}~e Note is paid in tull. a eum (herein "Ftinds") eQual to on~ twelfth of the yearly taues and assesamenta which may attain priority over this Mortgege. and ground renta on the Property. if any. plw ono- ~ twelRh of yearly premium installments for hasard inaurance, plue onetwellth of year~jr premium installmente for moKgage inaurance, if any. all as reasonably estimated initially and fmm time to time.by I.ender o~ /he basis of aaseesmenta and biUs and reasoneble ~timates thereof. s The P1mds sbaU be held in en iaditution the depoaita er accounta of which ere insured or guaranteed by a Federal or 3tate agency = (including Lender if Leader is such an institution). Lender shall apply the PLada to pay said ta:e~. a~eeasments. ineurance premiums and ~ gtound rents. Lender may not charge t~ ~o holdinQ and applying the P~ads, aaalyzing eaid aocoun~. or vesifyin~ and rnmpiling eaid , a~seesments and biW, unlees Lender pays Borrower intae~t on Wa Funds and applicable law pe~u?its Lender to make such a charge. Borrower ' and L~du may a8ree in wTiting at the tuae of e:ecutioa of this Mortgage that interesL on_ the FLnds shall be paid to Borrower. and unleas ~ such agreemeat is made or applicable taw requires auch interest b be paid. Lender shall not be required b psy Borrower any intereet or earainga on the Flusda. Lender ahall give to Bor~ower. without charge. an annual a~counting of the F~nds showing credita and debits to the ! P~nde and the purpose for which each debit in the ~nda was made. The I~nda are pledged ae additional eecurity for the aume eecured by thia ~ Mortgage. • ~ ~ If the amount of the F`unds held by I.ender. together with the future monthly instaUments of F~nda payable prior Ro the due dates of ta:es. ~ ~ aseessments. ineuraaoe premiums and ground rents. ahall pacc~ed the amount required to pay said ta:ee. aasessmenta, insuranoe premiums .i and ground rents as they faU due. such ~oeee shall be. at Borrower s optioa, either pmmptly repaid to Borrower or credited to Borrower on ~ monthly installments of Phada. If the amount of the F~i~ds held by I.ender ahall not be suf6cient to pay taz~. aseessmente, ineurance ~ premiums and gronad rents aa Wey fall due. Bormwer ehall pay to Lender any amount neceeeary to make up the deficiency within 30 daye j firom the date notice ia mailed by I.ender to Borrower requeating payment thereof. # Upon payment in full of all sums eecuted by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If undez ~ paragraph 18 hereof the Property ie eold or the Property ie otherwiee acquired by Lender. Lender ehall apply, no later than immediately prior to We eale of the Property or its soquiaition by Lender, any Flinde held by Lender at the time of application ae a credit against the aume aecured by thie Mortgage. ~ 3. Application of Payments. Unlese applicable law providea otherwise, all payments received by Lender under the Note and i paragraphs 1 and 2 hereof shaU be applied by Lender first in payment of amounta payable to I,ender by Borrowet nnder paragraph 2 hereof, then~to interest payable on the Note. then to the principal of the Note. and then to intereat aad principal on any Future Advancea 4. Chargea; I.iene. Borrower shall pay all taxes, assessmente and other chergee. fines and impositions attributable to the Property which i may attain a priority over.this Mortgage, and leasehold paymeate or ground rents, if any, in the manner pmvided under paragraph 2 hereof or. if not paid in euch manner, by Boirower making payment, when due, direMly to the payee thereof. Borrower ahall prompdy fi~rniah to l.ender all noticea of amounts due under thia paregraph. and in the event Borrower ahall make payment directly, Borrower ahaU prompdy furniah b L.e~der receipta evidencing auch paymenta. Horrower ahall promptly discharge any lien which has ptiority ovet this Mortgag~ provided, that, Borrowe~ shall not be required to diacharge any such lien so long as BorroweT ahall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, ordefend enforcemeat ofeuch lien in, legal pr~ceedinga which operate to prevent the enforcemen! of the lien or forfeiture of the Property or any part thereof. ; 5. Haserd Ineurauoe. Borrower she11 keeP the in?pmveiuente now euisting or. hereafiter erected on the Property insured againet lose by fire, hazarda inclnded withia the term "e:tended ooverage." and auch other hazarda as Lender may reqaire and in such amouate and for such i peziods aa Lender may require: proeided, that Lender ahall not require euch ooverage amount ezceeding the minimum, as may be required by etate or federal regulationa governing adivities of I.ender, or that amount of ooverage required to pay the auma eecured by this Mortgage, whichever is the greater. - The inaurance carri~ providing the insurance ahall be chosen by Borrower subject to approval by I.ender; provided, that such approval ~ ahatl not be unreasonably withheld. All premiuma on inaurance policies shall be paid in the manner provided under Raragraph 2 hereof or, if , not paid in euch manner, by Borrower making payment, when due, directly to the insurance carrier, ` All iasurance policie8 and renewals lhereof shall be in form acceptable to Lender and ahall include a standard mortgage clauae in favor of ' and in form aoceptable to Lender. Lender ahall have the right to hold the policiee and renewala thereof. and Bortower ahall pmmptly furnish to iender all renewal notioes and all receipts o€ paid pr~niume. In the event of loea. Borrower ahaU give pmmpt notice to the insurance carrier i and Lender. Lender may maice proof of loss if not made promptly by Borrower. - ~ Unlees Lender and Borrower othervviae agree in writing, insurance pmceede shall be applied to reatoration or repair of the Property damaged, provided auch reatoration or repair is economically feasible and the eecurity of this Mortgage ia not thereby impaired. If such _ ~ reetoradon or repair is noi economically feaeible or if Lhe eecarity of this Mortgage would be impaired, the insurance prooeeda ehall be applied ~ ~ to the anme eecared by thia Morlgage. with the ezcees, if anY, paid to Borrower. If the Prope~ty is abandoned by Borrower, or if Borrower faila to ~ reepond to Lender within 30 days from the date notice ia mailed by Lender to Borrower that the insurance carrier oHers to eeWe a claun for ~ inaurance benefita. Lender is anthorized to ooUect and apply the insurance proceeda at Lender's option either tb restoration or repair of the Property or the sums eecured by this Mortgage. . Unlese L,ender and Borrower ofhervviee agree in writing, any anch application of pmoeede to principal ahall not estend or postpone the due date ot the monthly installmenta referred to in paragrapha 1 and 2 hereof or change the amount of such insLallmenta. If under paragraph 18 hereof the Pmperty is aoqnired by Lender. all right, title and intereat of Borrower in and to any insnrance policies and in and to the proceeda thereof reaulting from damage to Propecty prior to the sale or acquiaition ahall paae to Lender to the e:tent of the suma secured by thie Mortgage immediately prior to sach sale or aoquieition. 6. Preservation and Maintenance otProperty; I.ease6olds; Condominums; !'lanned Unit Developmenta. Borrower ahall keep ~ the Property in good r8pair and ahall not commit weste or permit impairment or deterioration of the Property and shall oomply with the provisione of any lesee if this Mortgage ie on a leaeehold. lf thie Mortgage ia ~on a unit in a oondominium or a planaed unit development, ~ : Borrower ehall perform all of Borrower's obligatione under the declaration or oovenante creatingor gov~ning the condominium or planned 5 unit development, the bylawe and regulationa of the condamininm or planned unit developmenk ~~netitnent documents. If a : oondominium or planned unit development rider ia eaecuted by Borrower and recorded together with thie Mortgage, the oovenants and : agreementa of auch rider ahall be incorporated into and ahall amend and supplement the covenants and agreementa of thia Mortgage as if fhe { rider aere a part hereof. ~ Protection of Lender's Secaritp. If Borrower fails to perform the oovenants and agieemeats oontained in this Mortgage. ar if eny action or prooeeding is aomm~oed w+hich materially affects Lendei'erint~er~t in !he Prope:ty. indnding. bnt not limited to. eminent domain, ~ iaiolvency~ oode eaforcement, ar arrangements or proceedings involving a bankrnpt or deceden~, then I,eader at I.ender'a option,npon ~ ~ notioe to Bonower may make such appearances, disbniee such sums and take wch action as is neoasary to protect I.endez'e interest~ inclading, but not limited Zo, diab~r~nent of reaaonable attorney's fcee and entry upon the Property to maice repairs. If I.ender reqnired ~ ~ mo;tgage ins~ance as a condition of mairing the loan seeured by this Mortgage, Borrower shall pay the premiums reqaired to maintein } sach inauranoe in eifect antil each time as the reqnirEment for ench inanranoe terminates in acoordenoe with Borrower's and I.eade~s ~ written agireement or applicable Law. Borrower ahall pay the amount of all mortgage ineuranoe prrrniums in the manner provided unda = P~B~ePh 2 hereof. ~ Any amonnts diabursed by Lender persuant to this paragraph 7, with int~eat theteon, ahall beoome additional indebt~edneas of ~ Borrowar secured by this Mortgage. Unleea Borrower and I.enda agree to oWer terme of payment~ such amoanta shell be payable upon . notice from Lende~ to Bor~+ower reqneeting payment thereof. and ahall bear interest from the date of disbursemenE at the rate payable irom time to time on onteRanding principal nnder the Note unieas paymeut of interest at snch rate would be oontrary to appiicable law. in which • event snch amounts shall bear interest at the higheet rate permieaible undez applicable law. Nothing oontained in this paragraph 7, ahall reqnire I.mder to incnr any espense or tel~e any action hereunder. - 0~~ ~ ~ < '''k=-`>~ ~a?~~t. '2-~.t ~ ~ . - ~~~f. . . ~~~~Mt~~~~ _ ~r ~ . .