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HomeMy WebLinkAbout0392 . . . , • . Botrower and Lender covenant and aRree as [ollowc ` 1. Payme~t ot Prlaclpal u~d interes~ Borrower shell promptly pay when due the prinnpal af and intereal on the indebtednes~ evideaoed by the Nota, ptepayment and late chat~es aa provided in the Note, and the principal of and interast o~ any fliture Advances secured by thi~ Mostga~e. i 2. Ftitad~ [or Taxe~ eu~d lnsuronoe. Subject to applicable law or b a written waiver by L.ender, Bormwer ahall pay to l.ender on the dey ~nonthly installments of principal and interest are payable undu the Note, until the Note is paid in fuU, u sum lherein "I~nda") equal to one twelfth of the yearly ta:os and assceamente which may attain priority over thia Mortgage. and ground renta on the Property. if any. plus one twelRh of yearly premium installmenta for haaard ineurance. plus on~twelRh of yearly premium installmenta for moitgage inaurance, if any, all ae reasonably estimated initially end trom time to time by l.ender on the basis of asecesmenta and billa and reasonable estimatee thereof. The I~lmd~ shall be held in an institution the depwits or aocounta of which are inaured or guaranteed by a Federal or 3iste agency (including I.ender it Lender is auch an inetitution). l.ender shall apply tha I~Ads to pa~y aaid t~es. aseeeaments, inauraaoe premiums and ground rents. Lender ma~y not charge for ~o holding and applying the P~nda. analyzing said accoun~ or verifying and compiling said a~seseonenta and bilb. unless Lender pays Borrower intesat on the ~nds and applicable law permits Lender to maice such a charge. Borrower i and Leader may agree in writing at the tima of e:ecution of this Mortgage that interest oa !he ~nds ehall be paid to 8orrower, and unleas such agteement is msde or applicable law requires auch interest to be paid, L.ender ahall not be required to pqy Borrower any interest or earaings oa the flu?ds. I.eAder ahall give to Borrower. without charge. an annual acoounting of the ~nde showing credits and debita to the s Phnda aad the purpose for which each debit to the PLnde was made. The Funda are pledged ae additional security for the eama secured by thia ~ Mostgage. . If the amount of the FLnda held by I.ender. iogether with the future monthly installmenls ot ~nds payable prior to the due dat~ of ta~ces, eaeessmenta, inaurance premiums and ground rents. shall exazed the amount reqnired to pay said taxee, eseesementa, insurance premiums and ground rente as they fall due. such esceee shall be, at Borrower s optioa, either ptompdy repaid to Borrower or credited to Borrower on monthly insLallments of I~nda. U the amount of the Funds held by Lend~ ahaU not be eufficieat to pay taxes. aaeeeementa, insurance premiams and giroand rents as they fall dne, Borrower shall pay to I.ead~ any amount neceseary to make up the deficiency within 30 days from the date notice ia mailed by Lender ?o Borrower requeating payment thereof. Upon payment in full of all sums eecured by this Mortgege, I.ender shell prompdy refund to Boirower any funds hetd by l.ender. If under ~ paragraph 18 hereof the Property ie sold or the Property is otherwise acquired by L.ender, I.endar shall apply, no later than immediately prior to the sale of the Property or ita aoquiaition by Lender, any Ptiunda held by Lender at the time of application as a credit againat the aums aec~ued by this Mortgage. . 3. Applieation of Payments. Unless applicable law pmvidea otherwiee, all paymente received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender firat in payment of amounta payable to Lender by Borrow~ under paragraph 2 hereof, then_ to interest payable on the Note. then to the principal of the Note, and then to intereat ac~d principal on any F~rture Advancea 4. Chargea; Liens. Borrower shall pay afl taxee. assessments and other charges, fines and impoeitiona attributable to the Property which ~ may attain a priority over thia Mortgage, and teasehold paymente or ground rents, if any, in the manner pmvided und~ paragraph 2 hereof or, ; it not paid in such manner, by Borrow~ making payment, when due, directly to the payee thereof. Borrower shall pmmptly [urniah to I.ender aU notices of amounte due under thia paragraph, and in the event Borrower shull make payment directly, Borrower ahall promptly furnish to ~ Lender reoeipts evidencing aoch payments. Borrower shall promptly discharge any lien which haa priority over this Mortgage; provided, that ~ Borrower ahall not be required to diacharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ~ such lien in a manner soceptable to I.ender, or ehaq in good faith rnntest such lien by, ordefend enforcement of such lien in, legal proccedinge , which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ S. Hezard Insurance. Borrowar shall keep the improv~enta now ezisting or hereaft,er erected oc1 the Property insared againat loes by ~ fire, hnzarde indnded within the teim "eztended coverage," and auch other hazarde as Lender may requirs and in such amounte and for auch perioda aa I.end~ may require; pmvided, that Lender ehall not require auch coverage amount exceeding the minimum, as may be required by atate or federal regulationa governing aetivitiea of Lender, or that amount of eoverage required to pay the suma sec~red by this Mortgage, whichever ie the gr~ter. . . The insurance cairier providing the insurance ahall be choseri by Borrower subject to approval by Lender, provided, that such approval ahall not lie unreasonably withheld. All premiums on insursnce policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, din~ctly to the insurance carrier. ' All ineurance poficiee and renewals theseof ahall be in form soceptable to Lender and shell include a standard mortgage clauee in favor of ~ and in form auceptable to I.ender: Lender shall have the right to hold the policies and renewala thereof, and Borrower ahall promptly fumiah to ~ , . i,ender all renewal notioee and all reoeipts of paid-premiume. In the event of lose, Borrower shall give prompt notice to the insurance carrier and I.ender. Lender may make proof of loes if not made prompfly by Borrower. ' ; Unless Lender aad Borrower otherwiee agree in writing, inenrance prooeeds ahall be applied to reetoration or repair of the Property : ~ damaged, provided snch reatoration or repair is economically feasible and the security of thia Mortgage is not thereby impaired_ If auch ~ ~ restoration ar rEpair is not economically feasible or if the security of this Morfgage would be impaired, the insurance proceeds shall be applied _ 3 ; to We suma secured by thia Mortgage, with the ea~oese, if aay. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to ? ~ reapond to Lender within 30 days from the date notice ie mailed by Lender to Borrower that the ineurance carrier offera to setde a claim for ~ inaurance beaefita, Lender ia suWorized to collect and apply the insurance proceeda at Lender a option either to restoration or repair of the Property or the suma eecured by this Mortgage. ' . Unleas I.ender and Borrower oth~wiee agree in writing, any sach application of pmceede to principal shall not eatend or poetpone the due ~ date of the monthly installments referred to in paragrephe l aed 2 hereof or change the amount of each inatallmenta. If under paragsaph 18 ; heieof the Propezty is aoquired by Lender, all right,.title and intereat of Borrower in and to any insarance policies and in and to the proceeda thereof resultiag firom demage to Property prior to the eale or acquiaition shall pasa to Leuder to the extent of the aums eecared by thie Mortgage immediately prior to auch eale or aoquisition. 6. Preservation and ~aintenance of Property; Leaseholde; Condominume; Planned Unit Developmente. Borrow~ ahall keep the Property in good npair and shall not commit waete or permit impairment or deterioration of the Propedy and shall comply with the provisions of any lease if thie Mortgage is on a leasehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, . Borrower shall perform all of Borrower's obligatione ~nder the declaration or oovenante c~eatingor governing the condominium or planned unit developmenR the by-lawe and regulatione of the condomini~u or planned unit developmeat, and conetituent documenta. If a j condominium or planned unit development rider ie e:ecuted by Borrower and recorded together with thia.Martgage, the oovenante and h agreementa of such rider ahall be inrnrporated into and ehall amend and supplement the rnvenante and agreements of this Mortgage as if the ; rider werP a part hercof. ~ 7. Protection ot Lender'~ Secarity. V Barrower fails to perform the oovenaats and agree~nents contained in this Mortgage, or if snq F action or prooeeding is oommenoed which materially affeete Lender's interest in the Property. including. bnt not limited to. eminent domain. - insolvency, oode enforoement~ or arrangements or pmoeedin8s involviag a bankrnpt or deoedent, Wen Lender at Lendds option.npon ~ notioe to Borrower may ma1~e auch appearanoes. diebnrse snch sums and take sach action as ia neoeseary to protect I.ender's iniere~t, ~F incloding. b~ not limited to, diebarsemeot of reawnabk attomey'e fe~ and entry apon the Property to make repairs. If Leader reqnired ~ mortgage inaarance as a oondition of making the loan eecnred by thia Mortgage, Borrower ehall pay the premiums required to maintsin ; snch iusnrance in effect nntil snch time as the requirement for snch insurance terminates in aooordance wnth Borrowds arid Lendd~ ~ writtea egireement or applicable Iaw. Borrower shall pay the amount of all mortgage inanrance preminma in the manner provided nnder ; ~ paragraph 2 henof. ; My amounta disbursed by Lender pereuant to thie paragraph 7, with intereat thereon, shall beoome additional indebtednees of ~ ~ Borrower secured by this Mortgage. Unleea Borrower and Lender agree to other terms of payment~ anch amonnts ehall be payabk upon 'Y' notice from Lend~ to Bort+nwer r~qnestiag payment thereof, and shall bear interest from the date of diebursement at the rate payeble irom ~ ~ time to time on outstanding principai nnder the Note nnless payment of interest at auch rate would be oontrary to applicable law, in which ~ ~ eveat such amounts ahall besr intereat at the highest rate permieeible under applicable law. Nothing oontained in this paragraph shaU : ~ reqnin Laider to incur any ~penae or take any action hete~nd~. ~ ~ s . - s«~287 ~ 3~l ~ ~ ~ ~ £ ~ _ _ . ~ u4 ~ 2 ~ ~ ~ ~ ,~.~~~~~~~:z-~=~ ~~s _ ~ , xi