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HomeMy WebLinkAbout0943 ~ ~ , ~ Borrower and I.ender rnven~+nt and a~re~e ae follow~: . 1. Paymeat o[ Priocipa,l aad Intereat. Borrower shall promptly pay when dua the principal of a~d interest on the i~debtcdneea evidenced by the Note, prepayment and Iste charges as pe~ovided in the No1e. and ihe prirtcipal of ar~d interest o~ any ~ture Advances secured by thiu Mortga~e. 2. F~tnd~ [or Ta~te~ and In~urance. Subject b applicable law or to a written waiver by L.ender, Borrowe~ ehall pay to I.ender on 1he day monthly installme~ts of principal and intereat are payable under the Note. until the Note ia peid in full. a eum (herein "Funde'7 equal to one- twelfth of the yearly taxee and aseeasments which may attain priority over thia Mortgage, and ground rente on 1he Property, itany, plua ont twelRh of yearly premium installments for h~ard inaura~ce, plua unetweifth of yearly pcemium inatallmente for mortgage inaurancc, if any, all ea reasonably estimated initially and from time to time by I.e~der on the basis of asseaements and billa and reasonable estimatea thereof. _ The FLnda ahaU be held in aa inetitution the deposits or aooounta oi which are insured or guaranteed by a Federal or 3tate agency (including Lendes if Lender is auch an inatitution). I.ender shall apply the I~nda to pay said ts:ea. asaesame~ta. inaurance premiums and ground rents. Lender may not charge for eo holding and applying the Flinds, ana~yzing esid account, or verifying and compiling eaid asaesaments and bills. unless Lender pays Borrower intee~est on the FLade and applicable law percaits I.ender to make auch a charge. Borrower and I.eader may agree in writing at the time of e:ecution oi thie Mortgege that intereat on the ~nda ahaU be paid to Borrower. and unless such agreement is made or applicable law requires such interest b be paid, I.ender ahall not be required to pay Borrower any interest or eesnings on the Il~nds. i.ender shall give to Borrower. without charge. an annual acoounting of the ~nds ahowing credite and debits to the ~ttds and the purpoee for which each debit to the. ~nds was made.'I~e Funds are pledged as additional eecurity for the sums eecured by this Mortgage. - tf the amount of the ~nds held by Lender. togethe~ with the future monthly inataUmenta of Funds payable priorlo the due datea of taxes. aeseasmente. insurance premiums and goound rents. ehall exozed the amount required to pay said taxea. aseeaements, insurance premiums and ground nnts as they fall due, auch eacoeas ahell be. at Borrowei s option. either pmmptly repaid to Borrow~ or credited to Bor~ower on monthly instaUmente of FLnda. If the amount of the ~nds heW by Lender shaU not be sufficient to pay t~es. asaeeamente, insurance premiume and ground rents as they fall due, Borrower shall pay to Lender any amount neceesary to make up the deficiency within 30 days from the date notice is mailed by Lender b Borrower requeeting payment thereof. Upoa payment in full of all suma secured by this Mortgage. Lender shall prompdy refund to Borrower any funde held by Lender. V undet paragraph 18 hereof the Property is sold or the Property ia otherwise acquired by Lender, Lender ahaU apply, no later than immediately prior Lo the eale of the Property or ita acq uiaition by I.ender, any ~nds held by I.ender at the time of application se a credit againet the sums secured by thie Mortgage. . 3. Application of Paymebte. Unleas appGcable law provides otherwise, all paymente received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by Leadet firat in payment of amoante payable to I.ender by Borrower under paragraph 2 hereof, then to iatereat payable on the Note. then to the prindpal of the Note. and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other rharges, fines and impoeitiona attributable to the Property which may nttain a priority over this Mortgage, and leasehold payments or ground mnta, if any, in themanner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, slir¢ctly to the payee thereof. Borrower ahall promptly [urniah to Lender all noticea of amounts due under thia paragraph, and in the event Borrower ahall make payment directly, Borrower ahall pmmptly fumiah to Lender receipta evidencing such paymente. Borrower shall promptly discharge any lien which has~ psiority over this Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long aa Borrower shall agree in writing to the payment of theobligation secured by such lien in a mann~ acceptable to Lender, or aha11 in qood faith rnntest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hasard ~Insurance. Borrower ahall teep the improvements now ezisting or hereafter erected on the Property inaured against loae by fire, hazarda included within the term "e:tended coverage," and e~uch other hazarda aa Lender may require and in auch amounta and for such periods as Lender may require; provided, that Lender ahaU not require such ooverage amount exceeding the minimum. as may be required by state or fede*al regulationa governing activitiea of I.ender. or that amoant of coverage required to pay the sums aecured by this Moitgage. whichever is the grenter. ~ The inaurance carrier providing the insurance ahall be chosen by Borrower subject to approval by l.ender, provided, that such approval shall not be unrnaeonably wi?hheld. All pmmiuma on insurance~olicies shall be paid in the mannet provided under paragrapn 2 hereof or, if not paid in such manner, by Boaower making payment, when due, directly to the inaurance carrier. Nl insurance policiea snd renewals thereof ahall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form aooeptable to Lender. Lender ehsll have lhe right to hold the policies and renewale thereof, and Borrower ah al1 prompdy fumish to . i i.ender all renewal noticee and all receipta of paid pr~miuma. In the event of losa, Borrower ahall give prompt notice to the insurance carrier i and Lender. Lender may make proof of loas if not made promptly by Borrower. ~ Unless Lender and Borrower otherwiae agr~e in writing, inaurance proceede ahall be appiied to restoration or repair of the Property E damaged, provided euch restoration or repair is economically feasible and the security of this Mortgage ia not thereby impaired. If auch ' restoration or repair is not economically feasible or if the aecurity of this Mortgage would be impaired, the inaurance proceeds shall be applied to We sua~s secured by thia Mortgage, with the ezcess, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower faila to reepond to Lender within 30 daye from the date notice ia mailed by Lender to Borrower that the insnrance carrier offers to settle a claim for ~ insurance benefits, I.ender ia authorized to rnllect and apply the insurance proceeda at Lender e option either to restoratior_ or repair of the ~ Property or the sume sec~red by thie Mortgage. Unlese L.ender and Borrower otherwise agree in writing, any such application of proceede to principal ehall not eatend or postpone the due date of the monthly instaliments referred to in paragrapha 1 and 2 hereof or change t}ie amount of such inatallmenta. If under paragraph 18 hec~eof the Property ie aoquired by Lender, all right, tide and interest of Borrower in and to any inaurance policiee and in and to the proceede thereof reaulting from damage to Property prior to the sale or acquisition shall p~aea to Lender to the e:tent of the eums aecvred by this Mortgage immediately prior to such sale or aoquieition. . 6. Preservation and Maintenance of Property; Leaeeholde; Condominuma; Planned Unit Developmente. Borrower shall keep - the Property in good repair and ahall not oommit waste or permit impairment or deterioration of the Property and shall comply with the provisiona of any lease if thie Mortgage ia on a leaeehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, Borrower ahall perform all of Borrower e obligations under the declaration or rnvenanta cireatingor governing the oondominium or planned unit development, the by-laws and regulations of the rnndominium •or planned unit development, and rnnetituent documents. If a ~ condominium or planned unit development rider ia execnted hy Borrower and recorded together with thiB Mortgage, the oovenante and agreements of such rider ahaU be incorporated into and shall arnend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. . 7. Protection of Lender's Security. If Borrnwer faile to perform the oovenantn and egreements oontained in thie Mortgege, ar if any aMion or prooeeding ia commenoed which materially affects Leade~s intereat in the Property, including, but not limite~ to, emineat domain, ~ ineolveacy. oode enforcement, or arrangemeata or pmceedings involving a baukrapt or deoedent, then Lender at I.ender's optioa,upon notioe to Borrower may make euch appearanoes. disbaree auch anms and take snch action as ia neceeeary to protect I.end~ s interest, ` ~ inclnding, but not limited to, diabureem~t of reaeonable attorney's fees and entry upon the Property to meke repairs. If I.euda required ~ ~ mortgage insnrance as a oondition of making the loan sernred by this Mortgage. Borrower ehall pay the pr~iums required to maintain F euch insaraaoe in effect until such time as the requirement for anch inenrance terminate~ in acxordance with Borrower'a and Lender's ~ ~ writtea agreem~t or applicable Law. Borrower shall pay the amount of all mortgage insurance pr~iume in the manner provided nnder ~ paragraph 2 hereof. . Any amonnts diabursed by Lender persuant to thia paragraph 7, with interest thereon, ahall beoome additional indebtednees of ' Borrow~ secured by thia Mortgage. Unl~e BorroweYr and Lender agree to other terme of payment, snch emounle shall be payable upon notice from Lender to Borrower requeating payment thereof, and shall bear interest from the date of diabursement at the rate payable from ; time to time on outatanding principal under the Note unlesa payment of intereet at snch rate would be contrary to applicable law, in which ~ event snch amounts shall bear intereat at the higheet rate permiesible under applicable law. Nothing oontained in this paragraph 7, shall ~ reqaire Lender to incnr any e:pense or take any action hereunder. _ ~ i ~ . t ~ ~a~ 287 ~ 940 ~ ~ ~ . - _ - . F . ~