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HomeMy WebLinkAbout0154 Borrower and Lender covenant and ag~ee a~ [ollowa: 1. Payment ot Priacipwl Rad iatere~~ Borrowe~ ahall pmmptly pay when due the psincipal of end interest on the indebtcdness evideeoed by the Noit, p~yment 3c;d late char~es as proYidec! in the Note, and Ehe principel of and inte~t an any I~ture Advanoes secured by thii Mortgage. - 2 F1~ads for Te~e~ u?d Ineurance. 3ubject to appliceble law or to a written waiver by I.ender, BoROwer shall pay to L.ender on the day monthly installmenb of priacipa! and inlerest are payable under the Note, until the Note u paid in fuA, a aum (herein "Fund~") BqUeI 10 ORp ~ twelRh of the yearly t~es and aesesementa which may attain priority over thia Mortgage, and ground renta on the Property, if any, plua onc : twelfth of yearly premiwn installme~ts for hazerd ineurance, plue onetwelRh of yearly preraium instailmenta [or morigage inaurance. if any. t all aa reasonably estimated initially and from time to time by I.ender on the basis of asseaements and bills and reasonable eetimates thereof. The F1~nds ahall be held in an institution the deposits or aocounts of which are ineured or guaranteed by a Federsl or State agency (including I.ender if I.ender is euch an inetitution~ I.ender shall apply the I~nds Lo pay said ta:ea. asseesments. insurance premiums and ground nnts. Lender may not charge for so holding and applying the I~nds, analyrin8 said accoun~ or verifying and rnmpiling said assessmente and bills. anless Lender pays Bor[ower intereat on the ~nds and epplicable Iaw permits Leader to make euch a charge. Borrower and L~des may agree in writin6 at the time of ezccution of thia Mortgage that interert on lhe Funda ahall be paid to Borrower. and unleas euch agreement is made or applicable law requires euch intsrest to be paid. I.ender shall not be required to pay Borrower any intereat or earnings on the fi~nds. Lende~r shall give to Borrower. without charge. an annual acoounting of the I~nds showing credits and debits to the • Ftinda and the purpoee for wrhich each debit to the Fuade was made.'11ie ~Lnds are pledged ee additional security for tAe suma eecured by thia Mortgage. If the amouat of the P1~nde held by I.ender. together with the future monthly inetallmente of Funda payable prior to the due dates of tanea. assessments, inaoranoe premiums and ground rents. ahall euoted the amount required to paY said taxea, aesesemente. insurance prea?iums and gmund rents se they fall dne, such e~cceas shall be. at Borrowgr a option. either pmmpdy npaid to Borrower or rredited to Horrow~ on ~f monthly installmente of PLads. If. the amount of the ~nds held by Lender ahall not be aufficient to pay ls~ee, aseessments. inaurance , ~ premiums and ground rents as they fall due. Borrower ahall pay t~o Lender any. amount neceasary to make up the deficienc~ within 30 days f from the date notiee ia mailed by I.endar to Borrower requesting peyment thereof. ~ Upon payanent in full of all sums secured by thia Mortgage, Lender ahall pcomptly refund to Botrower any ft~nda held by I.ender_ Ii under paragreph 18 hereof the Property is eold or the Property is otheswiae acquired by Lender, Lender ahall apply, no later than immediately prior 1 to the sale of the Property or ita soquiaition by Lender, any ~nds held by Lender at the time of application as a credit againet the sums eecured by this Mortgage. - • 3. Applicadon of Payments. Unlesa applicable law providea otherwiee. all payments received by Lender under the NotB and paragraphe 1 and 2 hereof ehaU be applied by I.ender firat in payment of amounta payable to Lender bq Borrower nnder paragraph 2 hereof. then to inLenst payable on the Note, then to the principal of the Note, and then to intereat and. priacipal on any Fnture Advancea = 4. Chargea; Liens. Borrower shall pay all taxes, assessmenta and other chargea, fines and impoaitions attributable to the Property which ~ may attain a priority ovez this Mortgage, and leasehold payments or ground renta, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Bom,wer making p~yment, when dae, directly to the payee thereof. Borrower shall promptly fi~rnish to Lender all notices of amounte due under thia paragraph, and in the event Borrower shall make payment directly. Borrower ahall promptly fumiah to . I.ender receipte evidencing auch paymenta. Borrower eha11 PranP?~Y discharge any lien which has priority over this Mortgage; provided, that 1 Acrrower ahall eot be required to discharge any such lien ao long as Eiorrower ahall agree in writing to the payment of the obligation secured by such lien in a manner acceptable io Lender, or shaii in gwxi faith c~,nt~t such lien by, or dPfcr.d cnfazcemeni of such lien in, lega! gr_~ceexiir_gs which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ 5, yasard Inauranoe. Borrower shall keep the impmvements now eziating or hereafter erected on the Property ineured against loae by ~ fire, hazards iacluded within the term "e~tended coverage," and auch other hazarde as I.ender may require and in auch amounta and for auch # periods as Lender may require; pmvided, that Lender ahaU not require such ooverage amount e:ceeding the minimum, as may be required by . ~ atate or federal regulatione governirg activities of I.ender, or that amount of rnverage required to pay the sums aecured by thie Mortgage. whichever ia the greaLer. The insurance carrier providing the insurance shall be chasen by Borrower subject to approval by [.ender; providEd, that such approval ahall not be unreasonably withheld. All premiums on insurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due. directly to the insurance carrier. _ All inaurance policiee aad renewala thereof ahall be in iorm acceptable to Lender and shall include a atandard mortgage cla~e in favor of 'I and in form sooeptable to I.ender. I.ender ahall have the right to hold the policies and renewals thereof, and Borrower shaU pmmptly fumish to : ~ i.ender all renewel notices and all reoeipta of paid premiums. In the event of loee, Borcower ahall give prompt notice to the ineurance carrier , ; and I.ender. Lender mey make proof of loee if not made pmmptly by Borrower. ` i Unless I.ender and Borrower otherwiee agree in writing, insurance proceeds shall be applied to reatorstion or repair of the Property ~ damaged, provided such reatoration or repair ie economically feasible and the eecurity of this Mortgage ia not thereby impaired. If such restoration or repair is not economicaUy feasible or if the eecurity of thie Mortgage would be impaired. the inanrance proceeda ahall be applied to the sums eecured by this Mortgage, with~the excees. if any, paid to Borrower• If the Property is abandoned by Borrower, or if Borrower faila to . reapond Lo Lender witfiin ~0 days from the date notice ia mailed by Lender to Borrower that the insurance carrier offere to eetde a claim for ~ ineurance benefita, I.ender is authorized to collect and apply the inaurance procxeds at t~nder'e option either to restoration or repair of the ~ Prope:ty or the aums secund by this Mortgage. Unlees Lender and Borrovrer otherwiee agree in writing, any such application of proceeds to principal ahall not e~ctend or poatpone the due date of the monthly inatallments referred to in paragraphe 1 and 2 hereof or change the amount of auch inatallmente. If ~nder paragraph 18 hereof the Proptrty is aoqaired by Lender, all right, tide and intereat of Borrower in and to any inaurance policiea and in and to the proceeda thereof resulting from damage to Property prior to the eale or aoquieition ahaU paea to Lender to the e:tent of Lhe suma secured by thie Mortgage immediately prior to snch eale or aoqnisition. 6. Preservation and Maintenance of Property; I.easeholde; Condomiaume; Piaaned Unit Developmente. Borrower ahall keep the Property in good repair and ehall not commit waate or permit impairment or deterioration of the Property and ehall comply with the provisions of any leese if this Mortgage ia on a leasehold_. If this Mortgage ia on a unit ia a oondominium or a planned unit development. Borrower shaU perform all of Borrower's obligations under the declaration or covenants creatingor gove~ning the oondominium or planned unit development, the by-laws and regulatione of the condominium or planned anit development, and constituent documents. If a - condominium or planned unit development rider is executed by Borrower and recorded together with thie Mortgage. the oovenants and agreementa of auch rider ahall be incorporated into and shall amend and supplement the rnvenants and agreementa of this Mortgage aa if the rides were a part hereof. Protection ot Lender'~ Secarltp. If Borrower fails to pertorm the oovenants and agreements oontained in this Mortgage, ar if any ~ action or p:ooeeding ia oornmeaaed whid? maLeriallY affects Lend~Ys interest in the Propaty. including. bnt not limited to: emineat domain. insolvency. oode enforcement~ or arrangemeats or prooecdings involving a banlwpt or deoedent~ then Leader at I.endds option,upoa ~ n ~ notice to Borrower may make ancb appearanaes. disburse snch sums and tal~e such action as is neoeeaary b proted L.ender's int~rest, ~ inclnding, but not limited to, disbnrsement of nasonable attorney's fees and a?try upon the Property to mai~e repairs. If I.ender reqnired mortgage inanranoe as a oondition of making the loan aecured by this Mortgage. Borrower shall pay We preminms reqnired to maintein } ~ euch in~uranoe in effect until sucb time as the requirement for snch insnrance terminatee in aooordance with Botrower's and 1.endet~s ~ writkn agreemeat ar applicable L.aw. Borroarer shall pey the amonnt of all mortgage insurance premiume in the manner provided unde~ ` ~ PB~gPh 2 ha+eof. : My amounts disbursed by I.endrr persuant to this paraBraPh with intereat thereon; shall beoome additional indebtedness of Borrower secnred by this Mortgage. Unleas Borrower and Lender agree to other terms of payment, wch aaionnts shall be payabk upon noti~ce from I.endet to Borrower requesting payment thereof. and shaU bear interest from the date oi disbur~ement at the raLe payable from time to time on outstanding principal under the Note unlees pay~aent of intereet at snch rete would be oontrary to applicable laa?, in which eveat such amonnts shall bear intereat at the highest rate permiasible nnder applicabk law+. Nothiag oontained in this paragraph shall ~ ~ requin Lender to incur eny apense or take any action hereander. ~ p ~ ~'uuK 2~0 r'acz - ~ _ _ _ - - ' ~ ~ . _ _ _ _ ~ -