Loading...
HomeMy WebLinkAbout0378 , i 1 Borrower and Lender covenant and agree as foUows: 1. PwYtaeat ot Priacipal ~nd lateres~. Borrower ehall pmmptly pay when due the principal of and interest on the indebtednees evidenad by the Note, pnpaymeat and late chsrgee as provided in the Note. and the principal of and intereet on a~y P~ture Advancea secured by this Mart~~ge. 2. I~tndr for T~es and Ineureace. Subject to epplicable law or to a vvtitten waiver by L,ender. Borrower ehall pay to I.ender on the day monthly installments otprincipal and intereat are peyable under the Note, until the Note ia paid ia full, a aum (herein "~tnda") equal to one twelfth of the yearly taxes and asseasments which may attain priority over this I1lorigage, and ground renta on the Properiy, if any, plua ono- twelRh of yearly premium inatallments for hazard ir~aurance, plua onetwelRh of yearly premium installmenta for mortgage insurance, if any, ' all aa reaeonably eatimated initially and from time to time by l.ender on the basie of aaseasmenta and billa and reasonable eatimetea thereof. The Fl~nds ahall be held in en institution the deposits or acoounts of which ara inaured or guaranteed by a Federal or State agency 3 (including I.ender if I.eader ia such an institution). Lender shall apply the Fut?ds to pay eaid ta:es, asaeeaments, ineurance premiuma and : ground ret?ts. I.ender may not charge for so holdiag and applying the F1nds, analyzing aaid account, or veritying and compiiing said eaeesments and biUe. unless I.ender pays Bo=rower interest on the Funda and applicable Iaw permita I.ender to make auch e charge. Borrower aad Lendet may agree in writinB at the time of e:ecution ot this Mortgage that interest on the Ftinda ahall be paid to Borrower, and unleae - such agreement ie tnade or applicable la~r requires such interest to be paid, I.ender shell not be reqaired Lo pay Borrower any intereat or earnings oa the F~nds. Lend'er ahaU give to Borrower, without charge, an annual aaaunting of the Furtds showing credite and debifs to the ~nda and tha purgoee [or which each debit to the FLade was made. The Funda are pledged es additional security for the sums aecured by this Mortgage. . ~ . If the amount of the ~nda held by Lender, together with the future monthly inetallmente of Funda payable prior to the due datee of taxes. asseesment8, insr.rance premiums and ground rente, ehall ezored the amount required to pay said ta:ea, seeeesments. inaurance prea?iams and gronnd rents as they fall due, auch e:cess ahell be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Phnds. If Lhe amaunt of the Ftitnda held by Lender shaD not be aufficient to pay ta:es, aaseasmenLs, insurance ; premiume and ground nnta as they fall due. Borrower ahall pay to Lender any amount neceseary to make up the deficiency within 30 daya i from the date notioe ie mailed by I.ender to Borrowet requesting payment thereof. ° Upon psyment ia fullaf sU sums secured by thie Mortgage, Lender ahall prompdy refund to Borrower any funda held by I.ender. If under ; paragraph 18 hereof the Property ia eold or the Property ie otherwiee acquired by Lender, I.ender ahall apply, no later than immediately prior ~ to tlie sale of the Propedy or its aoquiaition by Lender, any I~nda held by Lender at the time otapplication as a credit againat the eume secured by this Mortgage. • • 3. Application of Paymente. Unlesa applicable law provides otherwiee. all payments received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by Leoder firat in payment of amounta payable to Lender by Borrower under paragraph 2 hereof. then to infereat payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advances. ; Chargea; Liene. Borrower ahall pay all taxea, assessments and other charges, finea and impositiona attributable to the Property which ~ may attain a priority over this Mortgage, and leasehold paymenta or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower eshall promptly furnieh to Lender } all notices of amounta due under this paragraph. and in the event Borrower shall make payment directly. Borrower ahall promptly furnish to Lender receipta evidencing auch payments. 3orrower shAll promplly diacharge any 6en which has priority over this Moitgage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of theobligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforoement of the lien or forfeiture of the Property or any part thereof 5. Hazard Insuranoe. Borrower shell keep the improvements now eziating or hereafter erected on the Property inaured against losa by fire. hezarde included within the term "e:tended rnverage." and auch other hazards ae Lender may require and in such amounts and for auch periode as Lender may require; provided, that Lender ahali not require auch ooverage amount exceeding the minimum, as may be required by state or federal regutatione governing activities of Lender. or that amount of coverage required to pay the sums secnred by this Mortgage, whichever is the greater. . The inswance carrier providing the insurance shalt be chosen by E3orrower aubject to approval by Lender, provided, that such approval ; shall not be nnreasonably withheld. All prnmiums on insurance policies shaJl be paid in the manne~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. Ali insuras?ce policies and renewala thereof ahall be in foan acceptable to [.ender and shall include a etandard mortgage clauee in favor of and in form acceptable to Lender. Lender shall have the right to hold the poliriea and renewals thereof, and Borrower ahall promptly furnieh to i.ender all renewal noticee and all receipts of paid premiums. In the event of loes, Borrower ehall give prompt notice to the insurance carrier ~ and I.ender. I.ender may mate proof of loes if not made promptly by Borrower. ~ Unieas Lender and Borrower otherwiee agree in writing, insurance pmoecds shall be applied to restoration or repair of the Property ~ damaged, provided euch restoration or repair ie economically feaeible and the security of thie Mortgage is not thereby impaired. I.f such restoradon or repair is not economically feasible or if the security of this Mortgage would be impaired, the insnrance proceeds ahall be applied ~ to the eums aecured by thie Mortgage. with the eaceas. if any. paid to Borrower. If the Property is abandoned by Borrower. or if Bortower faila to ~ reapond to Lender within 30 daye from the date notice ia mailed by I.ender to Borrower that the ineurance carrier offera to aetde a claim for insurana benefite, Lender is authorized to rnllect and apply the inaurance proceeds at Lender's option eitheqr to restoration or repair of the Pmperty or the suma secnred by this Mortgage. Unleas l.ender and Borrower otherwise agree in writing, any such application of proceeda to principal ehali not e:tend or postpone the due date of the monthly inataAments referred to in paragrapha 1 and 2 hereof or change the amoant of such inetellmenta. If under paragraph 18 hereof tbe Property ia acquired by Lender, all right, title and intereat of Borrqwer in and to any insurance policies and in and to the proceeda thereof reaulting from damage to Property prior to the eale or acquisition shall paae to Lender to the eatent of the euma secured by this Mortgage immediately prior to such eale or aoqaisaition. _ 6. Preservation and Maintenance of Property; LeaBeholde; Condominuma; Planned Uait Developments. Borrower shall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Piroperty and shall rnmply with the provieioas. of any leaee if this Mortgage ie on a leasehold. If this. Mortgage ie on a unit in a oondominium or a planned unit development, Borrowa ehall perform all of Borrower'e obligationa ~nder the declaration or covenanta creatingor governing the condomini~un or planned unit development~ the by-laws and regulationa of the rnndominium or planned unit development. and conatituent documents. If a condomini~un or planned unit development rider ie eaecuted by Borrower and recorded together with thia Mortgage, the oovenants and agreemente of such rider sha11 be incorporated into and shall amend and supplement the covenante and agreements of thia Mortgage as if the ~ rider were a part hereoL _ ~ 7. Protection oi Lender'~ Security. If Borrower fails to perform the aovenanLs and agreements wntained in this Mortgage, or if any action or prooeeding is oommenced which materially affects I.ende~s intetYSt in the Property. including. bnt not limited to, eminent domain~ ~ insolvency, oode mforcement, oZ arran6emente or proceedings involving a banlmipt ot deoedea~ thea Lender at Lender's option.upon • noticx to Borrower may make ench appearances, disburse euch aums and taice sncb action as is neceseary to proteet Lender's interes~ inclnding. but not timitod to, disbursement of reasoneble attomey's fees and entry npon the Propertp to make repain. If Lender required . ~ martgage inenrance as a coadition of maidng the loan secnred by this Moitgage. Borrower ehall pay the pnmiums required to maintain ~ such inaurenoe in effect nntil such time as the reqnirement for snch insuraace terminatee in aooordance with Borrower's and Lender'a ~ writtea ~cement or applicabk Iaw. Borrower shall pay the amount of all mortgage insuranoe premiums in the manner provided under ~ paragraph 2 he~reof. F ~ Any amonnts disbureed by Lender persuant to thia paragraph T, with interest thenon, ehall beoome addidonal indebtednees of Borrovver secnred by thia Mortgage. Unlees Botrowet and Lendez agree to otha terma of paymenl, snch amounte shall be psyable upon ~ v ~ notice from Lender to Borrower requesting payment thereof, end shall bear interest from the date of disbureement at the rate payeble 5rom . time to time on outstsnding principal under the NoLe nnless payment of interest at auch rate would be oontrary to applicable law, in ahich ~ event snch amounte ~hall bear intereat at the highest rate permiasible undrr applicable law. Nothing contained in this peragraph 7, shall _ ~ reqn've Lendez to incvr any ezpen~e or take anY ection hereunder. ` ~ i ~ c~~ ; ~ . $OGK ~Op PAt~ ~ f V ~ ~ ~ ~ ~ .