Loading...
HomeMy WebLinkAbout0943 ~ Borrower ~nd I.e~der covenaat t~nd a~ree eu follows: 1. Payment ot Priacipal snd Iatere~~ Borrower ahall pmmplly pay when due the prinripal o! and intered on the indebtedness ~ evidenoed by the Note, prrpayme~t and late charges es pmrided in the Note, and the principal otand interest on any I~ture Advancea ~ecured ~ by thi~ MortQa~e. ° 2. Ptitnd~ [o~ Tese~ and In~urwace. SubjM to applicable law or to a written waiver by I.ender, Borrower shall pay to I.ehder on ihe day monthly uutaliments of principal and interest are payable urtda the Note, until the Note is paid in full. a aum (herein "Ftind~") equal to o~a twe1M of the yeady taxes and aasessmenta which may aitain priority over this Mortgage, and ground rents on the Property, if any. plus onc twellth of yearly ptemium instaliments for hazard ineurance, plua onNtwelRh of yearly premium inatallmente for mortgage insurance, if any. all ae reasonabiy estuaated initially and trom time to time by I.ender on the basis of asseesments and bille and reasonable eetimatee thereof. The I~nds shall be held in sn institution the deposib or aooounts of which are insured os guaranteed by a Federal or ~tate agency (including Lender if Lender is such an inatitution). I.ender ehall apply tha Flinda to pay said taxe~. assesaments. inaurance premiums and ; ground nnts. Lender may not charge for ~o holding and applying the ~nds. analyzing said aocount, os verifying and rnmpiling said assesamenta and bilb, untesa Leader pays Borrower intereat oa the Ftinda and applicable law pennits I:endsr to make such a charge. Borrower and Lead~ may agtee in writing at the time of e:ecution of thia Mortgage that intereat oa the ~nde shall be paid to Borrower, and unleas ; snch aQreement ia made or applicable taw requirea auch i~t~rest to be paid. Lender shaU aot be required to pay Borrower any intereat or ~ earnings on the PLnds. Lend~ ahall give to Borrower, without charge. an annual acoou~ting of the F'nnda showing credita and debite to the Fw~ds and the parpose for which each debit b the ~?r?da was made. The ~nda an pledged as additional aecurity for the auma secured by this Mortgage. - If the aauount of the Flu?da held by Lender. together with the fature monthly inatallmeats of Funds payabls prior to the due detes ott~ES, asseeamrnta, inauranoe pr~?iums and ground renta, ehall e~[cxed the amount required to pay eaid ta:es. asaessments. inaurance premiums ` ~ and ground nnta as Wey fall due. such ~oess ahall be. at Borrower e option. either prompdy repaid W Borrower or credited to Borrower on monthiy ins~aiimenis of Funds. Ii ihe amount of tiie Fund~ neid by Lendec eiiaii ~iui tie euftcient b~ay ia=~s, ~nenEa, inaurunce pnmiums and gronnd renta ae they [all due. ~Borrower sball pay b I.endv any amount neceasary to make up the defiriency within 30 days firom the date notice ie mailed by L.ender to Borrower requesting Payment thereof. Upon payment in fnll a~aU sums eecured by thia Mortgage, I.euder shall prompdy refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the aak of the Property or its aoqui,eition by Leader, any ~nds held by I.ender at the time of applicatioa as a credit againat the enms eecured by chis Mortgage. 3. Application of Payments. Unless appliceble law provides otherwise. all paymenta received by Lender urtder the Note and paragrapha 1 and 2 hereof shall be applied by Lender firet in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to intereet payable on the Note. lhen to the principal of the Note, and then to intereat and principal on any Future Advancea. 4. Chatges; Liena. Borrower ahall pay all taxes, aseeasments and other chargea. fines and impoeitiona attributable to the Property which may attein a priority over this Mortgage, and leaeehold paymenta or ground renta, if any, in the manner provided under parngraph 2 hereof or. if not paid ih such manner, by Botrowe~r making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to I.ender all notices of amoants due under this paragraph. and in the event Borrower shall make payment directly. Borrower shaU promptly fumiah to Lender receipts evidencing euch paymente. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to discharge any sach lien eo long as Borrower shall agree in writing to the payment of the obligation eecared by such lien in a manner acceptable to I.znder, or shall in good faith rnnteat such lien by. or defend enforcement of such lien ia, legal proceedinga which operate to prevent the enforcemeat of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Bo=rower ehall keep the improvementa now ezisting or hereafter erected on the Property inaured againat loae by fire, hazarda inclnded within the term "e~ctended rnverage," snd auch other hazards ae Lender may require and in auch amounts and for such perioda ae Lender may require; pmvided, that Lender shall not require such ooverage amount e:ceeding the minimum, as may be required by atate or federal regulationa governing activitieb of Lender. or that amount of coverage required to pay the aums aecured by this Mortgage. whichever is the greater. ' ~ The inaurance carrier providing the inauranc~ shall be chosen by Borrower aubject to approval by [xnder; provided, that such approval ahall not be unreasonably withheld. All ptemiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by Boirrowe~t making payment, when due, directly to the insurance carrier. All iaeurance policies and renewale thereof shall be in form soceptable to Lender and shall include a standard mortgage clause in favor of ~ and in form aocepteble to Lender. Lender ehall have the right to hold the policiea end renewals thei+eof. and Borrower ehall promptly furnish to ~ i.ender sU renewal notices and all receipte of paid premiume. In the event of loae. Borrower shall give pmmpt notice to the inaurance carrier ` and Lender. Lender may make proof of loea if not made pmmpdy by Borrower. Unlesa Lender and Borrower otherwise agree in writing, inaurance prooeeds sh~ll be appiied to reatoration or repair of the Property damaged. provided such reetoration or repair ie economically feasible and the eecurity of thie Mortgage ie not thereby impaired. If such ~ restoration ar repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance pioceeda ahall be applied ; w the eume eecured by thia Mortgage. with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower. or if Borrow~r faits to 3 ~ respond to I.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to eettle a claim for ~ inaurance benefita, I.ender ia authorized b coUect and apply the inauranoe proceeda at Lende~'s option either to reatoration or repair of the _ ~ Property or the anme secured by this Mortgage. ~ Unleas Leader and Borrower otherwise agree in writing, any auch application of prooeeds to principal ehall not eztend or postpone the du~ date of the montiily instalimente referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallments. If under paragraph 18 hereof the Propeity is aoquired by Lender. ell right, tide and interest of Borrower in and to any inaurance policies and in and to the proceeds thereof resnlting from damage to Property prior to the sale or aoquisition ahall pass to Lender to the eztent of the aums sec~red by thie Mortgage immediately prior to suc6 aale or aaquisition. ~ 6. Preservation and Maintenanoe uf Property; I.ease6olds; Condomjnums; Pianned Unit Developments. Borrower ahall keep the Property in good repair and ahall not commit weate or permit impairment or deterioration of the Propesty and ahall oomply with the pmvisiona of any lease if Wis Mortgage is on a leaeehold. If this Mortgage ia on a unit in a condominium or a planned unit development. Borrower shall perfortn all of Botrower's obligations under the declaration or oovenante creatingor gove~ning the condominium or planned - unit developmen~ the by-laws and regulationa of the condomiuu~un or planned unit development, and conatituent documente: If a oondominium or planned unit development rider is ihcecuted by Borrower and recorded together with this Moitgage, the oovenante and agreements of euch rider ahall be incorporated into and shall amend and aupplement the rnvenanta and agreemente of tliia Mortgage as if the - ~ rider were a part hereof. 7. Proteetioa o! Lender'~ Secar[tr. If Borrowa taila to pafotm the oovenenta and agze~enta aontained in this Mortgage, ar if any action or proceeding is ooma~enced which materially affects Lender's interest in the Property. including, bat not limited to. eminent domain, ~ ~ insolvency. oode eaforcement, or arrengements or pmceedings involving a bankrupt or deoedent~ then I.ender at I.ender's option,apon - ~ notioe to Borrower may make such appearanoes, disburse such sums and take sucb action as is neoesaary to protect I.ender'e interest, ~ inclnding, bat not limited b. diabursement of reawnabk attorney's fees and entry npon the Property to mal~ npaira. If I.eader reqnired : ~ mortgage insnranoe as a condition of making the loan secured by this Mortgage. Borrower ~hall pay the premiums required to maintain sach inanranoe in ei~ect nntil snch time as the requiremeat for such inaurance terminates in aooordanoe with Borrowa's and Lenda's written s~eement or applicable Law. Borrowrr shall pay the amount of all mortgage insurance premiums in We manner provided nnde: . P~reBtaPh 2 hereoL • ~4ny amonnta dip~reed by Lender pereuant to this paragraph with intereet thereoa, shaU ba~ome additioaal indabtedness of Borrower secarad by this Mortgage. Uales~ Borrower and Lender agm b other tezms of payment, such amonnts shell be payable upon notioe from I.a~der to Borrower requesting payment thereof. and ehall bear intenst from the date of disbursemeat a! the rate payable ~om time to time on o~tstanding principal under the Note anlees payment of intered at such rate waild be oontrary to applicable law. in which eveat snch a~unts shall bear interest at the highest rete permieeible under applicable law. Ndhing contained in this paragraph 7. shall ~ require Lender to incur any eupense or teke any actioa hereunder. ~ ~ •J - ~ # ~ - , ~ .