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HomeMy WebLinkAbout0947 f Borrower and I.ender cuvenant and aQroa aa foUc ws: ~ 1. Psyme~t o! Priacipal and Iaterest. Borrower shell prompUy pay whe~ due the principal of end interest on the indebtedneas evidenced by the Note. prepayment and latc charge~ aa provided i~ the Nots, and the principal ot and interrst on a~y Fl~tun Advancea secured ~ ~ by thu Martgage. 2 FLnds for T~es aad Insurence. Subject fn applicable law or to a written waiver by t.ender. Rorrower ehall pay to l.e~der on the day monthly installmente of principal and interest are payabie under the Note, until the Note ie paid in full, a sum (herein "Funda") equal to onc twelRh of the yearly laxea and assesements which may at?ain priority ove~ this Mortgage, and ground rente on the Property, if any, plus on~ twelRh of yearly premium instaliments tor hazerd inaurance, plus ooetweltth o[yearly p~emium inelallmenfa [or morlgage inaurance, if any, all as ~easonably estimated initially and frota time to time by I.ender on the besia of aeseeamente and bills and reueonable eatimates thereof The I~nds ahail be heW in an inatitution the depwits or aocounta of which are inaured or guaranteed by a Fedual or State agency (including I.ender if Lender is euch an institution). Lender shall apply the Funda to pay eaid tasea, aeaesaments, inaurance premiuma and ground nats. Lender may not charge for so holding and epplying the ~nda, analyzing said accourtt, or verifying and compiling said asse~aments and billa, unleas I.ender pays Borrower interest on the Fltnds and applicable law pernAits Lender to malce such a charge. Borrower ; and Lendcr may agree in arriting at the time of execution of thia Mortgage that intereet on the ~nde shall be paid to Borrower, and unless T such agreeme~t is made os appliceble law requires such int~eet to be paid, Lender shall not be required to pay Borrower any interest or earninge on the flmds. I.eader ahall give to Boreower. without charge. an annual aocaunting of the Funda ahowing credits and debits to the . ~nds and the purpose for which each debit to the ~nds was made. The Funde are pledged ss additional eecurity for the sums secured by this ° Mortgege. ~ ~ Ifthe amount of the ~nds held by Lender, together with the futwe monthly inatallmente of Funde payable prior to the due dates of taxes, assesamente. inaurance ptemiuma and ground rente, shall e:azed the amount required to pay said taxes. aaeesamente, inaurance premiums and ground renta as they fall due, such ezcees ahall be, at Borrawer e option. either promptly repaid to Borrower or credited to Borrower on ` ~orthly inst~!lmenla af ~nc~a. If #hr smeuat *~f thr P~enda held by I~nder ehall npt be ~utficient te ~y t~aee, a!~eeaemente. ineurance premiums and ground renta as they fall due, Borrower ahall pay to Lendet any amount neceseary to make up the deficiency within 30 daye from the date notice is mailed by I.ender to Borrower requeating payment thereof. • Upon payment in fuU of aU auma eecue+ed by thia Mortgage. I.ender ahall proropdy refnnd to Borrower any funda held by Lender. If under paragraph 18 hereof the Property is aold or the Property is othetwiee acquired by I.ender, Lender shall apply. no later than immediately prior to the eale of the Propedy or ita acquisition by Lender, any Funda held by Lender at the time of application as a credit against the suma secund by thie Mortgage. • - ~ 3. Application of Payments. Unleas applicable law providea otherwise. al! payments received by I.ender under the Note and paragraphe 1 a~d 2 hereof ehall be applied by I.ender firat in payment of amounte payable to Lender by Borrower under paragraph 2 hereof. chen to intereat payable on the Note. then to the principal of the Note, and then to intereat and principal on any Future Advancee. 4. Charges; Liens. Borrower ahall pe~y all ta:ee, assessments and otheT rhargeB, finea and impositions attributable to the Property which may attain a priority over 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 Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish to Lender : all noticea of amounts due under this pazagraph, and in ~the event Borrower ahall make payment directly, Borrower ahall promptly furnish to ~ I.ender receipta evidenring such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that ' Borrower shall not be required to discharge any such lien eo long as Borrowe~ shall agtee in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of auch lien in, legal proceedinge - which operate to prevent the enforcement of the lien or forteiture of the Piroperty or any part thereof. 5. Hazard Iasurance. Borrower ahall keep the improvements now exieting or hereafteF erected on the Property insured against lose by fire, hazarda included within the term "extended wverage." and euch other hazarda as Lender may require and in auch amounts and foi auch periods aa Lender may require; provided. that I.ender ahall not require such ooverage amount e:ceeding the minimum, as may be required by state or federal regulations governing activitiee of Lender. or that amount of coverage required to pay the auma eecured by this Mortgage, . whichever is the greater. ~ The inaurance carrie: providing the insurance shall be chosen by Iiorrower subject to approval by I.ender, pm~ ided, that such approval shall not be unreasonably withheld_ All premiums on insurance policyes shall be paid in the manner pmvided under paraqraph '2 hereof or, if not paid in auch manner, by ~3orrower making payment, when due, directly to the insurance carrier. All insurance policies and renewala thereof ahall be in foaa acceptable to Lender and shell include a standard mortgage clauae in favor of and in form acoeptable to Lender. Lender ahall have the right to hold the policies and renewals thereof, and Borrower ahall promptly furnish to I.ender ali renewal noticea and all receipta of paid premiums. In the event of loes, Borrnwer ahaU give prompt notice to the inaurance carrier ~ and I.endet. LendeT may make proof of loea if not made prompdy by Borrower: ! Unleas Leader and Borrower otherwiee agree in writing, insurance proceeds ahall be applied to reatoration or repair of the Property ~ i damaged, provided such restoration or repair ia economically feasible and the eecwity of this Mortgage is nut thereby unpaired. If such ~ restoration or repair is not economically feaeible or if the aecurity of this Mortgage would be impaired, the inaurance proceeda ahail be applied ~ to the euma eecared by this Mortgage, with the eucxsR, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to ~ respond to I.ender within 30 daya from the date notice is mailed by I.ender to Borrower that the inaurance carrier offera to settle a claim for ~ ineurance benefite, Lender is authorized to collect end apply the insurance proceeda at Lender'a option either to reator#~tion or repair of the Property or the sume secured by this Mortgage.~ € Unlesa Lender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ahall not eztend or postpone the due date of the monthly inetallments referred fo in paragrapha 1 and 2 hereof or change the amount of auch installmente. If nnder paragraph IS hereof the Property is aoquired by Lender, all right, title and interest of Borrower in and to any inanrance policiee and in and to the proceeda thereof reaulting from damage to Propezty prior to the sale or acquiaition shall pase to Lender to the eztent of the aums eecured by thia Mortgage immediately prior to auch sale or acquisition. ~ 6. Pteeervation and Maintenance olProperty; I.eseeholds; Condominums; Planned Unit Developments. Borrowershall keep the Property in good repair and ahali not rnmmit waste or permit impairment or deterioration of the Property and ahall rnmply with the provisiona ot any lesee if this Mortgage ia on a leaseho)d. If thie Mortgage ie on a unit in a condomiaium or a planned unit development, Borrower ahali perform all of Borrower'e obligations under the declaration or rnvenante creating or governing the rnndomini~up or planned ~~nit development, the bylaws and regulationa oI the rnndomininm or planned unit development, and conatituent documente. If a condomini~em or planned unit development rider is execnted by Borrower and recorded together with this Mortgage, the oovenants and agreementa of such rider ahal l be incorporated into and ahall amend and supplement the covenante and agreementa of this Mortgage as if the rider were a part hereof. ~ 9. Protection of Lender'~ 3ecnrity. If Borrower fails to perform the oovcnanta and agreemeate oontsined in this Mortgage. or if any ~ action or p~oceeding is commeaced which materielly aftects I.ender s interest in the Prope:ty. inciuding. but not Umited to, ~ineat domain, ~ ineolvency. oode enforoement, or arrangementa or prooeedinga involving a bankrupt or deoedent, then Lender at Lender's option,upon - notice to Barrower may make such appearances, dieburse snch eums and take such action as is necessary to protect Lender's interes~ _ ~ incloding, but not limited to, disbursement of reasonable attomey'a fees and entry npon the Property to make npaire. If Lender required mortgage insnrance as e conditioa of making the loen eecared by this Mortgage, Borrower shall pay the premiuma required to tnaintain euch inanrance in egect until snch time as the requirement for such inswance terminates in aocordance with Borrower's and Leader's • writte~ agreemeut or applicable Law. Bormwer shall pay the amount ot all mortgage inauranoe premiums in the manner provided uader DareBraPh 2 hereot. Any amounts disbnrsed by I.ender persuant to thie paragraph 7, with interest thereon, ahall beoome additional indebtedneea of i Borrower secared by thie Mortgege. Unlesa Borrower and Lender agree to othez terms of payment, snch amounts shall be payable npon notioe fiom Lender to Bore+ower requesting payment thereof, and shall bear interest from the date of disbursement at the rate peyable from - ~ time to time oa outstanding principal nnder the Note unless payment of interest at such rate would be oontrary to applicable law. in which _ ~ event snch amounte ahall bear intereat at the higheat rate permiasible und~ applicable law. Nathing contained in thi~ paragraph 7, shall ; requin Lender to incur any e:penae or talce any action hereunder. - e~kK 288 9~5 ~ ~ ~ ~ - -