Loading...
HomeMy WebLinkAbout0951 Borrower and Lender covenant and aRree as foUowc 1. Pe~yment ot Priacipal and lntere~t. Borrower ohall promptly pay when due the principal of and intereat on the indebtedneea evidenoed by the Note, prepayment and late char~es ae pn~vided in the Note~ and the principal of and intereot on a~y Flture Advanc~ secured by this Mort~a~e. . - 2 I~pd~ for Ta:ea and Insuranoe. Subject b applicable law or b a written waive~ by I.ender, Borrower ehall pay to l.ende~ on the day monthly inetallme~ts of principal and interest are payable under the Note. until the Note is paid in fuQ, a aum (herein "Funds") equal to one twelfth of the yearly tauee and assceaments which may attain priority over this Mortgage, and ground renta on the Property, if any, plus one twelfth of yearly premium installmente for hazard inaurance. plus onetwelRh of yearly premium installmente for morlgage ineuranoe. if any. all as reasonably estimated initially and from time to time by Lender on the baeie ot aaseeemente and billa and reaeonable eHtimates thereof. The FLnds ahall be heW in e?n institutio~ the depwits or accounts of which an inaured or guarantced by a Federal or State agency (including Lenda if Gender is such aa institution). Lender shall apply the Funds to pay eaid ta:es, assesaments, ineuranoe premiuma and ground nnta. I.rnder may not charge for ~o holding aad applying tbe Fnnda, analyzing said account, or verifying atid compiling eaid aesessments and bilb. unless Lender pays Borrower intarest on ttie I~nds and applicable law permite L.ender to make such a charge. BotTnwer and Lender may sgree in writing at the time of esecution of thia Mortgage that interest on the ~nda shall be paid to Borrower. and unleas euch agreement is made or applicable Iaw requirea such intereat to be paid, Lender ehell not be required to pay Borrower any interest or ~ earnings on the ~Lnds. I.end~ shaU give to Borrower, without charge, an annual acoounting of the ~ndsahowing eredite and debits to the Funds at?d the purpoee tor which each debit to the ~nds wae made. The Funda ere Qledged as additional eecurity for the sums eecured by this • • Mottgage. If the amoant of the PLnds held by Lender, tagether with the future monthly installments of Funds payable prior tothe duedatea of ta~ces, aeeessments, insurance prenaiums and ground rents. shall e~[czed the amount required to pay said taxes. aeeeeaments, inaurance premiums ni~ii ~T6iilii~ Felis iis ~i2yi I~ii~. S~ii:~S L~YC~oo $.~1$;~ ~H3. ~i ~:~sss er s ogao~. e:,htz gz~mg!!y re;~sid Lo Bnr.-vr,~~ ~i crt~:te~ &~nowar ~n monthly installmeats of ~Lnda. U the amount of the Ftinds held by Lender shall not be euf6rient to pay ta~ces, aaeesamente, insurance premiums and ge+ound ienta aa they fall due. Borrowes shall pay to Lender any amount necessary to mahe up the deficiency within 30 days from the dafe notice ia mailed by I.ender to Borrower requesting payment thereoL ~ Upon paytnent in fnU of all euma secared by thia Mortgage, Lender ahall prompdy refund to Borrower any funde held by Lender. If under . ~ paragraph 18 hereof the Property is aold or the Property ie othenvise acquired by I.ender, Lender ahall epply, no later than immediately prior ~ to the sale of the Property or its aoquiaition by Lender, any F~unde held by Lender at the time of application as a credit against the sume secured ; by this Mortgage. . - 3. Application of Papmente. Unlesa applicable law provides otherwise. all paymente received by Lender under the Note and ~ paragraFhe 1 and 2 hereof shaU be aRplied by Lender first in payment of amounte payable to Lender by Borrower uader paragraph 2 hereof. then to interest p~yable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea. 4. Charges: Liene. Borrower ehaU pay all taxes, aseesaments and other chargea. fines and impositions attributable to the Property which may attsin a priority overthie Mortgage, and leasehold paymente or ground rents. if any, in the manner pmvided under paragraph 2 hereof or, i if not paid in auch manner. by Borrower making pnyment, when due, directly to the payee thereof. Borrower ahall promptly furnish to Lender - alt noticee of amounte due under this paragraph, and in the event Borrower shall malce payment direcdy, Borrower shall promptly furnieh to [,ender receipta evidencing such paymenta. Borrower ehall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ehall not be required to discharge any auch lien eo long as Borrower shall agree in writing to the payment of the obligation secured by yuch lien in a manner acceptable to Lender, or ahall in good faith rnnteat such lien by, or defend enforcement o[euch lien in, legal proeeedings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower ehall keep the improvements now euisting or hereafter erected on the Property inaw~ed againat loss by fire, hazarda included within the term "e~ctended ooverage," and auch other hazarde aa Lender may require and in such amounts and for such = periode as•Lender may require; provided. that I.ender shall not require such rnverage amo~nt ezceeding the minimum, as may be required by state or federal regulationa governing activitiea of Lender. or that amount of rnverage required to pay the suma eecured by this Mortgage, whichever ia the greater. The insurance carrier providing the inaurance shall be choaen by Iiorrower aubject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if ' not paid in such manner, by Borrower making payment, when due, directly to the insurance camer. All insurance policies and renewals thereof ahall be in form acceptable to I.ender and ahall include a standard mortgage clause in favor ot ' and in form acceptable to Lender. Lender shall have the right to hold the policiee and renewals thereof, and Borrower shall promptly furniah to ~ i.ender all renewal noticee and all receipta of paid premiuma. In the event oI losa, Borrower ahall give prompt notice to the inaurance carrier ~ and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unlees Lender and Borrow~ otherwise agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property . ~ damaged, provided auch restoration or repair ia economically feasible and the eecurity of this Mortgage ia not thereby impaired. If such E reatoration or repair ie not economically feaeible or if the security of thie Mortgage would be impaired, the inaurance proceeda ahall be applied ~ to the euma eecured by this Mortgage, with the exceae, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower faila to ~ respond to Lender within 30 daya from the date notice ia mailed by Leader to Borrower that the inaurance carrier ot~ers to ~ettle a claim for ~ insurance benefits, Lender ia suthorized to rnllect and apply the ineurence proceeds at Lender'e option either to reatoration or repair of the Pmperty or the sums secured by this Mortgage. ~ Unleea Lender and Borrower otherwiee agree in writing, any euch application of proceeda to principal ahall not e:tend or poetpone the due date of the moathly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of such inetallmenta. If under paragraph 18 , hereof the Property ia aoquired by Lender, all right. tide and interest of Borrower in and to any insurance policies and in and to the proceeda thereof resulting from damage to Property prior to the eale or aoquisition ehall pass to Lender to the e~tent of the aums secured by thie Mortgage immediately ptior to such aale or aoquisition. ` 6. Preaervation and Maintenance of Property; Leaeeholds; Condomiaums; Planned Unit Developmente. Borrower ahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall oomply with the proviaiona of any lease if thia Mortgage is on a leseehol~ If this Mortgage ie on a unit in a oondominium or a planned unit development, _ E3orrower shall pertorm all of Bortower s obligationa under the declaration or covenanta crnatingor g6verning the oondominium or planned unit development, the by-laws and regulationa of the condominium or planned unit development, and conatituent. documente. If a condominium or planned unit devetopment rider ie ~ecuted by Borrower and recorded together with this Mortgage, the oovenants and agreements of auch rider ehall be incorporated into and shall amend and aupplement the covenants and agreemente of thia Mortgage as if the rider were a part hereof. ~ ~ 7. Protection of I.ender'~ Secutity. If Borrowet faila to perfarm the oovenants and agreements oontained in this Mortgage. or if any u actioa or prooeeding ia oommenoed which materially affects I.endefs intenat ia the Property. inclnding. bat not limiLed to, eminent domain, : Y ineolv~cy. oode eaforoanen~ or arran~emeuts or praxedings involving a bankiupt ar deoedent, then I.ender at I.ender'~ option,npon ~ notice to Borrower may make such eppearanoes. diabnree such suma md take such ection as is neassary to proted I.ender'~ interes~ inclading, bat aot limited to, disburnment ot reasonable attorney's fees and eatry upon the Property to meke repairs. If Lender required mortgege insnrance as a oonditioa of making the loan sxnred by this Mortgagq Borrov?er ahall pay the premiums required to maintain ~ auch in~arance in effect nniil such time ss the requirement for euch insurance terminates in accordence with Barrower's and Lende~s writtea egreement ar applicable Laa. Borrower shall pay the amount of all mortgage inaurance pr~iums in the manner provided under ~ paragraph 2 hereoL . ' Any amounts diabnrsed by Lender persuant to this paragraph 7, with interest thezeon. shall beoome additional indebtedness of ; ~ fiorrower secured by thia Mortgage. Unleas Borrower and Ler?der agree to ot6er terms ot payment, such amounL shall be payable upon ' notioe tMm Lender b Borrower requesting payment thereof, and shall bear interest irom the date of diibursement at the rate payable trom ' time to time on ontatanding principal nndez the Note nnlesa payment of interest at such rate would be aontrary applicable law, in which ~ event such amounts shall beas interat at the highest rate permissible under appUcable law. Nothing oontained in thii paragraph shall require Lender to incvr any espense or take sny action hereunde:. - • s~~x ~ A _ ~ , r_ . # - . s r~~ _ - ' - - ~:~~r _ - - ~ - - . . ~ .