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HomeMy WebLinkAbout0223 Borrower end Leader covei?ant aad atree as folbws: ' - 1. Pwmeat ot Priacipal wad lat~±*~e~~ E1cK~owe~ ahall promptly pay whe~ due the principal oi and intereet on the indebted~esa evideaoed by the Note. prepaymcnt and latechargce as p[ovided in the Note, end the principal of and interest on any I~ture Advances eecured by this 1Nortja~e. 2. Fl~ad~ tor Ta~te~ ~ad Inntranse. Subject to applicable law or to a written waiver by [.endeT, Borrower ahall pay b l.ender on the day monlhty instaUments otprincipal and inte~est an payable uader lhe Note, until the Note is paid in full, a sum (herein "Funda") equal to on~ ~ - twelRh of the ycar~y ta:e~ and assessmcnts which may attain priority over thie Mortgage, and ground rents on the Property. if eny. plua one twelfth of yearly ptemium instalhnenta [os hasard inaurance, plua onelwelfth of yearly premium inatallments for mortgage inaurance, if any, all es reasw~ably estimated initiaily and from time to time by l.ender on the basie of asseasmenta and biUs and ceaaonable estimatea thereot '11ie PLnd~ ~aU be l~eld in at~ iastitntioa tl~e deposita or aoeounte of which are insured or guaranteed by a Federal or State agency (inclwtin~ Lender if Lender is ach aa uutitutioa~ Lender ahall apply the Ftinda to pay said taxes. asseasmente. insurance premium8 and gtonnd renb. t.e~ m~r not charge for ~o ho{ding aad applying the l~nda, analyzing said account, or veti[ying and compiling eaid assessme~ta ao~i bilts, unkas l.endei pays Borrower iatereat on the ~nds and applicable law permits Le~der to make auch a charge. Borrower aad Leader m~y agree in writia~ at the time of execution of thia Mortgage that intereat on the ~nde ahall be paid to 8or~ower, and unleas wch a~reemeat is m~de o~ appiics,Dk law requires euch intereat to be paid, Lender shall not be required to pay Borrower any intereat or ' earnings on the ~nda. l.cnder shell give to Borrower, without charge, an annual accounting of the Funds ahowing credits and debita to the E1u~ds end the puipo~e for ~vhich cadt debit to the ~nds was made. The Funds are pledged ae additioaal secunty for the aums aecured by thia ~ Mott8a8e- ~ - If the an?ount of the I~Lads held by I:ender, together with the futwre monthly inataUments of Funda payable prior to the due datee of taxes, assesements, inaorance premiuma snd ground hnta, shall e:c~ed the amount reqaired to pay eaid ta:ea, aaaeasmenfa, inaurance premiums i aad ground•rents as they faU dne, such ezcess ahall be, at Bormwer s option, either promptly repaid to Borrower or credited to Bormwer on ' monthly iastellmeats of Fltnds. lf We amount of the Funds held by Lender ahall not be aufficient to pay ta~ces, aseessmenf8, insarance premiams and geoand reats as they fall due, BoROwer shall pay to Lender any amount neceseary to malce up the deficiency within 30 daya firom the date aotiee is maikd by I.ender !o Borrower requeating payment thereof. Upon payment in fuU of aU sums secured by thia Mortgage, L.ender ahall pmmptly refund to Borrower any funds held by I.ender. If under psragraph 18 heceof the Proper~y is soW or the Property is otherwiae acquired by Lender, Lender ahall apply, no later than immediately prior to tl~e aak of tbe Property or ita ac~~isition by Lender. any Fl~nds held by Lender at the time of application as a credit agai nst the auma secured by Wie Matrgage - ' ~ 3 Application of Payments. Unless appli~able law pmvidea otherwiee, all paymente received by I.eader under the Note and paragraphs 1 and 2 hereot shaU be applied by i.eoder firet in paymenl of amounts payable to Lender by Borrower under paragreph 2 hereof, thm to intereat p~yabk oa the Note, then to the principal of the Note. and then to interest and principa) on any Ftiture Advances. Chae~ea; Liens. Borrower shall pay all taxea, assessments and other chargea, fines and impositions attributable to the Property which may attain a priority ovet this Mortgage, and leasehold payments or ground rents, itany, in the manner provided under paragraph 2 hereofor, if not paid in snch manner. by Borrower making payment, when due, directly to the payee thereoL Borrower shall promptly furnish to Lender all notices of aawunta due under this paragraph, and in the event Borrower shall make payment directly, Borrower ahall promptly furniah to ~ Lende: receipts evidencing such paymenta. Borrower ahall promptly discharge any lien which has priority over this Mortgage; pro~ ided, that ~ Borrawer shalt not be reQuired to discharge any such lien so loreg as Borrower shall agree ~n writing to the payment of the obligation secured by . such Uen in a mannex acceptKbl~ to Lender, or shall in good faith contest such lien by, or defend enforrement of such lien in, leqal proeeedings which operate to prevent the enforcement of the lien or forfeitere of the Property or any part thereof - 5. Hasard Iasitrance. Borrower ahall keep the improvements now existing or hereafter erected on the Property insured against losa by fir~ haurda induded within the term "ezteaded coverage," and euch other hazards as Lender may require and in auch amounts and for such p~iods as I,ender ma~y? reqnire; pravided, that Lender ahall not require such coverage amount exceeding the minimum, as inay be required by state or federal regulatioas governing activities of Lender, or that amount of coverage required to pay the suma secwed by this Mortgage, whichever is We grest~er. ' . The insurance carrier providi~~t the insarance shall be chosrn by E3orrower subject to approval by Lender; prnvided, that such approval shall not be unreasonaWv withheld All pcemiums on insurance policiea shall be paid in the manner provided under paragraph 2 hereotor, if ~not paid in such manner, by Borrov~er mxking payment, when due, directly to the insurance camer. ~ ~ AU insurance poticies aad tmewais thereof ahall be in form acceptable to Lender and shall include a standard mortgage clauae in favor of and in form acceptable to Lender. Lender ahall have the right to hold the policiea and mnewals thereof, and Boaower shall promptly furnish to ~ i.ender all e~enewd notices and all receipts of paid premiuais. In the event of loss, Borrower ahaU give prompt notice to the insurance carrier aad Leader. Lende: may meke proof of losa if aot made promptly by Borrower. ~ Unleas I.ender and Borrower otherwiae agree.in writing, inaurance proceede ahali be applied to reatoration or repair of the Property I i damsged, provided auch restoration or repair is economicaUy feasible and the aecurity of this Mortgage is not thereby impaired. If such ~ reetoradon or repair is not economically feasible or if the security of this Morlgage would be impaired, the inaurance proceed"s ahall be applied . ; to the aums secnred by thia Mortgagt, with the e:cess, if any, paid to Borrower. If the Property is abandoned by Borrower. or if Borrower faila to f Rspond to Lender within 3p days trom the date notice is mailed by Lende; to Borrower that the insurance carrier offers to aettle a claim for ~ inaurance beaefits. I.ender is anthorized to coUect and apply the insurance proceeds at Lender's option either to reatoration or repair of the Prop~ty or tbc sums aecnred by this Mortgage. ~ Unkea I.ender and Bomower othtrwiae agree in writing, any sach application of proceeda to principal ahall not e:tend or poatpone thedue date of the montAly iastallmenta referred to in paragrapha 1 and 2 hereof or change the amonnt of auch installments. If under paragraph 18 ~ heseof the Property ia aoquired by Lender, all right, title and interest of Bortower in and to any inaurance policies and in and to the procErda thereof resnltiag from damage to Property prior to the sale or acquisition ahall pass to Lender to the eatent of the aume secured by thia Mortgage immediatdy priot to snch sale or aaquisition. 6. Preservatioo and ltainteaance of Property; Leaseholde; Condominums; Planned Unit Developmente. Borrower shall kcep the Praperty in good iepair and ahall not commit wasLe or permit impairment or deterioration of the Property and ahall comply with the provision~ of any kase if thia Mortgage ia on a leaeehold. If this Mortgage ia on a unit in a oondomi~ium or a planned unit development; Borrower shall perform all of Borrower a obligationa under the declaration or covenanta creatingor goveming the oondominium or planned unit development, the by-la~rs" and regulations of the condominium or planned unit development. and cc~natituent dceuments_ If a ~ oondomininm or plai?ned unit devdopment rid~ is e:ecuted by Borrower and reoorded together with this Mortgage. the aovenanta an~i ~ agteementa of such rider ahall be incorporated into and shall amend and aupplement the covenants and agreements of this Mortgage as if the rider ~vere a part hereof. ~ 7. Pt+otectiod of Lender'~ 3ecnritp. If Borrower fails to perform the oovenante and agreemente oontained, in this Mortgage, or if any aetion or prooeeding is oo~mmenced which materially affects I.endei's interest in the Property, including, bnt not limited to, eminent domain, ~ insulvenc~. oode eaforoement, a~ arrangements or pmceedinga involving a banlcr~pt or deoedent, then I.ender at Lender's option,upon nolice to Barmwer ma~? mate snc6 appearanas. diaburee such eums and take euch action es is neceasary to protect Lendez's interest, ~ iacluding. bat not limited tn, ~abarsement of reasonable attorney'e fees and entry npon the ProperCyr to meke repairs. If Leader required ~ mortgage in~arance as a oon~tion ot making tLe loan secured by this Mortgage, Borrower shall pay the premiuras reqnired to maintain ~ such ias~ana in sf[ect.antil soch time as the requiremeat for evch inaurance terminatea in accordance w~ith Borrower'e and Lende~s ~ written agreea~ent or applicable Lw. Bormwer ehall pay the amount of all mortgage inaurance premiume in the manner provided under a ParagraP~ Y 6eteo[ ' ~ Aqy amoanss disbnrsed by Lender persuant to ~hie paragraph 7, with intereat thereon, shall become additional indebtedneas of X ~ Hormwer ~ecured by this Mortgage. Unless Borrower and F.ender agree to other terma of payment, auch amounte ehall be payable upon - ~ notice fran La~der to Boreo~rer:e~qnesting payment thereof, and ahall bear interest from the date of disbureement at the rate payable from [ time to time on outstandia~ priacipai under the Note anleae payment of intereat at euch rate would be o~ntrary to applicable law, in which ~ evmt ~ad~ amoanb ahall beer interest at the highest rate permiseible under applicable law. Nothing contained in this paragraph 7, shall reqnire Lenda Eo incur any espenae or take any action hereunder. ~ . ~ ~ " . ~ . ' $~I'Ri!(~.r~ ~ ~ • : ~ - ~ • = ~ ' • ~ . K~,.. ~ ~ ; - _ - = ~ ~y Vr ~ ~ ~ ~ r3y~~r :x ~ 3 ~ t.; . . . 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