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HomeMy WebLinkAbout0227 - . Borrower and i.ender oovenant and agree as follows: 1. Psymeat ot Principal and Interest. Barrowe~ shaU prompUy pay when due the principal of and interegt o~ the indebtedneas evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and interest on any ~ture Advancee secured by this Mortgage. ' Z. Ptinds for T~ea eu~d In~urance. Subjec~ to applicable law or to a written waiver by l.ender, Borrower ahall ~y to I.ender on the day monthly installments of principal and intr?ext are payeble under the Note, until the Note ia paid in full, a aum (herein "~nde") equal to one~ twelfth of the yearly taxea and assesemenes which may attain priority over this Mortgage, and ground rente an the Property, if any, plua on~ twelRh of yearly premium installmenta for hezard inaurunce, piua onetwelfth ofyearly prnmium inatallmenta for ?nortgage inaurance, if any, all ae reasonably eatimated i~itially and from time to time by I.ender on the baais of assesaments and billa and reasonable estimat~ thereof. '11~e Fltnds shaU be held in an institution the deposita or aecounts of which are ineured or gueranteed by a Federal or State agency (including Lender if I.ender is sach an institution). I.ender ahall apply the Funds to pay said taxes, aeaeeamenta, inautance premiums and ,ground renta. I.ender may not charge for so holding and applying the I~nda, analyzing said account, or verifying and compiling said aseessmente and bills. unleea I.e~der pays Borrower interest on the ~nds and applicable law permits I.ender to make euch a cherge. Borrower and Lender may agree in writing at the tune of execution of thia Mortgage that interest on the Funda ahall be paid b Borrower, and unleae snch agreement is made or applicable law requires such in~t.to be paid, Lender ahall not be required to pe~y Borrower any interest or earninge on.the ~?nde. Lender shaU give to Borrower, wjthout charge, an annual aocounting of the Funde ahowing credite and debita to the Funds and the purpose for which each debit to the ~nde was made. The Funds arepledged as additional aecurity for the suma secured by this Mortgage. If the amount of the ~Lnde held by Lender, together with the future monthty inatallmente of Funde payabte prior to the duedatea of taues, asseasmente. inaurance premiuma and ground renta, shall exctied the atnount required to pay eaid taxea, asaeasmenta, insurance premiuma and ground rents ae they fall due, such e:c~s ahall be, at Borrower's option, either promptly repaid to Iiorrower or credited to Bonower on monthly inatallments of ~1nds. If Lhe amount ot the Funda held by I.ender shall not be sufficient to pay t~ee, aseesamente, inaurance premiums and ground rente ae they fall. due, Borrower ahall pay to Lender any amount neceaeary to make up the deficiency within 3U days from the date notice ie mailed by I.ender to Borrower requeeting payment thereof. Upon payment in.full of all auma eecured by this Mortgage, Lender ehall prompdy refund to Borrower any funds held by Lender. Uunder paragraph 18 hereof the Aroperty ia sold or the Property ie otherwiee acquired by I.ender, I.ender ehaU apply, no later than immediately prior to the aale of the Property or ita aoquiaition by Lender, any Fl~nda held by Lender at the time of application aa a rredit against the auma secured by thia Mortgage. 3. Applicatioa of Payments. Unlese applicable law providea otherwiee, ali payments received by Lender under the Note and ~ paragraphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to intereat and principal on any Future Advances. 4: Charges; Liens. Borrower shall pay all taxes, assessments and otherchargea, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in auch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to I.ender xll notices ot'amounta due under thia paragraph, and in the event Borrower shall make payment directly, Borrower shall prompdy furnish to I,ender receipts evideacing euch payments. Borrower ahail promptly discharge any lien v~ hich has priority over this Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long as I3orrower shall agree in writing to the payment of the ohligation secured by such lien in a manner acceptable to I.ender, or ahall in good faith contest auch lien by, or detend enforcement of such lien in, iegal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Harsrd Insurance. Borrower shall keep the unprovementa now ezisting or hereafter erected on the Property inaured againat IQSa by fite. hazarde included within the tenn "e:tended coverage," and auch other hazarda aa Lender may require and in such amounts and for such periode as [.ender may reqnire; pravided, that I.ender shall oot requim auch ooverage amount e:ceeding the minimum, as may be required by - state or federal regulations governing activities of I.ender, or that emount of coverage required to pay the aums secured by this Mortgage. whichever ie the greater. - ~ ~ ~ , The insurance carrier pmviding the insurance shall be chosen by Borrawer subject to approval by Lender; provided, that such approval shall not be unreasonabty withheld. All prnmiums 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 carrier. All inaurance policies and `enewals /hereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and rnnewsls thereof, and Borrower ahall promptly furnish to i.endet aU tenewal noticea and all receipte of paid premiums. In the everit of loss, Rorrower shaU give prompt notice to the ineurance qrrier ; and Lender. Lender may make proof of loas if not ~ude promptly by Borrower. ~ Unleae Lender and Borrower othetwise agrce in writing, inaurance proceeda ahall he applied to restoration or repair of the Property i damaged, provided euch restoration or repair ie economically feasible and the security of this Mortgage ie not thereby impaired. If such , reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds ahall be applied ~ to the eume secured by thie Mortgage. with the e~cess, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower fails to reapond to Lender within 30 days from the date notice ie mailed by Lender to Borrower that the insarance carrier offers to setde a claim for ; inaurance benefita. I.ender is authorized to rnilect and apply the insurance proceede at Lender s option either to restoration or repair of the Property or the auma eecured by this Mortgage. a Unlese I.ender and Borrower otherwiae agree in writing, any such application of proceeda to principal ahalf not extend or poatpone the due ~ date of the monthly instaliments referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallmenta. If under paragraph 18 hereof the Property ie aequired by Lender,-all right, title and interest of Borrower in and to any ineurance policiea and in and to the proceeds ~ thereof resulting from damage to Property prior to the eale or acquieition shall pass to Lender to the extent of the aums eecured by thia Mortgage immediately prior to auch eale or aoquisition. 6. Preservation and Maintenance of Property; Leaee6olda; Condominume; Planned Uait Developmente. BorFOwer ahall keep the Property in good repair and ahall not commit waste or pennit impairment or deterioration af the Property and ahall comply with the provieiona of any lease if thie Mortgage ia on a teaeehold. It thia Mortgage is on a unit in a wndominium or a planned unit development, Borrower ahall pecform all of Borrower's obligationa uader the declaration or covenante creatingor governing the rnndominium or planned ~ unit development, the bylawe and regulatioqa of the condomini~un or planned unit development. and conafituent docwnenta. If a oondominium or planned unit development rider is e:ecuted by Borrower and recorded together with this Mortgage, the oovenante and agreementa of auch rider ahall be incorporated into and ahall amend and supplement the covenants and agreementa of thia Mortgage as if the ~ rider were a part hereof. . ~ Protection of Lender's Securi If Borrower faila to _ ty. perfotm the aovenants and agreements oontained in this Mortgage, or if any action or_ proceeding ia commenced w}uch materielly affecte Leader s interest in the Property, including, but not limited to, emineat domain, ~ insolvency~ oode enforcement, or arrangements or proceedinge involving a bankrupt or deoedent, Wen I.ender at I.ender's option,upon f ~ notice to Borrower may mal~e aach appearances. dieburee such sums aad take euch action as is neoeseary to protect Leader s in~t, > including, btrt not limited to, disbureement of reasonable attorney's fees and entry npon tne Property b make npairs. If Lender reqnired • - ~ martgage insurance as a oondition of mai~ing the loan secured by this Mortgag~ Borrower ehall pay the premiums reqnired to maintain ~ ench insurance in effect antil such time ee the requirement for euch insarance terminatee in aooordence with Boaower'e and Lendez's ~ writtea agreement or applicable I.aw.-Borrower ehall pay the amount of all mortgage inaurance premiame in the mannet provided under ~ h P8~8Dh 2 hereof. ~ ~ Any amounts disbnrsed by L,ender persuant to thia paragraph 7, with interest thereon, ehall beoome additional indebtedn~e of ; Borrower secured by ihis Mortgage. Unless Borrower and Lender agree to other ter~ue of payment, ench amounte ehall be psyable upon ~ notice from Lender to Bormwer requeating payment thereof, and ahall bear interest from the date of diaburaement at the rate payable fsom ~ time to time on outdanding principal unda the Note nnlees payment of intereat ai auch rate would be contrary to app}icsble law, in which ~ event sach amounts shall bear intereat at the highest rate permiasible under applicable law. Nothing oontained in this paragraph 7. shall s require Lender to incur any acpenee or tal~e any action hereunder. ~ ~ j z BOOK~ f~IGf ~ - ~ ~ , ~ ~ ~ - ~ ~ - - ~ X j _ ~T h Y . . s~ ty ~y,-'".s'_' ~-~t`~-2~~ fi_ y ~`.,.~~~r``' ~ ~ - ~ _-i = - - .w.::T. . - _