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HomeMy WebLinkAbout0231 \ t; ~ ~ ~ Borrower wnd L.ender oovenant and a~ree a~ toUowr 1. Pa~raueat oi Principsl and lotere~t. Boroower shall promptly pey whe~ due the principa) of end interest on the indebtedness evideaoed by the Note. pnpsyment and late char~eo a~ provided in the Note. and the principal of and intereat on any Ptiture Advancee eecured by this Moct~a~s. Z. Ftitad~ for Ta=e~ wnd inwranca Subject to app?icable law or to a written waiver by l.ender, Borrower ahall pay w l.ender on the dey monthly installmenti of pri~cipal and intereat are pqyable under the Note. until the Note ir paid in tull, a aum (herein "Fu~ds") equal w ono- twelRh of the yeerly taxes and aiseesments which may ettain priarity over this Mortgage. and ground rents on the Property; if any. plua ons twelRh of yearly pmnium installmet~ts for hazard inaurance, plue onetwelRh of yearLv premium installmente [or morigage inau~ance, i[at~y, al! as reaeonabiy estimatsd initially and trom time to time by Lender on the baiia of aBsesements and bills and reasonable eetimatea thereof. The I~ads ~!?all be hetd ia an inatitation the depoiita or acoounta of ~+hich are insured or Quaranf~eed by a Federal or StaEe agency (includin6 Le~?der if Lender ia such an in~titution). Lender shell apply the Funda to pay said ta~ces, asaeesments. irteuranee premiuma and ground raats. Lender msy rwt charge for w holdin~ and applying the ~nds, analyzing said eooounR or veritying and compiling said assessment~ and bi14. unless I.~nder pays Borrower interest on the I~i?da and applicable law permits I.ender to make such a charge. Borrower aad Lendes may aQree in ~rriting at the time of execution of this Mortgage that interest on the Funda eheU be paid to Borrower, and unless such egreemeret is made or applicable law requiree such intenst to be paid, Lender ~hall nM be required to pay Borrower any interest or eami~gs on the Fltnds. Lender shell give to Borrower. without charBe. an annval accounting of the Funda showing credits and debits to the Pliads and the purpose for which each debit b the Ftinds was mede. Tfie Funds are pledged as additional eecurity for the eums eecured by thia Mortgage. , ~ - If the amount oi the Funds held by Lender, togethet with the future monthly inatallmente of Funda payable prior to the due datea of tauea, _ easessments; inauranoe pre?niutns and ground rente. shall eueaed the amount required to pay said taxes. aeaeeaments, inaurance premiams ~ and ground rents as they fall due, such exoess shall be. at Borrower s optioa, either prompdy npaid W Borrnwer or credited b Borrower on montlily installmente of PLnds. If the amount of We Fut~ds held by l.ender shall not be sufficient to pay ta:cs. assessmenta. inaurance pnmiums and ground repta as they fall due. Bocmwer ahall pay to Lender any amount neceasary to make up the deficiency within 30 daye from the date notice is mailed by Lender to Borrower requeeting payment thereof. Upon paymeat in full of all sume secured by this Mortgage. I.ender shall prompdy refund to Borrower any funds heldby Lender. Itunder paragraph 18 hereof the Property is sold or the Property is otherwiee acquired by Lender, Lender ehall apply, no later than immediately prior to the eale of the Propedy ~ ita aoquisition by Lender, any P1~nds held by Lender at the time of application as a credit againat the sums aecurnd by thia Mortgege. . 3. Applieation ot Paymenta. Unless applicable law pmvidea otherwiee, all paymenta received by Lender under the Note and paragrapha 1 and 2 hereof shall be epplied by Lender first in payment of amounts payable to Leader by Bosrower under paragraph 2 hereof, then to interest p~yable on We Note, then to the principal of the Note, and then to intereat and principal on any FuLure Advances. 4. Cherges; I.iens. Borrower shall pay all tazes. seeesameats and other chargea, finea and impositians attributable to the Property which may attain a priority over this Mortgage. and leasehold paymgnta or ground rente. if any, in the manner provided under paragraph 2 hereof or, ~ if not paid in euch manner. by Borrow~r making payment, when due, directly to the payee thereof. Borrowerahall pramptly furniah to Lender ~ all notices of amounts due unda thia paragraph, and in the evenL Borrower shall make psyment directly, Borrower ahall prompdy fumiah to j Lender receipts evidencing auch paymenta. Borrower aha11 promptly discharge any lien which has priority over this Mortgage; provided, that ~ Borrower shall not be required to diecharge any auch lien so long aa Borrower shall agree in writing to the paymenl of the obligation secured by ~ such lien ia a manner acceptable to Lender, or ahall in go«3 taith contest such lien by, or defend enforcement of such lien in, legal proceedings which operete to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ ~ ~ 5. Hazard Insurance. Borrower shaU keep the improvementa now existing or hereafter erected on ti~e Property insured againat loae by fire, hezards iacluded wittun the term "eztended ooverage," and euch other hazarda aa Lender may rEquire and in such smounta and forsuch - paioda ea Lendez may require; provided. lhat Lender shall not reqaire such ooverage amount e:ceeding the minimuro, as may be required by stete or federal regnlationa governing adiviti~ of Lender, or that amonnt of coverage required to pay the sums aecured by thia Mortgage, whichever ie the greater. . The insurance carrier pcoviding the ineuranoe shall be choseo by Barrower subject to approval by Lender; provided, that such approval ahall not be unreaeonablX withheld. All premiums on insurance policies ahall be paid in the taannet provided under paragraph 2 hereof or~ if not paid in such manner. by Borrower making payment, when due, directly to thc insurance carrier. ~ All ineurance policiea and reaewala thereof shall be in form acceptable to Lender and ehall include a atandarsi mortgage clause in favor of and in form aoceptable to Lender. I.ender shall have the right to hold the policies and renewale Lhereof, and Borrower ahall promptly furniah to i.e~?der all renewal noticee and all receipta of paid premiums. In the event of loea. Borrower ahaA give prompt notice to the inaurance carrier ~ and Lender. Lender may ma1~e proof of loas if not made pmmptly by Borrower. ~ Unlesa Lender and~ Borrower otherwiee agree in writing, ineurance proceeds ahell be applied to reatoration or repair of the Property ` ~ dameged, pravided such restoration or repair_ is economically feasible and the eecurity of thie S[ortgage is not thereby impaired_ If such resbration or repair ie not eoonanically feasible or if the eecurity of thia Mortgage would be impaired. the inanrance proceeds shall be applied • to We suma eecured by thib Mortgage, with the eucese, if any, paid to Borrower. If the Propedy is abandoned by Borrower, or if Borrower faila to reapond to I.ender within 30 days trom the date notice ia mailed by Lender to Borrower that the inenrance camer offers to setde a claim for insurance benefite, I,euder is authorized to collect and apply the insurance praeede at i.ender e option either to reatoration or repair of the Property or the auma aecured by this Moitgage. - Unless Lendtr and Borrower otherwise agree in writing, any auch appUcation of praceeds to principal ehall not eztend or poatpone the due date of the monthly instaUmenta referred to in paragrapha 1 and 2 hereof or change the amount of anch inataUmente. If under paragraph 18 . hereof the Property ia aoqnired by I.ender, all right, tide and interest of Borrower in and to any inaurance policies and in and to the procPeds thereof resulting from damage to Property prior to the aale or aoquisitioa ehall paas to Lender to the eztent of the sume aecured by thia Mortgage immediately prior to such eale or aoquiaition. 6. Preservation aad l~sintenance of Property; Leaeeholds; Condominuma; Planned Unit Developmenta. Borrower ehali keep the Property in good npair and shall not commit weate or pernnit impainnent or deterioration of the Propedy and ahall oomply with the • provisions of any leaee if this Mortgage ia on a leasehold. If thia Mortgage is on a unit in a oondominium or a planned unit development, Borrower ahall perform all of Borrower's obligations under the declaration or covenants creatingor goveming the oondominium or planned unit developmen~ the by-lawe and regiilatioas of the rnndominium or planned unit development, and oonatituent documente. If a coadominium or planned unit development rider is e:ecuted by Borrower and recorded together with thia Mortgage, the oovenants and agreementa of such rider ahall be incorporated into and shell amend and supplement the rnvenanta and agreements of thia Mortgage as if the rider were a part hereof. 7. Protection of Lender'~ Securtty. If Borrowez fails to perf~m the oovenunta and agreementa oontained in this Mortgage, or if any , action or prooeeding ia wmmenoed arhich materiallY affects I.eude~s interESt in the Property. iacluding, but not limited to. eminent domain, uuolveacy. oode eaforcement, or arrangements or pmceedinge involving a banlm~pt or deoedent, then Lender at I.endds option,npon ~ notice to Borrower m~y maice such appeasanoea. disburse euch eums and take sach action as is nec~weary to proted L.eader s inte~rest, ~ ~ inclnding, but oot limited to, disbn»~t of reasonable attoraey's fees and entry npon the Property to make npain. If I.ender required mortgage insuranoe as a oondition of making the loan secured by thia M~rtgage, Borrower ehall pay the premiums required to maintain ~ ench insnrance in effect nntil sach time as the requinment for such insnranoe terminates in accordance witb Borrower s and I.endelA writxea a~reement or applicable Isw. $ormw~er shall pay the amount of a!I mortgage inaurance premiums in the mannrr provided unda PareBrePh 2 hereof. My aawunts disbursed by Lender persuant to Wis paragraph 7. with interest thereon. shall beoome additional indebtedneea of Borrovra secured by this Mortgage. Unlees Borrower and Lender agree to other terms of payment, ench amoants shell be payable npon notice from Lrnder to Borrower requesting payment thereof, aad shall bear interest from the date of diebur~ent pt the rate payable from time to time on outstanding principal under the Note unlese payanent of intere0t at euch rate would be oontrar~ ~o applicable lsw, in which eveat sach amounts s6all bear intereat at the highest rate permiseible nnder applicable law. N~thing contained in fhis paragraph 7. shall require I.ender to incur any ~pense or take any action hereunder. ~ ~ BUOK 2~9 PAGE ~1 s - s ~ ~t ~ ~ ~ : ~ ~ . z>} r ~r ~ x ~ ~ : ~x _ ~ ~ - ~ .~5