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HomeMy WebLinkAbout0556 ~ . . Borrower an~: I.ender covanaat and aQroe a~ foUowa: ~ 1. P~ymeat ot Priacipal wad tatere~~ ~iorrower ihall prompdy pay when due the principal of and intere~t on the indebtedne~s evideeosd by the Note, prepaymeat aad late char~e~ as p~ovided in the Note, aAd the principal of ar?d intenst on any Future Advanoe~ oecured by thi. MoregaQe. 2. FLads for Ta~es ~ad lasur~noe. 3ubjed w appiicable lew or to a written waiver by I.ender, Borrower ehall pay to l.ender on the day monthly inatallauents of principal and interest are psyable ander the Note. u~til the Note ia paid in full. a sum (herein "P~nd~"? equal to oae twelRh of the yesrly taxes and a~sesnments which mey attain priority over this MoKga~e, and ground rentu o~ the Property. if any~ plw ont tweltlh of yearly premium in~tallment~ for hazard insurence, plus onttwelRh ofyearly premium installmente tor mortgage insurance, if any, all as reasoaably estimated initially and fmm time to time by I.ender o~ the basis of asseesmenta and bilb and reasonable ertimates thereof. The PLnds shall be beki in an institntion the depo~it~ a aocounb of which hrs insured or guaranteed by a Federal or State age~cy (including Lender it Leada is snch u? institution). l.ender ahall app~p 1he F'unds to pay eaid ta~ces, asaeesments. inaurance premiums and ground rents. Lend~ may not char~e for ~o holding aad applying the Phnds, analyziag said account~ or verif~ring and eompiling said ewe~sments and billa, nnle~s Lender pny~ Borrowa interest oa the ~nds and applicable law permits Lender to make such a charge. Borrower and Lead~ m~y agree in writing at the time of execution of this Mortgage that interest on the ~nda ~hall be paid b Borrower. and unlPSs ~uch aQr~aaa~t i~ made or appticable lawr requires such interest to be paid, Lender ehall not be required to pey Borrower eny interest or . ~rninga on the P~nds. Lender shell gi~e to Borroarer, without charge. en annusl aocounting of the Funds ahowing credite and debies to the flinds aad Lhe purpose for which each debit 6o the flinda waa made. The Funds are pledged as additional aecurity for thesume serured by thia Mortgage. - If the amount of the I~nds held by Lender. Logether with the futun monthly installmenta of Funds payable prior to the due datee of tanea, asaeeamenta. insuraaoe preaaiuma and ground renta, shall ~oaed the amount required to pay said ta:ea. aseeasments. insurance premiums and gronnd rents as they fall dne. auch e:oess phall be. at Horrower s option, either promptly repaid to Borrow~ or credited to $orrower on ~ monthly inetallments of Pbnds. If the amount of the Funda heW by. I.ender ehall not be euff cient to pay taaea, aseeesments. ineurance ~ piemiuma and ground rents aa th.iy fall due, Borrower ahaU pay b Lender any amount neoeseacy to ma1~e up the deficiency within 30 days 3 from the date notioe i~ mailed by Lender to Borrower requeeting payment thereof. F Upon payonent in tull o~ all wma ~ecured by tl~ia Mortgage, [.et~der ahall promptly refund to Borrower any funde held by LeadeT. If nnder ~ paragraph 18 heceof the Pcopaty is sold or the Property is otherwise acquired !iy Lender, Lender ahall apply, no later than immediately ptior to the sale of the Praperty or ita acquiaition by Lender. any I~nds held by Lender at the time of application as a credit againat the aump secured ~ by chis Mortgege. ~ 3. Applkatioa of Payments. Unleas applicable lawr pmvidea otherwiee. all paymenta received by Lender under the Note and paragraphs 1 and 2 henwf ehall be applied by Lender firat in payment of amounta payable to l.ender by Borrower under paragraph 2 hereof; then to interest psyable on the NoEe. then to the ptincipal of the Note, and then to interest and principal oa any Future Advances. 4. Charges; Liena. Borrower shall pay all taxee, aseeaements and othercharges. finea and impoeitione attributable to the Property which may attaia a priority over this Mortgag~ and leasehold payments or giround rents. if any. in the manner provided under paragrsph 2 hereof or, if not paid in suth manner. by Boirower making payment, when due, directly to the. payee thereof. Borrower shall promptly turnieh to Lender all notices of amounts due under thia paragraph, and in the event Borrowe~ ahall make payment directly. Borrower ahall promptly fumish to [.ender reoeipta evidencing ecch payments. Borrower ahali pmmptly dischazge any 6en ahich hae priority over this Mortgege; provided. that Borrower ahall not be required to diacharge any such lien ao long es Borrowershall agree in writing to the paymeat of the obligation aecured by such lien in a wanner acceptable to I.ender. or ahall in good faith oonteat such tien by. ordefend enforcement of such lien in, legal proceedinga which operate to prevmt the enforcement of the lien or forfeitum of the Property or any part thereof 5. Hazard Insurartce. Boirowez shall keep the impmvemente now e:iating or hereafter erected on the Property insured againet toss by ; fire, hazards included within the ter~n "actended ooverage." sad euch other 6azards aa Lender may reqaire and in such amounte and for auch periods as L,ender may require; provided, that Lenda ahall not reqnire svch ooveruge amount e:ceeding the minimum, as may be required by _ atate or federal reg~lations goveming activities of Leader, or the! amount of coverage required to pay the enma eecured by this Mortgage, , whic6ever is the gn~ater. The inaurance carrier providing the inaurance ahall be chosen by Borrower subject to approval by. l.ender; provided, that such approval ahall not be unreseonably withheld. All premiuma on inaurance policies ahall be paid in the manner provided under paraqraph 2 hereof or, if . not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All ina~uance policiea and renewals thereof ahall be in form aaoeptable to Lender and ehall include a standard mortgage clauee in favor of , and in form acceptabk to Lender. Lenda ehall have the right to hold the policies and renewala ther~eof, and Borrower ehall pmmptly furnieh to - i.ender all reaewa! notices and all receipts of paid premiums. In the event of loes, Borrower ehall give prompt notice to the inaurance carrier j and I.ender. Leader may mal~e proof of loes if aot made pmmpdy by Borrower. ~ [7nlers Lender and Borrower otherv?iae agree in vvriting, insuranoe proceeds ahap be applied to reetoration or repair of the Property _ damaged. provided such reatoration or repair ia economically feasible end the aecurity of thia Mortgege ie not thereby impaired. If anch E rPStaration or tepair is not economically feaaible or if the security ot this Mortgage would be impaired, the inaurance pmceede ahall be applied ~ to W~ sume aecured by. t6is Mortgage, with the ~cees, if anY. paid to Borrower. If We Property is abandoned by Borrower. or if Borrower faile to , respond to I.et~der within 30 days from the date notice ia mailed by Lender tfl Borrower that the insnrance carrier oft'ere to eetde a claim for p insurance bmefite. Leader ie authorized to callECt and appiy the insurance proceeda at i.ender s option either to reatoretion or repair of the Property or the sume eec~red by thia Mortgage. Unleas Lender and Boirower otherwise agree in writing, any wch application of proceede to principal ahall not extend or poetpone the due date of the monthly iastallmeats referre~ to in paragraphs 1 and 2 hereof or change the amount of each inatallmente_ If under paragraph 18 hereof the Property is aoquired by Lender, all right, titk and intereat of Borrower in and to any inaarance policies and in and to the proceeda thereof reaulting from damege to Property prior to the aale or aoquiaitien ahall paas to l.eader to the eztent of the sums eecured by thia ~ Mortgage immediately prior to such sale or aoquisition. ~ 6. Preservation end D~ainteasnoe otProperty; l.esseholde; Condominnme; Planned Uait Developments. Borrower shall keep - the Property in good r~pair ~nd ahaU not commit waste or permit_impair~neat ar deterioration of the Property and ahall oomply with the pmvisione of any lease if this Mortgage ie on a leasehold. [f this Mortgage ia on a unit in a oondominium or e planned unit development, Borrower ahall pertorm all ot Borrower's obligations nnder the declaration or covenante creatingor governing the oondominium or planned unit development, tbe by-laws and regnlations of the condominium or planned unit development, and conetituent documenta. If a oondominium or planned unit development ride: ia e~ecnted by Borrower and recorded tagether with thie Mortgage, the oovenants and • agreemente of euch rider ahall be incorporated into and ahall amend and supplement the rnvenar.ts and agreementa of thia Mortgage as if the rider were a part hereof. ~ 7. Proteclion ot Lendar'~ Securltp. If Bo~rtower faiL to perform the oovenants and agreemente contained in this Mott8a8e, or if any acdon or prooeeding u~mmeaced which materially affects I.endels intercat in the Propesty. induding. bat not limited to, eminent domain, inwlvenc~r. oode enforoea~at, a~ errangement~ or p~oeeding~ involving a bnnlanpt ~ deoedeat~ thea Lender at Lendd~ option.npon ~ notioe to Boreower may make snch appearancu. dialwrae ~och iums and take ~nch action as is neoeesary to proted I.eader's interest, includinQ, bat not limited to, diabarKmeat of reawnabk attorney's fees and entry npon the Property to make repain. If I.ender reqnired ~ mostgage in~uranoe as a coadition of making the loan ~ecured by this Morfgag~ Borrower shall pay the preminms requind to maintain ~ snch inauranoe in effect nntil au~ time aa the requirem~nt for snch in~nrance terminates in aooordance with Borrower's and Lendds ~ written a~reemeat or apQlicabk Lsw. Bareuaer shall pay the amount of all mortgage insuranoe preminms in the manner provided nnder ~ paragraph 2 hereof. 9 ~ Any amonnt~ disbnssed by I.endu persuant to this paragraph with interest thereon, ehall beoome additional indebtedness of ~ Borrowez ~ecured by this Mortgage. Unless Borrower and Lenda agne to other terms of payment, euch amonnts ~hall be payable upon notioe trom I.eader to Bormwer requesting payment thereof. and ~hall bear interest from the date of diabnreem~t at th~ rate payable Gnm time to time on oatdar?ding principal nnder the Note nnleas paymeet of iatered at such rate would be ooatrary to applicable lew, in which eveat snch amoants s6e11 bear interest at the highed rate peaniwibk undez applicabk law. Nothing oontained ia this paragraph shall. ~ reqnire I.ender to incur aay e:pense or take any action heieunder. ~ ~ ~ ~ ~ ~ ~ b~GK ~C7~7 PACE ~hJJ , ~ • ~ ~ ~ .s ~ . : - ; . - - - - - - - - z:~ r ~ , • Y ~ ~ ~ ~ ~ '.,Y'$-' _ ' ' ;