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HomeMy WebLinkAbout0564 ~ ~ ~ . ~ ~ • ~ ~ ' f . v Borrower and lrnder covenant and a~ree as folbws: ' ~ 1. Paymept o[ Ptincipal, and latere~~ Borrower shall prop~pqy pay when due the principal of end interest on the indebtednees evideaced by the Nole. prepayment and late charges as provided in tha Note, and the principal of end i~tesest on any ~Ltute AdvancPS secured by this blortta~e. 2. FLnd~ [or Ts~e~ and Insuraaoe. Subject to applicable law or to a written waiver by I.ender, E3oROwer ahall pay to l.e~der o~ the day monthly inatallmeats of prindpal and intereat are payable under the Note. unW the Note is paid in full. a aum (herein "Ftinds") equal to one- twelRh of the yearly t~es and asseasments which may attain priority ove~r this Mortgage, and ground rents on the Property. if any. plus ont twdtth of yeariy pre~nium installments for hazard inaurance, ptus onetwelRh of yearly premium inatallments for mortguge insurance, if any, aU ns reasonably atimated iaitial~jr and [ram time to time by I.ender on the baeis ot aseessme~te and bille and masonable eatimales thereof. '!Ue F1ind~ ~hall be heid ia ew institution the deposita or eaaounte of which are inaured or guaranteed by a Federal or 3tate agency (u?cludiag I.wder if Irader i~ such na institution). [.ender shall apply the Funds b pay said taxes, aasesements, insuranoe premiums and gt~ound n~ts. l.ender may not charge for so holding end applying the ~nds, analyzing said eccount, or verifying and rnmpiling said aasesements and bills, unkee I.ender pays Boriower intereat on the Funda and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in writing at the time o[ e:ecution ot thia Mortgage that intereat on the ~Lnds ahall be paid to Borrower, and u~leea sqch a~eement is made or applicable law requires such iaterest to be paid. I.ender ahall not be reyuind to pxy Borrower any interest or earaings on the Flu~de. Lender shall give to Borrower, without charge, an snnual accounting of the Funds ahowing c~edits end debits to the Fhnds end the purpose for wrhich each debit to the F~nds was made. The Funde are pledged ae additional eecurity for the suma aecured by thie Mortgage. ~ If the amount of the Fl~nda held by Lender, together with the future awnthly inatallmente of Funda payable prior to the due dates of ta:ee, aasssementa, insuranoe premiums aad grouad rents, shall exc~red the amount required to pay said ta:es, easessments, insuranoe premiums and gmund re~ta as they faU due. snch e=ceee shall be, at Bo~ower a option, either promptly re{?aid to $orrower or credited to Borrower on morithly inatallmeats of I~lu~ds. U the emount of We Fnnde held by Lender ehall not be eufficient to pay tauea, asaeasments, insurance premiums and gronnd rents as they fall due. Borrower ehall pay to Lender any amount necessary to make up the deficieacy within 30 days from the date notioe is mailed by Lender to Borrower requeating payment thereof. Upoa payment in full of ell sume secured by this Mortgage, I.ender shall prompUy refund to Borrower any funda held by Lender. If under paraqraph 18 tiueof the Prop~ty ia soM or t6e Property is otharwise acqnired by Lender, Lender ahall apply, no later than immediately prior to ehe sak ot the Property or its aoquisition by Lender, any ~nde held by Lender at the time of application as a credit againet the auma secured by this Mortgage. 3. Application of Payments. Unlesa applicable lew provides otherwiee, all paymente received by Lender under the Note and paragraplu 1 and 2 hereof shall be applied bp Lender fust in payment of amounts payable to I.ender by Borrower under paragraph 2 f th~ to intereat payabk on the Note, then to the principal of the Note. and then to intereat and principal on any Future Advan ~ Chargea; Liena. Borrower shall pay all taxes, assessmenta and other rharges, finea and impositiona attri6utable to the Property w~c may attain a priority over thia Mortgag~ and leasehold payments or ground renta, if any, in the manner provided under paraqraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. f3orrower ahall promptly furniah to l.ender all notices of amounta due under thia paragraph, and in the event Borrower shall make payment directly, Borrower ahali prompdy furnish to Lender receipts evidencing auch paymenta. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Bormwer shal} nd be required to diecharge any such lien ao long as Borrower ahall agree in writing to the payment of theobligation aecured by such lien in a manner acerptaWe to Lender, or shall in good faith contest such lien_ bq, or defend enforcement otauch lien in, legal procee~ings which operate to p~revent the enforcement of the lien or forfeiturn of the Property or any part thereof. 5. Hasard Insuranoe. Borrower shall keep the improvementa now exiating or hereafter erected on the Property inaared againat loea by fire, hazards indaded writhin the term "eutended coverage." and auch other hazards ae Lender may require and in auch amounte and for auch perioda ss Lender may requirr; pmvided, that Lender ahall not require auch ooverage amount e:ceeding th~ minimum, as may be required by state or federal regulations governing activitiea of Lender, or that amount of rnverage required to pay the eums secured by thie Mortgage, whichever ia the greater. " , The insurance carrier providing the insurance shall be chosen by [3orrower subject to approva) by I.ender; pr+~vided, that such approval shall not be unreaeonably vrithhefd. 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 carrier_ All insurance policiea and renewala thereof ahsll be in form acoeptable to Lender and ahali include a standard mortgage clauee in favor of and in form aooeptabk to Lender. Lender ahall have the right to hold the policiea and renewals thereof, and Borrower ahalt promptly furniah to i.ender sU tenewal noticee and all receipta of paid premiums. In the event of loee, Borrower ahall give prompt notice to the inaurance carrier and I.ender. Lendrr may make proof of loes if not made prompdy by Borrower. ~ Unleas Lender and Borrower othetwiee age+ee in writing, insurance proceeds ahall be applied to restoration or repair of the Property i damaged, provided euch reetoration or repair is ecvnomically feasible and the eecarity of this Mortgage ia not thereby impaired. If such reataration or repair ie not eoonamically feasible or if the security o! thie Mortgage would be impaired, the inaurance proceeds shal) be applied to the same secnred by thie Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faita to ~ reapond to Lender within 30 daya from the daie notice ia mailed by I.ender to Borrower that the inaurance carrier offers to eettle a claim for ~ inanrance benefits, Lender ia authorized to collect and apply the insurance proceeda at Lender a option either to restoration or rnpair of the - Pmp~ty or the aama eecnred by thia Mortgage. - Unless Leader and Borrower othervvise agree in writing, any snch application of pioceede to principal shall not e:tend or poatpone'the due dste of the monthiy installmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallmente. If under paragraph 18 . hereof the Property is soquired by Lender, all right, titk end inLerest of Borrower in and to any inaurance policies and in and to the procceds thereof reauiting fmm damage to Pro~erty prior to the aale or acquiaition ahall pase to I.ender to the ezteat of the auma eecured by this Mortgage immedi~tely prior w auch sale or aoquisition. ~ _ 6. Preservation and Mainteaance of Property; Leaseholde; Condominume; Planned Unit Developmeats: Borrower ahall keep the Property in good repair and shall not commit waete or permit impairment or decerioration of the Property and ahall rnmply witk the ~ s pe+ovieions of any kase if this Mortgage is on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, Borrower ahall perform all of Borrower e obligationa under the declaration or covenante creatingor governing the oondominium or planned ; unit development, the by-laws and regalations of the rnndominium or planned uni! developmen~ and conatituent documenta. If a ~ condominium ar planned unit development rider ia e:ecuted by Borrower and recorded together with this Mortgage, the oovenante and ~ agreementa of such rid~ ehall be incorporatec~ into and shall amend and supplement the covenante and agreements of this Mortgage aa if the rider were a part herrof. 9. Protection oi Leader's Securit~. If Bortower fails to pesform the oovenanta and agreementa oontained in thie Mortgage. or if aay ~ setio» or prooeeding is oommenoed wr6ich metaially affects Lender's intereet in the Property, including. but not limited to. eminent domein, inwivmcy, oode eaforoemeaR or anangement~ or pmoeedings involving a bankrupt or deoedent, then i.ender at Lender's option,apon ~ ~ to Borrower may make ~uch appearanoee, diabarse such sums and take snch action as is neceeaary to protect Lende~s intare~t, ~ indnding. but not limited to, di~bur~ement of reasonable attorney's fcee aad entry upon the Property to ma1~e repairs. If Lendrr reqaired ~ moctgags insaranbe as a oondition of making the loan eecured by this Mortgage, Borrower shall pay the preminma reqaired to maintein " ~ wch insnranoe in e8ed nntil sach time as the requirement for sucl: insurance terminates in aocordance w?Ith Borrower's and Leadds ~vritt~ agreemeat az applicabk I~w. Borrower shall pay the amount of all mortgage insurance premiume in the menne: provided nnder ~ paragraph 2 haeof. - . Any amonnts disbursed by Lender persuant to this paragraph 7, with intereat thereon, shall bernme additional indebtednees of ~ Bore+o~er secnred by this Mortgage. Unleas Borrower and Lender agree to other terme of payment, auch amounts shall be payable upon ~ noaoe t:om I.euder to Borr~wer req~esting payment thereof, and ehell bear interest fmm the date of disburaement et the rate payabk from time to time on ontatanding principal under the Note unless payinent of interest at such rate would be oontrary to applicable law, in whicb ~ ev~t wch amounts shaU bear interat at the highest rate permieaible under applicable law. Nothing contained in this paregraph 7, shall reqaire La~der to incnr any e=peose or ta1[e any action hereundez. ~ 4 ~ } ~ `w ~ ~ ~YlR1 ~ . ~ ' . . _ MVj ~ _ ~ . ~ ;~"~r°-s ,.~~,->-r-~~..-. _ ~ ~~~~:~.~s` t ~ ~ . 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