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HomeMy WebLinkAbout0574 Bormwer and l.ender rnvenant and agree as fullowe: 1. PaymeM ot Prlncipal and Interset. f3orrower ehnll promp~ly puy when due the principal of and intrrrat on the indebtednexe evidenced by the Note, prepayment and late charges ae provided in the Note, and the principal of and intereat on any F uturn Advances secumd by this Mortgage. 2. ~tnde for Tasee snd lneurance. Subject k? applicable luw or W a written waiver by ixnder, i~rruwer ehAll pay to I.ender un the duy monthly ineialimente~ uf priiticipal and intereat are payable under the Note, until the Nate ie paid in full, a aum Ihe~ei~ "Funda"1 equul to one twelfth of the yeurly taxea and assexements which may attnin p~ority uver thia Morigxge, and Kruund mntss un the I'ruprrty, if any, plua one twelfth of yearly premium i~atalimenta for hazard insuri~nce, plus unPtwelfih of yearly prnmium inati~limcnts for mortgt~ge i~auran~r, if any, all as reasonably estimaled initially and from time lo time by l.ender on the basis of uasesemente and billa and ma?sonnble ee?timatrx therec?f. The F~nds ahall be held in an inetitution the deposits or accounta oi which are inaured or guaranteed by a Fede~a) or State agency ~including Lender if Lender is such an inatitution). l.ender ahall apply the M unda to pay eaid taxea, uxseasmente, inaurance premiuma and ground rents. l.ender may not charge for eo holding and applying the Funds, analyzing said account, or veri[ying and compiling sAid aaeesaments and bills, unleas Lender paya Borrower interest on the Funda and applicable law permite I.ender to make such a churge.l3onuwer end I.ender may agree in writinq at the time of execution of thia Mortgage that interest on the F unda shaU be paid to Borrower, aod unlesa such agreement is made or applicable law requires such intereat to be paid. Lender ahall not be required to pay Borrower any intereat or earninge on the ~nde. Lender shall give to ~iorro~ver, without charge, an annua! accounting of the Funds ahowing credite and debite to the Funde and the purpoae for which each debit to the Funda was made. The Funda are pledged as additional security [or the aums aecured by this Mortgage. . If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due datea of taxea, seaeasmenta, inaurance premiuma and ground rnnts, ahall excred the amount required to pay said taxea, asaeanmente, inaurance premiums nnd ground renta as they fall due, euch exceae ahall be, at Borrowei a option, either promptly repaid to Borrower or credited to Borrower on monthly inetallmenta of ~nda. If the amount of the Funda held by Lender ehaU not be sufficient to pay taxea, asseasmenta, insurance premiume and ground renta ae lhey fall due, E3orrower ahall pay to I.ender uny amount neceaet+ry to make up the deficiency within ;i0 days f[om the date notice ia mailed by [.ender b E3orrower tequesting payment thereof. Upon payment in full of all auma secured by this Mortgage, Lender shall prompdy refund to Borrower any funds hetd by t.ender. If under paragraph 1R hereof the Property is sold or the Property iR otherwiae acquired by [.ender, I.ender ahall apply, no later than immediately prior to the sale of the Property or its acqaiaition by l.ender, any Funda held by I.ender at the time o[application as a credit againat the sums secured by thia Mortgage. 3. Application of Payments. Unless applicable Iaw Provides otherwise, all payments received by l.ender under the Note and paragraphe 1 and 2 hereof shall be applied by l.ender fimt in payment of amounts payable to I.ender by E3orrower under paragraph 'l hereof, :hen to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Charges; Liens. Borruwer shall pny all taxes, assessments nnd other charges, fines nnd impusitions attributable U? the Yroperty which may attain a priority over this Mortgage, and leasehold payments or Kmund rents, if any, in the manner provided under par~gr~ph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. B~rruwer shall promptly furnish to [.ender ali notices of amounts d~e under this paragraph, and in the event F3ormwer shalt make pavment directly, Borrower shall promptly furnish to l.ender receipts evidencinq such paymenls. BorroN er shall prumptly dischnrge any lien which has priority over this Morigage; provided, that t3orrower ahall not be required to discharge xny such lien su long :~a t3orrower shall aKree in writing tu the payment of theobliK~itiun xecured by such lien in a manner acceptable to l.ender, or shall in grwd faith contest such lien by, or defend enfurcement of such lien in, legal pr«•ec~ings w•hich operpte to prnvent the enforcement of the lien or forfeiture of the 1'roperty or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvemenis nov~ exiating or hereafter erecled on the I'roperty insured against loss by fim, hazarda included within the term "extended coverage," and such other hazarda as i.ender may require and in such amounts a~~d for such periods as Lender may require; provided, that [.ender shall not require such coverage amount exceeding the minimum, as may be reyuired by state or federal rngulations governinq acti~~tiea of l.ender, or that a~ount of co~erage required to pay the eums secured by this htortgage, whichever is the greater. The insurance camer pro~ idinK the insuranm sh.ill be chusen by l3orruwer subjcY•t to ~ppru~•al by I.ender; pm~•idc~d, that such appro~•al _ ~h~il not be unreasonabl~~ withheld. Ail premiums un insurance ~~licies shall be puid in the manner pmvidcri under p.?raKraph'L hermf or, if not paid in such manner, by 13orrower making payment, when due, directl~ to the insurance carrier. All ineurance policiea and renewals thereof shall be in form acceptable to Lender and shall include a etandard mortgage clause in favorof and in form acceptable to Lender. I.ender shall have theright to hold the pulicies and renewals thereof, and Borrower shall promptly furniah to i i.ender all renewal notices and all receipts of paid premiums. In the event of losa, I3o?TVwer shall Rive prompt notice to the insurance carrier ! a_ n,,.;;~ and Y.ender. i.ender may maRe pruui v~ ,ueser u~a ~i.nuc 'yi.i.Tiyu> ~ j Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property P damaged, provided such restoration or repair is economically feasible and the security of thia Mortgage is not thereby impaired. if such ~ reatoration or repair is not economically feasible or if the security of this Mortqage would be impaired, the insurance proceeda shall be applied ~ to the aums secured by this:4[ortgage, with the excess, if any, paid to Bonower. If the Property is abandoned by Borrower, or if Borrower fails to ~ respond to Lender within 30 days from the date notice ia mailed by Lende~ to Borrower that the inaurance carrier offers to settle a claim for ~ insurance benefite, L.ender is authorized to collect and apply the insurance proceeds at I.endei s option either to reatoration or repair of the ~ Property or the sume secured by this Mortgage. tTnless ~.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue ~ date of the monthly installments referred to in paragrapha 1 and 2 hereof or change the amount of auch installmenta. If under paragraph 18 ~ hereof the Property is acquired by I.ender, all right, titie and intereat of Borrower in and to any insurance policies and in and to the proceeda ~ thereof resulting from damage to Propetty prior to the sale or acquisition ahall pass to I.ender W the extent of the sums secured by this ~ Mortgage immediately prior to auch eale or acquisition. ~ 6. PreBervation and Maintenanceof Property; Leaseholds; Condominums: Planned Unit Developmente. E3orrowershall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply K-ith the ~ proviaions of any lease if this Mortgage ia on a leasehold. If this htorlgage is on a unit in a condominium or a planned unit development, ~ E3orrower shall perform all of Borrower's obligations under the declaration or covenants creatinKor governing the condominium or planned unit development, the bylaws and regulations of the condominium or planned unit development, and conetituent documents. If a ~ condominium or planned unit development rider is executed by Borrc~wer and recorded together with thia biortgage, the covenants and ~ agreements of auch rider shall t?e incorporated into and shall amend and supplement the covenants and aKreements of this 11lortqage as if the rider werr a part hereof. ~ 7_ Protection of Lender's Security. If Borrower faile to perform the covenanta and agreemente contained in thie Mortgage, or if any - action or pra.~eeding ia commenced which materially effects Lender'e intereat in the Property, including, but not limited to, eminent domain, _ ineolvency, oode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender'a option,upon notice to Borrower may make euch appearanoee, dieburee auch eums and take such action ae is neoeseary to protect Lender'a interest, ~ including, but not limited to, diebureement of reaaonable attorney'e feee and entry upon the Property to make repairs. If Lender required ~ mortgage inaurance se a rnndition of making the loan aerured by thie Mortgage, Borrower ehall pay the prnmiums required to maintain euch ineurance in effect until auch time se the requirement for euch ineurance terminatea in accordance with Borrower'e and Lender a writtet~ agteement or applicable Law. Borrower ahall pay the amount of all mortgage ineurance premiuma in the manner provided under paragraph 2 hereof. ~ My amounte diebureed by Lender pereuant to thia paragraph 7, with intereet thereon, ehall become additional indebtednese of Borrower eecured by thie Mortgage. Unleee Borrower and Lender agree to other terme of payment, auch amounts shall be payable upon r notice from Lender to Borrower requesdng payment thereof, and ehall bear interest from the date of diebureement at the rate payable from time to time on outatanding principal under the Note unlesa peyment of intereat at euch rate would be rnntrary to applicable law, in which event auch amounta shali bear intereet at the highest rate permiasible under applicable law. Nothing contained in thie paragraph 7, shall ~ require Lender to incar any expense or teke any action hereunder. ~ ~ ~ a~o~290 ~~f 57~ ~ ~ _ _ _ . t- . , .