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HomeMy WebLinkAbout0790 E3orrower i~nd l.ender covenunt and agrre ua folluw~s: ~ 1. Payment ot Prlncipal and Intereet. f3orruwer ehall promptly pny when due the principal of nnd interrat on the i~debtecinr.wx evidenced by the Note, prepayme~t Hnd latechargen aa pn?vidc~l in the Note, and the p~~cipal of nnd intrreat un any N'ulure Advnnc~•x xecured by this Alortgage. 'l. F~tnds forTaxea and lnaurance. tiubjev,4 W a~pplici~ble luw or p? a w•ritlen wuivrr by IA•nder, li~~rrower xh.~ll puy to Lenderon the day mu~thly installmentx ot princip~l and intereat are puyable unde~ the Note, untit the Note ia paid in full, aum Iherein "h unde"? eyuul tu onP twelhh of the yearly tnxrs and usseaxmrnta whirh mt+y aUain priurity ove~ this A1ortKage, und ~uund rentx un the Pro{~erty, if uny, PIUR OI1P twelfth of yenrly premium instullmenta for hazi~rd inxurnn~r, plus unc Iwelflh ofyrurly premium instNllmrnts fur morlK.~Ke inaurance, if tiny, all as re~?sonably estimated initially aind fmm time to tiR~c by I.ender on the baais of u.asrssments and bills and reasonable ~wtim.~tes thermf. The t~'unds ehall be held in an inatitulion the depoaite or accounta ot whsch are insured or guaranteed by a Federal or State xgency ti~cluding l.ender if I.ender is auch an inatitution). I.ender shall apply the Funds to p~y said taxea, nesesamenta, inxurt~nce premiums and ground mnts. l.ender may nc~t charge for so holding and applying the Funcis, an~lyzing said am,unt, or verifying and compilinK said asseasmentei and bills, unlesa Lender pays Borruwer intereat on the F unds and applicable law permita l.ender to muke such a ch.~rgr. tiurrower and l.ender may agree in writing at the time of execution of this Mnrtgage that intereat un the Funds shiill be pnid to I3orn~wer, xnd unlexs such agreement is made or upplicable Iaw requires such intemst to be p~id, I.ender ahall not be reyuired tn pay Borrower nny intereat or earninga on lhe N'unda. Ixnder ahall give to Bormwer, without charge, an annual accountinK of the Fundr~ ahowing credila und debits to the Funds and the purpose !or which ench debil to the Funds was made. The Funda Hm pledged as additional security for thr sums secured by this Mortgage. If the amount of the F unds held by I.ender, tc?~rther with the future monthly inak~llmentx of N unds p:iyable prior to the due dates of tnxes, assessments, insurance p~emiums and ground rents, shal) excred the amuunt required to pAy said taxes, assessments, insurunce premiuma and ~und renta as they fall due, such excess shall be, at l3oiTOwer's uption, either promptl~~ repaid to l3orrower or credited to Borruwer on monthl~ installments ot Funde. If the amount of the Funds held by I.ender shall not be sufficient to pay tuxea, ~gser~menta, insurance prerniums and ground renta ns they fAl) due, Borrower shall pay Lo I.ender :iny nmount neceasary to make up the deficiency within :i0 dxys from the d~te notice ia mailed bv I.ender to ~rrower requexting payment thereo[. Upon payment in full of at! sums secured by this Mor/gage, I.ender ahall promptly refund to f~rrower any funds held by I.ender. If under paragraph 18 hereof the Property is sold or the F'roperty is otherwise acquired by I.ender, l.ender ahall apply, no later thnn immcKliately prior to the xale of the Property or ita acquisition by I.ender, any ~ unds held by I.ender at the time of application as a crwiit against the aums secured by this Mortgage. 3. Application of Paymenta. Unless applicable laN provides otheru~ise, all payments received by I.ender under the Note and paragraphs 1 and 2 hereof sh~ll be applied by Ixnder first in payment of amc~unts pay~~ble to I.ender by Borruwer under paraKraph `l hereof, then to intereat payable on the Note, then to the princip~l of the Note, and then to interest nnd principal on :~ny Future Ad~•ancrs. 4. Charges; I.iens. }iorroNer ~h~ll pay all laxes, asse•SSments xnd othercharKrs, fines and imp~~sitions attribut~ible tu thr Yroperty which may attain a priority o~•er this MortK:ige, and l~~asehold puyments orKtt~und rents, i[any, in the m.+nnrr pru~•idc~cl under paragr:iph'lherc~~for, if not paid in such manner, hy Bom~wer makinK paymrnt, ~ hen due, directl~• tu the p.?yr~ thereriC Borruwersh.ill promptly (urnish lu Lender all notices of amounts due under this paraKraph, and in the event Burruwer sh.~ll make p.~yment dircrtly, K~urower shull promptl~ furnish to [.ender receip~s evidencing such payments. ~rrc,K•er shall prompth• disch.irke uny lien w~hich has priority nver this Atort~;aKe; pn,ridec~, that l3ormw~er shall not be required to disch.irge anp such lien so IonK .Lti liurruwer shall :iKr~~• in w•ritinK t~~ the pa~•ment of th~• ubliK.ui~~n secured b~• tiuch lien in a manner accept~ble to l.ender, ur shall in KMxI faith c~~nttwt such lie~n bp, nrd.•fE•nd enCur~rmt~nt uf such lien in, l~q;al pnK•t~YlinKs w•hich uperate to prevent the enfnrcement of the lien nr fnrfeitum uf th~~ Propert~• or :m~• part thereof. i. Hazard Ineurance. t3~rrower shall keep the improvements now existing or hereafter erected on the Property insured ~Kainst luss b_r• fire, hazards included within the term "extendeci coaerage," and ,uch other hazards as l.ender may require and in such amounts and for such periods as [.ender may require; provided, that t.ender shall not reyuire such coveraRe amount exceedinK the minimum, as ma~~ be reyuired by state or fecleral regulationa governing aMivities of I,~•nder, or th.~t amount of coverage required to pay the sums secured b~• this Mortgage, whichever is the greate~. . The insuranm carrier providinK th~ insurunce shall i~r ch~~st~n hy Iturr~~~ser subjM•t t~~ apprv~~ :il b~• L~~nd~~r: pnn~ida~i, th:~t su~•h appro~•al shall not t?e unrn.?sonubl~~ N~ithht~Id.:V 1 premiums ~m imur:inct• pulici~~~ sh:~ll tH~ paid in the mann~•r pr~~vidtvl unilrr paray:raph 'l hrrt~~f ur, if not paid in such manner, bt• liorrov~•er makinK payment, K•hc•n due, dirc~tl~• tu the insur.?nce carrier. All insurance policies and renewals thenrof shall be in form acceptable tn I,ender and shall include a standard mortKaKe clause in favor of - ' and in form acceptable to I.ender. I.ender shall ha~•e the right to hold the policies and renewats thereof. and BarroM er shall promptly furnish to i.ender all renewal notices and all receipts of paid pmmiums. In the event of loss, Rorn>wer shall Kive prompt notice to the insurance carrier j and I.ender. I.ender may make pr«~f of loss if not made prumptly by Borruwer. ~ Unlesa I.ender and E3orrower otherwise aKree in writing, insurance proceeds shall be applied to restoration or repair of the Property I ~ damaged, provided such restnration or repair is econumically feaeible and the see•urity of this btort~age is not thereby impaired. If such ~ reatoraEion or mpxir is not economics~lly fe:~sible or if the scrurity of thia MortKaKe N ould be impaired, the insurance proceeds shall be applied ~ to the sumR secund by thia Morigage, with the excess, if any, paid to Borrow•er. If the F'roprrty is abandoned by Borrower, or if }3orrower fails to respond to [.ender w~thin 30 daya from the date notice is mailed by I.ender to Borrov?er that the insurance carrier offers to settle a claim for inaurance benefita, l.ender is authorized to collect and apply the insurance procc~eds ut I.ender's option either to restoration or mpair of the Property or the sums secured by this Mortqage. Unless I.ender and Borro~ver ~~them~se aKree in v? riting, am such application of procerds to principal shall not extend or pnstpone the due date of the monthly installments referred to in paraRraphs l and 2 hereof or change the amount of such inst~~llments. If undrr paraRraph 18 hereof the Yroperty is acquired by Lender, all right, title and interest of Bormwer in and to any insurance policies and in and to the proceeds therenf rexulting frnm damage b? Propcrty prior to the xale or acqwsition shall pass to l.ender to the extent of the sums secured b_r• this MortRage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; I.easeholds; Condominuma; Planned L1nit Developments. Borrowershall keep the Property in gc~d repair and shall not commit waste or permit imp~?irment or deterioration of the Propert~ and shall comply v~~th the provieione of any lease if this Mort~age is on a le:isehold. If this ~1ortg:~qe is on a unit in a rnndominium or a planned unit de~elopment, Borrower shall perform all of E3orruwer's obliqationa under the declaration or co~enants i•reatinKor governinR the condominium or planned unit development, the by-lawa and regulations of the cundominium or planned unit development, and constituent docaments. If a condominium or planned unit development rider is executed by Iiorrow•er and recorded together with this hSortga~e, the rnvenanta and agreements nf such rider shall be incorporated intu and shall amend and ~upplrment thec»venan~s and aKreements of this;llortKaKe as if the rider were a part hereof. 7. Protection of Len~er'B 3ecurity. If Borrower fails to perform the rnvenante and agreemente contained in this Mortgage, or if any ~ artion or proceeding ie commenced which materially aftecte I.ender'e intereat in the Property, including, but not limited to, eminent domain, ineolvency, code enforcement, or arrangements or proceedinga invofving a bankrupt or decedent, then Lender at Lender e option,upon notice to Borrower may make such appearancee, disburee such sums and take auch action as ie neceesary to protect I.ender'e intereat, including, but not limited Lo, diebureement of reaeonable attorney's fees and entry upon the Property to make repaire. If Lender required mortgage inaurance as a condition of making the loan secured by this Mortgage, Aorrower ehall pay the premiume required to maintain auch inaurance in eftect until euch time ae the requirement for auch ineurance terminatee in accordance with Borrower'e and Lendei s .vritten agreement or applicable Law. Borrov?er ahall pay the amount of all mortgage insurance premiuma in the manner provided under ; paragraph 2 hereoL ~ My emounte diebureed by Lender pereuant to this paragraph 7, with intemet therec~n, ahall become additional indebtednesa of ~ Borrower eecured by this MortFtage. Unless ~3orrower and I.ender agree to other terma of payment, auch amounte eha11 be payable upon ~ notice from Lender to Borrower requesting payment thereof, and ehall bear intereat frum the date of diabursement at the rate payable from ~ time to time on outatanding principal undrr the Note unleas payment of interest at auch rate would be contrary to applicabte law, in which event euch amounts ahall bear interest at the higheat rate permisaible under applicable law. Nothing contained in this paragraph 7, ehall require Lender to incur any expense or take any action hereunder. . . ~ ~p. 2~O + I ~O u ~ ~ ~ ~ - - - . ~ ~ ~ ~~•x_ ~3i+ ~d'` . Y • ~ _ >~;,,*,:r.z °"'z~'~ ~~k.