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HomeMy WebLinkAbout0970 t3orrower and Irnde~ covenant and a~ree ae followa: 1. Payment ot Principal and I~tereat. Fk,rn~wer ahnll promptly pay whrn due the principnl uf nnd interrxt on the indebtednee~a evide~ced by the Note, prepttyment and late chargea aa pruvided in the Note, and the principal of and inlerest on any F uture Advances xecured by thie Mortgage. 'l. Funde forTaxee a~d Ineurance. Subject u~ npplicable luw or tu a written wuiver by I.ender, l3urrower xhull pay to Ixnderon the day monthly instalimenta of principal and interrat are payable under the Note, until the Notr ia pi~id in full, t~ sum ~hcrein "h unds") ryual to one twelfth of the ye~trly tvicea tind assesamrnta which may utta?in priority o~•er this Alortgage, and Kruund rentx un the Pruperty, if uny, plua onr~ twelRh of yearly pmmium instulimentx for hnziird insurance, pluc onrtwelRh ofyearly premium in~ct.~Umenta for morlKage inaurunce, if Any, all as reasonably estimnted initinUy and from time tu tiR~e by I.ender on the baxiP o[ a?sseasments i?nd bills nnd reaaonable estimatc~x thereof. The Funda ehall be held in an institution the depoaita or accounta o[ which are inaured or guurnnteed by a Federal o~ State agency lincluding l.ender if l.ender is such an inatitution?. I.ende~ ahull apply the Funda to pay eaid taxea, as~eaxments, ineurunce premiums and ground rente. I.ender may not charge for so holding and applying the F~nds, analyzing said account, or verifying nnd compilinK said asseaements and bills, unlesa I.ender paya Borruwer internat on the F unda And applicable law permita I.ender to make such a charge. l3orrower and I.ender may agree in writing at the time of exerution of thia MortKaKe that intereat on the Funda shall be paid to f3orrower, and unless euch agreement ia made or applicable luw requires such intereat to be pt?id, l.ender shall not be required to pay liorrower any intereat or earnings on the Funds. I.ender ahall give to Iiorrower, without charge, nn nnnual acc~untinK of the Funds ahowing credits and debits tu the Funds and the purpose for which each debit to the Funda was made. The F unds are pledged xs additional aecurity forthe auma secured by this Mortgage. If the amount of the Funds held by Lender, Wgether with the future monthly inslallments otFunds payable prior to the duedatea of taxes. assesamenta, inaurance premiums and gmund rents, shall excred the amount required to pay said taxes, sesestsments, inaurance premiums and ground rnnta as they fall due, such excesa ahal) be, at E3orrower's option, either prumptly repaid to I3otrower or credited to Eiorrower on monthly inatallmente of Funda. If the amount of the Funda held by I.ender shall not be sufficient to pay taxes, asseasmente, insurance pre~niums and ground rents as they fall due, E3orrower shall pay to I.ender any amount necessary to make up the deficiency w~thin :i0 daye from the date notice ie mailed by I.ender to l3orrower requesting payment thereof. Upon payme~t in full of all aums secured by thia Mortqage, I.ender shall promptly refund to E3orrower any funda held by [,ender. If under paragraph 18 hereof the Property is sold or the Propert~ is otherwise acquired by I~ender, [.ender shall apply, no It~ter than immeciiately prior to the sale ot the Property or ite acquisition by I.ender, any Funds held by l.ender nt the time of application as a credit against the sums secured by this Mortgage. 3. Appiice[ion of Peymenta. Unless appiicabie iaw pm~ndes otherw~se, ali pa~~nents receiveci by I~ender under the Note and paragraphs 1 and 'L hereof shall be appiied by l.ender firet in payment of amounts paylble to l.ender by E3orn~a~er under paraKraph `L hereo[, then to interest pa~able on the Nbte, then to the principal of the Note, and then to interest and principal on any Future Advunces. 4_ Charges; Liene. Bormv?er sh.ill pay pll taxesr.~.~Sments:+nd otherchnr~;es, fines and im~itions attributable G~ the I'mperty w•hich may attain a priority over this Mortgage, ard le.~sehold payments or kruund rents, if any, in the manner procidEd under paragraph'L hermf or, iC not paid in such manner, by Borrvv?er makinK paymrnt, when due, directly to the payee thereof. I3orrowershall prompUy furnish to I.ender all notices of amounts due under this paragraph, and in the e~•ent Borrower shalt make p~yment directly, Borrower shall promptly furnish to I.ender rereipts evidencing such payments. Rorniwer shall promptly~ disch.~rKe ~my lien w•hich has priority over this 11ort~:~ge; pm~•ided, that ' Rorrower shall not be required to discharge any such lien so long:~~ E3orrower shall .~Kree in writinK to the payment of the obtiK~tion ~ecured by such lien in a manner acceptaUle to l.ender, or shall in RiNxi faith cymtc~t such lien b~•, orde[end enfi,n~c•ment ofsuch lien in, lrgal prcKeedinKs w•hich operate t~~ prevent the enforcrment of the lien ur forfeiture of the 1'ro~erty ur an>~ part therE~,f. 5. Hazard Insurance. Borrower shall keep the improvemen~4 now existing or hereaRer erected on the I'roperty insured against loss by fire, hazarde inc{uded within the term "extended coverage," and such other hazards as I.ender may reyuire and in such amounts and for such periods as Ixnder may require; provided, that l.ender shall not requirr such coverage amount eaceeding the minimum, as may be required by state or federal regulations goveming activities of L.endei, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. The insuranrn carrier providinR the insurance sh:~U t?e chosen b~• Rurruwer subjert to appro~•al b~~ l.ender; pnn•id~d, that such appruv~l .hall not be unreasonably w•ithheld. All premiums on insurancr w,licies ,hall be p~~id in the mann~•r pnwidcvl under parakraph 2 hereof ur, if not p.iid in such manner, by F3orrow•er m.ikinR payment, w•hen due, directly to thc• in~urance c~mer_ All inaurance policies and renewals thereof shall be in form acceplable to Ixnder and ahall include a standard mortgageclause in favor of and in form acceptable tc~ I.Qnder. Lender shall have the right to hold the policies and renewals there~,f, and Rorrower shall promptly furniyh to i,ender all renewal notices and all receipts of paid premiums. In the event of loss, Rorn,wer shall Kive prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by i3orrower. Unless I.ender and Borrower otherwise agree in writing, insurance proceeds sha11 be applied to restoration or repair of the Property damaged, provided auch restoration or repair is economicaUy feasible and the security of this btortRage is not thereby impaired. If such restoradon or repair ie not economically feasible or if the security of this Mortgage ~ould be impaired, the insurance prxeeds shall be applied to the aums serured by this Mortgage, with the excess, if any, paid to E3orrower. If the Property is abandoned by Borrower, or if E3orrower faila to respond to [.ender within :30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for ~ inaurance benefita, L.ender is authorized to rollect and apply the insurance proceeds :tt L.ender's option either to restoration or repair of the 4 Property or the sums secured by this Mortgage. ~ Unless L.ender and Borrower otherwise agree in writinK, any such application of prareds to principal shall not extend or postpone the due r date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installmenls. If under paragraph 1R hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policiea and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or acqu~aition shall pass to Lender to the extent of the sums secured by this ~ :~'lortgage immediately prior to such sale or acquisition. ~ 6. Preaervation and Maintenance of Property; Leaseholds; Condominuma; Planned Unit Devetopments. I3orrowershall keep : the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the 3 proviaions of any lease if this Mortgage ia on a teasehold_ [f thie Mortgaqe is on a unit in a condominium or a planned unit development, ~ Borrower shall perform all of Borrower's obligations under the declaration or covenanta creatinRor governing the condominium or planned ; unit development, the by-lawa and requlationa of the condominium or planned unit development, and constituent documents. [f a ~ condominium or planned unit development rider ie executed by Borrower and recorded together with this MortRage, the oovenanta and ~ agreements of such rider shal! be incorporated into and shall amend and supplement the covenants and agreements of this MortqaRe as if the ~ rider were a part hereof. ~ Protection of Lender'e 3ecurity. If Borrower faile to perform the oovenante and agreemente rnntained in this Mortgage, or if any ~ action or proceeding ia commenced which materially aftecte Lender's intereat in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangementa or proceedinga involving a bankrapt or decedent, then Lender at Lendei e option,upon notice to Borrower may make euch appearances, diaburee euch aume and take auch action ae is neceesary to protect Lender e intereet, including, but not limited to, diabureement of reasonable attorney's feea and entry upon the Property to make repaire. If Lender reqnired f mortgage ineurance as a condition of making the loan aecured by thie Mortgage, Botrower ahall pay the premiume reqnired to meintxin such inaurance in effect until such time se the requirement for auch ineurance terminatee in accordance with Borrower e and I.ender'e ' written agreement or applicable Law. Borrower ehall pay the amount of all mortgage insurance premiuma in the manner provided under paragraph 2 hereof. My amounte diebureed by Lender persuant to thia paragraph 7, with intereat thenon, ahall bec.~ome additional indebtedneas of Borrower eecured by this Mortgage. Unlese Borrower and I.ender agree to other terma of payment, euch amounts ahall be payable upon = notice ftom Lender to Borrnwer requeeting payment thereof, and shall bear interest fmm the date of dieburaement at the rate payable from ~ time to time on oatetanding principal under the Note unlesa payment of interest at auch rate would be contrary to applicable law, in which ~ event euch amounta ahall bear interest al the higheat rate permisaible under applicabte law. Nothing contained in thia paragraph 7, ehall ~ requ"ve Lendrr to incur any e:pense or tske any action hereunder. , l ~ E~`~~~(~ t~~~ 970 , ~~~<290 ~A~~ 582 ~ ~ _ . -i''T1,- ~S,~S , ~'4~_ ~'-~"~"'-~.~N:= - ~ ~'~-'.~N~ ~~m~."esa3sl+~m~'~~~~ ..r..