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HomeMy WebLinkAbout0988 ~ f3orruwe~ and l.ende~ covenant and a~ee ae folluwa: 1. Payment ot Principal and Intereet. I3urrower ehal) prumptly pay when due the principal of nnd intereat un the indehtedneeix evidenced by the Note, prepayment and late chargew ae providcd i~ the Note, and the principal of and inte~est on any I~ uture Advnncea uecured by this Mortgage. • 2. Funde torTaxee and Inaursnce. Subject tu uppiicuble luw ur to a written wi~ive~ by I.ender, fi~~m,wer shall pay fo I.ende~on theday munthly inslxllmrnta of principal und interest are puyable under the Note, until the Note is paid in [ull, a aum fherein "h'unda") equnl to onP twelfth of the yearly itucra und asxessmenta which muy nttuin priurity o~•cr thia Mortguge, and ground rentx un the P~u{x•rty, if any, plue une twelRh of yearly prnmium inatallments for ht~zard inaurance, plux one~tweliih of yrt~rly premium inxti~l6nen~ G~r morlgz?ge inauri~nce, if any, al? na reusonably estimated initiaUy and from time to tin~e by I.ende~ on the bnsis of t?asessments and bills i+nd reasunable estimates thcrec~f. The Funds shall be held in an inetitution the depoaita or accounte of which are inaured or guaranteed by a Federal or State ngency lincluding l.ender if l.ender is such an inatitution). I.ender ahall Apply the Funds to pay eaid taxea, ae~exxmente, insurAnce premiume and ~Cround rente. Ixnder may not charge for eo holding and applying the Funde, analyzing said account, or verifying and compiling said asaeaaments and bills, unless l.ender paya Borrower intereet on the Funds t~nd applicable law• permita I.ender t~ muke such a charKe. Borrower and I.ender may agree in writing at the time of execution of thia Mortgage ihat interest on the F unda ehull be puid to E3orrower, and unirxa such agreement ia made or applicable !aw requires auch intereat b be paid, l~ender ahull not be required W ptiy Borrower any interest or earninga on the F~nds. I.ender ahall give to E3orrower, without charKe, an annual acrounting of the Funds showing credits and debits to the Funda and the purpoee fo~ which each debit to /he h unda wAe made.l'he Funds are pledgecl as additional xecurity for the sums secured by this htortgage. If the amount of the Funda held by l.ender, together with the futum monthly installments of F unds paynble prior to the duedatex of taxes, asaessmente, insurance premiuma and ground renta, ahall excred the amount required to pay said taxes, aaseasments, inaurance premiums and ground rent8 as lhey tall due, auch excesa shall be, at Eio~rower's option, either promptly repuid to I3orrower ur credited to Borruwer on monthly inatallments of Funds. If the amount of the Funda held by [.ender ahall not be sufficient to pay taxea, assessmenta, insurance pre~niuma and ground renta as they fall due, Borrower shall pay to l.ender any amount necessary to make up the deficiency w~thin 30 days from the dale notice ia mailed by Ixnder to F3orrovrer requesting payment thereot. Upon payment in full of all sums secured by this Mortgage, I.ender shall promptly refund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Property ia sold or the I'roperty is otherwise acquired by I.ender, l.ender ahall apply, no later than immediately prior to the snle of the Property or its acquisition by l.ender, any Funds held by I.rnder nt the time of application as a credit aKainst the suma secured by this Mortgage. :i. nppiicasion oi 'raymenis. uniess appiicaoie iaw pmviaes otnerwisse, aii pt~ymen~s received oy i.enAer under the Ivote and paragrapha 1 and 2 hereof shflU be applied by Ixnder firxt in payment of nmounts payable to 1~ender by F3orrov?er under paragraph '2 hereot, then to intereat payable on the Note, then tu the principnl of the Note, and then to interest and principal on any Futum Advances. 4. Chargee; I.iens. Borrower shull puy all taxes, assrssmen~c and other charKes, fines and impositions attributable to the F'roperty w•hich may attain a priority over this Mortgugp, nnd Ieasehold pt~yments or Kmund rents, if nny, in the manner pro~ idEa1 under p~rugraph hereof ur, if not paid in such manner, by &srrower makinK paymrnt, when due, directh~ to the pay~r /hermf. Kurn?wer ~hal) promptly furnish to Ixttder .iU nutices of nmuunts due under this paragraph, and in the event Borrower shall make pu~~ment directly, Born?wer sh:~ll promptly fumish to l.ender receipls e~•idencinR such payments. (iorrower shaU promptl~• dischnrKe :~nv lien w•hich has prioritp uver this MortgaRe; prv~•ided, that Bnrrov?er shall not be required to discharge nny such lien su lonK ~?s I~~rrower shall agree in writinQ to the payment of the obliKati~~n secured hy such lien in a manner necepk-~ble to l.ender, or shall in k~«,d faith rnnhst such lien b~, urdefc•nd enforc~ment u(sueh lirn in.lc~al pr~~ectidinks w•hich operate to pre~~ent the enforcrment of the lien or forfeiture uf the 1'roperty or .int parl thercti~f. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Properiy insured againat loss by fire, hazards included within the term "extended coverage," and auch other hazards as I.ender may requirn and in such amounts and for such periods as Lender may rnquire; pro~~ided, that I.ender shull not require such c~~ erage amount exceeding the minimum, as may be required by state ur federal regulations goveminR activities of I.ender, or that amount of co~erage required to pay the sums secured by this Mongage, whichever is the greater. The insurance camer pr•n•idinK the insuranre Khall 1?e• ~hu.en by Rorrnw•er suhji~•t to appro~•a) by I.c~nder; pmvidecf, that such appro~•al ~hall not be unreasunably withheld. All premiums un insurance pulici~w shall lx p.~id in the manner pnn•idt~el under par,iKraph j hert~~f or, if nut paid in such manner, b}• Iirmower m.~kin~ payment, w•hrn_ due, directl~• tu the insurance carrier. All insurance policies and renewals thereof shall be in fprm acceptable to l.ender and shall include a standard mortgageclause in favor of and in form acceptat~le to Lender. l.endershull have the riRht to hold the policies and renewals thereof, and Bonower shall promptty fumish to ~ xnder all renewal notices and all receipts of paid premiuma. In the e~ ent of loss, I3orruwer shall qive prompt notice io the insurance carrier ' and Lender. Lender roay make proof of loss if not made promptly by Horrower. ~ Unless I.ender and E;orrower otherwise agree in writinq, insurance proceeds sha11 be applied to restoration or repair of the Property : damaged, provided auch restoration or repair ix crunamically feasible and the security of this Mortgage is not thereby impaired. If such ' restoration or repair is not economically feasible or if the aecurity of this l~tortgage would be impaired, the insurance proceeda shall be applied E to the sume secured by thia Mortgage, with the excess, if any, paid to ~3orrower. If the Property is abandoned by Aonower, or if E3~rmwer faila to respond to [.ender within 30 days from the date notice is mailed by [.ender to Born?wer that the insurance carrier offers to settle a claim for inaurance benefita, I.ender ia authorized to collect and apply the insurance pmceeds at l.ender's option either to restoration or repair of the- ' Property or the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwiae agree in writing, any auch application of proceeds tn principal ahall not extend or postpone the due ~ ~ date of Lhe monthly installments referred to in parlgraphs 1 and 2 hereof or change the amount of such instaUments. If under paragraph lA ~ ~ hereof the Property is acquired by I.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds ~ thereof reaulting from damage to Property prior to the sale or acqu~sition ahall pass to I.ender to the extent of the sums secured by this ~ ;lfortgaqe immediately prior to auch sale or acquieition. F 6. Preaervation and MaintenanceotProperty; l.easeho{da; Condominuma; Planned Unit Developments. Borrowershall keep ~ the Property in good repair and shal) not commit waste or permit impairment or deterioration of the Property and shall comply w~th the ~ ~.P6~SS307YS O~ ~T.~ :C8S2 Sf ~}:3S ;:~OT:~a~P 38 ::.'i :~Sn~}ivi~. ii L}516 i~.SO~KiiKc tS OH S iiTiia iT. 8 i071f36iTilTiiiiiii 'vi H~'ij&nn'ru ~it?it ~levrlopment, y Borrower ahall perform all of Borrower's obligations under the declaration or covenants creatinKor governing the condominium or planned a unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit de~elopment rider ia executed by I3orrower and recorded together with thia Mortgage, the rnvenantB and ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenants and ~greements of this Mort~age as if the ; rider were a part hereof. ; Protection of I.ender'e Security. If Borrower faila to perform the oovenante and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affecte Lender a intereet in the Property, including, but not limited to, eminent domain, ' ineolvency, oode enforcement, or arrangementa or proceedinga involving a bankrupt or decedent, then Lender at Lender 8 option,upon = notice to Borrower may make auch appearancee, disburee euch aume and take auch action ae ia neceesary to protect I.ender's intereet, including, but not limited to, diaburaement of reasonable attorney 8 fees and entry upon the Property to ma1~e repaire. If Lender required ~ mortgage inaurance ae a condition of making the loan aecured by thie Mortgage, Borrower ahall pay the premiume required to maintain such ineurance in effect until such time ae the requirement for auch ineurance terminates in accordance with Borrowet e and Lender a ~ written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiums in the manner provided under paragraph 2 hereoL " ~ My amounte dieburaed by Lender persuant to thia paragraph 7, with intereat thereon, ahall beoome additional indebtednesa of ` Borrower eecured by thia Mortgage. Unlesa Borrower and Lender agree to other terma of payment, such amounte ahall be payable upon ~ notice from I.ender to Bonower requeeting payment thereof, and ahaA bear intereet from the date of diabursement at the rate payable from ~ time to time on outetanding principal under the Note unleae payment of intereat at auch rate would be contrary to applicable law, in which 5 event euch amounts ahall bear intereat at the higheat rate permiseible under applicable law. Nothing contained in thie paragraph 7, ahall ~ require Lender to incur any expense or take any action hereunder. a { E;,Rr, 290 FAGE ~700 ~r. - - - , ; ~i ~ r a~, ~ , ~-~~a~~;.~ ,~~~~~Y~~~~~ a:.. .