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HomeMy WebLinkAbout0548 Borrower at?d Le~der rnvenant and a~ee as follows: 1. Paymeat of I'riscipal and Intereat. Borrower shall promptly pay when due the principxl oi and interest on the indebtedneas evidenoed by the Note, prepaymeat and late charges aa provided in the Note, and the principal of and interest on any ~ture Advancea eecured by this Mort~age. 2. Ftiu~ds !os Te~sea and In~uranoe. Subject to applicable law or to a written waiver by [.ender, E3orrower shall pay to l.ender on thc day monthly inataliments of principal and inte~est are payable under the Note, until the Note ia p~id in ful1, a eum (herein "~~de") equal to one twelRh of the year~y teuces and aeaeasm~nta which may attain priori?y ove~ this Mortgage. and ground rents on the Rroperty. if any. plua on~ lwelfth of yearly premium inatallmenta for hazard ineurance, plua onetwelRh of yearly premium inatallmenta for mortgage inaurance, if any, aq ae e+~aaonably estimated initiaUy and from time to time by I.ender on the baais of assessments and bills and reaxonable eatimatea thereo! The F1i~ds shall be held in an institution the deposita or accounts of which an ineured or guaranteed by a Federal or State agtncy (including I.ender if Lepder is such an institution). Lender shall apply the Funds to pay said taxes, aseeeaments, inaurance premiume and ground rents. L~d~ may not charge for so holding and applying the I~nds, analyzing said account, or verifying and compiling said assessments and biW, unless I.ender pays Borrower interest on the FLnds and applicable law permita I.ender to make euch a charge. Borrower and Lender may agree in writing at the time of execution of thia Mortgege that interest on the F~?nds shaU be paid to Borrower, and unlees such agreement is made or applicable law requires such intereet to be paid, Leader shall ~ot be required b pey Rorrower any interest or earnings oa the FLnds. Lender shall give to Borrower, without cherge, an annual acoounting of the Funds showing credite and debite to the Funda and the purpoee for which each debit to the Ftinda wae made. 9~e Funda are pledged as additional security for the eums eecured by this Mortgage. . If the amount of the ~Lnds held by Lender, togethet with the future monthly installmenta of ~nda payable prior to the due datee of taxes, esaessmenta. inaurance premiuma and ground renta. ehall ezoaed the amount required to pay esid taxea, aeeesameate. inaurance premiume and ground rente as they [all due, such e:oeea ehall be, at Bonower'e option, eithes promptly repaid to Borrower os credited to Borrower on monthly inatallments of F1nde. If the amount of the Funds held by Lender ahall not be aufficient to pay t~es, aseeeamenta. insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount neceeeary to meke up fhe de8cisncy within 30 days irom the date notice ie mailed by l.ender to Borrower requesting payment thereof. Upon payment in full of all aums eecured by thie Mortgage, I.ender shall promptly refund to Borrower any funde held by I.ender. If undet pa~agraph 18 hereof the Property ia eold or the Property ia otherwise acquired by Lender, Lender ahall apply, no leter than immediately prior to the sale of the Property or ite aoquiaition by Lender, any Ftinde held by Le~der at the time of application ae e credit againat the auma secured by tbia Mortgage. 3. Applicadoe of Payments. Unleas applicable law provides otherwiee, all paymente received by Len~er under the Note and paragraphe 1 and 2 hereof ehall be applied by Lender firat in peyment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest peyable on the Note, then to the principal of the Note, and then to inte~rst and principal on any Future Advances. 4. Charges; Liene. Borrower ahall pay all ta~cea, asse8amenta a~d other chargea, finea and impositions attributable to the Property which may atlain a priority over thia Mortgage, and leasehold paymenta or ground rente, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dinrdy to the payee thereof. Borrower shall prompdy furnish to Lender all notices of amounte due under thia paragraph, and in the event Borrower ahall make payment directly, Borrower ahall promptly turnish to [.ender receipfs evidencing euch payments. Borrower ahall promptly discharge any lien which has priority over thia Mortgage; provided, that Borrower shall not be required to discharge any such lien ao long as Borrower ahall agree in writing to the payment of the obligation secured by auch lien in a manner acceptable to Lender, or ahall in good faith contest auch lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent lhe enforcement of the lien or forfeiture of the Property or any part thereof.. 5_ Hazard Insuraace. Borrower shall kcep the improvementa now exiating or hereafter erected on the Property insured againet loss by fire, hazaeda inclnded within the term "eztended coverage; ' and euch other hazards as I.ender may require and in such amounts and for auch perioda ae I.ender may require; provided. that Lender ahall not require auch ooverage amount exceeding the minimum, as may berequired by atate or federal regulatione governing activities of Lender, or that amount of covecage required to pay the suma secured by this Mortgage, whichever ia the greater. The inaurance carrier pmviding the insura~ce shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreaeonably withheld. All premiums on inaurance policies aha11 be paid in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All inaurance policiee and renewala thereof shall be in form acceptable to Lender and ehall include a atandard mortgage clauee in favor ot and in form aocepteble to Lender. Leader shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i.ender all renewal notices and all receipta of paid premiuma. In the event of loss, Borrower shall give prompt notice to the inaurance carrier ' and I.ender. Lender may malce proof of loea if not made prompdy by Borrower. ; Unlesa Lender and Sorrower otherwiee agree in writing, ineurance proceeda shall be appiied to reatoration or repair of the Property ; damaged, provided anch restoration or repair ie economically feasible and the eecurity of thie Mortgage ia not thereby impaired. If auch reetoration or repair is not eoonomically feasible or if the eecurity of thie Mortgage would be impaired, the insurance proceeda shall be applied I to the eume eecured by this Mortgage, with the e~ce8s, if eny, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to reapond to Lender within 30 daya from the date notice ie mailed by Lender to Borrower that the inaurance carrier offere to eettle a claim for i ineurance benefits. I.ender ie authorized to collect and apply the insurance proceede at Lendei e option either to restoration or repair of the ~ Property or the eums sec~red by this Mortgage. Unlese Lender aad Borrower otherwiae agree in writing. any auch application of pioceeda to principal ahaU not eztend or postpone the due ~ date of the monthl u?staUmente referred to in ara y' p graphs 1 and 2 hereof or change the amount of auch inatallmente. If under paragraph 18 hereof the Property ia soquired by Lender, all right, title and interest of Borrower in and to any insarance poticiea and in and to the proceeda thereof resulting from damsge to Property prior to the eale or acquisition ehall pass to Lender to the e:tent of the eume secured by this Mortgage immediately prior to auch sale or aoquiaition. ~ 6. Preservation and Maintenance of Pcoperty; I.eaeeholds; Condominume; Planned Unit Developmente. Borrower ahall keep the Property in good repair and shall ~not rnmmit waste or permit impairment or deterioration of the Property and shall compiy with the ~ provieiona of any leaee if thie Mortgage is on a leaeehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, ~ Borrower ehall perform all of Borrower e obligatione under the declaration or covenante creatingor goveming the condominium or planned unit development, the by-laws aad regalations of the condomiaium or planned unit development, and conatituent documents. If a condomininm or planned unit development rider ia e:ecuted by Borrower and recorded together with thia Mortgage. the oovenanta and agreementa of auch rider ahall be incorporated into and ahall amend and eupplement the covenants and agreementa of thia Mortgage as if the ~ rider werP a part hereof. Protection oi Le~er's Security. If Borrower fails to perform the oovenents and agreemente oontained in this Mortgage, or if any ~ action or prooeeding is oommenced which metesially affecte Lender's intereat in the Property, including, bnt not limited to. eminent domain, ~ insolvency. oode eafoi~oement, or arrangements or ptoceedings involviug a banlmipt or deoedent, then L.ender at Lender's option,upon ` ` noticx to Barrower may make such appearanoes, disburse auch sums and take such action aa is neo~ssary to proted L.euder's inte~eet, inclnding but not limited to, diabursement of reasonable attorney'e fees and en ~ . try upon the Property to make npairs. If Lender required mortgage in~nrance as a condition of mating the loan secured by this Mortgage, Borrower ahall pay the premiums required to maintain ~ snch insaranoe in effect until ench time as the reqairement for such ius~rance terminates in aocordance with Borrower's and I.endels writt~n agreement or applicable Iawr. Bozrower shall pay fhe amount of all mortgage insurance premiume in the manner provided unda ; paragraph 2 hezeof. ~ My amounts diabursed by Lender persuant to this paragraph 7, witb intereat thereon, ehall beoome additional indebtedness of ~ Borrower.secvred by this Mortgage. Unless Borrower and Lender agree to othe~r terms of payment, auch emounts ehall be payable upon § notioe ~om Lenda to Borrower reqaesting payment thereof, and aheli bear intereet from the date of diabursement at the rate payable fr`om ~ time to time on ontstanding principal under the Note unless payment of interest at anch rate would be oontrary to applicable law, in which ~ eveat such amonnta shall besr interest at the highest rate permissible under applicable law. Nothing oontained in this paragraph 7. ehaU ~ reqnire L~der to inc~u any e~cpenae or teke any action herrnnder. . ~ ~ ~ Bo~K 291 548 ~ - _ - x: . a ~ r ~ ~ - -----zJ-°"r--- - ` a:~~~-~ ~y~~ 's'~~ _ ~ -