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HomeMy WebLinkAbout0750 Borrower and l.ender covenant and a~ree as follows: 1. Peyment of Prl~cipal and Interea~ Borrower ahall prompUy pay whe~ due the principal of and interest on the indebtedneea evidenced by the Note, prepayment and late chargea ae provided i~ the Note, and the principal of and intereat or? any F~ture Advancee aecured by this Mortgaga. 2. PLnds for Truces st~d lneuranoe. Subject to applicable law or to a written waiver by I.ender, Borrower ehall pay 1o I.ender on the day monthly inatallments of principal and intereat are payable under the Note, until the Note ie paid in fuli, e sum lhe~ein "FLnde") equal to one twelfih of the yearly taues and aesessmenta which may attain p~iority over this Mortgage, and ground rente on the Property, ilany, plua one~ twelfth of yearly premium inatallments for hazard ineurance, plua onetwelflh otyearly premium inatallments for morigage insurance, if any. all as reaeonably eetimated initially and firom time to ti~ne by I.ender on the baeia of asaeseme~ta and bills and reaaonable eatimAtea thereof. The PLnds shall be held in an institution the deposits or accounts oi which are insured or guaranteed by a Federa) or State agency (including Lender if Lender is auch an institution). Le~der ahall apply the ~nds to pay esid taxea, aeeesementa, inaurance premiwns and ground rents. Lender may not charge for so holding and applying the ~nda, analyzing said account, or verifying and compiling said asaeesmente and bills, unless Lender pays Borrower intereat on the Ftinda and applicable law permita I.ender to make such a charge. Borruwer and I.ender may agree in wtiting at the time of e:ecution of this Mortgage that inlerest on the Flinds aha11 be paid to Borrower, and unleea sach aQrecaneat is made or applicable law requires such intereet to be paid, Lender shall not be required to pay Borrower any intereat or eamings on the Fl~nds. Lender shall give to Borrower. withont charge, en annual accountiag of the Funds showing credits and debite to the Funds and the purpose for which each debit to the ~nde was made. The Funds are pledged as additional aecurity for the suma eecnred by this Mortgage. If the amount oithe F1nda held by Lender, together with the future monthly inatallmente of Funda payable prior to the due datea of taxes, aesesaments, inaurance premiume and ground rente, shall eacczed the amount required to pay said taxea, aeaeasmenta, inaurance premiums and ground renta as they fall due, such ezcese shall be, at Borrower a option, either prompdy repaid to Borrower or credited to Boirower on monthly iaetallments of I~nde. If the amount of the Funda held by l.ender shall not be sufficient to pay tauea, aeaesamente, inaurance premiume aad ground rents as they fall due, Borrower ehall pay to I.ender any amount neceasary to make up the defiriency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all eums eecured by this Mortgage, I.ender shall prompUy refund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Property is sold or the Property ia otherwiee acquired by I.ender, I.ender shaq apply, no later than immediately prior to the eale of the Property or ita aoquiaition hy Lender. any I~nda held by Lender at the time of application ae a credit againat the a~uns aecured by this Mortgage. ~ . • . 3. Application of Payments. Unless applicable law providea othervviae, all pay~ent~ received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by l.ender 6rst in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then b interest payable on the Note, then to the principal of the Note, and then to intrrest~dnd principal on any Future Advancea. 4. Chargea; Lieas. Borrower ahall pay all taxes, asseaements and other rhargea. fi~es andiairpositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground renta. if any..ui the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furniah to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make paymenl directly, Borrower shall promptly furnish to Leader receiptei evidencing auch p~ymenta. Borrower ahall promptly discharge any lien which has priority over thia Mortgage; provided, that I3orrower shall not be required to diecharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by auch lien in a manner acceFtable to Lender, or shall in good faith contest auch lien by, or defe~d enforcement otauch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture o[ the Property or any part thereof 5. Hazard Iasurance. Borrower ehall keep the improvements now exieting or hereafter erected on the Property inaured againat loas by fire. hazarda included within the term "e~tended rnverage," and euch other hazerds as Lender may require and in auch amounte and for auch periode ae Lender may requin; provided, that Lender ehall not require such ooverage amount e:ceeding the minimum, as may be required by state or federal regulationa governing activities of Lender, or that amount of rnverage required to pay the sume secured by thia Mortgage, whichever ia the greater. The ineurance carrier providing the insurance shall be chosen by Borrower aubject to approval by I.ender, provided, that such approval shall not be unreaeonably withheld. All premiums on insurance policies shall be paid in lhe manner provided under paragraph 2 hereof or, if not paid in auch roanner, by Borrower making payment, when due, directly to lhe insurance carrier_ All insurance policiea and renewala thereof ahall be in form aoceptable to Lender and ahall include a standard mortgage clause in fsvor of and in form acceptable to i.ender. I.ender ahall have the right to hold the policiea and renewale thereof. and Borrower shall pmmptly furnish to i.ender all renewal noticea and all receipta of paid prnmiums. In the event of losa, Borrower ehall give prompt notice to the insurance carrier ; and Lender. Lender may make proof of loea if not made promptly by Borrower. I Ualees I.ender and Borrower otherwise agree in writing, inaurance proceeda ahall be applied to reetoration or repair of the Property € damaged, provided euch reatoration or repair ie economically feasible and the aecurity of thie Mortgage is not thereby impaired. If auch ~ reatoration or repair is not economically feaaible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the swna eecured by this Mortgage, with the e~ceea, if anY. paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower faile to ~ respond to Lender within 30 daye from lhe date notice ia mailed by Lender to Borrower that the inaurance carrier ogers to seWe a claim for ~ inaurance benefita, Lender ia suthorized to coUect and apply the insurance proceeds at Lender'a option either to restoration or repair of the Property or the aume secured by Lhia Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of pro~,~eeda to principal ahall not extend or postpone the due date of the monthly installmenta referred to in paragraphe 1 and 2 hereof or change the amount of auch inatallmenta_ If under paragraph 18 hereof the Property ie ecqliired by I.ender, all right, title and intereat of Borrower in and b any ineurance policies and in and b the proceede thereof reeulting from damage to Property prior to the sele or aoquieition ahall paee to Lender to the e:tent of the aume secured by thia Mortgage immediately prior to euch eale or aoquisition. 6. Preservation aad Ysintenance of Property; Leaeeholds; Condominums; Planned Unit Developmenta. Borrower shall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Propedy and ahall comply with the provieiona of any leaee if thie Mortgage ia on a leasehold. If this Mortgege is oa a unit in a oondominium or a planned anit development, 8orrower ahall perform all of Borrower a obligationa under the declaration or covenanta~creatingor governing the rnndominium or planned unit development, the by-lawe and regulatione of the rnndomini~un or planned unit development, and oonstituent docnmenta. If a ~ condominium or planned unit development rider ia ezecuted by Borrower and recorded together with this Mortgage, the oovenante and agreements of auch rider shall be incorporated into and ahall amend and supplement the covenanta and agreementa of this Mortgage as if the rider were a part hereof. ~ 7. Protection of Lender'~ Security. If Borrower faila to perform the oovenanta and agrcements rnnLained in thie Mortgage, or if any actioa or proceeding is commenced wtuch materially affecte L.ender s interest in the Property, including. but not limited to. eminent domain. ~ insolvency. aode entorcement, or arcau8ements or proceedings involving a baniaupt or decedent, then I.endtr at Lender's option,npon r: notioe to Borrower may malce such appearanoes. disburee auch sums and talce wch action as is neoesaary to protec.t L,ender's interest, inclnding. but not limited b, diebureement of reeuonable attomey's fees and entry upon the Property to mske npairs. If Lender required ~ mortgage inaurance as a rnndition of malong the loan secured by thia Mortgage, Borrower shell pay the pnmiuma required to maintain ~ snch inanraace in e~ffect nntil ench time as the requirement for snch ins~uanae terminatea in aoc.ordance with Borrowei s and I.endds ~ written agreem~t ot applicable Law. Borrower ehall pay ihe amount of all mortgage insurance pr~niume in ihe manner provided under ~ paragraph 2 hereoL ~ My aa~onnta disbureed by Lender persuant to thie paragraph 7. with interest thereon, shall beoome additional indebtedness of ~ Borrower secured by this Mortgage. Unleea Borrower and Lender agree to other terms of payment, auch amounta ehall be payable npon notice from Lender to Borrower requesting peyment thereof, and ehall bear interest from the date of diabur~sement at the rate paya~le from ~ time to dme on oatatanding principal under the Nole nnlees pay~nent of intereat at auch rate would be oontrary b applicable law, in which event anch amounts ehall bear interest at the highest rate permisaible under applicable law. Nothing contained in this paragraph T, ehaU requin Lender to incur any ezpense or take any action hereunda. ~OOK~~ PAG: 1 ~ ~ . ~ . ; ~ ~ - - Y ~ ~ .~F.~ A= ~~~.:.ZS ,K; f ~ e 'Sd - ~ ~ _ . =~:.:N~j;.;:.~ "z - `L.,-~:~ t