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HomeMy WebLinkAbout0967 liorrowe~ and l.e~der covenant and agree as followe: 1. Payment o[ Priacipal and Interest. E3orrower ahnll prompUy pay when due the principal of and intereat un the indebtednexs evidenced by the Note, prepayment and late charges ae pruvided in the Note, t?nd the principal of and intereston any Future Advancee aecured by this Mortgage. 2. Ftitnds [or T~uces and Ineurance. Subject to applicable luw or to a written waive~ by Lender, Horr~?wer shaU puy to l.ender on the dayr monthly inatallmente oiprincipal and interest nre payable under the Note, until the Note ia paid in tull, a aum (herein "Ftinda") equul to one twelRh otthe yearly taxea and assesamente which may Attain priority over this Mortgage, and ground renta on the Piroperty, if any, plus one twelRh of yearly premium inatallmenta for hazard inauri~nce, plus onetwelfth of yea~ly premium inata?lmentx for murtgz?qe inaurance, if any, ~?11 aa reaeonably estimated initially and firom time to tiR~a by I.ender on the baeis of assesamenta and biUa and reaaonable eatimatea thereof. The ~nda ahall be held in an institution the depoeita or accounte of which arn ineured or guaranteed by a Federal or State agency (including I.ender if l.ender is such an inatitution). I.ender shall apply the Funda to pay said taxea, asaeaaments, insurance premiuma and ground re~ts. Lender may not charge for eo holding and applying the Funds, analyzing said account, or verifying and compiling said asaeaement8 and bills, unlese [.ender pays Borrower intereet on the ~nde and applicable law permite l.ender to make euch a charge. E3orruwer and Lender may agree in writing at the time of execution of thia Mortgage that interest on the Funds ahall be paid to Borrower, and unlesa auch agreement ia made or applicable law requirea such intereat to be paid, I.ender shall not be required to pay Borrower any intereat or earnings on the ~nds: I.ender ehaU give to Borrower, without charge, an annual accounting of the Funda showing credita and debita to the Funds and the purpoee for which each debit to the ~nds was made. The M unds are pledged as additional aecurity fo~ the aume Becured by this Mortgage. ~ If the amount of the fl~nda held by I.ender, together with the future monthly installments of Funda payable prior to the due datee of taxee, Haseeamente, inaurance premiuma and ground rents, shall excted the amount required to pay said taxee, assessmenta, ineurance premiume and ground rente as they fall due, auch excesa shall be, at Bo~sowei a option, either promptly repaid to Borrower or credited to Borroweron monthly instaliments of Ftinde. If the amount of the Funde held by Lender shail not be sufficient to pay taxea, assesamente, inaurance prPmiume and ground rent8 as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 daya from the date notice is mailed by I.ender to Borrower requesting payment thereof. ' Upon payment in full of all eums eecured by thia Mortgage. Lender ehall promptly retund to Borrower any funds held by l.ender_ lf under paragraph 18 hereof the Property ie sold or the P~operty is otherwise acquired by Lender, l.ender shall apply, no later than immediately prior to the eale of the Property or ite acquisition by Lender, any Funds held by I.ender at,the time of applicaUon as a credit againsE the aums secured by thia Mortgage. 3. Application of Payments. Unleas applicable law providea otherwise, all payments received by I.ender under the Note and paragraphe 1 and 2 hereof shall be applied by Lender fimt in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal ot the Note, and then to intereat and principal on any Future Advancea. 4. Chargee; Liens. Borrower shall pay all taxes, assessments and other charges, fines ~nd impositions attributable to the Property which m ay attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the pnyee thereof. Borrov?ershall promptly furnish to l.ender :~ll notices of amounta due under this paragraph, and in the event Borrower shall make payment directly, Borrower ahall promptly furniah to (.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that l;urrower ahall not be required to discharge any such lien so long as I3orrower shall agree in writing to the pa3 ment of the obligation secured by wch lien in a manner acceptable to Lender, or shall in good faith contest such lien by, ordefend enforcement of such lien in, leqal proceedings ~ti•hich operate to prevent the enforcement of the lien or forfeiture of the Pruperty or any part thereof. . Hazard Iasurance. Borrower ahall keep the improvementa now exiating or hereafter erected on the Property ineured againet loss by fi re, hazarde included v?+ithin the term "estended coverage," and auch other hazards ae Lender may require and in such amounta and for such periods as Lender may require; provided, that I.ender shall not require such ooverage amount exceeding the minimum, as may berequired by state or federal regulationa governing activities of Lender, or that amount of coverage required to pay the aums secured by this Mortgage, whichever ia the greater. • The insurance carrier providing the insurance shall be chosen by Rorrovver subject to approeal by I.ender; pro~•ided, that such approvai ~hall not be unreasonably withheld. All premiums on insurancr poticies shall be paid in the manner pruvided under paragraph 'l hereotor, if not paid in such manner, by E3orrower making payment, ~hen due, directly to the insurance carrier. ~ All insurance policiea and renewala thereof ehall be in form acceptable to Lender and shali include a atandard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and rnnewals thereof, and Borrower shall promptly furnish to i.ender all renewal notices and all receipta of paid premiuma. In the event of loss, Borruwer ahall give prompt notice to the insurance carrier and Lender. L.ender may make proof of loss if not made promptly by Borrower. Unlese Lender and Borrower otherwiae agree in wridng, insurance proceeds ahall be applied to restoration or repair of the Property I damaged, provided such restotation or repair is economically feasible and the security of this Mortgage ia not thernby impaired. If such i reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the aums secure~ by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to ' respond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the insurance carrier offers to aettle a claim for i ~ inaurance benefita, L,ender is suthorized to collect and apply the insurance proceeda at [.ender's option either to restoration or repair of the ~ Pmperty or the auma eecured by thie Mortgage. Unless Lender and Borrower otherwiae agree in writing, any such application of proceeda to principal ahall not extend or poatpone the due ~ date of the monthly instaliments rnferred to in paragraphs 1 and 2 hereotor change the amount of such inatallmente. If under paragraph 18 ; hereof the Property ie aoquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeda } thereof resulting from damage to Property prior.to the aale or acquiaition shall pasa to Lender to the extent of the auma eecured by this ~ ~iortgage immediately prior to such sale or aoquiaition. ~ 6. Preeervation and Maintenance of Property; Leaseholds; Condominuma; Planned Unit Developmente. Borrower shall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ provisiona of any lexae if this Mortgage ia on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development, E3orrower ahall perform all of Borrower e obligationa under the declaration or covenanta creatingor governing the condominium or planned ~ unit development, the by-lawe and regulationa of the condominium or planned unit development, and constituent dceumente. If a - condominium or plsnned unit development rider is executed'by Borrower and recorded together with thie Mortgage, the oo~enante and ~ u;~reements of such rider shali be incorporated into and shall amend and supplement the covenants and agreements of thia Mortgage as if the ~ rider were a part hereof. ~ 7. Protection ot Lender's 3ecurity. If Borrower faile to perform the covenant8 and agreements oontained in this Mortgage, or if eny ~ aMion or proceeding ia oommenaed which materially affects Lender's intereet in the Property, induding, but not limited to, eminent domain, ineolvency, oode enforoement, or arrangementa or proceedinge involving a bankrupt or deoedent, then Lender at Lender'e option,upon notice to Borrower may make anch appearances, dieburee auch eums and take auch action ae ie neceaeary to protect Lender's interest, _ including, but not limited to, di~bureement oi reaeonable attorney's feee and entry upon the Property to make repairs. If I.ender required ¢ mortgage insurence as a oondition of making the loan eecured by thia Mortgage, Borrower ahall pay the premiums required to maintain ~ euch ineurance in effect until euch time ae the requirement for such ineurance tenninates in accordance with Borrower's and Lender's written agreement or applicable Law. Borrower ehall pay the amount of all mortgage ineurance premiums in the manner provided under = paragraph 2 hereof. ~ My amounte diebursed by Lender persuant to thia paragraph 7, with interest thereon, shall beoome additional indebtedneea of ~ Borrower eecured by thie Mortgage. Unleae Borrower end Lender agree to other terma of payment, euch amounts ehall be payable upon ~ notice from I,ender to Borrower requeating pa~ inent thereof, and ahall bear interest from the date of diabursement at the rate payable from time to time on outatanding principal under the Note unleas payment of interest at euch rate would be oontrary to applicable law, in which ~ event such amounte shall bear intereet at the higheat rete permiaeible under applicable law. Nothing contained in this paragraph 7, ahall ~ require Lender to incur any eupense or take any action hereunder. ~ . ~ ~ . ~ ~ ~ ~ ~,9~ 9 9 i' ,~X' . _ _ __"-~r~_~. . _ . _ ~ _ - . fj _ _ 5: ~ ^ F =~'-as~. itw~' , -`'t7- "'?a"+~,~ a'" R S'~3:."" ~ . - . 3r ~ . `~=;v - "