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HomeMy WebLinkAbout0346 E3~rrower and l.e~der covenant and agn~r ae folluwa: 1. Payment o[ Principal and lntereet. BoROwer ahall promptly pay when due thc principal uf and intereat un the indehkdnras evidenced by the Note, prepayment and late chargee aa pruvided in the Note, and the principeil uf and inteceat on any Future Advuncea secured by this Mortgage. 2. ~tnds for Ta~cea and Insurance. Subject b applicuble I~~w or lo a written waiver by l.cnder, Burruwer ehall {wy tu l.rndrr on the day monthly inat~llmrnts of principal and inte~eat are payable wider the Note, until the N~te u? puid in full. A sum Iherein "M unda") equal to one twelfth of the yearly taxea and asseasmenta which may attain priurity over thie Mur1Ki?ge, nnd ~round rents un the I'tuprrty, if any, plua onr twelfth of yearly pmmium inatallmenls for hazard inaurance, plus onetwelfth of yearly premium insta~limrnta for murtgage inaurance, if any, all as reasonably eatimated initially and from time to time by l.ender on the baaia of nsaesamenta i?nd bilis a??d rrasonuble eatimates thereof. The fi~nds ehalt be held in an inatitution the depoeits or accounte of which are ineured or gua~anteed by a Fede~el or State agency (including I.ender if I.ender ia such an institution). l.ender shall apply the Funde to pay said taxea, assreiaments, insurance premiuma and ground rente. l.ender may not charge [or eo holding and applying the ~nda, analyzing eaid account, or verifying and compiling said aase8amente and bills, unlese Ixnder pays Borrower intereat on the F unda and applicnbte law permita Lender to make euch a charge. E3orrower and Lender may agree in writing at the time of execution of this Mortgage that intereat on the F unda ehall be paid to f3orrower, and unleas ~ such agreement ia made or applicable !aw requires auch intereet to be paid, l.ender ahall not be required to pay Borrower any intereat or earninga on the Funds. Lender ahall give to Borrower, without charge, an annual uccounting o[ the Funda ahowing credits and debita to the Funda and the purpoee for which each debit to the Funde waa made. The Funde are pledged ae additional security for the auma e~ecured by thie Mortgage. If the amount of the ELnda held by Lender, together with the tuture monthiy inatallmenta of unda payable prior to the due datea of taxes, aseesamente, inaurance premiuma and ground renta, shal) e:cxd the Amount required to pay said taxes, asseasmentx, insurance premiums and ground renta ea they fall due, euch e:cess ahall be, at Eio~mwer's option, either promptly repaid to BorroMer or credited to Borrower on monthly inetallments of Fl?nda. If the amount of the Funda held by l.ender shall not be sufticient to pay taxea, asseaamenta, insurance premiume and ground rente as they faU due, Borrower ahall pay to Lender any amount neceaeary to make up the deficiency within 30 days from the date notice is mailed by l.ender to f3orrower requesting puyment thereof. ~ Upon paytnent in full of all eums eecured by thie Mortgage, Lender ehall promptly refund ta E3orrower any funda held by l,ender. I[under paragraph 18 hereof lhe Property ie sold or the Property is otherwiae ucquireci by Lender, [.ender shall apply, no later than immediately prior to the eale of the Property or ite acquisition by Lender, any Fl~nda held by [.ender at the lime of upplication as a credit again$t the sums aecured by this Mortgage. 3. •Application ot Paymente. Unless applicable law provides otherwise, all paymenta received by Ixnder under the Note and paragrapha 1 and 2 hereof ahall be applied by I.ender first in payment of amounta payable to I.ender by E3orrower 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 Futute Advances. 4. Chargee; Liene. E3ormwer ahal! pay all taxes, assessme~ts and other chargea, fines and impositions attributnble to the Property which may attain a priority over this Mortgage, and leasehotd pflyments or ~und rents, if any, in the manner provided under paragraph'2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish tu [.ender all noticea of amounta due under thia paragraph, and in the event E3orrower shnll make payment direMly, Borrower shatl promptly furnish to Lender receipts evidencing surh payments. Borrower ahall promptly dischargr any lien which h~?s priority over this M~rtgage; pro~•ided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the pxyment of the obligation secured by such lien in a manner acceplsible to I.ender, or shaU in go«i faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the E'roperty or any pari thereof. - 5. Hazard Insurance. Borrower ahall keep the impmvementa now existing or hereafter erected on the Yroperty insured against losa by fire, hazarda included within the term "extended coverage; ' and such other hazards as I.ender may require and in such amounts and for such periode ae l.ender may require; provided, that Lender shali not nquire auch coverage amount exceeciing the minimum, as may be required by state or federal regutations governing adivities of Lender, or that amount of coverage required to pay the auma secured by this MortgajcP, whichever is the greater. The insurance carrier providing the insurance shall be chosen by Borrower subjeM to approval by Ixnder, provided, that scch approval shali not be unreasonably withheld. All premiums on insurance policies shaU t?e paid in the manner pm~~ided under paraKraph 2 hermf or, if not paid in such manner, by f3orrow~er making payment, when due, directly to the insurance cnrrier. All insurance policiea and renewala thereof shail be in form acceptable to Lender and ahall include a standard mortgage clauae in favor ot and in form acceptable to L.ender. I.ender ahall have the right to hold the policiea and renewals thereof, and Borrower shall promptly furniah to i.ender all renewal noticea and all receipts of paid pmmiuma. In the event of loea, Borrower ahall give prompt notice to the inaurance carrier and Lender_ I.ender may make proof of loes if not made promptly by Borrower. ; UnleBS Lender and Borrower otherwise agree in writing, inaurance proceeds ehall be applied to reatoration or repair of the Property j damaged, provided such restoration or repair ie economically feasible and the security of this Mortgage is not themBy impaired_ If such ~ reetoration or repair ie not economically feasible or if the security of this Mortqage would be impaired, the inaurance proceeds ahall be applied ~ to the aums eecured by thia Mortgage, with the excess, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Burrower fails to f respond to Lender within 30 daya from the date notice ia mailed by Lender to Borrower that the insurance carrier otTers to settle a claim for ~ inaurance benefite. Lender is suthorized to collect and apply the inaurance proceeds at Lender'a option either to restoration or repair of the 9 Property or the sume secured by this Mortgage_ i Unleas L.rnder and Borrower otherwiee agree in writing, any auch application of proceeds to principal ahall not extend or poatpone the due ~ date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installments_ If under paragraph 18 ~ hereof the Property ia aoquired by Lender, all right, title and intereat of Borrower in and to any insurance policiea and in and to the proceeda ~ thereof reeulting from damage to Property prior to the sale or acquiaition ahall pases to l.ender to the extent of the auma secured by this ~ Mortgage immediately prior to such sale or aoquiaition. 6. Preeervation and Maintenance of Property; Leaseholde; Condominums; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and ehall not commit waste or permit impairment or deterioration of the Property and ahall comply with the provisiona of any lease if this Mortgage ia on a leasehold. If this Mortgage is on a unit in a com3ominium or a planned nnit development, Borrower ahall perform all of Borrower's obligations under the declaration or covenante creatinRor governing the condominium or planned unit development, the by-lawa and regulationa of the condominium or planned unit development, and conetituent documenta. If a condominium or planned unit development rider ia executed by Borrower and recorded together with thia Mortgage, the oovenants and agreements of auch rider shali be incorporated~into and shal) amend and supplement the covenants and agreements of this Mortgage as if the ~ rider were a part hereof. ~ 7. Protection of Lender's 3ecurity. If Borrower feils to pertorm the oovenants and agreemente contained in thia Mortgage, or if any 4. ~ action or proceeding is commenced which materially affecte Lender'a interest in the Property, including, but not limited to, eminent domain, ~ insolvency, oode enforcement, or arrangements or proceedinga involving a baniwpt or deoedent, then Lender at Lendei s option,upon ~ noti,ce to Borrower may make auch appearances, dieburee euch sums and take such action as is neoeseary to protect Lender's intereat, including, but not limited to, dieburee~nent of reaeonable attorney'e fees and entry apon the Property to make repairs. If Lender required mortgage insurance as a rnndition of making the laan eecured by thia Morlgage, Botrower ehall pay the premiums required to maintain ~ snch ineurance in effect until such time ae the requirement tor auch iasurance terminatee in aocordance with Borrower's and Lender's ; written agreement or applicable Law. Borrower ahall pay the amount of all mortgage ineurance ptemiume in the manner provided under • paregraph 2 hereof. •My amounta diabureed by Lender perouant Lo thia paragreph 7, with intereat thereon, ahall become additional indebtedneea of ~ Borrower secared by thie Mortgage. Unleae Borrower and L.ender agree to other terme of payment, euch amounte shall be payable upon not~ce from Lender to Borrower requeeting payment thereof, and ahall bear intereat from the date of diebureement at the rate payable from ~ p ym ery to applicable lew, in which time to time on outatanding principal under the Note unleas a ent of intereat at such rate would be oontt ~ event such amounta ahall bear intereet at the higheat rate permiesible under applicable Iaw. Nothing contained in thie paragraph 7, ehall uire Lender to incur an e: nee or take an action hereunder. e~ ~9 Y Pe Y ~ ~ • ~ ~ P ~ ~J~x~ 1'rl(~i s~ ~ . ~ ~ . - - _ - : ~:=r. bka?Y" l ~ R - ~r~, ~r ' , I m~~F~ . ~ I y `^t~~'~~ ~ Y ~-j ~ J . ^~~fia°~ `t - 4 ~ -~iy . a ~`~i'.- ~ . ~ ~ - # ~ ,-1,~5:~~. ~ ~