HomeMy WebLinkAbout0045 !.~!~IlP!~n1t CO\€~t~:TS. $3iCC:1~'iC s'~.F2L~ ~.i.li~~~f ~:i3.'£::u~iQ u^~ u'b'ii{' a3:i fi^~iii^.~i~5:
1. Payment of P~inctpal and lattrest. Borrower shatl Promptly pay when due the principal of and interest on the
indebtedneu evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
2. Funds for Tues and lasur~ace. Subject to applicable law• or to a written waiver by Le~der, Borrawer shall pay .
to l.ender on the day manthly installments of principal and intcrect are payahle unde~ the Note, until the Note is paid in full,
a sum (herein "Funds"? equal to one-twelfth af ~he yearly taxec anJ assessmcnts which may attain priority over this
Mongage, and ground rents an the Property, if any, plus one-~wcl(ih of yearly premium installme~ts for hazard insurance,
plus one-twelfth af yearly premium installme~ts for mortgage insurance. if any, all as reasonably estimated initially and from
time to time by Lender on the basis of +ssessmcnts and bills and reax~nablc estimates thereof. '
'il~e Funds shall he held in an institution the deposits or arcounts of which are insured or guaranteed by a Federal or
state agency (including Lender if Lender is such an institutionl. l.cnder shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. I_ender may not charge for sa holding and applying the Funds, analyzing said account,
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permits Lender to make such a charge. Borrower and l.ender may agree in writing at the time o! execution of this
Mortgage that interest on ihe Funds shall he paid to Borrower, and unless such agrecment is made or applicable law
requires such interest t~ be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall gi~~e to Borrower, w•ithout charge, an annual accounting of the Funds showing credits arid debits to the Funds and the
purpose for which eaeh debit to the Funds was made. The funds ~re pledged as additional security for the sums secureJ
by this Mortgage.
lf the amount of the Funds held by Lender, together with ~he future monthlr• installments of Funds payable prior to
the due dates af taxes, assessments, insurance premiums and ground tents, shall exceed tht amount required to pay said taxes,
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be suflicient to pay ta~ces, assessments, insura~ce premi~ims and ground rents as they fall due,
Borrower shall pay to Lender an}~ amount necessary to make up the deficiency~wiikvn.30~days from the date notice is mailed
by Lender ta Borrower reyuesting pa~•ment there~f. . . .
Upon payment in full of all sums secured by this Mortgage, l.en~cr shall promptl~• refund to Borrower any Funds
- held by Lender. [f under paragraph 18 hereof the Propertp is sc~ld or the Propert~ is othenvice acquired by Lender, Lender
shall apply, no later than immediately prior to the salc of the Property or its acquisition b}• [.ender, an}• Funds held b~•
Lender at the time of application as a creJit against the sum, secured by this ~tortgage.
3. Application of Payments. Unle~s applicablr law~ proviJes othenvise, all pa~•ments recei~•ed b}~ Lender un~ler the
Note and paragraphs 1 and 2 hercof sh-rll bc applied b~• Lcndcr fint in pa}ment ~~f amounts papablc to I.cnder bp Bormw•er
under paragraph 2 hereof, fhen ro interest pa~•able on the ~iute. then to thc principal of the Note, and then to interest and
principal on any Fuwre Advances. ~
4. Charges; Liens. BorroHCr shall pay all ta~es, a,sessments :~nd other charges, fines and impositions auributable to
the Propert}• which may attain a priority over this !~lortgage, and leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making pa~~ment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrow~er shall make payment directly~, BorroH~er. ~hall promptly furnish to Lender receipts evidencing such payments.
Borrow•er shall promptly discharge any lien Hhich has priority o~~er this ~lortgage: provided, that Borrower shall not be
required to diuharge an}' such lien so long as Borrowcr shall agree in writing to the pa}•ment of the obligation secured by .
such lien in a manner acceptable to I.ender, or ~hall in gocxi faith contese such lien by, or defenJ enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien ~~r forfei~ure of the Propert)• or an~~ part thereof.
S. Hazard Insurance. Borrower shall kcep thc ~mpro~~cmrnt, noH rxisnng or hercaftcr erec~ed on the Property insured
; against loss b}• fire, hazards included with~n thc term "~~tended cover~ge". and such other hazards as Lender may reyuire
~ snd in such amounts and for such periods as Lender ma~~ ~eyuire: pro~~ided, that Lender shall not reyuire that the amount of
such coverag~ exceed that amount of co?•erage required to ~a~• the sums sccured b}~ this Mortgage.
= The insurance carrier providing the insuran~e shall be chosen by BorroN~er subject to approval by Lender; provided,
~ that such approval shall not be unreasonably withheld. All premiumc on insurance palicies shall bc paid in the manner
; provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
t
~ insurance carrier.
~ All insurance policies and renew•als thereof shall tx; in form acceptable to Len~ler and shall include a standard mortgage
clause in favor af and in form acceptable to Lender. Lender shall ha~e the right to hold the policies and renewals thereof,
~ and Borrower shall promptl}• furnish to Lender all renrwal notices and all receipts of paid premiums. In the event of loss.
g BorroNer shall gi~~e prompt notice to the insur~nce carrier and Lender. I_ender ma~~ make prou[ of loss if not made promptly
~ b}• Borrower.
~ Unless Lender and Borrow~er othcn~ise agree in ~riting, insurance pr~ecds shall be applied to restoration or repair of
the Property damaged, provided such restorahon or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. If such restoration or repair is not economicall~~ f~asible or i[ the security of this Mortgage would
~ be impaired, the insurance pr~xeeds shall be applied t~ the sums secured b~~ this Mortgage. with the excess, if any, paid
~ to Borrower. If the Propert~ is abandoned hc Borrower, or if Bqrrow-er faih to respond to Lender within 30 days from the
date notice is maded b}~ Lender to Borrower that the insurance carrier nfTers ro settle a daim for insurance benefits, Lender
~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
" or to the sums ~~cured by this Mortgage.
~ Unlesc l.ender and Borruwer otherwise agree in wnting, any such appliration of proceeds to pnncipal shall not extend
" or postpone the due date of lhe monthl}• installments referred to in paragraphs 1 and 2 hercuf or change the amount of
~ such installments. If under paragraph 18 hereof the Propert~ is acyuired b~• l.ender, all right, title and interest of Borrower
_ in and to an~ insurance policies and in and•to the proceeds thereof resulting from damage to the Propeny prior to the sale
- or acyuisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
K; acquisition.
6. Presen ation aad 1laintenance of Propert~; I.eaceholds; Condominiums; Planned Unit De~~elopments. Borrow•er ~
_ shall keep thc Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
= and shall comply w~ith the provisi~ns of any lease if this Mortgage ~s on a leaschold. If this hlortgage is un a unit in a
- condominium or a planncd unit de~elopment. Borrow~er shall pcrform all o[ Borrower's obligations under the dedaration
or covenants creating or governing the condominium or planned imit develupment, the by-law•s and regulations of the
~ condominium or planned unit development, and constiwent documents. If a condominium or planned unit development
~ rider is exe~:uted by Borrower and recorded tugether w~th this Mortgage, the covenants and' agreements of such rider
shall be incorporated ~nto and shall amend and supplement the co~enants and agreements o[ this Mortgage as if the rider
- ~cre a part hercof. -
_ 7. Protection of Lenders Security. If Borrower fa~ls t~ ~xrform the covenants and a~reements contained in this
- ~lortgage, or if any action or proceed~ng is commenceJ which materially a6e.:ts I.en~er's interest in the Propert}•,
including. but not limited to. emincnt domain. incolvenc~•. code enforcement, or arrangements or ~roceedings invoh•ing a
bankrept or decedent. then Lender at Lender's option, upon notice to Borrower, ma} make such appearances, disburse such
sums and ~ake such action ac ~s necessary to protect Lender's interest, including. but not limited to, disbursement of
reasonable attome~'s fces and entry upon the Propeny~ to makc rcpairs. If t_cnder reyuired mortgage insurance as a
~ condition of making thc Ioan sccure~i hy this titortgagc. Brrmacr shall pay thc premiums required to maintain such
~
insuranee in effect until such time as ?he « quirement (qr wch insurance terminates in accordance with Borrower s and
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