Loading...
HomeMy WebLinkAbout0197 Borrower and L,ender rnve~ant and agree as followa: 1. Pwymwot ~t Pri~ilswl wn~l 1ntE•rwgt_ R~r~r+wer 4hA11 pmmntlY 7T"Y t~h..n ~i~~e the ~+sir.r:ga! ~f a:d i:te:~ : ~r. :tic in.'.~!-,~.:~~ evidenced by the Note, prepayment and late chargea ae provided in the Note, and the principal of and intereat on any Future Advancee eecured by thie Mortgage. 2 Fltnde torTases end Ineurance. Subject to applicable law or to a written waiver by I.ender, E3orn,we~ ahall pay tu I.ender on theday monthly installme~te of principal and intereat are payable under the~Note, until the Note ia paid ia full, a aum (herein "Funda") equal to one~ twelRh of the yearly taxea and asaeasments which may attain priority over thia Mortgage, t~nd ground rents on the Property, if any, plus one ~ twelRh of yearly premium inatallmenta for hazard insurance, plua onetwelflh ofyearly premium inatallmente for mortgage inaurance, if any, all ue reasonably estimated initially and from time to time by I.ender on the baeia of eseexemente and bills and reasonable estimatea thereof. The I~nds ahall be held in an inetitution the depoeits or accounts of which are inaured or guaranteed by a Federal or State agency (inciuding I.ender if Lender ia auch an inatitution). I.ender ehall apply the Funde to pay eaid ta:ea, asseasmente, ineurance premiume and ~ ground rente. Ixnder may not charge for eo holding and applying the Fl~nds, analyzing said account, or verifying and compiling said easessmenta and bills, unleae L.ender pnyR Rormwer interant nn the FtimdA wnd a~+plicable law getas~ts L~stder Lu ms~e such s cltszgc. S~rr~t,rgr and L.ender may agree in writing at the time of e:ecution of thia Mortgage that intereat on the ~nde ehall be paid to Borrower, and unlesa such agreement is made or epplicable law requires such intereat to be paid, I.cnder shall not be required to pay Borrower any interest or eaminge on the ~nda. Lender shall give to Borrower, without charge, an annual acoounting of the Funda showing credita and debite to the Funde and the purpoee for which each debit to the F~nde wae made. The Funde are pledged as additional eecurity for the eume secured by thia ~ Mortgage. . If the ~iunount of the Ftinds held by I.ender, together with the future monthly installmenta otFunda payrable prior to the due datea of taxea. aaaeeamenta, ineurance premiuma and ground renta. shall exc~ed the amount required to pay aaid taxes, asseeamente. inaurance premiums and-ground-ernte aa they faU due, such excese ahall be, at Borrower'8 option, either prompdy repaid to Borrower or credited to Borrower on monthly installments of ~Lnde. If the amount of the Funda held by I.ender ehall not be sufficient to pay ta:ee, asaeasmenta, insurance premiums and ground rente as they fall due. Borrower ahall pay to I.ender any amount neceseary to make up the deficiency within 30 daya from the date notice ie mailed by Lender to Borrower requeating payment thereof. Upon payanent in full of aU suma eecured by this Mortgage, I.ender shall promptly refund to Borrower any funda held by Lender. Uuader paragraph 18 hereof the Property is aold or the Property is otherwise acquired by I.ender, I.ender shall apply, no later than immediately prior to the sale of the Property or ite aoquieition by Lender, any Funds held by Lender at the time of application aa a credit againat the sume aecured by this Mortgage. 3. Application of Paymente. Unlesa applicable law providea otherwise, all paymenta received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender firat in payment of amounta payable ta Lender by Borrower under paragraph 2 hereof, ti~en to intere8t payable on the Note, then to the principal of the Note. and then to intereat and principal on any Future Advancee. 4. Chargee; Liene. Borrower shall pay ali taxes, as.gesaments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymenta 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 payee thereof. Borrower shall promptly furnish to Lender all noticea of amounfs due und~ this paragraph, and in the event Botrower shall make payment directly, Bormwer ahall pmmplly furnish to Le:ider receipts evidencing auch payments. ~3orrower shall promptly discharge any lien which has priority over thia Mortgage; pruvided, that Borrower aha11 not be required todischarge any such lien so long as E3orcower shatl agree in writing to the payment of the obiigaiion secured by such lien in a manner acceptable to Lender, or ahnll in good taith conteat such lien by, ordefend enforcement ofsuch lien in, legal proceedings which operate to prevent the enfurcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower shall keep the improvements now existing or hereafter erected on the Property ineured against loss by fire, hazards included within the term "extended coverage," and euch other hazarda as Lender may require and in auch amounta and for auch periods as i.ender may requirn; provided, that Lender shall not requirn such ooverage amount eaceeding the minimum, ar~ may berequired by state or federal regulationa governing activitiee of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. - The insuranee carrier providing the insurance shail be chosen by E3orrower subject to approval by I.ender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shal) be paid in the manner pmvided under paragraph 'L hereof or, if ` not paid in such manner, by Borrower making payment, when due, direcdy to the insurance carrier. ~ All ineurance policiea and renewala thereof ahall be in form acceptt?ble to Lender and shall include a standard mortgage clauae in favor of ~ and in form acceptable to Le[?der_ Lender ahall have the right to hold the policies and renewals thereof, and Borrower ehall promptly furnish to ' i.ender all renewal noticea and al) receipta of paid premiume. In the event of loss, Born~wer shali give prompt notice to the inaurance carrier ! and Lender. [.ender may make proof ot lose if not made promptly by Borrower. ~ Unleea Lender and Borrower otherwiae agree in writing, inaurance proceeda ehall be applied to restoration or repair di the Property damaged, provided auch restoration or repair ie economicaily feasible and the eecurity of thie Mortgage is not theceby impaired. If such ° reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeda ahall be applied E to the sums aecured by thia Mortgage, with the exceas, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower faile to reapond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier offere to settle a claim for ~ insurance benefits, Lender ie authorized to collect and apply the insurance procYrda at [.endei s option either to reetoration or repair of the ~ Property or the auma secured by.thia Mortgage. • s Unleas Lender and Borrower othetwise agree in writing, any such application of proceeda to principal shall not extend or poetpone the due ~ date of the monthly installmenta referred to in paragrapha 1 and 2 hereof or change the amount of auch installmente. If under paragraph 18 , hereof the Property ia acquired by Lender, all right, title and interest of BorrowPr in and to any insurance policies and in and to the proceeds ~ ihereof reaulting from damage to Property prior to the eale or acquisition ahall pass to Lender w the e:tent of the auma secured by thia ~ Mortgage immediately prior to such eale or aoquisition. ~ 6. Preaervation and Maintenance of Property; Leaseholds; Condominume; Planned Unit Developmente. Borrowershall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ehall comply with the ~ proviaiona of any lesee if thie Mortgage ia 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 obligationa under the declaration or covenants creatingor governing the condominium or planned ~ unit development, the by-lawe and regulationa of the rnndominium or planned unit development, and constituent documente. If a ~ condominium or planned anit development rider ia executed by Borrower and recorded together with thia Mortgage, the oovenunte and ; agreementa of such rider shall be incorporated into and ahalt amend and aupplement the oovenants and agreemente of this Mortgage as if the a rider were a part hereot. T. Protection of I.ender's Security. If Bormwer faile to perform the oovenanta and agreementa oontained in this Mortgage, or if any ~ action or prooeeding is commenced w6ich materially affccta Lender s interest in the Property, induding, but not limited to, eminent domain, insolvency, oode enforcement, or arrangementa or pmceeding~ involving a banlnvpt or decedent, then Lender at I.ender's option,upon notice to Borrower may make auch appearanoes, disbnrse anch sums aad ta1~e sach action as is neoeseary to protect I,ender's interest, inclnding, but not limited to, disbnrsement of reasoneble attorney'e fces and entry upon the Property to make npaire. If I.ender required ~ mortgage insurance as a condition of making the loan eecured by thie Mortgege, Borrower shall pay the premiums reqnired to mainLain ' euch insurance in effect until ench time ae the requiremert for euch inaurance terminatea in accordance with Borrower's and Lende~s ' written agreement or a licable Law. Borrower ahall ' PP pay the amount of all mortgage inaurance premiume in the manner provided under paragraph 2 hereof. ~ - MY g~~te diebnreed by Lender persuant to thie paragraph wilh intereet thereon, ehall beoome additional indebtedneea of E3orrower eecured by thia Mortgege. Unleea Borrower and I.ender agree to other terme of payment, auch amoante ahall be payable upon _ notice from Lender to Borrower requeeting payment thereof, and ehell bear interest from the date of disbureement at the rate payable from ` time to time on outatanding principal under the Note unleae payment oi intereet at auch rate would be oontrary to applicable law, in which F5 event ench amounts shall bear intereat at the highest rate permiesible under epplicsble law. Nothing contained in this paragraph 7, ahall ~ require L~mder to incur any expenae or take any action hereunder. :5 X ~ f £ ` • - - ?93 i 9? ~ ~ ~ ~ ~ n~ _ - - - - - - - cs - =.:.r 3'~~ a x ~ - ' . ' ~ ~ .~aa,iS~ vS ~{,rc - ..-r W.,.. 2E ~`.~'~'~J3,.~_ . . . . r~` t~'`c~..