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HomeMy WebLinkAbout0707 ' ~ + ti Borrower a~d I.ender covenant and agree as fullowe: 1. Peyment ot Principal end Interest. Borrower ehall promptly pay when due the principal of and intereat on lhe indebtedneas evidenced by the Nofe, prepnyment and late charges aa pmvided i~ the Note, and the principal of and interest on any ~ture Advancee secured by thie Mort~a~e. 2. PLnde [or Tazes and Insurance. Subject to applicable law or to a wtitten waiver by l.ender, l3orrower ehall pay to I.ender on the day monthly inatallmenta of principal and intereet are payable under the Note, until the Note ia paid in full, a sum (herein "Funds") equal to one twelfth of the yearly taxes and asseaementa which may attain priority over this Mortgage, and ground renta on the i'iroperty, if any, plua one twelfth otyearly ptemium irtstallmente for hazard ineuranre, plua onetwelfth ofyear[jr premium inataU~nents for mortga~e ineurance, if any, all as reaeonably eetimated initially and from time to time by Lender on the basia uf asaessments and billa and reasonable estimatea thereoL Ts.~ t~...J~ _~.~tl l.~ ~.~u . ..~:~..w.... N.~ d~.,..~u~ ..0 m1.:..1, e ...e.i ..~~a 4.. ~ c~.1~..~ - a ~ c . u uaa iu_ aa .a.. ~yr_.: • r .i•.•i:...~- . ss.. . auui~:sl.s.,s v,j Luiacaa ira .liu:c czbuaa:,j (including Lender if~I.end~ ia auch an institution). I.ender shal! apply the Funde to pay said taxes, aseesaments, insurance premiuma and ground renta. Lender may not charge for ao holding and applying the ~nda, analyzing eaid account, or verifying and rnmpiling eaid essesaments and bills. unlesa Lender pays Borrower interest on the ~nde and applicable law permits Lender to malce such a charge. Borrower and I.ender may agree in writing at the time of e:ecution of thia Mortgage that interest on the I~'unde ahall be paid to ~3orrower, and unlesa such agrcement is made or applicable law requires euch ie~tereat to be paid, Lendei shall not be required to pay Borrower any intereat or earnings on the fi~nds. Lender ehall give to Bore~ower, without charge, an annual accounting of the Funda ahowing credite and debite to tht Funde and the purpoee for which each debit to the Funda wae made. The Funda are pled~ed ae additional security for the auma eecured by thia Mortgage. ~ If !he amount of the Funds held by Lender, together with the future monthly installmente of Funda payable prior to the due dates of ta:es, asaeeamenta. insurance premiums and ground rents, shall eiered the amount required to pay said ta:ee, assesamente, insurance premiwna and grouad rents as they fall due, such ezcesa shall be, at Borrowei e option, either prompdy repaid to Borrower or credited to Borrower ori monthly installments of I~nde. If the amount of the Funds held by Lender ahall not be eufficient to pay tax~, aseeaaments, inaurance~ premiums and ground rente as they fall due, Borrower ahall pay to Lender any amount neceaeary to make up the deficiency within 30 daya . from the date notice is mailed by l.ender to Borrower requesting payment th~reof. Upon payment in fiill of all sume eecured by thie Mortgage. I.ender ahall prompdy refund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Property ie sold or the Property is otherwise acquired by Lender, Lender ahall apply, no later than immediately prios to the eaie of the Property or its acquisition by Lender, any l~linds held by l.ender at the time of application as a credit againat the auma eecured by this Mortgage. • ~ 3. Application ot Paymente. Unleas applicable law providea otherwiee. all payments received by I.ender under the Note and paragraphe 1 and 2 het~eof shall be apQlied by Lender first in payment of amounta payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. d. Charges; Liene. Borrower shall pay all taxea, assessmenta and other charges, fines and impositiona attributable to the Property which may attain a priority over this Mortgage, and leasehold pnyments or ground renta, if any, in the manner provided under paragraph'l hereof or, if not paid in such ?nanner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly fumish to [.ender all notices of amounte due under this paragraph, and in the event Borrower ahall make payment directly, ~orrower shall promptly furnish to I.ender receipts evidencing such payments. Borrower ahall promptly dixcharge any lien which has ptiorjjy over thia Mortgage; provided, that Borrower ehall not be required to discharge any such lien so long as F3orrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest suchaien by, ordefend enCoiceme~ofSUCh lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture ot the Property or ~ny part themof. • 5. Hazard Insurance. Borrower ahall keep the impmvements now existing or hereafter erected on the Property inaured against loss by fire, hazards included within the term "e:tended coverage; ' and euch other hazards as Lender may require and in such amounta and for such periods as Lender may require; provided, that I.ender ehall not require such ooverage amount eaceeding the minimum, as may be required by atate or federal rrgulationa governing activities of Lender, or that amount of coverage required to pay the auma secured by this Mortgage, whichever ia the grcater. The inaurance carrier providing the insnrance shall be chosen by Bonower subject to approval by [.ender; pmvided, that such approval shalt not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner pm~ ided under paraKraph 2 hereof or, if ~ not paid in such manner, by Borrower making payment, when due, direMly to the insurance carrier. All inaurance policiea anti renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of ; and in form acceptable to Lender. Lender ehall have the right to hold the policies and mnewals thereof, and Borrower shall promptly furnish to i i.ender all renewal notices and all receipta of paid premiums. In the event of losa, Bort+ower ehall give prompt notice to the insurance carrier and I.ender. Lender may make proof of loas if not made promptly by Borrower. ~ Unleas Lender and Borrower otherwiee agree in writing, insurance proceeda shall be applied to restoration or repair of the Property ~ damaged, provided euch restoration or repair is economically feaeible and the security of this Mortgage ia not thereby impaired_ If such ~ reetotation or repair ie not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeds shall be applied a to the suma secured by thie Mortgage, with the e:cesa, 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 off'ers to setUe a claim for ~ inaurance benefite, I.ender is authorized to collect and apply the insurance proceeds at I~nder's option either to testoration or repair of the $ Pmperty or the awna secured by this Mortgage. 3 Unlees Lender and Borrower otherwise agree in writing, any such application of proceeda to principal shall not extend or poatpone the due ~ date of the monthly inatallmente referred to in paragraphs l and 2 hereof or change the amount of auch inatallments. If under paragraph 18 hereof the Pmpertp ie acquired 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 sale or aoquisition shall paas to Lender to the e:tent of the sums aecured by thia ~ Mortgage immediately prior to such"eale or aoquisition. 6. Preservetion and Maintenance of Property; Leaseholde; Condominuma; Planned Unit Developmente. Borrower shall keep ~ the Property in good repair and sha11 not commit waste or permit impairment or deterioration of the Property and shall comply with the ~ pmviaione of any leaae if this Mortgage ie on a leasehold_ If thie Mortgage ie on a unit in a oondominium or a planned unit development, Borrower ahall petform all of Borrower's obligationa under the declaration or covenants crestingor governing the condominium or planned ~ unit developmenk the by-lawe and regulatione of the condomiaium or planned unit development, and conatituent documenta. If a ~ condominium or planned unit development rider is e:ecuted by Borrower and recorded together with thia Mortgege, the oovenante and ~ agreementa of such rider ahall be incorporated into and ahall amend and supplement the covenanta and agreements of thia Mortgage as if the ~ rider were a part hereof. ~ Protection of Lender'~ Security. V Borrower fails to perform the oovenante and agreemente contained in thie Mortgage, or if eny action or proceeding is commenced which materially affects Lendei s interest in the Property, including, but not limited to, eminent domain, - insolvency. oode enforcemen~ or arrangementa or proceedings involving a banlmipt or deoedent, then Lender at Lender s option,upon 1 notice to Borrower ma ma]~e euc}? a y ppearances, diebune auch sums and take sach action as ie necessary to protect Lend~'s intaesR 'y' induding, but not limited to. diabureement of reasonable attomey's feee and entry upon the Property to make repairs. If Lenda required mortgage insurance as a condition of making the loan secured by thie Mortgage, Borrower shall pay the premiuma required to maintain - snch insnrance in ef~ect until euch time as the requirement for such inaurance terminatee in accordance with Borrower e and Lende~s ~ written a~eement or applicable Iaw. Borrower shaJl pay the amount of all mortgage inaurance premiums in the manner provided under s PareBrePh 2 hereof. Any amounts diabursed by Lender pereuant to thie paragreph 7, with intereet thereon, ahatl beoome additional indebtedneas of ~ Borrowet secured by this Mortgage. Unlese Borrower and L.ender agree to other terms of payment, auch amounta ehall be payable~apon notice from I.endrr to Borrower requeeting payment thereof, and shall bear intereat from the date of diebarsement at the rate payable from time to time on outatandin g principal under the Note unlees peyment of interest at euch rate would be oontrery to applicable law. in which eveat snch amounts ahall bear intereet at the higheat rate permiasible under applicable law. Nothing oontained in this peragraph 7, shall : require Lender to incur any e:penee or take any action hereunder. ~ • ~ ~ . . 1 e~ _ i $~!i(1~ ~,'.;F ~ ~ ~ . - _ _ _ _ ~ ~ - . ~ : - . : `~"'S r,i, _ . ta~:."~~v. ~~'~~~:~~-~-x: n~ s:- : . t~ .