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HomeMy WebLinkAbout0717 Borrower and l.ender rnvena~t and agree as follows: 1. Peymeat ot Princlpal and I~tcrest. Borrower shall promptly pay when due the principal of and intereat on the indebtedneas evidenced by the Note, pnpsyme~t and late charges aa provided in the Note, and the principal of and intereat on any ~ture Advancea secured by this Mortgage. ~ 2 I~ade for Tases euid lnsurancc. Subject to applicable law or to a written waiver by I.ender, Borrower ahall pay to l.ende~ on the day moathly instaltmenta of principal and i~tereat are payable under the Note, until the Note ie paid in full, a sum lhe~ein "~nda") equal to one twelfth of the yearly taxes and aseeaements which may attain priority over this Mortgage, and ground renta on the Property, itany, plus one twelflh of yearly premium instaUments for hazard ineurance. plua onetwelRh of yearly premium installmenta for mortgage inaurance. if any, all as reaeonably estimated initially and from time to time by l.ender on the baeie of assesementa a~d billa and reasonable estimates thereof. !he ~unas ai?aii be i?eid in an u~aatution iine uepos~~s or sa.~uuriw ui which ure insurai ur guuruniee~i by ~ reueraj oc ~tai,e agency (including Lender 'if Lender ia euch an institutioa). I.ender shaU apply the Funda to pay said taxea, aeeeasmente. insurance premiuma and ground rents. Lender may not charge for so holding and applying the ~nds, anelyzing esid account, or verifying and compiling eaid asseasments and bills, unl~s l.ender pays Borrower interest on the Funda and applicable law permita I.ender to make auch a charge. Borrower and Lender may agree in writing at the time of e:ecution of thie Mortgage that intereat on the ~nda ahall be paid to Borrower, and unlees such ag[eement is made or applicable lew requirea auch interest to be paid. Lender ehall not be required b pay Borrower any interest or eamings on the ~nds. I.ender ahall give to Borrower. without charge. an annual eccounting of the Funda ahowing credits and debita to the Funda and the purpoee for which each debit to the F~nda was made. The Funds are pledged as additional seciuity for the auma eecured by this Mortgege. If the amount of the Fl?nds held by Lender. together with the future monthly instaUmente of Funda payable prior to the due dates of ta:ee, aeeeasmenta, ineurance premiuma and ground renta, ahall exezed the amount required to pay said ta:ea, assesamenta, insurance premiume and ground renta ae they fall due, auch e:cees ahall be, at Borrower e option, either promptly repaid to Borrower or credited to Borrower on monthly installwenta of Fl?nds. If the amount of the Funde held by Lender ahall not be aufficient to pay ta:es, asaessmenta, ineurance premiums aad ground rents aa they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency wlthin 30 daye from ihe date notice is mailed by Lender to Borrower requeeting payment thereof. Upon peyment in fiill of all aums aecured by thia Mortgage. Lender ehall promptly refund to Borrower any funds held by Lender. If under oaregraph 18 hereof the Property ia eold or the Property is otherwise acquired bv Lender, Lender ahall apply. no later than immediately prior to the sale of the Property or ite acquiaition by Lender, any ~nds held by I.ender at the time of application ae a crrdit against the sume secured by this Mortgage_ 3. Applicatioa of Paymenta. Unleas applicable law providea otherwiee, all paymenta received by Lender under the Note and paragraphe 1 and 2 hereof ahaU be applied by I.ender firat in payment of amounta paysble to I.ender by Borrower under par~graph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and prinripal on any Future Advances. 4. C6argee; Liens. Borrower shall pay all taxea, assessments und other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragruph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Borrpwer ahall promptly furnish to I.ender all notices of amount8 due under this paragraph, and in the event Borrower shail make payment directly, Borrower shall promptly furnish to [.ender receipts evidencing such paymenta. I3orrower shall promptly discharge any lien which ha~ prietltpover this Mortgage; provided, that Bormwer shall not be required to discharge any such lien so long as &?rrower shall agree in writing'to t~e pAtmen: of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enfo~xmentofauch lien in, legal proceedings which operate to prnvent the enforcement of the lien or forfeitum of the Property or any part thereof. 5. Hazard Inenrence. Borrower ahall keep the improvemente now eaisting or hernatter erected on the Property insured againat losa by fire, hazarde induded within the term "e:tended coverage," and sach other hazards as Lender may require and in auch amounts and for such periods as I.ender may require; provided, that Lender ahall not require such coverage amount exceeding the minimum, as may be required by state or federal regulations governing activities of Lender, or that amount of coverage required to pay the euma secured bp this Mortgage, whichever ia the greater. . The insurance carrier providing the insurance shall be chosen b~ i3orrower subject to approval by I.ender, provided, that such approval shall not be unreasonably withheld_ All prnmiums on insurnnce policies shall be paid in the manner pro~ ided under paraRraph `L hereof or, if not paid in such manner, by Iiorrower making payment, when due, directly to the insurance carrier. All inaurance policies and renewale thertof ahall be in form acceptable to L.ender and ahall include a siandard mortgage clause in favor of and in form acceptable to Lender. Lenderehall have the right to hold the policiea and rnnewals thereof, and Bonower ahall promptly furnish to i i.ender all renewal noticea and all receipts of paid premiums. In the event of losa, Borrower ehall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of loss if not msde prompdy by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds ahall be applied to reatoration or tepair of the Property ~ damaged, provided such restoration or repair ia economically feasible and the eecurity of this Mortgage is not thereby impaired. If such reatoration or repair is not economically feasible or if the eecurity of thie Mortgage would be impaired, the inaurance proceeds shall be applied ~ to the sume aecurEd by this Mortgage, with the excess, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower faila to k respond to I.ender within 30 daya from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for ~ insurance benefita, Lender is authorized to collect and apply the insurance proceeda at Lendei a option either to rnstoration or repair of the z Property or the aums secured by this Mortgsge. ~ Unleae Lender and Borrower othetwise agree in writing, any auch application of proceeda to principal ahall not extend or postpone the due ~ date of the monthly inataliments referred to in paragrapha 1 and 2 hereof or change the amount of auch installments_ If under paragraph 18 ~ hereof the Property, ie acquired by Lender. all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds ~ thereof reaulting from damage to Property prior to the sale or acquiaition shaU pass W Lender to the e:tent of the auma secured by this Mortgage immediately prior to auch sale or soquiaition. ~ 6. Preaervarion and Maintenance otProperty; Leaseholds; Condominume; Plenned Llnit Developmente. Borrowerahall keep ~ the Property in good repair and Rhall not commit waete or permit impairment or deterioration of the Property and ahall comply with the provisions of any leaae if thie Mortgage ia on a leasehold. If this Mortgage is on a unit in a oondominium or a planned unit development, ~ Borrower shall perform all of Borrower e obligations under the declaration or rnvenants creatingor governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or pianned unit development, and conatituent dceuments_ If a ~ condominium or planned unit development rider ia e:ecuted by Borrower and recorded together with this Mortgage, the a~venants and ~ agreements of euch rider ahall be incorporated into and shall amend and aupplement the covenanta and agreementa of this Mortgage as if the ~ rider were a part hereof. ~ 7. Protection of I.ender's Security. If Borrower fails to' perform the oovenante and agreements contained in thia Mortgage, or if any ~ action or proceeding ia commenced w6ich materially affecte Lendefa interest in the Property, including, but not limited to, eminent domain, insolveacy, oode enforcement, or arrangementa or proc~edings involving a bankrupt or deoedent, then Lender at L.ender'e option,upon ~ - ~ notioe to Borrower may make euch appearances, disburee such eums end take such action as ie neceeeary to protec! Lender's interest, - inclading, but not limited to, disbursement of nesonable attomey e feee and entry upon the Property to make repairs. If Lender reqaired ~ mortgage ineurance as a coadition of making the loan eecured by thia Mortgage, Borrower shall pay the premiume required to maintain ench ineu:ance in effect until auch time ae the requirement for sach inswance terminatee in accordance with Borrower'e and Lend~a ~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiutne in the manner provided under PareB*aPh 2 hereof. - ~ Any amonnte diebursed by Lender pereuant to this paragraph 7, with interest thereon, ehall beoome additiona) indebtedneae of ~ Borrower eecured by thia Mortgage. Unleas Borrower and Lender agree to other terme of payment, euch amounta ehall be payable apon Y'• notice from I.~der to Borrowei requeeting payment thereof, and shaU bear inLerest from the date of diabureement at the rate payable from ~ time to time on outetanding principal under the Note uniees payment of interest at auch rate would be oontrary to applicable law, in which event snch amounts shall bear intereat at the highest rate permiaeible under appiicable Iaw. Nothing contained in this paragraph 7, ehall require Lender to incur eny expenee or teke any action hereunder. ~ ~ ~ ~ ~ 4' y~. , / ~ t ~s ~'-~V P~L ~ ~ ~ - - - - - - - -,x,. ~ , - ~ r ~ ~ "J ~_.y3~~~~~,..~^c~..~a,-i E._ _ ~~~8~,. ~ `u~".~