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HomeMy WebLinkAbout0721 r• Borrower and I.ender covenant and agree aa followa: 1. Payment ot Priacipal and Interest. Borrowe~ ehall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late chcirges i?s pmvided in the Note. a~d the principet of and intereat on any F~ture Advances eecured by this Mortgage. 2. Ptiu~ds for Tanes and lneurance. Subject to epplicable law or to e written waiver by l.ender, f3orwwer ehall pay to I.ender on the day monthly installments of principal and intereat are payable under the Note, until the Note ie paid in full, a eum (herein "~nda"! equal to on~ twelfth of the yearly taxee and aseeasments which may attain prio~ity over thie Mortgage, and ground renta on the Property, i(any, plua ont twelRh of yeatly premium inatallmenta. for hazard insurance, plua onetwelfth of yearly premium installmente for mortgage ineurance, if any, all as reaeonably e8timated initially and from time to time by l.ender on the baais of aesesament$ and billa and reasonable eetimates thereof. ~1~.. T7~....i. .ti.ell 1.s I..I.i :n on ;n.l:f..~inn t}.n dner,aita nr n~rnunfx nf mhi~h Aew inaura! nr ouwrnnt~arl hv a Fw~inrwl nr Stntn avenrv - - - : - (including Lender if Lende~r ie euch an inatitution). l.ender ehall apply the Ftinds to pay eaid ta:es, eseesamente, ineurance premiums and ground renta. Lender may not charge for so holding and applying the F1nds, analyzing said account, or verifying and rnmpiling aaid eaeeeamenta and bille. unlees L.ender pays Borrower intereat on the ~u?da and applicabte law permita Lender to make auch a charge. Bom,wer and I.ender may agree in writing et the time of execution of thia Modgage that intereat on the Funde shall be paid to fiorrower, and untesa snch aQraement is made or applicable law requins euch intereat b be paid, L~nder shall not be required to pay Borrower any intereat or eamings on the flinds. Lender shall give to Borrnwer, without charge, an annual accounting of the Funde showing credite and debite to the Funde and the purpose for which each debit to the Funda was made. Tfie Funde are pledged as additional aecurity for the suma secured by this Mortgage. If the amount of the FLads held by Lender, together with the future monthiy inatallments of Funda payable prior to the due datea of t~ee. aaseeamente, insurance premiuma and ground rents, shall e:czed the amount required to pay said ta:ea. assesamente, inaurance premiums and gro~u?d rente as they fall due, euch ezceae ehall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on moothly inatallments of ~Lnds. If the amount of the Funds held by Lender ahall not be aufficient to pay taxea, aseeesments, ineurance premiums and ground rente ae they fall due. Borrower ahall pay to I.ender any amount neceseary to make up the deficiency within 30 days ; from the date notice ia mailed hy I.ender to Borrower requesting payment thereof. Upon payment ia full of all euma eecured by thia Mortgage. Lender shall prompdy refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property ie sold or the Property is otherwiee acquired by Lender, I.ender shall epply, no later than immediately prior to the eale of ihe Propersy or i~s aoquiaiaon by Iender, any Funda helti by Lender at the time oiappiication as a czedit sgainat the aums secured by thie Mortgage. • 3. Application of Payments. Unlesa applicable law providea otherwiee, all paymenta received by I.ender under the Note and paragraphs 1 and 2 hereof shaU be applied by Lender firet in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the prinapal of the Note, and then to intereat and principal on any Future Advances. 4. Charges; Liena. Borrower ahall pay all taxea, assessmenta and othercharges, 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 paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish to Lender all notices of amounta due undrr thia paragraph, and in the event Borrower shall make payment directly, Borrower shall prompily furnish to Lender receipta evidencing auch paymenfs. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Botrower shall agree in writing to the payment of the obligation secured by auch lien in a mann~ acceptable to Lender, or ehall in good taith contest such lien by, or defend enforcement of such lien in, leg,al proceeciings which operate to prevent the enforcement of the lien ur forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower ahall keep the improvements now existing or hereafter erected on the Property inaured againat loss by fire, hazarde ineinded within the term "e:tended ooverage." and euch other hazards es Lender may require and in such amounta and for such periods ae Lender may require; provided, that Lender shall not require such ooverage amount e:ceeding the minimum, as may be reQuired by atate or federal regulationa governing activities of Lender, or that amount of coverage required to pay the suma eecured by thia Mortgage, whichever ia the greater. ' The inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by I.ender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if . not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. ' All ineurance policiee and renewala thereof ahall be in form acceptable to Lender and shall include a standard mortgage clauae in favor of i and in form acceptable to Lender. Lender ahall have the right to hold the policies and rnnewals thereof, and Borrower ahall promptly furnish to ~ i.ender all renewal noticea and all receipte of paid premiums_ In the event of losa, Borrower shall give prompt notice to the inaurance carrier and Lender. Lender msy make proof of losa if nat made promptly by Borrower. f Unleae Lender and Borrower otherwiae agree in writing, inaurance proceeds ahall be applied to restoration or rnpair of the Property y damaged, provided auch reatoration or rnpair is economically feasible and the eecurity of this Mortgage ia not thereby impaired. If such 3 restoration or repair is aot economically feasible or if the security of this Mortgage would be unpaired, the inaurance proceede shall be applied ~ to the aums eecured by thia Mortgage, with the excese, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to , respond to Lender within 30 daye from the date notice ie mailed by Lender to Borrower that the insurance carrier offera Lo settle a claim for ~ ineurance benefits, Lender is sathorized to coliect and apply the ineurance proceeds at Lender s option either to reatoration or repair of the £ Property or fhe aume secured by this Mortgage. ~ Unlese Lender and Borrower otherwiee agree in writing, any auch application of proceeda to principal ahall not eactend or postpone thedue ~ date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallmente. If under paragraph 18 hereof the Property ie aoquired by Lender, all dght, tide and interest of Borrower in and to any ineurance policies and in and to the proceeda thereof resulting fmm damage to Property prior to the sale or acquisition ahall pasa to Lender to the e:tent of the eume eecared by thia Mortgage immediately prior to such aale or aoqnisition. . 6. Preservadon and Maintenance of Property; Lesaeholda; Condominums; Planaed Unit Developmenta. Borrower ehall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall rnmply with the ~ proviaiona of any lease if this Mortgage ia on a teasehold. If this Mortgage ie on a unit in a oondominium or a planned unit development, Borrower ahall perform all of Borrower a obligations under the declaration or covenante creatingor governing the condominium or planned ~ unit development, the by-laws and reguladona of the rnndominium or planned unit development. and conetituent documents. If a oondominium or planned unit development rider ie executed by Borrower and recorded together with thia Mortgage, the oovenante and ~ agreements of auch rider shal! be incorporated into and shali amend and supplement the covenanta and agreementa of thia Mortgage aa if the rider were a part hereof. ~ 7. Protection of I.ender's Security. If Borrower fails to perform the oovenanta and agreements oontained in this Mortgege. or if any ection or proceeding is commenced which materially affecte Lender'e interest in the Property, including, but not limited to, eminent domain, insolvency, oode enforcement, or arrangemente or pevccedinga involving a banicn~pt or deoedent, then Lender at Lender's option.npon notice to Borrower may make euch appearanoes, disburee auch eums aad•take auch action er ia neceeeary to proteet Lenda's interest, indnding, but not limited to, disbnraemeni of reaeonable attorney'e fcee and entry upon the Property to make repeirs. If Lender required mortgage insurance as a oondition of malring the loan secured by this Mortgege, Borrower shell pay the premiums reqnired to maintain ~ snch iasarance in effect nntil such time as the requirement for snch insurance terminates in aocordance with Botrower's and Lende~s ~ written egreemeat or applicabk Law. Borrower shall pay the amount of all mortgage insurance prerninme in the manner provided under ~ paragraph 2 hereof. ~ Any amounts disbursed by Lendez persuant to thie paragraph 7, with intereat thereon, ahall become additional indebtedneas of ' ~ Borrower• secured by this Mort~age. Unless Borrower and I.ender agree to other terme of payment, auch amounte ehall be payable upon notice 5rom Lender to Borrower requeeting payment fhereof, and ehall bear intereat from the date of diebureement at the rate payable from ~ g pri pal under the Note nnlees payment ot interest et such rate would be oontrary to applicable law, in which ~A time b Lime on outatandin nci ~ ;~a ~ event such amonnts shall bear intereat at the highest rate permieeible under applicable law. Nothing contained in this paragraph 7, shall ~ reqain Lender to incur any etpenae or take any action hereunder. ~ ~ ~ ~ ~ :4 ~ ~ x293 PA~ 7z0 i ~ - - _ i_ --e~ ~I .-~y~s, ~ - " ,.xt,:::~,.