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HomeMy WebLinkAbout0974 . ' Borrower and Lender covenant and agree aa fo:lowe: 1. Payment a! Prtncjpal and Intereat. E;oROwer ehall promptly pay when due the principal of xnd inteceet oa the indebtecine~:a evidenced by the Note. prepayment and latecharge~s as provided in the Note, and theprincipal of and iaterenton any ~lture Advancea aec~red by this Mortgage. 2. F~nde [or T~uces and Iaeurance. Subjec! ta npplicabte law or to a written waiver by Ixnder, E3orwwer ahall pay to l.ender un thr du,v monthly installmenta of principa) and interret are payable under the Note, until the Note ia paid in full, n sum (herein "Funds") c~quul W oni tweltth of the yearly tauea and assesementa which may attain priority over thie Mortgage, ond ground renta on the F'roperiy, if t~ny, plus one- twelfth otyearly premium inatallments for haaard irtaurance, plus onetweifth ofyearly prnmium instaliments for mortgi?ge insurance, if any, all ae reaeonably eatimated initially and from time to tia~e 6y [.ender on the basie of uaaesamenta nnd bills und re~asonnblP esstimatre thereol. The Ftinds shall be held in an instiiution the depoaite or accounta o[ which ere ir?eured or guaranteed by a~ederal or Statc aqency (including l.end~ if l.ender ie euch an institution). Lender shall apply the Funda to pay eaid taxes, asaessmenta, insurance premiwne and ground renta. Lender may not charge foT so ho{ding and applying the Ftinda, analyzing said accou~t, or veriiying and compiling ~id aesesaments and bills, unleae [.ender paya Borrower intere8t on the Funds and applicable law permite Lender to mnke auch a charge. Born~we: and Lender may agree in writing at the time of execution ot thia Mortgage that interest on the Funda shall be paid to 13orrower, and uniesa auch agreement ia made or applicable law requirea auch interest to be paid. Lender ahall not be required to pay Borrower any intt~reat or earnings on the Funda. I.ender ehall give to Borrower, without charge, an annua! aecounting of the Funda showing credita and debita to the Ftinda and the purpoee for which each debit to the Funde was made. The Funda am pledqed as additional security for the aums aecurud by this Mortgage. If the amonnt of the ~nda held by I.ender, together with the future monthly inatailments of Funda payable prior to the duedates uf teues, aaseesments, ineurance premiuma and ground rente~ ahall e:cYC,d the amount required to pay said taxea, asaessinents, ins~rance premiuma and ground rents se they fall due, auch exceee ehell be, at Borrowei s option, either promptly repaid to Borrower or credited to Bonower on monthly inatallment8 of fi~nde. If the amount of the Funda held by I.ender ehall not be autficient to pay ta:es, asaesamenta, insurtince premiuma and gmund rents as they fell due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days firom the date notice ia mailed by I.ender to Borrower requesting payment thereof. Upon payment in full of all sume secured by thia Mortgage. Lender shall prompdy refund to 6orrower any funde held by Lender. lf under paTagrsph 18 hereof the Property ia sold or the Property ia otherwise acquired by l.ender, Lender shall apply, no later than nmmediately priur to the sale of the Property or ita aoquisition hy Lender, any E~tnds held by I.ender at the time of app~ication as a credit againet the sums ~cured by thia Mortgage. . 3. Appllcation of Paymente. Unlese applicable law provides otherv~ise, all pavments received by Lender under the Nou~ and paragraphs 1 aad 2 hereof ehall be applied by L.Ender first in payment of amo~nts payable to I.ender by Borrower under paragraph 2 hereot, then to interest payable on the Note, then to the principal of the hote, and then to interest and principal on any Future Advancee. 4. Chargee; Liene. Borrowershall pay aU taxea, assessmrnts and uther ch~tes, finea and impasitiona nttributableto the Pimperly whi~~h may atiain a priotity over this Mortgage, and leasehold paymrnta or ground rents, if any, in the manner pru,vided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. I3orrower ahail promptly furnish t~ L.ender all notices of amounts due under this paragraph, and in the event Bonower shall make payment directly, Borrower shall promptly Cumish to I.ender reoeipta evidencing euch payments_ Borrower ahall promptly discharge any lien which has priority over this htorigage; provi3c~_ that Borrower shall not berequired to discharge any such lien so long as Borrowershall agree in writing tu the payment of theobligation secur!xl by such lien in a manner acceptable to Ixnder, or shall in good faiih rnntest such lien by, or defend rnforrnment of such (ieu in,legai prckY~edings which operate to prevent the enfartement of the lien or forfeiturn of lhe Prcperty ar any pArt thereof. 5. Hazard Insurance. Borrower ahall keeQ the improvemente now existing or hereafter erected on the Property insured againsi losa b~ fire, hazards included within the terrrt "eatentlwl ooverage," and auch other hazards as i~nder may require and in such amounts and fer such i".^,."~.is u."' • c; ~v~iiioJ~ ii~iai ~i.~L124tf DlIitt! !1!~l ~lU~~v 1iU~:fi WYeLH~C SRIO11IlL IXCC@Qlil[; ~I1C Il11I1{IIlUI11, as may be mquired by ..o ~,~j °l:::: 'y etate or federal regulations governing aMivit:~ of L.ender, or ihat amount of coverage required to pay the sums secured by this ~4ortgage, whichever ia the greater. ~ The iasurance cacrier provi~ag the insurance shall be chosen ~St Rorro~+ver s•~i~iea'L approva{ by I.ender, pmvided, that such approval ahall not be unreasonably withh2ld. All premiums on insurance policies shx)1 br pai!1 in the n~a^nrr Fmvided under puraKraph '3 her~f or, if . , not paid in snch manner, by Borrower making payment, when due, directiy to the insuran~Y ~srrier. . I All ineurance policies and renewala thereof shall be in form acceptable to Lender and shall include a esiandani a:~*!gfute ciauae in `a :•~r of and in form aoceptable to I.ender. Lendet ahall have the right Lo hold the policies and renewels thereof, and Bonov?er ahali prom~ly fumiRh to i.ender all rnnewal notices and all receipte of paid premiums_ In the event of loss, Bonuwer shall give prompt notice to the insarance carrier ' and Lender_ Lender may make pmof of loes if not made promptly by Borrower. I Unleas Lendet and Borrower otherwiae agree in writing, ineuTance proceeds shall be applied to restaration or repair of the Ptoperty ~ damaged, provided auch restoration or repair is economically feasible and the aecurity of this Mortgage is wot thereby impaised. If•such - ! restoration or repair is not economically fea8ible or if the security of this Mortgage would ~ impaired, the insurance proceeda shall be applied t to the auma eecured by thie Mottgage, with the excesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fai Is.to ! respond to I.ender within 30 dayrg from the date notice ia mailed by Lender to Borrower that the inaurance carrier offera to aettle a ciaim for ; ineurance benefite, I.ender is suthorized to coIlcxt and applg the inaurance proceeds at Lender s option either to restotation or repair of the E Property or the aums eecured by thia Mort~[age. ~ Unleas Lender and Botrower otherwise agree in writing, any such application of ptnceeda to principal ahaii not e:tend or postpone the due g date ot the monthly installments rnfezted to in paragra~he 1 and 2 hereof or change the amoant of such installments. If under paragr~ph IS a hereof the Property ia aoquirec~ by Lender, all right, title and intemst of Borrower in and to any inaurance p~licies and in and to the proceeda s thereof reaulting trom damage to Property prior to the sale or acquieition ahall psse to Lender to the extent of the suma secured by this ~ Mortgage immediately prior to auch aaie or acquieition. ~ 6. Preservation and ~aintene?nce of Property; Leaeeholde; Condominume; Planned Unit Developmenta. Borrower ahs,ll ~eep the Pcoperty in good repair and ehall not commit waste or penait impairment or deterioration of the Property and shall comply w-ith the ~ provieions of any lease if ihis Mortgage ie on a leaeehold. If thie :~lortgage ia on a unit in a rnndominium or a planned unit development, ~ Borrower bhall perform ali of Borrowei ~ obligations under the declaration or covenanta creatingor goveming the rnndominium or planned ~ unit development, the by-laws and regulutione of ihe condominium or planned unit development, and conatituent documdnt~s. If a 3 .ondominium or. planned unit development rider is exesuted by Borrower and recorded together with this Mortgage, the oovenante and agreements of anch rider ahall be incorporated into and shall amend and aupplement thecovenants and agreementsof this hlortgage as if the ~ rider were a part hereof. " ~ 7. Protection of Lender's Security. If Borrower faila to perform the oovenante and agreemente contained in thia Mortgage, or if any } action or proceeding ie commenced which materially affecte Lender e interest in the Property, including, but not limited to, eminent domain, ineolvency. oode enforcement, or arrangemente or pmceedinea involving a banl~rupt or deceden~, then Lender at Lender's option,upon notice to Borrower may make auch appearancee, dieburee euch auma and take euch action as is nec~sary to protect L.ender's inteteat, f including, but not limited to, clisbureement of reasonable attorney'e feee and entry upon the Property to malce repaire. It Lender required ; ~ morigage ineurance ae e condition of making the loan eecur_d by thia Mortgage, Borrower ehall pay the premiuma required to maintain auch inaurence in effect until such time aa ~e requirement foY auch insurance t~enninates in aocordance with Borrower s and Lender's written agreement or appliceble I.ew. Borrower ehall pay the amount of all mortgage inaurance premiums in the manner provided under - ~ paragraph 2 hereof. - ? Any amonnte disbureed by Lender persuant to thia paragraph 7, with intereet thereon, ahall become additional indebtednc~e of Borrower eecured by thie Mortgage. Unlesa Borrower aisd Lender agree to other terms of payment, auch amounfa sha11 be payabie upon = notice from Lender to EMrrower reques:ing payment thereot tind ehall bear interest from the date of diebursement at the rate peyabie from : time to time on outatanding principal under the Note unlese payment of intereat at such rate would be oonfarary to applicable lew, in which ~ event wch amounta shal{ bear intereet at the higfieat rate permiasible under appiicable law_ Nothing contained in this paragraph 7. ehall ~ requ'ue Lender to incur any expense or take any action hereunder. ~ 3 F$ i ~ 4 ~,n,,, ~ 9~ ~ =s 'j ' r _ 'h _ _ _ . _ . _ . ~ _ ~ . 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