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HomeMy WebLinkAbout0590 . ' . Borrower and Lender rnvenant and a~ree ea follovin: 1. Paymeat ot Prlacipal aad Iateres~ Borrower shall promptly pay when due the principal oi and interest on the irtdebtedneas evidancsd by the Nots~ prepayment and late charges aa pmvided in the Note, and the principa! of and intecest on any FLture Advances secured by this Mottgage. • Z. Plutds for Teuces and Iasuranoe. Subject to applicable law os b a written waiver by Lender, Borrower ehall pe~y to l.ender on the day monthly uutallments of principal and interest are payable under the Note, until the Note ia paid in full, a eum (herein "E~nds") equal to one twelfth of the yeady taxes and atsessments which may attain priority over thia Mortgage, and gt~ound rents on the Property, if aay, plus ono- twelfth of yearly premium installmeats fot hasasd inaurancs, plua onetwelRl~ ofyearly premium installments for mortgage inaurance, if any. aU ea reasoaably estimated initially and from time to time by I.ender on the baeis of esaesamenta and biUs and reasonable estimates thereof. The Pynd~ ahall be held 'u? an institution the deposib or accounts of which are insured or guarenteed by a Federal or 3tate agen (includin~ Lender if Lend~ ia such an institutioa). Lender shall apply the ~tt~ds to pay said taxes, aseesamenta, inaurance premiums and • 8raand nnts. Lender mey not ebarge for w holding and apDlying the I~nds, analyzing aaid account, or verifying and compiling said asseasa~ents and biW, unleea Leader pays Borrower intereet on the FLnds and applicable law permite I.ender to make such a charge. Borrower and I.ender may agree in writing at the tiWne of esecution o( this Mortgage that interest on the fiinda ehaU be paid ta Borrower, and unlees such agreement is made or applicable !ew requiree auch intereat to be peid, Lender ahall not be required to pqy Borrower any intereet or earaings on fhe Ptitnds. I.end~ ahall give to Borrower. ~vithont charg~ an annuel acooiu?ting of the I~nda ahowing credits and debita to the F1u~ds and the purpoee for which each debit to the FLnds wae made.ll~e F~nds are pledged as additional eecurity for the auma secared by thia ~ Mortgage. If the s~ount of the Fl~ndB held by Lender. together with the future monthly installmenta of fi~nde payable prior to the due dates of ta~cea, aeaeesments. inaurance pt~emiums and ground rents, shall ucYed the amount required to pay seid ta:es, seeeesmenta, insurance premiuma and ground tente as they fall due. such ezcese ahall be. at Borrower's option. either ptomptly repaid to Borrower or credited to Borrower on monthiy instaUments of FLnda. If the amount of the Funds held by Lender ahall not.be aufficient b pay ta:es, aseessments. ineurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to meke up the deficiency within 30 daya trom the date notice ia mailed by L,ender to Borrower requeating payment thereof. Upon payment in full of all euma secuied by thia Mortgage, Lender shatl promptly refund to $orrower any funds heid by 1,end~. If under ~ paragraph 18 hereof the Property is aold or the Property is otherwiee acquired by Lender, I,ender ahall apply, no later than immediately prior to the sal~ of the Property or its soquiaition by Lender, any ~nda held by I.ender at the time of application ae a credit againat the auma secured ~ by this Mortgage. 3. Applicadon at Payments. Unlesa applicabte taw provides otherwise, all paymente received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by Leader firet in payment of amounte payable to Lendet by Borrower under paragraph 2 hereof, then to intereet payable on the Note. then to the principal of the Note, and then to interest and principal on any Future Advancea 4. Chargea; Liene. Borrower ahall p~v all taues, aeeesaments and other chargea, finea and impositiona attributable to the Property which may attain a priority aver this Mortgage, and leasehold paymente orground renta, if any~ in the manner prorided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee theteof. Borrower ahall promptly fumish to Lender : all notices of amounts due under this patagraph, and in the event Borrower shall malce payment directly, Borcnwer ahall promptly f~uniah to l.ender receipta evidencing such payments. Borrower ehall promptiy discharge any lien which has priority over this Mortgage; provided, that Borrowear shall not berequired todischa:ge any such lien so long aa Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acoeptable to I.ender. or ahall in good faith contest auch lien by, ordefend edforcement of auch lien in, legal proceedings which operate b prevent the enforcement of the lien or forfeiture of the Ptoperty or any part thereof. 5. Hezard Insurance. Borrower shall keep the impmvementa now eaisting or hereafter erected on Lhe Property iaewed againat loss by fire, hazarda inclnded within the term "e:tended eoverage," and euch other hazards as Lender may require and ia euch emounts and for such ~ perioda as Lender may reqnire; pmvided, that Lendet ahall aot require such coverage amount ezceeding the minimum, as may be required by state or federal regulations goveming activitiea of I.ender, or that amount of coverage required to pay the suma eecured by this Mortgage, whichever ie the great~. The insurance carrier providing the insurance ahall be chosen by Borrower subject to approval by [.ender, provided, that such approval - shall not be unreasonably withheld. All premiums on insurance polities 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 inaurance policies and renewale thereof aha11 be in form acceptable tn Lender and shall include a atandard mortgage cleuse in favor of . and in form aoceptable to Lender. I.ender ahall have the right to holdlhe policiee and renewals thereof, and Borrower ahall promptly fumish to i.ender all renewal notices and all receipta of paid premiume. In the eyent of losa, $ornower shall give prompt notice to the inaurance carrier and Lender. Lender may make proof of loea if not made Rromptly by Borrower. Unlese Lender and Borrower otherwiae agree in writing, ineurance proceeda ahall be applied to restoration or repair of the Aroperty dameged, provided auch restoration or repair ia economically feaeible and the eecurity of thia Mortgage is not thereby impaired, If snch - reetoratioa or repair ia not ecanomicaliy feasible or if the eecurity of thia Mortgage woutd be impaired~ ti~e inaurance proceeds shall be applied - to the sume eect~t~ed by this Mortgage, with the eac~ess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to reapond to Lender within 30 deye fmm the dete notice ia mailed by Lender to $orrower that the inaurance carrier offers to seWe a claim for - insurance benefite, Lender ie authorized to collect and apply the inaurance proceeda at I.ender'a option either to restoration or repair of the Property or the swna eec~u~ed by thia Mortgage. ~ Untese Lender and Borrowet otherwise agree in writing, any auch application of proc~eeds to prinripal ahall not e~ctend or poetpone the due date of the monthly inatallmente referre~ to in paragraphe 1 and 2 hereof or change the amount of auch installmenta. If under paragraph 18 hereof the Property ie soquired by Lender, a!1 right, title aad intereat of Borrower in and to any ineurance policies and in and to the proceeda - thereof reaulting from damage to Property prior to the eale'or soquisition eha~l pass to Lender ta the e:tent of the aums secured by thia Mortgage immediately prior to such sale or acquiaition. 6. Preservation and Maintenance of Property; Leaseholda; Condominums; Planned Unit Developmente. Borrower ahall keep the Property in good repair and shall not commit waste or permit impairment or deEerioration of the Property and ehall oompty with ihe proviaions of any leaee if this Mortgege ie on a leaeehold. If thia Mortgage ia on a unit in a rnndominium or a planned unit development, Borrower ahall perform all of Botrower's obligatione under the declaration or oovenante creatingor governing the condominium or planned unit development, the bylaws and regulatione of the oondominium or planned anit development, and oonetitnent docnments. If a rnndominium or planned unit development rider ia ea~ecuted by Borrower and recorded together with thia Mortgage, the oovenanta and agreemente of auch rider ehal! be incorporated into and ahall amend and supplement the covenanta and agreements of this Mortgage as if the rider were a part hereof. Protection ot Leader'~ Securtty. If Borrower faile to perform the oovenante and sgreemeats oontained in this MortBaBe, or if eny action or proceeding is oommenced which materially affecte L.ender'e interest in We Property, inclndine. bat not limited to, eminent domain~ insolveacy, eode ~fon~emenl~ or arrangemeata or procxedings involving a bankrupt or deoedent, then Lender at I,ender'e option,upon notioe to Borrower may make such appearanoes, disbum such aums and take anch action as is neceaaary to protect I.ender's interest, inclnding. but not limited to, disborsement of rea~oaabk attozney's fees and entry upon the Property to meke repairs. If Lenda required mortgage insnrancx aa a oonditioa of making th6loan~ secured by thie MortgagG $orcower shell pay the pr~oiume required to maintain such inanranoe in effect nntil anch time as the requirement for such insnrance terminatea in socordance wiW Borrower's and I.endar's • written a~eement or epplicable Law. Bornower shall pay the amount of all mortgage insuranoe prewiums ia the manner provided under paragraph 2 henof. } Any amounte disbureed by Lender pereuant to this paragraph with. intereat thereon, rhall become additional indebtednees of ' Borrowa secured by this Mortgage. Unlees Borrower end Lender agree to other terma of payment, such amounts ahall be payable upon notioe irom L,ende! to Borrower requating j?ayment thereof, and ehall bear interest from the date of.diabnreanent at the rate payable from time to time on ontstanding ptincipal anda the Note unlees payment of interest at such rate would be ooatrary to applicable law. in which b event such emounts ahall bear interest at the higheat rete permisaible under applicable law. Nothing contained in this paragraph 7, shall ~ reqnire Lender to incur any acpenee or take any action henundrr. ~ eo ~2g - _ ~ r~~ 5 89 . ~ . _ _ _ . _ _ _ . , ~ , .