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HomeMy WebLinkAbout0322 ~ ~ ~ • ~ . . ~ ' ~ tic,rruwe~ nnd l.ender covrnanl and u~rre ue IoUuwa: l. Payment of Principal and I~trra~t. Ik?rrc,wer ehull prumptly {wy whrn due the principal of and interret un thr indebteclnrax evidenced by the Note, prepayment and late chargeb as pruvided in thr Note, and the principul of aod intereetun any Future Advuncee xecured by thu Mortgage. 2. Ftindr tur Ta:e~ and inrurence. tiubject to applicuble law ur tn a written waiver by I.ender, liczrn?wrr ah~il) pay to l.rnde~ un the duy monthly i~stnllment~ of pnncipnl a~d interret are puyable under the Nute, until the Nute ie puid in full, ii sum therrin "M unda") eyuu! w une twei[th of the yearly tuxes and usara~mrnW which may attuin priurity uver Ihia Murtgage, a~d gruund renta un the 1'roprrty, if any, plue one twelfih of yearly p~emium inetalime~la for hazar~l ineurance, plusunrtwelRh ofycurly premium inet~llmenta for mortgi~ge ineurunce, if any, al) as rexaonably eatimuted inilially and trum time to timr by i.rndr~ on thr baxix of nxaei?xmrnla and biUe and reuauni~ble rntimuk•x lhr~cof. The Ptinds shall be held in an institution the depoeits or accounts ot which are insured or guaranteed by a Federal or State agency (including I.ender i[ l.ender ie auch an institutiun). l~ender shall apply the F unde u~ pay eaid taxee, usaesxmrnta, inaurance premiums and ~round rente. I.ender may not charge ~or eo holding and applyiog the Mund~, analyzinp eaid accuunt, or verifyinq and a,mpiling said asees~mente and bills, unlesa I.e~der peys Eiurrower interest un the Funds and appl~cable lew pern~its 1~ender to makr euch a charge.l3urruwer E~d l.ender mey agree in writing at the time o[execution of this Mortgage that intereat on the 1~'unda ehell be paid to Burrower, and unlexa euch a~reement is made or applicable law requires euch intetest b be paid, I.ender shall not be required to pay Borrower nny intereat or earnings on the Funds. l.ender ehall give to I3urrowe~, without charge, an annual accounting ot tlie Funde shuwing crcdit8 and drbite to the M unda and the purpose for which each debit b the M unda waa made. The Fundu are pledged ue ndditional security fur the euma secured by this Alortguge. I[the amount of the M unds held by I.eoder, t~ether with lhe future monihly inatallmrnte otFunda payuble priur to the due dntra of taxea, aseesemente, ineurance p~emiums and gn,und rente, ehall exceed the xmount required to pay exid taxee, asr~euamenta, insurance prrmiume and ground rents ea they fal) due, such excerr ehall be, at Ro~ruwer'a oplion, eilher prompUy repaid tu E3orrower or creditei! tu Fiorn~wer un monthly instellments uf Funds. If the amount of the F unds held by I,ender nhall not be sufficient lo pay ta:ee, aeaexsmenta, ineurance premiume and ground rcnte ae they fall due, Bormwer ehall {~y to lender any amount necexxary to make up the deficiency within :!l)days frum the date notice ie mailed by I.ender lo fiorrower requesling paymrnt thereof. Upon payment in lull otall eume eecured by thie Mortgty~e, l~ender ahall pn~mptly refund to li~~rrower any funde held by I.ender. lf undrr paragraph 18 hereotthe Property ie sold or the Property ie otherwise acquire~l by I.ender, t.ender ehnll apply, no leter than immediately prior w the sale of the I'roperty or itw acquiaifion by I.ender, any Funde held by I.ender at the time of application as a cndil uguinst the eums aecured ~ by this Mortgage. 3. Application of Paymenla. Unleae applicable law providee otherwiee, all paymente received by I.ender under the Nute aind peragraphs 1 and 2 herec?f ehull i~e applied by l.rnder firxt in pxyment ~?f am~~untei pay~ble lu I~ender by l3orrower under paraKraph 2 hrreof, then to irltereat payable on the Note, then to the principal ot the Note, and then to intereet and principal un eny Muture Advancrg. 4. Chargea; Liena. ltorrower ehall pt~y nll laxea, aeseaamenta f?nd other charK~~x, finen and im~x,~itionA allributable to the Pro~rty which may attnin n priority uver thia MortKuge, and le:uehold ps+ymrntx or ground rentx, if any, in the manner providcKl under puriiKruph'l herr~d ur, ~f not paid in surh manner, by Borrower makinK ps~yment, whrn due, directly to the piry~~r there+,t liorrowrrdhall prumptly furnish tu I.rnder all nuticeis of amounte due under thix paragrnph, nnd in the event liorruwer ehall muke payment directly, Bormwer xhall promptly (urnixh G, I.rnder receipts evidenc7ng auch payinenta. liurruwer ah:dl promptly dixcharKe:~ny lien which hiis priority over this Murtgug~•; provided, thvt fi~,rrower ahall nc~t be reyuirref tu diacharge uny such lien so long ae li~?rruwer ehnll agcee in writinK tu the payment of thr~~bligatinn rk~-urrJ by rcuch lien in a m~nner arcrpt:~hle to I.rnder, or xhall in g~x~d fvith cy?nt~~t auch lien by, urdefend enfur~rmrntof such lirn in, li~:il pnx•reYlinKx which operale k? prevent the enturcement of the lien or forfeiturr ~?f the Pro{?rrty or any parl thenr,f. _ ri. Hazard Insurance. F3orrower shall keep the impruvemente now exieting or hereatter erecled on the f'roperty ineured aKainst luxa by fire, hazarde included within the term "extended coverage," and euch other hazurde ae [.ender may require und in auch amountx and for xuch periode as I.ender may require; pmvided, that I.ender shal! r~ot require such coverage amount exceeding the minimum, aa muy be reyuired by ati~te r,r federal tegulatiune goveminq aMivitiee of I.ender, or that amount of coverage required to pay the auma eerurcd by this Mortgage, whichever is the greater. The ineurance carrier providing the inxurunce shall be ch~men by It~,rrower eubject u~ approval by I.~ndrr: pmvided, that auch approv.il tihall not 1?e unreusun~bly withheld. All premiumx on inaurance pulicic~ xhall be paid in the mannrr providcrl under paruKr:~ph 'l hertritor, if r•,t paid in auch manner, by F3~?rrower makinK p:~ymrnt, when due, deseiKly to the insurance carrier. All insurance policies and renewale thereof ehall be in form acceptablr to l.ender end ehall include a etandard martgage clauxe in favor of •rnd in [orm acceptable to Irnder. I.endeTehall have the riqht to huld the puliciea end renewals thereof, and l3orruwer ah~ll prompdy furnieh u, ~.ender all renewa) nuticee and all receipte of paid premiums. In the event of loae, E3orrower ahall give prumpt notice to lhe inxurance carrier <,nd I.ender. l.ender may make proof of losa i! nut made promptly by I3orrower. Unleae [.ender and Borrower otherwiee agree in writing, ineurance proceeda shaU be applied to reetnration or repair of the Property ; damaged, provided euch reetoration or repair ia economicalt~'y feasible and the security of this Mortgage ia not thereby impaired. If such ' rc~atoration M repair is not ernnomically feasible or if the security ot this Mortqage would be impaired, the inaurance proceeda shall be applied ! G~ the sums aecured by thia Mortgage, with the exceae, if any, paid to F3orrower. If the Property ie abandoned by I3orrower, or if Borruwer faile to reepond to I.ender within 30 daye from the date notice is mailed by I.ender to Fiorn?wer that the ineurance carrier ofiere to aettle a claim tor ~ ~neurance benefite, I.ender ie authorized to collecl nnd apply the inaurance proceede at I.ender'e option either to reatoraliun or repair of the I'mperty or the eums secured by this Mort~age. ~ Unlesa l.ender and Eiorrower otherwiee agree in writing, any such applicatiun of prex~eede to principel ahall notextrnd or pr,etpone thedue ~ ciate of the monthly insfellmente referred to in paraqrapha 1 and 2 hereof or change the smount of euch inetallmente_ It under puragreph iH ~ hereof the Property is acquired by [.ender, all right, title and interest of f3orrower in and tn any ineurance policies and in and to the prxe~.~ds ~ thereof reaulting from damage to Property prior to the sale or acquiaitiun shall paae to Lender lo the extent of the eums secured by thie Mr,rtgage immediately prior to such sale or acquieitio~. ~ 6. Preaervation and MaintenanctotProperty; Leaeeholde; Condominume; Planned Unit Developmente. Borrowe~ahall keep ~ the ['roperty in qood repair and ahall not commit waete or permit impairment or deterioration o[the Property and shall comply with the pro~ieiona uf any lease if this Mortgage ia on a leaeehold. If thie Mortgage ia on.a unit in a rnnduminium or a planned unit develupment, ~ fk,rrower ehal) perform all of Borrower'e ubliqatione under thedeclaration orcovenante creatinKorgoverning thecondominium or planned unit development, the by-lawe and requlatiuna of the condominium or planned unit development, end conatituent documenle. If a cundominium or planned unit development rider ia executed by I3orrower and recorded together with thie Mortgage, the covenantn and ~ :+Krermentx of euch rider ehall br incurp~uetrd inlo and ehall amend and eupplemenl ther.ovenants and agreemenls uf thix Mortgaqeas ilthe nder were a {?art hereof. ~ > 7. Protectfon ot Lender'~ Security. If F3orruwer fails to perform the oovenants and agreements contained in this Mortgage, or if any ~ action ur proceeding is commenced which materially aftecta Itnder'~ intereat in the Property, including, bul not limited to, eminent domain, g ineolvenry, oode entoroement, or arrangements or proceedings involving a bankrupt or deoedent, then [.ender at Lender's option,upon K notice to Borrower may make such appearances, disbune such sum~ and take such arlion a~ is necessary to protect I,ender's intere~t, a including, but not limited to, diebursement ot reasonable attorney's fces and entry upon the Property to make repain. If Lender required ; mort{~age insurance as a condition of making the luan secured by lhia Mortgage, Borrower shall pay lhe premium~ required to maintain each insurance in effect until euch time as the requirement [or such insurence terrninetes in aa~ordance with Borrower i and Lender's ~ written agrcement or applicable Law. E3orrower shall pay the amount of all mortgage insurence premiuma in the manner provided undtr ~ paregraph 2 hereoL ' Any amounts dieburaed by [.ender perauant to this paragraph 7, with interest thereon, shell become additiona) indebtedneas of ~ i fiorrower secured by thie Mortgage. Unleea I3orrower and l.ender agree to other terms of payment, such amounte ehell be payable upcin ~ notice from t.ender to E3ornwer requestinq payment thereof, end shall bear interest from lhe date of diebureement at the rate payable firom time to time on outetanding principal under the Note unleee payment of interest at auch rate would be oonlrary to applicable law, in which" N event such amounta ehell bear interest at the higheat rate permiaeible under epplicable law. Nothing contained in thie paraqraph shall ~ reyuire I.ender to incur any e:pense or teke any aclion hereunder. ~ ~ ~ t e ~ ~ x • ~ ~ 4 ~ i_ _ . r ~ _ . 1 _ . ~e.uw~ ''c'~ . ~~~'k N.r~° M,~. 2~ ~ L~`S ~ Sr~r 7 ~~~5 . ~.+.A i , aw .