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HomeMy WebLinkAbout0670 . ~ ~ ~ . - ~a • ~ . ' ~ • ~ . , . a Bor~ower a~d I.ender covenant and agree as follows: l. Payment ot Principsl aad Intereet. Borrower ahall pmmptly pay when due the principal of and interest on the indebtadnees evidenced by the Note. pnpayanent and late charges as provided in the Note, and the principal of and i~terest on any Fl~ture Advencea secured by thia Mortgaga 2. I~nds for T~es and Ineuranoe. Subject to appliceble law or to a written waiver by l.ender. Borrower ahall pay to l.ender on the day mo~thly inetallments of principal and inte~est are payable under the Note, until the Note ia paid i~ full, a aum (herein "f~nde") equal to one twelfth of the yearly taxea and asseeamente which may attain priority over thia Mortgage. end ground renta on the Property, i[any, plua o~~ twelfi.h otyearly premiwn installmente for hazard inaurance, piua onc~twelRh ofyearly prernium inataliments [or mortgage inaurance, itany. all as reaeonably eatimated initially and firom time to time by Lender on lhe bnaia of aer?easmente and billa and reaaonuble eetimatea thereof. '11?e !~l?nds ehall be held in an institution the depoeits or accounts of which are inrured or guaranteed by a Federal or State agency (including Lender if i,ender ia such an institution). I.ender ahall apply the Funds to pay said taxea, aseeesmente, insurance premiume and ground renta. I.ender mey not charge for so holding and applying the ~nde, anelyzing aaid account, ar verifying and compiling eaid eseesemente ar~d bills, unlesa L.ender paye Borrower intereat on the F1nds and applicable law permits Lender to make such a charge. Bormwer and Lender may agree in writing at the time oi execution of this Morigage that intereal on the ~nda shall be paid to Borrower, and unlees such agreement ia made or appGcable law requires auch interest to be paid, I.ender ahali not be required to pay F3orrower any interest or earnings on the FLnda. I.ender shall give to Borrower, without charge, an annual accounting of the ~nda showing crediLe and debita to the F~nda and the purpoee for which each debit to the Ftinda was made. The Funda are pledged as additiona! eecurity for the eume eecured by thia Mortgage. If the amount of the ~nds heid by Lender, together with the future monthly inetallmenie of FundB payable prior to the due datea of taxee, asaessmente, inaur~nce premiuiiea and ground rents, ahall exe~red the amount required to pay said taxes, aseeuemente. inaurance premiums and gmund renta as they fall due, auch escess shall be, at Borrower a option, either prompdy repaid to Bon~ower or credited to Borrower on monthly inatallmente of ~nda. If the amount of the ~nda held by Lender ehall not be aufficient to pay taxes, aseesemente, inaurance peemiums and ground rente as they fall due, Borrower ehall pay b I.ender any amount necesaary to make up the deficiency within 30 days from the date notice ie mailed by Lender to ~iorrower requeating payment thereof. , ~ Upon payment in full of all aums secured by thie Mortgage, I.ender ehall promptly tefund to Borrower any funda held by L,ender. If under paragraph 18 hereof the Property is aold or the Property is otherwise acquired by L,ender, l.ender ahsll apply, no later than immediately prior to the eale of the Property or ita acquisition by Lender, any Funda held by Lender at the time of appGcation as a credit againat the sums secured by this Mortgage. 3. Applicatlon of Payments. Unlesa applicable law provides otherwise, alt paymenta received by Lender under the Note and paragrapha 1 and 2 hereot sha11 be applied by Lender fimt in payment of amounte payable to Lender by E3orrower under paragraph 2 hereof, then to intereat payable on the Note. then to the principal of the Note, and then to intereat and principal on any Future Advances. 4. Chargee; Liens. Borrower ahall pay all taxea, assesaments and other charges, fines and impositions attributable tu the Yroperty 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 such manner, by }3orrow•er malcing payment, when due, dirertly to the payee thereof. Borrower shall promptly furnish to L.ender all noticea of amounts due under this paragraph, and in the event $orrower shall make payment directly, Borrower shall promptly fumish to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower shal! agree in writing to the payment of the obligation becured by ; such lien in a manner aceeptable to Lender, or shali in good taith contest such lien by, or defend entorcement of such lien in, legal proceedings ~ which operate to prevent the enforcement of the tien or forteiture of the Property or any part thereof t 5. Hazard Inaurance. Bortower ehall keep the improvemenfa now ezisting or hereafter erected on the Property inaured against lose by fire, hazards inctuded within the term "extended coverage,^ and auch other hazards as Lender may require and in such amounte and for such ; periods ea Lender may require; pmvided, that I.ender shall not require s~ch ooverage amount exceeding the minimum, as may be required by state or federal regulationa governing activitie6 of Lender, or that amount of rnverage required to pay the sums eecured by this Mortgage, ~ whichever is the greater. s The insarance rarrier providing the insurance shall be chosen by Borrower subject to appmval by I.ender, provided, that such approval ' shall not be unreasonably withheld. Alt premiums on insu~ance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by E3orrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shalf include a atandard mortgage clause in favor of and in form scceptable to I.ender. I.ender shail have the right to hold the policies and rnnewals thereof, and Borrower shall promptly furniah to i.ender all renewal noticea and aq receipta of paid premiuma. In the event of loss, Borrower shall give prompt notice to the inaurance carrier and i.ender. I~ender may make proof of losa if not made promptiy by Borrower. Uniess Lender and Borrower otherwiae agree in writing, insurance proceeda ahali be applied to restoration or repair of the Property damaged, pmvided such reetoration or repair is economically feseible and the security of thia Mortgage ia not thereby impaired, If such reatoration or repair is not economically feasible or if the eecurity of this Mortgage would be impaired, the ineurance pro~eeds shall be applied to the suma secured b'y this Mortgage, with the eaoess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to reapoad b Lender within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for inaurance benefite, Lender is authorized to rnllect and apply the insurance proceeda at I.endei s option either b reatoration or repair of the Property or the sume eecured by this Mortgage. . Unless I..ender and Borrower otherwise agree in w~riting, any auch application of procxede to principal shall not eatend or poatpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of such insta{lmente. If under paragraph 18 hereof the Property is aoquired by Lender, all right, title and interest of Borrower in and to any insurance policiea and i~i and to !he proceeda thereof resuiting from damage to Property prior to the sale or aoquieition ahall pass to I.ender to the extent of fhe suma eecured by thia Mortgage immediately prior to auch sale or aeQuisition. 6. Preeervation and Maintenance otProperty; Leaseholds; Condominume; Planned Unit Developmenta. Borrower ahall keep the Property in good repair and ehall not commit waete or permit impairment or deterioration of the Property and shal! comply with the proviaiona of any lease if thie Mortgage ia on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, ; Borrower shall perform all of Borrower's obligationa under the declaration or covenante creatingor governing the condominium or planned ' unit development, the by-lawe and regulationa of the condominium or planned unit development, and oonstituent documente. [t a oondominium or planned unit development rider is executed by Borrower and recorded togeiher with this Mortgege, the oovenanla a~d agreementa of auch rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage ae if the rider were a part hereof. 7. Prote.ction of Lender'e $ecurity. If Borrower faile to perform the oovenente and agreements cantained in thie Mortgage, or if any action or procseeding is commenced which materially affecte I.ender'a interest in the Property, including, bnt not limiLed to, eminent domain, insolvency, oode enforcement, or arrangemente or ptoceedinga involving a banknipt or decedent, then L.eadet at Lender s option,upon notice to Borrower may make auch appearancee, dieburee euch sume and tal~e such action ae is nece~ary to protect Lender's intereat, indnding, but not limited to, diebureement of reasonable attorney'a feee and entry upon the Pmpedy to mal~e npeirs. If Lender required mortgage inaurance aa a condition of making the loan eecured by this Mortgage, Borrower shall pay ti~e premiums required to maintain snch inauranoe in effect until euch time as the requirement for euch ineurance terminatee in accordance with Borrower's and I.ender's written agreement or applicable Law. Borrower ahall pay the amount of all mortgage insurance prewiuma in the manner provided under paragreph 2 he~reof. My amounte dieburaed by Lender pcreuant to thia paragraph 7, with interest thereon, ahall become additional indebtednees of ' Borrower secured by thia Mortgege. Unleee Borrower and I.ender agree t~o other ter~ne of payment, euch amounta ahall be payable upon notice from Lender to $orrower requeating payment thereof, and ahall bear interest from the date of diebursement at the:ate payable from time to time on outetanding prinripal under the Note unleae payment of intereet at auch rate would be oontrary to applicable law, in which event such amounte ahall bear interest at the higheat rate permiseible under epplicable law. Nothing contained in this paragraph 7. ehall reqnire L,ender to incur any e:penee or take any action hereunder. ~ _ , _ ~a - _ _ . ~ . . . _ _ ~ _ . _ . , _