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HomeMy WebLinkAbout0872 Borrower and l.ender rnver~ant and a~ee w followc ~ ~ 1. Payment o[ Priacipal ~nd latere~t. AormwsT ~hall pmmptly pay when due the principal of a~d intereat on the indebtedneas svidenced by the Nate. prepayment and late char~e~ eu provided in the Note. a~d the principal of and in4reat on ur~y Future Advancea secured by this Mo~e~e. 2 P1tad~ fot Tue~ and Insurwcs. Subject to applicable law or b s written waiver by l.ender. Borrower ahall pay W I.endet on the day monthly in~taliment~ of pri~cipal and interrat are payable undar the Note, until the Note u paid in full, a sum (herein "Ftiade") equal to on~ twelM of the yea~ly taxes and asseeaments which may attain priority over thia Mortgage, and ground rents on /he Yrope~ty. if any, plua ona twelfth of yearly premium inatallments for hasard ineurance. plus onetwelRh ofyearly premium inatallmente for morigage inaurance, itany, all as reasonably ~timated initially and from time to time by I.ender on the baaia of asaeaementa and bilis and reaaonable eatimatee the~eof. The F1~nd~ ~!?all be held in en institudon the depo~its or aocounf~ of which are inaured or ~uar-~,;;sed by a Federal or State agency' (includin~ I,ender iI I.end~ is euch an iastitotion). I.ender ahall epply the Fundi b pay said taxea, aaaesementa, insurence premiums and , gmund re~ts. Le~dar mqy not charQe for so holding and applying the ~Lnds, analyzing said account, or verifying and compiling eaid aascyaments and bills, unleas I.ender payn Borrowe~ intereat on the F unda and applicable law permits I.ender to make auch a charge. Borrower and I.ender may a~ree in writing at the time ote:ecution oI this Mortgege that intereat on the Ftinde shal! be paid to Borrower, and nnlesa such e~e~eemeat is made or appUcabte law requires auch intereat to be paid, Lendrr shaU not be required to pay Borrowe~ any interest or ' eamings on the I~nd~. Lender ehall give to Borrower, without charge. an annuel aocounting pf the Funds showing credita and debits to the Funds and the pur{wse [or which each debit to the Funds was mede. The Fundr are pledged ae additional eecurity [or the sums secured by this MortB88~• lf the amount of the Funds held by I.ender, bgether with the future monthly inataliments of Funda peyable prior to the duedates of taxes, ' asseaaments. inaurance premiama and ground rents, shall e:czed the amount required to pay eaid texea, asseeaments, insurance premiums and goound renb aa they fall due. such ~cess ehall be. at Bo~rower's option, either pmmpdy repaid to Borrower or credited to Borrower on monthly inatallmcnta of Flinde. If the amount of the Funds held by Lender ahall not be aufficient to payr ~axes. asatsaments, insurance preiniume and ground rents ae they fell due, Borrower shall pay to L.ender any amount necxesary to make up the de5ciency wilhin 30 deye from the date notice is mailed by I.ender to Borrower requeating payment thereo[ Upon payrment in full of all sume secured by this Mortgage, Lender shal) prompdy refund to Borrower any funds held byLender_ If under paragraph 18 hereot fhe Pmperty ia sold or the Property ie otherwise acquired by Lender, Lender ehall epply. no later than iuimedietely prior to the eale of the Property or its aoquisition by I.ender, any ~nds held by Lender at tLe time of application se a credit againat the eyn?s eecured by this Mortgage. ~ 3. Applicetion of Paymenb. Unless applicable law providea otherwiee,- all paymenta received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by l.eader firat in payment of amounte payable to Lender by Borrawer 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. Charges; Liene. E3orrower ahall pay all taxea, asaesementa and other charqee, finea and impoaitions attributable to the Property which may attain a priority over this Morigage, and leasehold paymenis or ground renta, itany, in the manner provided under paragmph 2 hereof or, if not paid in such manner, by Eiorrower making payment, when due, directly to the payee thereoE f3orrowershall promptly fumish to I.ender all noticea of amounts due under this paraqraph, and in the event Borrower ahall make payment directly, Borrower ehall promptly lurniah to Lender receipta evidencing such paymenta. Aorrov~er shall pranptly diacharge any lien which has priority uverttiis Mortgaqe; provided, that tiorrower shall not be required to discharge any such lien so long as Borrower ehall agree in wriling to the payment of the obligation secured by such lien in a manner acceptable to I.ender, orahall in good taith conteat such lien by, ordelend enforcementof auch lien in, legal proceedinqa which operete to prevent the enforcement ofthe lien or torfeiture of the Property or any part thereof. 5. Hazard Ineuranoe. Borrower shall keep the improvementa now e:isting or hereafter erected on the Property ineured against lose by fire. hazarda included wilhin the term "e:tended coverage," and euch other hazarda ae I~ender may require and in such amount. 4nd for such peziods aa i.ender may require; pmvided, that I.ender shall not require such cnverage amount exceeding the minimum, as may be reyuired by state or federal ~egulationa governing activitiea of I.ender, or that amount of coverage required to pay the suma eecured by thia Mortgage, whichever ia the greater. The inaurance carrier providing the inaurance ahall be choxen by Korrower aubject to approval by l.ender, provided, that auch approva! ~ shall not be unreasonably withheld. All premiuma on insurance policies shall be paid in the munnet pruvided under paragraph `L hereof or, it ; not paid in auch manner, by Borrower muking payment, when due, directly to the insurance carrier_ ~ All ineurance policies and renewala thereof ehe1) be in form aoceptable to Lender and ehall include a standard mortggge claase in favor of f and in form acceptable to I.ender. i.ender ehall have the right to hold the policiea and renewala thereof, and Borrower shall promptly furnieh to ixnder aU renewal noticea and all rnoeipte o[ paid premiums. In the event of loss, Bornower ahall give prompt notice to the insurance carrier and Lender. Lender may mal~e proof of loae if not made promptly by Borrower. ; ; Unlees I.ender and Borrower otherwiee agree in writing, ineurance prooeede shall be applied to restoration or repair of the Property damaged. provided such restoration or repair ia economically feaeible and the eecurity of this Mortgage ia not thereby impaired. If such rnatoration or npair ia not economically feasible or if the aecurity of this Mortgage woutd be impaired, the inaurance proceede ehall be applied ~ to the sume eecured by thia Mortgage, with the exceea, if any, paid to Borrower. If the Property ie ebandoned by Borrower, or if Borrower faila to ~ s reapond to I.ender within 30 days from the date notice ie mailed by Lender to Borrower that the insurance carrier offere to settle a claim for ? ~ ineurance benefita, [.ender ie authorized to coUect and apply the insurance proceede at Lender e option either to reatoration or repair of the 3 ~ Property or the sume eecured by this Mortgage. ~ Unleea Len~r and Borrower otherwise agree in writing, any euch application of prooeedB to principal shall not extend or postpone thedue date of the monthly inatallmenLs reterred to in paragraphe 1 and 2 hereof or change the amount of auch installmente. If under paragraph 18 hereof the Property is aoquired by Lender, aq right, title and interest of Borrower in and to any inaurance policiee and in and to the proceeds thereof resulting from damage W Property prior to the eale or acquisition ahall pase to [.ender W the eztent of the eume aecured by thie Mortgage immediately prior to euch sale or aaquisition_ 6. Preeervation and Maiatenance otProperty; Leaseholde; Condominumr; Plaaned Unit Developments. Borrowershall keep the Property in good repair and ahall not, commit waste or permit impairment or deterioration of the Property end shall rnmply with the provisions of any lease if thie Mortgage ie on a leaeehold. It thie Mortgege ia on a unit in a condominium or a pianned unit development, Rorrower shall perform all of Borrower's obligationa under the declaration or covenante creatinqor governing the condominium or planned t ~ unit development, the by-laws and regulations of the rnndominium or planned unit development, and constituent documente_ If a j ~ condominium or planned unit development rider is executed by Borrower and recorded together with thia Mortgage, the oovenant8 and aqreementa of auch rider ahall be incorporatrd into and ahall amend and eupplement the covenante and agreements of thia Mortgage as if the ~ ~ rider were a part hereoL ; 7. Protectioa ot Lender'~ Security. I[ Borrowrr fails to perform the oovenants and agreemente oontained in this Mortgage, or if any ~ action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, ~ insolvency, oode a~forcement, or arrangementa or prooealifigs involving a bankrupt or deoedent, then Lender at I.ender's option,upon ~ notioe to Borrowcr may make such appearanoe~, disbone such sums and take such action as is neoe~sary to protect I.ender'~ interes~ ~ including, but not limited to, disbunement of reasonable attorney's fees and entry upon the Property to maice npeirs. If I.ender required ~ mortgage iiuurance aa a oondition of making the loan secured by thia Mortgage, Burrower shalf pay the premiums reqnired to maintain ~ such ineurance in ef~ect nntil ~uch time eu the requirement for such insurance terminates in aooordance ~vith Borrowet's and Lendrr'~ ; ~ written agreement or applicable I,.ew. Borrower shall pey the amount ot all mortgege insurance premiume in the manner provided under ~ ~ paregraph 2 hereof. ' ~ Any amount~ disbursed by I.ender ptrsuant to thie paragraph with intereat thereon, shall beoome additional indebtedness of ~ Borrower ~ecured by thia Murtgage. Unleu Horrower and Lender agree to other terms of payment, euch amounta shall be ~ payable upon ~ ~ notice firom Lender to Borrower requesting payment thereot, end ehall bear interM from the date of disburse~nent at the rate payable from ~ ~ time to time on outstandit~ prit~cipal under the Note unles~ payment of interert at such rate would be oontrary to applicable law. in which ~ ~ event such amounts shall bear interest at the higheet rate permissible under applicable law. Nothing contained in this paragraph 7, shall ~ reqnire Lender W incur any e~cpense or take any action hereunder. ~ ~ ~ 3 ~ E00~2 S ~ ~ ~ , ~ .