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HomeMy WebLinkAbout0144 . Borrower and [.ender covenant and agree as loliowa: l. Paymeat of Principal and Intered. Borrower shall promptly pay when due the principa! of aad intereat on the indebted~ew evidenced by the Note. prepayme~t and late chargea as provided in the Note, a~d the principal of end intereat on any F'uture Advances aecured } by this MortQage. ` Z. Runds for Tauea end lnsurance. Subject eo applicable law or b a writte~ waiver by l.ender, Born,we~ ehall pay to I.ender on the day ~ monthly installmenl, of principal and intereat are payable under the Note, uniil the Note is paid in fuli, a sum (herein "Ftinds") equal to one- i twelfth of ihe yearly t~es and asseasmenta which may attain priority over thia Mortg~e, a~d ground renta on the Property. if any, plua ont i twelRh of yearly premium installments for hazard insurance. plua onetwelRh ofyearly pcemium inatallments for mortKuge ineurance. i[any, aU as reasonably eatimated initially and from time to time by [.ender on the baais of aseeasmenta a~d bills and rexeoneble estimatea ?hereoL ! The Pti?nds sl~all be held in an institutio~ the deposits or accounts of which an insured or guaranteed by a Federal or State agency ; (including l.ender if I.ender ie such an institution). L,ender ahall apply the Funds to pay said taxes, oaseseme~ta, inauranoe premiucns and . ground rents. Lead~ may not charge for ~o holding and applying the FLnde, analyzing said socount, or verifying and compiling aaid asseasments end bille. unleas I.ender peys Borrower int~nat on the F~nds and applicable law permite l.ender to make such a charge. Borrower and Lender may agree in writing et the time of e:erution of this Mortgage that interest on the ~nds ahall be paid to Borrower, and unless ~nch ag~eement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any intereat or earnings on the Fhnds. I.ender ahali give to Borrower, without charge, an annual accounting of the Funda ahowing credita and debits to !he Ptinde and the purpoee for which each debit io the ~nde wae made. The Funds are pledged as additional eecurity for the eume eecured by thie Mortgage. . If the amount of the F1nds held by I.ender, together with the future monthly inetallmenta of Funds payable prior to the due dates of taxes, _ asseaemente, inaurance premiums and ground renta. shall ex~ed the amount required to pay said taxea, aeseesmenta, inaurance premiums and ground rents as they fall due, such exceae shall. be, at Borrower s option, either Drompdy repaid to Borrower or credited to Borrower on monthly installments of ~nda. the amount of the Funda held by Lender shall not be eufficieni to pay ta:ea, aseeasmente, inaurance premiume and ground rents as they fall due, Borrower ahall pay to I.ender any amount neceeaary to make up the deficiency within~30 days from the date notice ia mailed by t.ender to Borrower requeeting payment thereof. ~ Upon payment in full oi aU aums aecured by thia Mortgage, Lender ehall promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is aold or the Property is otherwiae acquired by Lender, Lender ahall apply, ao later than immediately prior to the sale of the Property or ita aoquiaition by I.ender, any F~nda held by I.ender at the time of application ae a credit againat the aums eecured by thia Mortgage. • 3. Appllcatioa ot Paywents. Unless applicable !aw providea otherwise, all paymenta received by Lender under the Note and paragraphs 1 and 2 hereof ehaU be applied by Lender first in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to jntereat payable on the Note, then to the principal ot the Note, and then to intereat and principal on any Future Advancea. 4. Charges; Liens. Borrower ehall pay all taxes, assessments und otherrharges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner provided under paragraph ~ hereof or, if not paid in auch manner, by Borrower malcing payment, when due, directly to the payee thereof. Borrowerahall promptly f~rn~fah to Lender all noticea of amounts due ander this paragraph, and in the event Borrower ahalllnake payment directly, E3orrower ahaQ prompt~fumieh to I.ender receipta evidencing such paymenta. F3orrower ehall promptly discharge~,y tten which has priority over this Mortqaqe; provided, that Borrower shall not be required to diacharge any such lien so long as Eiorrower shalTagree in writinq to the payment of the obligation eecured by such lien in a manna acceptable to I.ender, or shall in good luith contest auch lien by, ordefend enforcementof such lien in, leqal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hezard Insurance. Botrower ahall keep the improvementa now existing or hereafter erected on the Ptoperty ineured against lose by fire, hazarde included within the term "extended coverage," and guch other hazerds as Lender may require and in euch amovnte and for auch perioda as Lender may require; provided, that Lender ahall not require such rnverage amount eaceeding ihe minimum, as may be required by ~ ~ atate or federal regulationa governing activities of Lender, or that amount of coverage required to pay the euma secured by this Mortgage, whichever is the greater. The inaurance carrier providing the ineurance ahall be choaen by I3orrower subject to apptoval by [.ender; provided, that such approval sha1) not be unreason~ably withheld. All premiuma on insurance policies shall be paid in the manner provided under parugraph 2 hereof or, if not paid in auch manner, by Borrower mpking p:?yment, vehen due, directly to the inaurance carrier. All insurance policiee and renewala thereof shell be in form acceptable to Lender and shall include a standard mortgage clauae in favor of and in form acoeptable to I.ender. Lender ehall have the right to hold the policiea and renewala thereof, and Boaower shall pmmptly furniah to i,ender all renewal notices and all receipta of paid premiums. In the event of loes, Borrower ahall give prompt notice to the insarance carrier and l.ender. Lender may make proof of losa if not made promptly by Borrower. Unless Lender and Borrower otherwiee agree in writing, inaurance proceeda shall be applied to restoration or repair of the Property damaged, provided Ruch reatoration or repair is economically feasible and the aecurity of this Mortgage ia not thereby impaired. If such reaLoration or repair is not economically feseible or if the aec~rity of this Mortgage would be impaired, the insurance proceeda ahall be applied to the atuna eecured by thie Mortgage, with the excese, if any, paid to Borrower. If the Property in abandoned by Borrower, or if Horrower faila to respond to I.ender within 30 days from the date notice ia mailed by Lender to Borrower that the inaurance camer of~era to eettle a claim for inaurance benefite, Lender ie authorized to coUect and apply the inaurance proceede at I.ender'a option either to restoration or repair of the Property or the sums secured_by thie Mortgage. Unleea Lender and Bortower otherwiee agree in writing, any auch application of proceede to principal ahall not extend or poatpone the due date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amous~t of euch installmente. Itunder paragraph 18 hereof the Property ie aoquired by Lender, all right, title and intereat of Borrower in and to any ineuranrx policiea and in and to the proceeda thereof reaulting ftom damage Lo Property prior to the sale or aoquisition shall pass to Lender to the extent of the auma secured by this Mortgage immediately prior to auch eale or aoquiaition. 6. Pceservation and blaintenance of Property; Leseeholds; Condominume; Planned Unit Developmenta. Borrower aha11 keep the Property in good repair and ehall not rnmmit waste or permit impairment or deterioration of the Property and ehap comply with the proviaions of any leaee if thie Mortgage is on a leasehold. If thie Mortgage is on a unit in a condominium or a planned unit development, Borrower ehall pertorm all of Borrower e 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 conetituent documents. If a aondominium or planned unit developmenl rider ie executed by Borrower and recorded together with thie Mortgage, the oovenanta and agreements of auch rider ahall be incorporated into and shall amend and supplement the covenanta and agreements of thie Mortgage as if the rider were a part hereoL 7. Protection ot I.ender's Security. If Borrower faila to perfarm the oovenante and agreements oontained in this Mortgage, or if any action or proceeding ia commenced which materiaUy affects Lende~s intereat in the Property, iacluding, but not limited to, eminent domain~ insolvency, oode enforoemen~ or arrangemente or proceedings invoiving a banlm~pt or dec~edent, then Lender at Lender's option,upon notice to Borrower may make auch appearances, disburee euch eums and take euch action as is neceeaaryc3o protect Lender ~ intereat, , including, but not limited to, d'ubureement of rea8onable attomey 8 fees and entry upon the Property to make repairs. If Lenda required ~ ~ mortgage insurance as a condition of making the loan eecured by this Mortgege, Borrower shall pay the premiums required to maintain ; snch ine~uance in effect until euch time as the requirement for euch insurance terminates in aocordance with Botrower's and I.ende~s ~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided unde~e paragraph 2 hereof. My amounts disbursed by I.ender perauant to this paragraph 7, with internet thereon, ehall become additional indebtedneee of ~ Borrower eecured by this Mortgage. Unlesa Borrower and I.ender agree to other terme of payruent, auch amounte ahall be payable upon ~ notice from Lender to Borrower requesting payment thereof, and shall bear intereet from the date of diabnrsement at the rate payable from ' time to time on outstxnding principal under the Note unleea payment of intereat at such rate would be oontrary to applicable law, in which ~ event auch amounta ehall bear intereet at the higheet rate permiesible under applicable law. Nothing contained in this peragraph 7, shall require Lender to incur any expenee or take any action hereunder. ~ ~fl~2~7 144 - . , : r , ~ . - ~ ~ ~ T. _ . , . ~ .