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HomeMy WebLinkAbout0153 , ~ ~ , ~i Bormwer end l.ender covenant and aRree as follows: ~ 1. Payment of Ptlncipal and Interest. Borrowe~ shaU promptly pey when due the principal oi and inteteat on the indebtednees evidenced by the Note, prepeyment and latc cha~gee as provided in the Note, and the pRncipal ot and inte~eat on any ~ture Advancee secu~ed by this Mortgage. 2. Fltnds [or Teutes and lneutance. Subjecl ta epplicable law or W a written waiver by Lender, E3~rn~wer ahall pay to I.ender on the day monthly inetallments of principal and intereet are payable under the Nota, until the Note is paid in full, a aum (herein "Funds") equal tu ono- twelRh of the yearly taxes and asaeasmente which mqy attain priority over thu Mortgage, and grou~d renta on the Property, i[any, plua one twelfth otyearly premium installmenta for hazard inaurance, plue onetwelRh ofyearly premium inatallmente for mortgage inaurance, if any, ' all aa reaeonably eatimated initially and trom time fo time by I.ender on the baais of aeeesamenta and billa and reusonable eetimatea thereof. ~ The ~nds shall be heW in an inatitution the deposits or accouots of which are inaured or guaranteed by a Federal or State agency (it~cluding Lender if I.ender is euch an i~atitution). I.ender shall epply the Funda to pay eaid texes, aseeasments, ineura~ce premiums and grout?d rents. I.ender mqy not charge for so holding and epplying the ~nds, analyzing said account, or verifying and compiling said asaesaments and bills, unlese Lender pays Borrower intereat on the Funda and applicable law permits I.ender to make auch a charge. E3orrower " and Lender mey agree in writing et the time of e:ecutio~ o[ thia Mortgage that interest on the ~nda shall be paid to Borirower, and unleaa ~uch agreement is made or applicable law requir~ euch interest to be paid, Lender shall not be required to pay Borrower any intereat or earnings on the Flinds. Lender ahaU give to Borrower, without charge, an annual accounting of the ~nde ahowing credita and debitr to the S Funds and the purpose for which each debii to the Funda was made. The Funds are pledged aa additional eecurity for the eams eecurEd by this ' Mortgage. If the amount of the ~nds held by Lender. together with the future monthly installmenCs of Funds payable prior to the due datea o[taxes, asseaaments, insurance premiums and ground renta, ahall exc~red the.amount required to pay aeid taxee, aeaesaments, insurance premiume and ground tmts as they fall due, such e:oees ahall be, at Borrower's option, either promptly repaid to Borrower or rredited to Borrower on monthly installmente of Fl~nds. If the aruount of the Funds held by I.ender ehaU not be sufticient to pay ta:ea, aeeeeamente, ineurance premiums and ground rents ae they fall due, Borrower ahall pay to I.ender any amount necesaary to make up the deficiency within 30 daya from the date notice is mailed by I.ender to Borrower requeating payment thereoL ~ Upon payment in fvll of all suma eecured by thie Mortgage, I.ender ahall prompUy refund to Borrower any [unda held by l.ender. I[under paragraph 18 hereof the Property ia sold or the Property is otherwise acquired by I.ender, I.ender ahall apply, no later than immediately prior to the sale of the Property or ite acquisition by L,ender, any Flinde held by l.ender at the time otappGcation aa~ credit againsi the suma eecured by this Mortgage. • 3. Applfcation of Paymente. Unleea applicabie law providee otherwise, al) .paymente received by I.ender under the Note and paragraphe 1 and 2 hereof ahall be applied by l.ender first in payment of amounta payable to I.ender bq'Bote~owror under paragraph 2 hereof, then to intereat payable on the Note, then W the principal of the Note, and then to intereat and principal oa any Future Advancea. 4. Chargea; Liene. E3orrower shall pay all taxes, usseasmenta and uthercharges, fines and im{wsitions attributableto the Property 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 auch manner, by Borrower making payment, when due, directly to the payee thereof. Korrower ahull pmmptly furniah to I.ender all notices of amounte due under this paragraph, and in the event Borrower ahall make payment directly, F3orrower ahall promptly furnish to I.ender receipts evidencing such paymenta. E3orrower ahall promptly diacharqe uny lien which has priority over thia Mortgage; ptovided, that E3orrower ehall not be required to diacharge any such lien so Iong aa Borrower ahall ugree in writinq tu the payment of the oblig~tion secured by auch lien in a manner acceptable to I.ender, or ahall in good faith conteat auch lien by, or defend enforcement of auch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower ahall keep the improvements now eaiating or heteaftet erected on the Property inaured againat losa by ~ fire, hazarde included within the term "~tended coverage; ' and auch other hazards se Lender may require and in such amounte and for auch periods es Lender may require; provided, that Lender shall not requim such ooverage amount eaceeding the minimum, ae may berequired by ' state or federal regulatione goveming activities of Lender, or that amount ot coverage required to pay the eums aecured by this Mortgage, whichever is the greater. 'I~e insurance carrier providing the insurance ahall be chosen by 13orrower subject to approval by l.ender, provided, that such approval ~ ahull not be unreasonably withheld. All premiums on insurance policies ahall be paid in the mnnner provided under paraRraph 'l hereof or, if ' not paid in such manner, by Eiorrower making payment, when due, directly to the insurance carrier. All inaurance policiea and rnnewals thereof ahall be in form acceptable to Lender and ahall include a standard mortgnge clauee in favor of ' and in form acceptable to Lender. Lender shall have the right to hold the policies and renewale thereof, and Borrower ehall promptly furnieh to i.ender all renewal noticea and all receipta of paid premiuma. In the event of loes, Borrower shall give prompt notice to the inaurance carrier ~ and I.ender. Lender may meke proof of loae if not made promptly by Boaower. Unless Lender and Borrower otherwiee agree in writing. inaurance proceede shall be applied to restoration or repair of the Property damaged, provided such restnration or repair ia economically [easible and the eecurity of this Mortgage ia not thereby impaired. If such ' reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeda ehall be applied ~ to the auma eecured by thie Mortgage, with the e:cesa, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower faile to reepond to Lender within 30 daye from the date notice ia maited by Lender to Borrower that the insurance carrier offera to settle a claim for E inaurance benefita, Lender ia authorized to collect and apply the inaurance proceeds at Lendei s option either to reetoration or repair of the ~ Property or the auma aecured by thia Mortgage. ~ Unless Leader aad Borrower otherwiee agree in writing, any such application of proceeda to principal ahall not extend or poetpone the due date of the monthly inatallmenta referred to in paragraphe 1 and 2 hereof c: change the amount of such instalimente. If under paragraph 18 hereof the Property is aoquired by Lender, all right, title and interest of Borrower in and to any inaurance policies and in and to the proceeda thereof reaulting from damage to Property prior to the eale or aoquieition shaU pase to Lender to the extent of the eume eecared by this Mortgage immediately prior to auch eale or aoquisition. - • 6. Preservation and Maintenance of Property; Leaseholda; Condominuma; Planned Unit Developments. Borrowerahall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall rnmply with the , ( proviaione of any leaee if this Martgage ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ Borrower ehall perform all of Borrower'e obligatione under the decieration or covenante creatingor governing the condominium or planned : unit development, the by-lawa and regulatione of the rnndominium or planned unit developroent, and conatituent dacumenta. If a , ~ rnndominium or planned unit development rider ia e:ecuted by Borrower and recorded together with thie Mortgage, the oovenants and ; ~ agreements of such rider shall be incorporated into and ahall amend and aupplement the covenants and agreemente of this Mortgage as if the - ~ rider were a part hereof. 7. ProtectIon ot Lender's Security. If Borrower faile to perform the oovenante and agreements oontained in this Mortgage, or if any ~ action or p:oceeding is commenced which materiaily affecte Lender s intereet in the Property, including, but not limited to, eminent domain, ; insolvency, oode enforcemen~ or arrangemente or prooeedings involving a banlwpt or decedent, then Leader at I.ender ~ option,upon : notice to Borrower tnay make such appearanoes, di.sburse such eums and talce such action aa is necessary to protect Lender'e interest, j including, but not lunited to, disbursement of reasonable attorney's fees and entry upon the Property to ma1~e repairs. If Lender required ~ mortgage insnrance as a condition of ineking the loan secured by this Mortgage, Borrower ehall pay the premiums required to maintain ' such insurance in effect until euch time as the requirement for auch insurance terminatea in aocordance with Borrower's and Lender's ! written egreement or applicable IBw. Borrower shaU pay the amount of aU mo rtgage inaurance premiume in the manner provided under E paragreph 2 hereoi. E My amounts diebureed by Lender pereuant to this paragraph 7, with intereet thereon, ehall beoome additional indehtednees of ` ~ Borrower secured by thie Mortgage. Unleea Borrower and Lender agree to other terms of payment, such amounLA shall be payable upon ~ notice irom Lender to Borrower requesting payment thereof. and ehall bear interest from the date of diabureement at the rate payable from ' ~ time to time on outetsnding principal under the Note unlese payment of intereat at auch rate would be aontrery to applicable law, in which - event such amounta eha11 bear interest at the higheat rate permiasible under appliceble law. Nothing contained in this paragraph 7, shall ~ require Lender to incur any expenee or tske any action herennder. * ~ i ' SGGK ~~7~ PA~E 1~ E ~ - e Y ~ . ~ . . , _ . ~