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HomeMy WebLinkAbout0161 13vrruwer and I.ender covenent and aQree as follows: 1. Ppyment ot Principal a~d leterest. Borrowe~ shall prompdy pay when due the principal of and interest on the indebtedneaa evidenced by the Note, prepayment and late charQe~ a~ piovided in th~ Note, and the principal uf end interest un any Ftiture Advances secured by this Mort~a~e. 2. I~`und~ tor Tasea and Insursace. Subject to applicable law o~ to a written waiver by I.ender, Horrower ehall pay to l.ender on the day v monthly inatalimenir of principat and intereat ere paysble under the Note, u~til the Note ir paid in fuQ, a sum (herein "h'undi") equal to ono- tweiith of the yearly taxer and asseeementa which mey ettain priurity over thu MortgeQe. snd ground rents on the Properly, if any, plue one twelfth of yearly premium inatallment~ for hazard inaurance, plus onetwelfth ofyearly premium inetalimr~ta fur mortgage inaurance, if any, all as reasonably e.timated initialfy end from time to lime by t.ender on the basiu of assexemenb and bill~ and reasonable eatimates the~eot. The ~Lnd~ ahall be held in sa inatitution the depwib or socounta oi which are inaured or guaranteed by a Federal or 3tate agency (including l,ende~ i! Lender ia auch an in~titution). l.ende~ ehall apply the Funda to pay ~aid te:ea. assee~ments. inauran« premiums and ground renb. Lender may not cherge for w holding and epplying the Funds, analyzinQ said account, or verifyinQ and compiling said aeseaaments and billi, u~less I.ender pay~ Borrower intereet on the ~nds and applicable law permit~ I.eode~ to make auch a charge. Borrower and Lender may agree in writing at the time of e:ecution o[ thu Mortga~e that interest on the Funds shall be paid to Eiorrower, and unless ~uch a~roement u made or applicable !aw requires snch intereot to be paid, Lender ~hall not be required to pay Borrower any interest or earnings on the Ftinds. I.ender ~haU give to Borrower, withoul charge, an annual accounting of the Funda ahowing credits and debits to the Funde and the purpwe for which each debit to the ~nde was made. The Fundr are pledged aa additional security for the sums secured by this Mortgage. ~ - It the amount of the F~nds held by I.ender, together with the future monthly inataUments of Funda payable prio~ to the due dates of taxa, asaessments. insurance premiuiru and ground renb. ehall excYed the amount reQuired to pay said taxes, asaeesmenta, insurance prem~ums and ground renta as they fsll due, ~uch excess shall be, at Borrower's option, either pmmptly repaid to E3orrower or credited to Borrower on monthly installmenb of Fundi. U the amount ot the Funds held by Lender shaU not be eufficient to pey te:ea, assessments, inaurance premiuma and ground renb as they faU due, BoTrower sha11 pay b I.ender any amount nec~essary to make up the deSciency within 30 daye [tom the data nodoe is mailed by I.ender to Borrower requesting payment thereof. Upon payment in fnli otsl! ~ums eecured by this Mortgage, Lender ehaU promptly refund to Eiorrower any [und, held by l.ender. Itunder paregraph 18 hereo[the Property ia wld or the Property ia otherwise acquired by I.ender, I.ender shall apply, no later than immediately prior to the sale of the PropeKy or ita aoqui~ition by I.ender, any Funds held by Lender at the time otapplication as a credit againet the sume eecured by this Mortgage_ 3. Applieation ot Paymenb. Unlees applicable law provides otherwise. al! payruanta received by l.ender under the Note and paragraphs 1 and 2 hereof shal) be applied by l.ender firnt in payment of amounte payable to I.ender by Borrower 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 Advuncea. 4. Charges; I.iens. E3orrower eha11 pay all taxea, aaseasments and olher chargea, finee Hnd impw+itioru~ attributable b lhe Property which may attain a priority over this Mortgage, and leauehold paymenta or gruund rents, if any, in ihe manner provided under paragraph'l heraK?f or, if not paid in euch manner, by Borrower making payment, when due, directly to the payee thereoC Aorruwer shall promptly furnieh to I.rnder all noticea of nmounte due under this paragreph, and in the event E3orrower shall meke payment direclly. I3orrower ehall prompUy furniah k? [.ender receipts evidencing auch paymente. Rorrower shail promptly discharge any lien which hsia priority over thia Mortgage; provided, that Borrower ehall not be required to diacharqe any such lien eo long aa Eiorrower shall agree in writing tn the puyment ottheubiiKation e~ecured by such lien in a manner acceptable to Lender, or ahall in Qood faith contestsuch lien by, ordefend en[orcement of such tien in, legAl proceedings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof. 5. Hazard Insuranoe. Borrower ehall keep the impmvementa now exieting or hereafter erected on the Property insured againat luae by fire, hazards includcd within the term "extended oaverage," and euch other hazards ae Lender may require and in such amounts and for euch periods as Lender may require; provided, that l.ender ehall not require auch ooverage amount e:cscding the minimnm, as may be required by atate or federal regulations goveming activities of Lender, or that amount of coverege required to pay the eume secured by this Mortgage, whichever is the gre~ter. The inaurance carrier providinq the ineurance shal) be chosen by F3orrower aubject to approval by l.ender, provided, thnt such ~pprc~val . ahall not be unreasonably withheld. All premiuma on inaurance policies ehall be paid in the manner provided under paragraph 2 hereotor, i[ not paid in such manner, by Eiorrower making payment, when due, directly to the insurance carrier. All insur~noe policies and renewals thereof ahall be in form acceptable to I.ender nnd ahall include a atandard mortgage clause in favor of and in [flrm aooeptable to Lender. Lender shal) have the right to hold the policiea and renewals fhereof, and i3orrower ehall promptly furniah to ' i.ender all renewal notices and aU ra~eipts of paid premiums. In the event of loes. Borrower shall give prompt notice to the inaurance carrier I' and Lender. Lender may make proof of loes if not made prompdy by $orrower. ~ Unleea Lender and Borrower otherwiee agree in writing, insuranoe proceeds ahall be applied to reetoration or repair of the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. lf euch j reetoretion or repair is not economically feaaible or if the eecurity of this Mortgage would be impaired, the ineurance proceede eha11 be applied f to the eume secured by thie Mortgage, with the e:cess, if any, psid to Borrower. lf the Property ie abandoned by Borrower, or if Borrower fails to reepond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier oft'ere to settle a claim for E inaurance benefits, Lender is authorized to collect and epply the insurance prooeeds et I.ender a option either to reetoration or repair of the ~ Property or the sum~ eecured by thi~ Mortgege. ( Unleae l.ender and Botrower otherwiae agree in writing, any auch upplicadon of proceeds to principal shall not e~ctend or poetpone lhe due ~ dete of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instsllmente. It under paragraph IB ~ herPO! the Peoperty ie acquired by Lender. all right, tide and interest of Borrower in and to any ineurance policiea and in and to the proceede thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the e:tent of the aums aecnred by thia z Mortgage immediately prior to such sale or aoquisition. ~ G. P!E`6@PY8L~0118Od MBIA~EDBDC@ OtPIOpErCy; Leaeeholds; Condominums; Planned Unit Developments. Borrower shall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioretion of the Property and ehall rnmply with the ~ provieione of any lease if this Mortgage ie on a leasehold. If this Mortgage is on a unit in a oondominium or a planned unit development, 4 Borrower shall pertorm all of Aorrower's obligations under the declaration or covenanta creatingor governing the condominium or planned ~ unit development, the by-laws and regulalions of the condominium or planned unit development, and constituent documents. If e ~ condominium or planned unit development tider is executed by Borrower and reoorded together with thiu Mortgage, the oovenanta and agreementa oteurh rider shaU !?e incorporated into and ahall amend and aupplement thecovenants and agreemente of thie Mortgage se if the ~ rider were a part hereof. 7. Protection ot I.ender's Security. If Borrower taib to per[orm the oovenente and egreemente oontained in thii Mortgage, or if any ~ aMion or proceedinQ is commenced which materially aHecta Lender s interest in the Property, including, but not limited to, eminent domain, ~ iiuolvency, oode enforcement, or arrangemenb or proceeding~ involving a banlaupt or decede.nt, then Leader at Lender'~ option,npon 7 notice to Borrower may make ~uch appearance~, diibur~e ~uch eumi end take such action as i~ neoe~sary eo proted Lender i interest, including, bnt not limited to, disbursement of reaionable attorney's fees and entty upon the Property to make repain. If I.ender required ` ~ mortgage inaurance as a rnndition o! making the loan secured by thu Mortgage, Borrower ~hall pay the premium~ required to mainfain - such insurance in dtect until snch time a~ the requinment tor such uuuranae terminates in aocordance with Bormwer's and Lende~s ; written agrcement or applicable Law. Borrower shall pay !he amount ot all mortgage ituwance preminm~ in the manner provided under k peragraph 2 hereof. ~I My amounts disbuned by Lender penuant to this paragraph w~ith interest ~hereon. ~hall ba~ume edditional indebtednees of ~i _ Borrower secvred by this Mortgage. Unleas Borrower and [.enda egree to other terms of payment, ~uch amounts ahall be payable upon ';i notice [rom I.ender to Borrower requesting peyment thereot, and ehall bear interest from the date ot disbunement at the rate payable from i' time to time on outatanding principa) under the Note unless payment ot intere~t et wch rate would be wntrary to applicable law, in which j ' event auch amount~ sheU bear intereat at the hi heet rate g permieeible under applicable law. Nothing rnntained in this peragraph T, shall ' require I.ender to incur any ezpenae or take any action hereunder. r R 4' s~~R2y7 16~ . - ~ _ - _ , . r~ ~ ~~,.Y_ _ - _ .