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HomeMy WebLinkAbout0381 E~rruwe~ and l~nder rovenant and agree as follows: 1. Pwyme~t of Prlncipal and I~terest. Rorrower ehxll promptly pay wheo due the principal of and interc~t un the indebtcdnreie evidenced by the Note, prepayment and latechargee as provided in the Note, and the principal of and intereet ~~n any F'uture Advancee secured by this Mo~tgage. 2. Fltnde for Taxe~ and I~eu~ance. Subject to applicuble law or to a written waive~ by l.eoder, Bormwer ahali pay to I.endrr on the day raonthly installments of principal and intereat are payable under the Note, until the Note ia paid in fuU, n eum Iherein "I~ unde") equal to one twelfth otthe yearly taxea and asaesamenta which may attain priority uver thie Mortgage, and ground rente on the Pruperty, if any, plus one twelflh of yearly premium inataltmente for hazard ineurance, plua onetweifth of yearly prnmium inatallments for murfguge ineurance, i[any, nll ae rnasooably estimated initially and from time to time by Ixnder on the basis of t~ssesemente and bills and reasonable rstimatea thereuf. The F~nds shall be held in an institution the deposits or accounte of which are insured or guaranteed by a Federal or State agency (including Ixnder if l.ender ie such an institution). l.ender ahall apply the Funds to pay eaid taxea, asaesamente, ineurance premiums and ground tents. I.ender may not charge for eo holding and applying the Funds, analyzing said account, or verifying and ~,mpiling said aasedemente and bille, unleee Lender pays Borrower interest on the Funds and applicable law permita I.ender to make euch a charge. E3orrower and Lender may agree in writing at the time ot execution ot thie Mortgage that intereat on the Funda ahall be paid to Aorrower, and unteas auch agreement is made or applicable law requiree auch interest to be paid, Lender ahall not be required to pay Borrower any intereat or earnings on the ~nda. Lender shall give to Borrower, without charge, an annual accounting of the Funde ahowing credite and debita to the FundB and the purpoae for which each debit to the Funda wxa made. The Funde arn pledged aa additional security for ihe aume secured by this Mortgage_ . If the amount otthe ~nds held by Lender, together with the future monthly inatallmenta of Funda payable prior to the due datee of taues. aeaeaemenfs, irteurance premiuma and ground rente, ahall exc~ed the amount required to pay said taxea, aseeaamente, inaurance premiume and ground rente as they fall due, auch e:ceae shall be, at Bo~TOwer'a option, either prompdy repaid to Boriower or credited to Borroweron monthly inetallmente of Flinde. lf the amount of the Funda held by [.ender ahall not be sufficient to pay tsxee, assessmenfe, ineurance premiuma and ground renta aa they fall due, Borrower ahall pay to Lender any amount neceasary to make up the de6ciency within 30 days from the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon payment in full of alt aums eecured by thia Mortgage, I.ender shall promptly refund to Borrower any funds held by I.ender. If under paragraph 18 hereof the Property is aold or the Property ie otherwiae acquired by Lender, l.ender shall apply, no later lhan immediately prior to the sale of the Property or ita acquiaition by l.ender, any ~nda held by I.ender at the time of application as a credit against the aums secured by thie Mortgage. . 3. Application of Payments. L'nless appiicable law" pmvidea otherwise, all paymenta received by I.ender under the Note and paragrapha 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, nnd then to intemat and prineipal on any Future Advancea. 4. Charges; Liena. t3orrowershall pay all taxea, assessments and other charges, finex and impositions ~ttributable G~ the Pruperty which may attain a priority over this Mortg~ige, and leasehold payments or ground rentx, if any, in the manner provided under paragraph 2 hereotor, if not paid in such manner, by Fiorrower making payment, when due, directly to the payee thereof. Barmwer shall promptly furnish to l.ender all notices of amounts due under thia paragraph, and in the event Borrower shall make payment directly, Borrower shall prumptly furnish to l.ender receipts evidencing such paymenta. Borrower shall promptly discharqe any lien which has priority over this Mortgaqe; provided, that Rorrower shall noGbe required to diacharge any auch lien so long as Borrower ahall agree in writing to the payment of the obligation aecured by such lien in a manner acceptable to Lender, or shall in good faith euntest such lien by, ordefend enforcrment of euch lien in, legal proceedinKs w•hich operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvementa now exiating or hereafter erected on the Property insured against loss by firn, hazarde included within the term "e:tended coverage; ' and e~uch other hazarde as I.ender may require and in auch amounts and for such periode as Lender may require; provided, that I.ender ahall not require auch ooverage amount exceeding the minimum, as may be required by state or federal regulations governing adivities of Lender, or that amount ot coverage required to pey the sums secured by this Mortgage, w~hichever ia the greater. • The inaurance carrier providing the insurance aha11 be chosen by E3c~rruwer subject to appro~~al by l.ender; pmvided, that xuch appro~•al ' shall not be unreasonably withheld. All premiums on insurance pnlicies shall be paid in the manner provided under paragraph 2 hereof or, if ; not paid in auch manner, by Borrower making.payment, when due, directly to the inaurance carrier. ~ ' All ineurance policies and renewala thereof ahall be in form acceptable to I.ender and shall include a standard mortgage clause in favor ot ~ and in fotm acceptable to L.ender. Lender ahall have the riqht to hold the policies and renewals thereof, and B~rrowershall promptly [urnish to ~ i.ender ali renewal noticea and all receipts of paid premiuma_ In the event of losa, I3orrower ahall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of lose if not made promptly by Borrower. t Unleea [.ender and Borrower otherwiee agree in writing, inaurance proceeds ahall be applied to reetoration or repair of the Property ; damaged, provided auch restoration or repair ia economically feaeible and the eecnrity of this Mortgage is not thereby impaired_ If such ~ reatoration or repair ie not economically [easible or if the eecurity of this Mortgage would be impaired, the inaurance proceeda shall be applied ~ to the auma eecured by this Mortgage, with the eaceas, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrov?er faila to - i ~ reapond to Lender within 30 days from the date notice ia mailed by [.ender to Borrower that the insurance carrier oPtera to aetde a claim for ~ ineurance benefits, Lender ie authorized to collect and apply the insurance proceeds at Lender'a option either to restoration or rnpair of the ~ Property or the sums aecared by this Mortgage_ ~ Unlese I~nder and Borrower otherwise agree in writing, any auch application of ptnceeda to principal shall rsot extend or poatpone the due ~ date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of euch installmenta. If under paragraph 18 $ hereof the Property ie acquired by Lender, all right, title and interest of Aorrower in and to any insurance policies and in and to the proceeda ~ thereof reaulting from damage to Property prior to the sale or aoquieition ehali paee to Lender to the eatent of the sume eecured by this 1~tortgage immediately prior to auch eale or aoquisition. ~ 6. Preservation and Maintenance otProperty; Leaseholds; Condominums; Planaed Unit Developmente. Borrowerahall keep ~ the Property in good repair and ahall not commit waete or permit impairment or deterioration of the Propedy and shall comply with the provisione of any lease if this Mortgage ia on a leasehold. If thia Mortgage ie on a unit in a condominium or a planned unit development, ~ Borrower ehall perform sU of ~iorrower'a obligations under the declaration or covenanta creatingor governing the condominium or planned unit development, the by-lawa and regulationa ot the condominium or planned unit development, and conatituent documents. If a• ~ condominium or planned unit development rider ia executed by Borrower and recorded together with thia Mortgage, the oovenante and '=Y aQreements of auch rider ahall be incorporated into and shall amend and supplement the covenanis and agreements of this Mortgage as if the - rider were a part hereoL 7. Protection of I.ender's 3ecurity. If Borrower faila to perform the oovenants and agreementa oontained in thie Mortgage, or if any action or prooeeding is commeoced which materially afferta Lender'e interest in the Ptoperty, including, but not limited to, eminent domain, ineolvency, oode en[orcement~ or arrangements or proceedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon - notice to Borrower may make such appearenoes, dieburse such sums and take euch action ae is neceseary to protec~t Lender's interest, including, but not limited to, diabursemeat of reasonabie attomey's fe~ and entry upon the Property to make repaire. If Lender required mortgage inenrance as a rnndition of making the loan sec~red by this Mortgage, Borrower ahall pay the premiums required to maintain euch inaurance in effect until euch time ae the requirement for auch inaurance terminatee in aocordance with Borrower'e and Lendt~d written agreement or spplicable Law. Borrower shall pay the amount of all mo i rtgege inaurance premiume in the manner provided under ~ : paragraph 2 hereof. 5 My amounte diebureed by Lender persuant to thie paragraph 7, with intereet thereon, ahall beoome additional indebtednees of r` [iorrower eecured by thie Mortgage. Unleae Borrower and Lender agree to other terme of payment, such amounts ehall be payable upon i notice ftom Lender to Borrower requeeting payment thereof, and shall bear interest from the date of diebursement at the rate payable from time to time on outstanding principal under the Note unleae payment of intereat at auch rate would be contrary to applicable law, in which ~ event auch amounte ehall bear intereat at the higheet rate permiaeible under app?icable law_ Nothing contained in thia paragraph 7, ehall - require Lender to incur any expense or take any aMion hereunder. ~ ~ 3$1 ~ BOL~~. ~ ~ . ~ . . _ . . _ r