Loading...
HomeMy WebLinkAbout0007 Rurn~we~ and I.ender covrnunt and agree ae falluws: 1. Yeyment of f'rincipal and Inte~eat. f3orniwer ahall pmmptly pay when due the principul of s~nd intrrrdt on the indcbtcd~esa evidenced by the Note, prepayment and late chargri+as provided in the Note, nnd the principul of and intenet un any F uture Advances xecured by thia Mortgage. 2. F`unde for Texee and Ineurancr. ~ut~ject u~ applicable li~w or to n wnUcn waiver by I.~~nder, l~,rruwer xhall pay to ( trndr~ un the diiy monthly installmenta of principal nnd intereat are puyuble unJrr the Nute, until the Note ia piiid in full, u sum Ihcrein "N u~da'7 eyual tu unE- tweifth of the yr~rly tiuces und .?.vxrxxmrnts which may attuin priurity over thia Mortgage, und gruund m~tx on tbr f'ruprety, if uny, p1uK un~ twelRh of yearly p~emium inatulimenta for hncz~rd insur:~~ce, plua one-twelfth o[yrt+rly premium inat.?Ilmentx for murtKuge insurance, if uny, .~Il ns rea~nably extims~trci initit~liy and frum time to tin~e by I.cndcr on the txwis of uaseasmentx .~nd billa und reusonablr ~~stim~tex ther~f. The Fuode ahal) be held in an inatitution the depyeite ur nccounts of which are inaured ur guuranteed by a Federul ot ~tate agency lincluding l.ender if I.ender ia such an inatitutionl. I.ender shall apply the F unde to pay axid taxex, uasesamenta, insurance premiume and Kround renta. Lender may not charge for eo holding and applying the Ntinds, analyzing eaid account, or verifying and compiling said asaessmrnit? un3 biils, unieeu+ [xnder paya Burrower inirrrxt un the ~'undK and appticable law permitx [.rader lo make e~uch a charge. Kurruwr.r and I.ender may ngree in writing at the time ot execution of this Mortgage that interext on the Funda ehnU be paid to Borrower, and unleas auch agreement is made or applicable law requirna auch intereet to be paid, I.ender ahull not be required to pay Korrower any intereat or earninga on the Funde. I.ender ahall gi~~e to fiorrower, without charge, nn annunl accountinK of the Funds ahowing creditx and drbite to the F unda and the purpose for which each debit G> the Funds was made. The F unds are pledged as additionAl security for the auma secured by thia Morigage. - If the amou~t of the Funda held by l.ender, together with the future monthiy installmenta of N unds pvynble prior to the duedates of taxea, assesamente, ir.aurance premiuma and ground mnts, shall exczed the amount required to pay said taxes, assessmenls, insurance premiuma and ground rente as thpy fall due, such exceas ahall be, pt Bo~YOwer's option, either prvmptly repuid to F3urrower or credited to f3orrower on monthly installments of F~nde. If the amount of the Funda held by l.ender ahall npt be sufficient to pay tt?xes, assessmenta, insuranre premiums and ground renta as they fall due, F3urrower shall pay to I.ender any amount necesa~ry to mnke up the deficiency within 30 days from the date notice is mailed by l.ender to liorrower requesting pnyment thercr?f. Upon payment in full of all auma secured by this Mortgage, I.ender ehall pmmptly re}hnd to Borrower any funds held by I.ender. If under paraRraph 18 hereof the Property is sold or the Property is otherwiae acquired by l.ender, I.cmder ahall apply, no later than immediately prior to the eale of the Property or its acquiaition by I.ender, any Funds held by [,ender at the time oCappliFation as a credit againat the sums secured by this Mortgage. 3. Application of Paymente. Unless applicable law provides otherwiae, all payments received by I.ender under the Note. and paragraphe 1 and 2 hereof shatt be applied by l.ender first in p:+yment of amounts pay:~ble to I.ender by Borruwer under paragrnph 2 hereof, then to intemst payable on the Nute, then to the principal of the Note, t~nd then fo interest and principal on any Future Advances. 4. Charges; Liens. B~rrow er shall pay all taxex, ax.sessmentx and other charKes, finc~ and im~~sitions uttribut.ible to the Pn~perty w•hich may att~~in a priority over this MortgaKe, and le~?seh~~ld payments or Kruund rents, i f:~ny, in the mnnner provided u nder p.?r<?Kr.~ph 'L hen~f or, if not paid in such m~nner, by Eiorrower makinK payment, when due, directly to the payE~c thereo`. Korn~w er sh.ill promptly furnish tu 1 xnder :ill nuticea of amounts due under this para~traph, and in the e~~ent &~rmwer shall make px~~ment directly, Borruwer shall prumpQy turnish tu t.rnder receipts evidencing such pnyments. f3orrower shall promptly discharKe an~ lien which has priurity o~•er this H1urtKaRe; pro~•ided, that liorrower shall not be required to discharKe any such lien so IonK as t3orrower shall aKree in writinK to the paymrnt of theobli~;ation scrured by ~uch lien in a manner accept~~ble to Ixnder, ur xhall in Kood faith ronttst such lirn by, urdefend enfurcrment of such licm in, leKal proceYdings ~chich operate to prevent the enforcement of the lirn or forteiture+if the Property ur any parl thermf. 5_ Hazard Inaurance. Eiorrower ahnll keep the improvements now existing or hemafter erected on thr I'roperty insured against loss by fire, hazarde included within the term "extended coverage; ' and such other hazards as [.ender may require and in such amouhts and for such periods as I.ender may require; provided, that Lender shall not re~quirr such coverage amount exceeding the minimum, as may be requimd by state or federal rngulations goveming activitiea of l.ender, or that amount of coverage required to pay the sums secured by this MortKage, w1iiC,ir'vei i5 Q,iE KPcuici. The insurancr carrier pro~•idin~ the insuran~~~ shall tx~ chusen by Rurruwer subjec•t ti~ ~ppro~•ul h}• I.endt•r, provid~~, th~it such appr~~~•.?i ~hall not be unre.~sonably withheld. Al! pmmiums un insurancc pulicies ~hall t?r p.~id in thf• mannrr pro~•idivl under para~raph'l hrn~~f ~~r, if nut paid in such manner, by 1i~~rruw•er m:;kinK paymtmt, when due, directly lo the insurance carrirr. Al! inaurance policiea and renewals thereof shaA be in [orm arceptable to I.ender and shail include a standard morlKaKe clause in fa~•or of and in form acceptable to I.ender. I.ender shall huve the right to hold the policies and renewals thereof, and Borrower ~hall promptly furni~h to i.ender all renewal notices and aU receipts uf paid pmmiums. In the event of loss, Borruwer shall Kive prompt notim to the insur:ince camer :~nd I.ender_ I.ender may make proof of loss if not made promptly by E3orrower. Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property i damaged, provided such restoratien or repair ia economically feaaible and the security of this Mortgage ia not thereby impaired_ If such ~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeds shall be applied ~ to the sums secured by thia Mortgage, with the excess, if any, paid to i3orrower. lf the Property is abandoned by E3orrower, or if E3orrower fails to respond to l.ender within 30 days from the date notice is mailed by l.ender to E3orrower that the insurance carrier offers to settie a claim for E insurance benefita. Lender is authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the ~ Yroperty o~ the suma secured by this Mortgage. ~ g, any such application of proceeda to principal shall not extend or postpone thedue € lJnless I.ender and E3orrovrer otherwiee agrne in writin + date of the monthly inatallmen!s referred to in paragraphs 1 and 2 hereof or change the amount of auch installments. If under paraRraph iR ~ hereof the Property ia acquired by I.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds y thereof resulting from damage to Property prior to the sale or acqwsition shall pass to I.ender to the extent of the sums secured by this ~ ~lortgage immediately prior to such sale or acquiaetion. ~ 6. Preaervation and Maintenanceof Property; Leaseholds; Condominume; Planned Unit Uevelopmenta. E3orrowershall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the provisions of any lease if this Mortgage ia on a leasehold. If this MortgaKe is on a unit in a condominium or a planned unit development, ~ Rorrower ahall perform a11 of Bonower's obliqations under the declaration or covenante creatinKor governing the condominium or planned ~ unit development, the by-laws and regulationa of the condominium or planned unit development, and constituent documents. If a ~ condominium oT planned onit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and ~ .~Kreements of such rider shall }?e incorporated into and shall amend and supplement thecovenants and agreements of this Mortgage as if the _ rider were a part hereof. ~ 7. Protection of I.ender'e 3ecarity. If Borrower faila to perform the rnvenante and agreements contained in this Mortgage, or if any ~ action or proceeding ie commenced which materially affecte I.ender'e intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangec~fente or proceedings involving e bankrupt or decedent, then [.ender at Lender'e option,upon ° notice to Borrower may make such appearancee, dieburse euch aume and take euch action ae is neceaeary to protect I.ender'e intereet, ' including, but not limited to, diabureement of reaaonable attorney's feee and entry upon the Property to make repaire. If Lender required = mortgage insurance a~B a condition of making the loan secured by thia Mortgage, Borrower ahall pay the premiume required to maintain ; euch insurance in eftect until auch time se the requirnment for euch insurance terminates in accordance with Bonowei e and Lender'e ~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage ineurance premiuma in the manner provided under _ paragraph 2 hereoL ~ Any amounte diebursed by I.ender perauant to thie paragraph 7, with intereet thereon, ehall become additional indebtednesa of ~ Iiorrower secured by this Mortgage. Unlese Borrower and I.ender agree to other terme of payment, euch amounfe eha11 be payable npon ; notice from Lender to Borrower requeeting payment therevf, and ahall bear interest from the date of disbursement at the rate payable from ~ time to time on outstanding principal under the Note unleas payment of intereet at auch rate would be co~itrary to applicable law, in which event auch amounta ahall bear intereat at the highest rate permissible under applicable law. Nothing contained in thie paragraph 7, ehall ~ require I.ender to incur any expenae or take any action hereunder. ~ ~ ~ ~ :4 ~0~298 fi~ ~ 7 . ~ - ~ ~ , ~z ~ _ - ~ ~ .