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HomeMy WebLinkAbout0017 • Korruwer nnd I.cnder rovrnt~nt und ugree aa fuUowa: . 1. Paymenl ot !'rincipal aod Intereet. Born~wer ahall pnimptly pay when due the principal of u~d interret oo the indebt~dnreia evidenced by the Note, prepayment and late chargee ae pn?vided in the Notr, and the p~incipal uf and interrat on any F uture Advuncea srcured by this Mortguge. 2. Ftinda for Taxt e and Ineurance. Subject tu applicuble law or ui n written w•uiver by I.ende~, Ei~,rruwer nhull pxy tu I.rndrr un the day mo~thly instnllmentx of principal und intereAt are paynble under Ihr Nute, uotil the Note ie puiil in full, i+ sum Ilirrein "Funda") eyual to onr iwrlfth of the yea~ly tnxes and assexi:mentx which miiy nttt~in p~iority uver this Mortgage, and ~ound rentx on thr !'n~~•rty, if any, plus one . twelRh of yeurly premium instalimenta [or hnzArd inaurnncr, plua unNtwrlflh ofyeurly premium ine+tallmrntei for murtguge ineurance, if uny, all ae ~etu+onably estimnte~l initially and from tim~ to time by Ixnder on the baais of t~aesamrnts nnd bill~ nnd reiieunnble estimati~ thereof. The FLnde ahal) be held in an institution the depoaita or accaunta of which are inaured or guaranteed by a Federal or State ngency lincluding l.ende~ if l.ende~ ia auch an inatitution). I.ender ahall apply the Funda to pay said taxea, ueweasmenta, ineurance premiume and Ecmund rents. l.ender may not charge [or ao holding and appl~~ng the Funda, Analyzing said account, or veriiying and compiling said aeaesaments and bills, unleas l.ender paya Borrower interest on the Funda Und applicable law permita l.ender to make auch a charge. f3orruwer and l.ender may agree in writing at the time of execution of thia Morigage thnt intereat on the Hunda ahull be paid to 13orrc?wer, und unlexa such agreement ia made or applicable law requires such intereat to be pttid, l.ender ahall not be required to pay E3orrower any intereet or eaminga on the Ftinds. [.ender shall give tu E3orrowe~, without charge, an annuul nccounting of the F unde ahowing credits and debita to the Funda and the purpoae for which each debit to the F undR was made. The Funda are pledgrd as additional security for the aume aecured by this Mortgage. If the amount of the Funde held by Ixnder, Wgether with the future monthly inetallments of F unds puyable prior to the due datex uf taxea, asseaementa, ineurance pmmiums and ground renta, ahall excred the amount required to pay said taxea, uasessmente, inaurance premiums and ground renis as they fall due, auch excess ehall be, at E3orrower a option, either promptly rnpaid to E3orrower or crediteci to E3orroweron monthly instaUmenta of Funda. If the amount of the Funds held by l.ender shaU not be sufficient to pay taxes, assesxments, insurance prnmiuma and ground rente ae they fall due, E3ortower ahatl pay to l.ender any amuunt neceasary to make up ?he deficiency within :;0 days from lhe date notice ia mailed by l.ender to Rorrower requeating payment thereof. Upon payment in full of all aums aecured by this Morigage, I.ender ahall promptly refund to Borrower any funds held by I.ender. lf under paragraph 18 hereot the Property ia sold or the Property ie otherwise acquired by I.eoder, I.ender ahall apply, no later than immedi~tely prior to the sale of the Property or ita acquiaition by Lender, any Funda held by l.ender ut the tima of applic~tion as a credit againat the sums secured by this Mortgage. ~ 3. Application of Paymenta. Unlesa applicable lav? providea otherwiae, all paymenls recei~~ed by I.ender under the Note and paragraphe 1 and 2 hereof shall be s~pplied by Lender firxt in payment of amounta ppyable to I,ender by BorroKer under paragraph l here~,f, then to interest payable on the Note, then to the principal ot the Nute, and then to interest and principal on r~ny Future Advances. 4. Chargea; I.ienP. Rorrower shall pxy :~II taxes, asse;exments and uther charges, fines und impusitions uttributa~ble u~ the Yroperty which may nttain a priority over this;Nortgage, and le<isehold paymcntsor~n~und rents, if uny, in the manner proaidc~d under paragr:iph'L hereofor, if not paid in such manner, by t3orrower makinK payment, when due, directly lo the pnyee therroC BorrowershaU prumptly furnish to Ixnder all notices of amounts due under this paragraph, and in lhe e~•ent f3orruwcr shall make p~ymrnt dir~tly, Eiurn,wer xhall promptly furnish u, [xnder receipts evidencing such paymen~q. F3orrower shall promptly dischnrge any lien which hus priurit~• nver this:llurtKaKe; pn,vide~l, that Borrower shall not be required todischarge any such lien so long :~.g Iiorrower shall ati?ree in writing to the payment nf thc-ubliKation secured i?y such lien in a mt~nner acceptable to I.ender, or shall in Rax1 faith contest such lien by. ordefend enfi?rn•mrni of ~uch lirn in, IrKal pr~K•ettiiings which operate to prevent the enforcement of the lien or furfciture uf thr Property i?r any part then~~f. 5. Hazard Ineurance. F3otrower shall keep the impro~•ement~s now existing or hereafter erected on the Yroperty inerured againxt los.s b~ f re, hazarda included within the term "extended cY~verage," and ~uch other haiards as [.ender may reyuire and in such amounts and for such periods as I.ender may require; provided, that [.ender shall not require such coverage amount exceedinK the minimum, as may be required by state or federnl regulations goveming activities of I.ender, or that amount of coverage required to pay the sums secured by this Mort~age, whichever is the greater. 'fhe ~nsurancr carrirr pruvidinK the insuramr sh.?II tx• rhusen by tiurrow•er ~ut~~ect tu appn~~•.~I b~• lxnder, pr~~~~~d~rl. that tiurh :~ppru~~al shall not be unrea~~n~bly withh~•Id. All premiums nn in,urann~ Ex~licies sh.ill }x• p:~id in thi• manniv pru~•id~vi und~•r paru~;raph ht•rtY~f ur, if ~ot ps?id in wuch manner, b~ li~,rruwer makinK paymcnt, ~~hen due, dinrtly to the incur.~nce c•:~rrier. All insurance policies and renewala thereof shall be in form acceptable to l.ender and shall include a standard mortKaKe clause in fa~•or of and in form acceptabte to Lender. I.ender shaU have the riQht to hold the policies and renewala thereof, und f;orroK•er sht~ll promptly furnish u~ i.ender all renewal noticea and all receipta of paid premiums. In the event of loss, Borruwer shaill give prompt notice to the insurance camer and l,ender. [.ender may make proof of losa if nut made promptly by E3~rrower. , Unleas i.ender and E3orrower otherwise aqree in writing, insurance proceeda shall be applied to restoration or repair of the Property damaged, pruvided such rnstoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such I restoration or. repair ia not economically feasible or if the security uf this Mortgage would be impaired, the insurance proceeds shall be applied I to the auma secured by this Mortgage, with the excesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to ~ respond to Lender within 30 daya froro the date notice is mailed by I.ender to F3orrower that the insurance carrier offers to settle a claim for insurance benefite, I.ender is authorized to collect and apply the insurance pra~eeds at [.ender's option either to reatoration or repair of the Property or the aums aecured by this Mortgage. Unleas [.ender and Borrower otherv?~se agree in writing, any such application of proceeds to principal shall not extend or poatpone thedue date of the monthly inatallments referred to in paragraphs 1 and 2 hemof or change the amount otauch installments.lf under paragraph 18 hereof the Property ie acquired by Lender, all right, title and intereat of Borrower in and to any inaurance policies and in and lo the prooeede thereof resulting from. damage to Property prior to the sale or acqu~sition shall pass to Lender to the extent of the auma eecured by this Mortgage immediately prior to auch sale or acquisition. 6. Preaervation and Maintenanceof Property; Leaseholds; Condominume; Planned Unit Developmenta. Borrowerahall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisione of any lease if this Mortgage is on a leasehold. If this Mortgaqe is on a unit in a condominium or a planned unit development, ~ E3orrower ahall perform all of F3orrowei a obliRationa under the declaration or coeenants creatinKor governing the condominium or planned unit development, the bylaws and m~culations of the condominium or planned unit development, and conatituent documents. [f a condominium or planned unit development rider is executed by Borrower and recorded together with thie Mortgage, the covenants and F~greementx of auch rider shall be incnrporated into and shall amend and aupplement the covenants and agreementa of this Mortgage as if the rider werc a part hereo(. ~ 7. Protection of Lender'e 3ecurity. If Bonower faile to perform the oovenante and agreemente contained in thie Mortgage, or if any ~ action or proceeding ie commenced which materially aftecte I.ender'e intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, code enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then [.ender at Ixnder'a option,npon notice to Borrower may make such appearanoee, dieburee such auma and take euch action ae is neceseary to protect Lender's intereet, ~ including, but not limited to, diabureement of reasonable ettorney'e feee and entry upon the Property to make repaire. If Lender requited mortgage ineurance as a condition of making the loan aecured by thie Mortgage, Borrower ehall pay the premiume required to maintain ~ such ineurance in effect until such time as the requirement for auch ineurance terminatea in accordance with Borrowei e and I.ender'e ~ written agreement or applicable Law_ Burrower ahall pay the amount of all mortgage inaurance premiuma in the manner provided under ~ paragraph 2 hereof. ~ ' Any amounte diabsrsed by I.ender perauant to thie paragraph 7, with intereet thereon, ahall beoome additionel indebtedneae of 3 E3onower eecured by thie Mortgage. Unleas Borrower and Lender agree to other terma of payment, auch amounts ehall be payable upon ~ notice from I.ender to Borrower requeeting payment thereof, and ahall bear intereet from the date of diabureement at the rate payable from time to time on outstanding principal under the Note unleas payment of intereet at auch rate wuuld be rnntrary to applicable law, in which event auch amounte ahall bear intereat at the highest rate permiseible under applicable law. Nothing rnntained in thie paragraph 7, ahall ~ require I,ender to incur any expenae or take any action hereunder_ , ~ EOOX ~~uC7 f~. . ~ ~ ~ ~ , . ~y 9'F r~ . ; _ . _ _ ~ -'rS . ~ x- ~ , .'Lw'i~ n ~vl~~r"`~'T~„>w,y~.n.~`~r- - . 1 .~'i~_ .