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HomeMy WebLinkAbout0030 Aorruwer and l.rnder covenant nnd agree ~?s fulluwe: ~ 1. Payment of Principal end Interest. Borrower ehnil pmmptly pay when due the principal of And interext on the indebtednee~s evide~ced by the Note; prepayment and late chargea ue prvvided in the Note, and the principul uf and i~trreet un any F uture Advnnces secund by thie Mortgage. 'L. hlu~ds for Tsxee and Ineurnnce. Subject to npplicnble 1,?w or to n writlen wuiver by I.ender, l3orruwer ahxll piiy to I.rnder un the day monthly inatallmentu of principal and intereat ure payi~ble under the Note, until the Note ia piiid in full, n aum Ihr~ein "h unda") equul to une tweltth of t~e yearly tuxea und naseasments which muy uttain priority o~~er ihie Mortgflge, and ground rentx on the 1'roperty, if nny, plus on~ twelRh o[yearly pmmium instnllmentss for hazard inaur~nce, plusonetwelfth of yea~ly premium inatallmrnta for mortgi~ge inauruncr, if any, all ue re~nably estimatrcl initially and from time to time by l.ender on the basia af nsaeusmentt~ nnd biUe und ~enaonable eetimutes thereof. The Flinde ahall be held in an institution the depoaita or accounta of which are inaured or guaranteed by a Federal or State agency (including I.ender if l.ender ia auch an inetitution). I.ender shali apply the Funda to pay said taxes, aeu~?esnments, inaurance premiuma and ground rente. I.ender may not charge for eo ~holding and applying the Funde, analyzing said account, or verifying and compiling suid aseesamenta and bills, unless [.ender paye E3orrower intereat on the F unda and applicable taw permite Ixnder to malce such a charge. Bor~,wer and Lender may agree in writing at the time of execution of thie Mortgage ~hat intereat un the F unda ahall be paid to E3orrower, and unleas auch agteement is made or applicable law requiree euch intereat to be paid, Lender ahall not be required to pay I3orrower any interest or earnings on the F~nda. I.ender shall give to E3orrower, without charge, an annual accounting of the Funde showing credita and debits to the Funde and the purpoee for which each debit to the Funda wa8 made. The Funda are pledged as additional security for the auma secund by this Mottgage. If the amount of lhe Funda held by Ixnder, together with the future monthly inatallments of Funds payable prior to the due dates of taxee, aasesamente, inaurance premiums and ground [ente, ahall excred the amount required to pay eaid taxea, asaesaments, insurance premiuma and ground rnnte as they fall due, euch exceas ahall be, at BoiTOwer's option, either prompdy repaid to E3orrower or creditcd to Borrower on mon~hly inatallmenta of ~nda. lf the amount of the Funde held by I.ender ahuU not be eufCcient to pay ta:ee, asaeasments, ineurance pre~niums and giround rnnte as they fall due, Borrower ahall pay to I.ender any amount necessary to make up the deficiency within 30 days from the date notice ia mniled by I.ender to E3orrower requesting payment thereof. Upon payment in full of all auma secured by this Mortgage, Lender ahall promptly rnfund to I3orrower any funds held by l.ender. If under paragraph tis hereof ~he F'roperty is sold or the Property is otherwiee acquired by l.ender, I.ender shail apply, no laterthan immediately prior to the sale of the Property or its ncquisition by [.ender, any HLnds held by Iender at the time of application as a credit againat the sums aecured by thie Mortgage. 3. Application of Peymenta. Unlesa applicable !aw providea otherwiae, all payments received by l.ender under the Note and paragrapha 1 and 2 hereof shall be applied by l.ende~ ~ret in pay~ment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to intereat pay~ble on the Note, then to the principal of the Note, and then to interest and principnl on any Future Advances. 4. Charges; Liene. Borrower shal) pay all tAxes, aaqes.Rments and other charqes, fines ~nd impusitions:~ttributable tc, the Property which mf~y attain n priority over this Mortgage, and le~sehold payments orKmund rents, if any, in the manner provided under paragraph 2 hereo[or, if not pnid in such manner, by E3orrow•er makinQ payment, when due, directly to the payee thereof. Rorrower shall promptly furnish to I.ender ail notices of amounts due under this puragraph, and in the event E3orrower aharl make payment directly, Born~wer shall promptly furniah~to [.ender receipts evidencing such payments. Borrow•er shall promptly discF~~iYe.~ny li fn which has pric~rity over this Mortgage; pmvided, that E3orrower ahaii not be requirc~ to dischxrge any such liit{"so Ibng as E3orrower shall agree m writing to the payment of theobligation secured by such lien in a manner acceptable to Lender, orshall in good faith contest such lien by, ordefend enforcrment ofsuch lien in, l~*al proccedinga which operate to prevent the enforcement of the lien or forfeitum of the Property or ~ny part thermL . 5. Hazard Ineurance. Barrower ehaU keep the improvementa now existing or hereafter erected on the Property insured against loss by . firn, hazards included within the term "extended coverage," and such other hazarda as I.ender may require and in auch amounts and forsuch periods as Lender may require; provided, that I.ender shall not require such coverage amount exceeding the minimum, as may berequired by state or federal regulations governing activitiet? of I.ender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. The insurance carrier providinK the insurance shall tx chusen by RorroKer subject U~ approval by Ixnder; pm~~ided, thal such .~pproval shall not be unrea.w~nably w•ithheld. All premiams on insurance policies tihaU be paid in the manner pn?vidid un~ler par~?Kraph hereuf ur, if out paid in such manner, by liorrower makinK payment, when due, directly to the insurunce carrier_ . All insurance policiea and renewals thereof shall be in form acceptable to I.ender and ahall include a standard mortgage clause in favor of and in form acceptable to I.ender. [.ender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i.ender all renewal noticea and aU receipte ot paid premiums. In the event of loss, Borrow•er ehall give prompt notice to the inaurance carrier and I.ender. Lender may make proof of loss if not made pmmptly by I3orrower. ~ lJnleas l.ender and Borrower otherwise agree in writing, insurance proceeds shal) be applied to restoration or repair of the Property 'i damaged, provided auch restoration or rnpair ia economically feasible and the eecuri!y of this Mortgage is not thereby impaired. If such i reatoration or repair is not economically feasible or if the security of thie Mortgage would be impaired, the inaurance proceeda shall be applied ~ to the auma aecured by thia Mortgage, with the excesa, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if F3orrower fails to ~ reapond to Ixnder within 30 days from the date notice ia mailed by [,ende~ to Borrower that the ineurance carrier ofiera to settle a claim foT ~ insurance benefita, Lender is authorized to collect and apply the insurance proceeds at l.ender's option either to reatoration or repair of the Property or the aums aecured by this Mortgage. Unleas I.ender and Borrower otherwise a~cree in writing, any auch application of proceeds to principal shall not extend or postpone the due date of the monthly inatallmenta rnferred to in paraqraphs 1 and 2 hereof or change the amount of auch installmenta. If under paragraph IS r hereof the Property ia acquired by Lender, all right, title and intereat of Borrower in and to any insurance policiea and in and to the proceeds thereof reeulting from damage to Property prior to the sale or acqwaition ahall pasa to L,ender to the extent of the sums aecured by this Mortgage immediately prior to such sale or aoquisition. 6. Preeervation and Maintenance otProperty; Leaseholda; Condominume; Planned Unit Developmente. E3orrower ahall keep ~ the Property in good repair and shall not commit waete or permit impairment or deterioration of the Property and ahall comply with the ~ proviaions of any lease if thie Mortgage ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower ahall perform all ot E3orrow ei a obligations under the declaration or covenanta creatingor governing the condominium or planned ~ unit development, the by-laws and requlalions of the condominium or planned unit development, and constituent dceuments. If a ~ oondominium or planned unit development rider is executed by Bonower and recorded together with this Mortgage, the oovenants and ~ agreementa of such rider shall t?e incorporated into and shal I amend and supplement the covenanta and agreements of thia Mortgage as if the ~ rider were a part hereot. 7. Protection of Lender'e 3ecurity. If Borrower fails to perform the oovenante and agreementa contained in thie Mortgage, or if any ~ action or proceeding ie commenced which materially effecte Lender'e intereet in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangemente or proceedinge involving a banknipt or decedent, then I.ender at Lender e option,upon ~ notice to Borrower may make euch appearancea, dieburee euch auma and take such action ae ie neceseary to protect Lender'e intereet, ~ including, but not limited to, diebureement of reaeoneble attorney e feee and entry upon the Property to make repairs. If Lender required mortgage ineurance ae a condition of making the loan secured by thie Mortgage, Borrower ehall pay the premiume required to maintain K snch insurance in effect until such time ae the requirement for euch ineurance terminatea in accordance with Borrower'e and Lender's ~ written agreement or applicable Law. Borrower ahall pay the amount of all mortgage ineurance premiuma in the menner provided under ~ paragraph 2 hereof. • ~ Any emounte diebureed by Lender pereuant to this paragraph 7, with intereet thereon, ehall beoome addition+il indebtedness of ~ Borrower eecured by thia Mortgage. Unleae Borrower and Lender agree to other terme of payment, auch amounte ahall be payable upon ~ notice from Lender to Borrower requeeting payment thereof, end ahall bear intereHt from the date of diabnrsement at the rate payable from ~ time to time on outstanding principal under the Note unleee payment of intereat at auch rate would be contrary to applicable lew, in which ~ event euch amounta ehall bear intereet at the higheet rate permiaaible under applicable law. Nothing contained in thie paragraph 7, ehall ~ require l.ender to incur any expenee or take any action hereunder. ~ ~ ~ - ~ 5~~~ 29~8 ~ 3~ ~ ~ ~ ~ ~ ~ ~ ~ 3. r~.~ ~ - - • _ - ; "~'~ti::;.:,::'-: . a . ~ au~ ' _ 4 ~ , f.z'