Loading...
HomeMy WebLinkAbout0040 ~rrnwe~ and l.ender cuvenant und agree ne fulluwa: 1. Payment ut Nrincipal a~d Intereet. 13oRUwer ehAll promptly pay wheo due the principal of and intrreat un the indrbtecineeia evidenced by lhe Note, prepayme~nd IatecharKea ua provid~d i~ the Note, and the principnl of and interest on i~ny Future Advancea aecured by thie Mortgage. 'l. Fl~nds for Tauee and Inaurance. tiubject tn upplicuble liiw or tu n written wuiver by Iw•nder, lk~rruwer Khi~ll puy to IAndrron the dny monthly inetnllments of principal und interest ure pi?y~We under Ihe Note, until the Note ia pnid in full, ai sum Iherein "1~ unda"? equs?1 tu one tvrel[th of the yearly tnxei+ nnd uasrxsmenta which mny attiiin priority over thia Mortgt~Ke, und ground mntx un thr 1'roprrty, if e~ny, plus one- tweltth of yearly premium inetnllmenta for hnzurd inxurance, plus onPtwelRh ofye~rly premium inst:?Ilm~•nta for morlKi?ge inaurunce, if any, ull na mi+aonably eatimateci initially nnd from time to time by t.rnder un the basis of a?saesxmentx:~nd billa and rexec,nuLle eatimatex thereof. The ~nds ahall be held in an ioatitution the depoeita or Hccounts ot which are inaured ur gutvanteed by a Federal or State aRency (including l.ender if I.ender is auch an inatitution?. [.ende~ shull apply the Funds to pay eaid tazea, aeseaemente, insurance premiuma and ground renta. l.ender may not charge for eo holding and applying the Funda, nnulyzing aaid accuunt, or veri[ying and compiling said asaesaments and billa, unleaa I.ender paye E3orrower intereat on thr Funds and applicable law permilx I.ender to make auch a charge. Borruwer and l.ender may agree in writing at the time of execution of thia MortKnge that intereat on the Funds ahall be pnid to Eiorrower, and unlesa auch agreement ia made or applicable !aw requiree auch intrreat to be paid, Lender allall not be required to pay f3orrower any interest or earninga on the Funda. l.ender shal) give ta Borrower, without charge, an annual accounting of the H unda ahowing cndits and debitx to the Funds and the purpoae for which each debit to the F u~da was made. The Fenda s~re pledged ~e~ additional secuniy iur.~:r a~mx secured by thie Mortgage. _ If the amount of the Funda held by I.ende~, togelher with the future monlhly inataUmentti uf Funds payable prior to the due ~a:rb ~::;.r:s, asaeasmenta, inaurance premiuma and grvund mnW, ahali exc~ed the nmount requited to pay said taxes, aasexamrni insurance premiums and ground renta ae they fal) due, such excess shali be, at E3o~TOwer'a option, either pmmpdy repaid to Rorrower or credited to E3orrower on monthly inetailmente of Funda. I[ the amount of the Funda held by l.ender shall not be sufticient to pay taaea, asseasmenta, inaurance pre~niuma and ground rents as they fell due, E3orrower shull pay to l.ender.any amount neceseary to make up the deficiency within :;0 days fmm the date notice ia mailed bY l.ender tn E3orrower reyuesting p~yment thereof. Upon payment in fult of all auma secured by thia Mortgage, I.ender ahall prvmptly rrfund to Borrower any funds held by I.ender. If under paragraph 18 hereof the Property ie auld or the Property is otherwise acquired by l.ender, l.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by [.ender, any Funda held by I.ender at the time of application as a credit agninat the auma secured by thie Mortgage. , 3. Applieation of Paymenta. Unless applicable law pro~~des otherwiee, all payments received by l.ender unde't the hote and paragraphs 1 and 2 hereof ahall be applied by [.ender firxt in pnyment of amounts payable to l.ender by F3orrower under paragraph 2 hereof, then W interest payable on the Note, then to the principAl of the Note, and then to intemst and principal on any Future Advances. 4. Charges; Liena. Rorrower sha11 pay xlt wxes, asse~ments and otheschnrgee, fines and impositiuns nttributable to the E'roperty which may attain a priority over this MorigaKe, and le:~ehoid p~yments ur ground rents, if any, in the manner provided under p~raKraph'l hereof or, if not paid in such manner, by Borrow•er m~king puyment, when due, direY•tly to the payer lhereoL Kormwershull promptly furnish to Ixnder all nutices of amountx due under this paraKr~+ph, nnd in the event Borrov?er shaill make pa5•ment directly, Borruw•er ahnll promptly fumish u? [.ender receip~s e~•idencinK such paymen~g. F3orrow•er shall promptly disch:?rgr any lien which has priority o~~er this Mortgage; pruvided, that &?rrower shall not be required to discharge any such lien so IonK ~?s I~C~rrower shall aKree in writinK to the payment of theobliKntinn secured by such lien in a manner acceptable to I.ender, or shall in g~xx! (nith cY~nte~t such lien b}, ordefend enfi,rcemrnt ofsuch lien in, leKal procerclings w•hich operate to prevent the enforcement of the liPn or forfeiturr uf the 1'r~~perty or any part thermf. S. Hazard Ineurance. E3orroW er ahall keep the improvements now exiating or hereaRer erected on the Properiy insured againat lo~ by fim, hazards included within the term "extended coverage," and such other hazards as l.ender may require and in auch amounts and for such perioda as l.ender may require; pro~~ded, that I.ender ahall not require such coverage amount eaceeding the minimum, as may be required by state or federal reRulntions Roverninq activitiea of Ixnder. or that amount of coverage required to pay the sums securc~ by this Mort~age, whichever ie the greater. The insur~?ncr carrier providinK the insuranc•e shall tx• chotirn b~~ Korr„N•er ~ubjec•t to appru~•:~I hy IA~nd~~r; pm~•idt~ci, that such appru~~al shall nut br unre:i.wnabh• Withheld. All premium~ un insuramv pulii•ii~s shall Le paid in th~• mannc~r pm~•ided under par:~~;raph hertr?f ur, if not paid i~ such manner, b~ F~~rruMer makinK p:»•ment, when due, dir~~c~th~ to the incurunce carrier. All insurance policies and renewafs thereuf shall be in fi?rm acceptable tu I.ender and shall include a standard m~rtgaRe clause in fa~ or of and in form acceptable to I.ender. I.ender ehall have the right to hold the policies and renewals thereof, and Borrower shall prompdy furnish to i.ender a11 renewal noticea and all receipts of paid premiums. In the event of losa, Borruwer shall give prompt notice b the insurance carrier and I.eilde~- 1~ndPr mav makP nr~nf nf Irazv if n~t madP nmmntlv bv $orrower. i Unlesa I.ender and F3orrov?er otherwise agree in writinK, insurance proceeds ahall be applied to reatoration or repair of the Property ~ damaged, provided auch reatoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. if such j reatoration or repair is not econ.>mically feasible or if the security of this :4lortgage would be impaired, the insurance proceeds shall be applied ~ W the aums secured by this htortqage, w~th the excess, if nny, paid to Borrower. Itthe i'ro~?erty is abandoned by I3orrow er, or if E3orrov?er fails to ~ reapond to Ixnder within 30 days from the date notice is mailed by I.ender to ~rrower that the insurance camer offers to settle a daim for ~ ineurance benefita, Lender is nuthorizrd to collect and apply the insurance pmceeda at I.ender's option either k? iestoration or repair ut the Property or the suma secured by thia Mortgage. Unless I.ender and Borrower otherwise agree in writing, any such upplication of proceeds to principal ahall not extend or postpone thedue date of the monthly inatallmentis referred to in paraqraphe 1 and 2 hereof or change the amount of such inetallments. If under paraqraph 18 s hereof the Property is acquired by l.ender, all right, title and intereat of Borrower in and to any insurance policies and in and to the proceeda ~ thereof reaulting from damaqe to Property prior to the sale or acqu~sition ahall pasR to I.ender to the eatent of the aums s~cured by this ~ Mortgage immediately prior to such sale or acquiaition. ~ 6. Preservation and Maintenance of Property; Leaseholda; C.ondominume; Planned Unit Developmente. Borrowershall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the provisiona of any lease if this Mortgage is on a leasehold_ If this Mortgage is on a unit in a condominium or a planned unit development, ~ E3orrower ahall perform all of Rorrower's obligations under the declaration or covenants creatinQor governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planne~ unit development, and rnnstituent documenta. If a condominium or planned unit development rider is eaecuted by E3orrower and recorded together with this Mortgage, the covenants and ~ agreemenGg of such rider shall be incorporated into and shall amend and supplement thecovenants and a~Lreements of this Mortgage as if the ~ rider were p part hereof. 7. Protectton ot Lender'e Security.lf Borrower faila to perform the oovenante and agreementa contained in this Mortgage, or if eny action or proceeding ie commenced which materially aftects Lender'e interest in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon ~ notice to Borrower may make euch appearancea, dieburee euch aume and take euch aMion se is neceasary to protect Lender's intereet, ~ including, but not limited to, diebureemenf of reseonable attorney's feee and entry upon the Property to malce repaire. If L,ender reqaired mortgage inaurance se a condition of making the loan aecured by this Mortgage, Borrower ehall pay the premiume required to maintain such ineurance in effect until euch time ae the requirement for auch inaurance terminates in accordance with Borrowei a and Lender s ~ written agreement o~ applicable I.aw. Borrower ehall pay the amount of al) mortgage inaurance premiume in the manner provided under paragraph 2 hereof. ~ Any amounte dieburaed by I.ender persuant to this paragraph 7, with interest thereon, ahall become additional indebtedneae of E3orrower eecured by thie Mortgage. Unlesa E3orrower and I.ender agree to other terme of payment, auch amounts ehall be payable upon notice from I.ender to Borrower requeeting peyment thereof, and ehall bear interest from the date of diabarsement at the rate payable from time to time on outatanding principal under the Note unleee payment of intereet at auch rate would be rnntrary to applicable Iaw, in which ~ event auch amounta ahall bear interest at the higheat rate permissible under applicable law. Nothing contained in thie paragraph 7, ehnll ~ require Lender to incur any expenee or take any action hereunder. ~ • . ~ R i ~ - ~ ~ ( ~ ti/ ~j~j~ll ~O . ~ ` ~ ~ ~ ~ • _ ~ _ _ " ' ~ ._,r y~ ~~x~ - ~ ~ ~ ~ ~t,~"~ > , , s.~~ '