Loading...
HomeMy WebLinkAbout0218 ~.v . . . , Borrower end Lende~ covenant and a~ree ae folbws: ' 1. Paytaent of Pclacipal and Interest. Borrowe~ shaU prompdy pay when due the principal oi and intereet on the indebtedneas evidenced by the Note, prepayment and late charges as provided i~ the Note. and the principa} of and iatereat on any F~tur~ Advancee eecured by this MortgaQe. 2 Ftinde [or Te~e~ and lnsuranoe. Subject b applicable law or to a written waiver by I.ender, Borrower ehall pay to I.eRder on the day monthly installmenta o[ principal and interest are payable under the Note, until the Note u paid in full. a aum (herein "Fu~ds") equal to one twelfth of the yearly taxes and assceements which may attain priority over thia Mortgage, and ground rn~ts on the Property. if any. plus o~e- twelRh of yearly premium inatallmenta for hazard inaurance, plua onetwelRh of yearly premium inataUmente for mortgage ineurance. if any, . al! ae reaeonably eatimated i~itially and from time to time by Le~der on the baaia of asaessments and billa and reasonable estimatea thereof. '11~e P~nds ahaA be heW in an institution the depoeib or accounts of which are insured or guaranteed by e F'ederal or State agency (including Lender if Lender is such an institution). Lender shall apply the ~nda to pay eaid taxee. assessmenta. insuraace premiuma and ground nnt~. I.ender may aot charge for w hoWi~ and applying the F1~nd~. analysing said aocoun~ or verifying and rnmpiling said eseemmenta and bills, unleaa I.ender pays Borrower interest on the Flu~ds and epplicable law permits I.ender to mate such e charge. Borrawer ~ and Lender may agree in writing at the time of e:ecution of this Mortgage that interest on the I~lmde shaU be paid to Borrower, and unlesa such agreement is made or applicable law requiree euch iatereat to be paid. Lend~ shall not be required to pay Borrower eny intereat or ' earnings on the I~nds. Lender shall give to Borrower, without charge. an annual acoounting of the F~nds ahowing credite and debits to the Ftinds ar?d the purpoee for which each debit to the Flinde wae aaade. The ~nde are pledged as additional eecurity fo~ the sume secured by thie Mortgage. ~ If the amount of the F1nde held by I.ender, togetlier with the future monthly inetallmenta of F~nds payrable prior to the due dates of ta:es, aeeesementa, inauranae premiuma and ground rents. ahaU exc~zed the amount requind w pay said ta:ea, aeaesamenta. inaurance premiuma ' and ground rents as they fall due. such e~cese ahall be, et Borrower's option, either pmmpdy repaid to Borrower or credited to Borrower on ' monthly installments of FLnds. If the amoant of the Funds heM by Lender ahall ~ot be autficient to pay tanea. aeeeesmeAte, inaurance . premiutaa and ground rents as they fall due. Borrower ahall pay to Lender any amount neceseary to make up the deficienay within 30 daye from the date notice is mailed by Lender to Borrower requ~ting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender ehall pmmpdy refund to Borrower any funds held by I.ender. tf nnder peregraph 18 hereof the Property ia sold or the Property ia otherwise acquired by Lender, Lender ahall apply. no later than immediately prior to the sale of the Property or ita acquiaitioa by Lender, any FLnda held by Lender at the time of application ae e credit againat lhe suma eecured by this Mortgage. 3. Appllcation of Payments. Unless applicable law provides otherwiee, aA paymenta received by Lender under the Note and paragraphe 1 and 2 hereof shall be applied by I.ender fuet in payment of amounfa payable to I.ender by Bormwer under paregraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to iatereat and principal on any Future Advancee. s Lii~Tjjce~ Liica"fYs. I'iii~ wc7 Sitalf ~S}~ 8Si L3Ace. aeeevSil12I1Le Si1Q 8L7iE7 a:fidY~iz~. IiliE~a iiflj'iirelilaTia ~[Li1DUtfl[ll@ W L31t' i'rv~eiiy iNhlCh i may attain a priority over this Mortgage, and leasehold payments or ground rente. if any, in the manner provided under paragraph 2 hereof or, i if not paid in euch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly fumiah to Lender all noticea of amounta due under thia paragraph, and in the event Borrower ahall make payment directly, Borrower shall promptly furnieh to ~ Lender reoeipts evidencing such payments. Borrower ahall promptly diacharge any lien which has priority over this Mortgage; provided, that ~ Borrower ahall not be required to discharge any such lien so long as Borrower ehall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith rnntest such lien by, ordefend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. t 5. Hazard Inaurance. Borrower shall keep the unprovements now e:isting or hereafter erected on the Property insared againat loss by ! fire, hazards included within the term "e~ctended rnverage,° and auch other hazarde se Lender may require and in such amounte and for such ; periods as Lender may require; pmvided, that Lender shall not require euch ooverage amount e:ceeding the minimum, as may be required by state or federal regulations governing activitiea of Lender, or that amount of coverage required to pey the suma secared by this Mortgage, whichever ia the greater. • 6 ' The insurance carrier providing the insurance sha11 be chosen by Borrower subject to approval by Lender; provided, that such approval - shall not be unreasonably withheld. AU premiums on insurance policies shall be paid in the manner pmvided under paragraph 2 here~f or, if not paid in auch manner, by Borrower making payment, when due, d'uectly to the insurance carrier_ • Ail inaurance polici~ and renewale thereof ahall be in form acceptable to I.ender and aha11 include a standard mortgage clause in favor of ' and in form acceptable to Lender. L.ender shall have the right to hold the policies and renewale thereof, and Boaower ahall promptly fnrnish to ~ iender all renewal noticee and all receipts of paid premiume. In the event of lasa, Borrower ehall give pmmpt notice to the ineurance carrier i ' and Lender. I~nder may malce praof of loss if not made prompdy by Borr~wer. ~ Unleae Lender and Borrower otherwise agree in writing, insurance proceeda shall be applied to restoration or repair of the Property I damaged, pmvided auch reatoration or repair is economicaUy feasibie and the eecurity of this Mortgage is not thereby impaired. If ench = reatoration ot repair ia not economically fessible or if the eecurity of this Mortgage would be impaind, the inaurance proceede ahall be applied b the aums sec~red by thia Mortgage, with the e~cceas, if any, paid to Borrower. If the Property is abandoned by Borrower. or if Borrower faile to reapond to Lender within 30 daye from the date notice ie mailed by Lender to Borrower that the insurance carrier of~ers to settle a claim for iaaur~nn~* benefits, Lend2z is avihorized ta colleci and appiy the inaurance proceeda at Lender's opiion either to reetoration or repair of the ~ Property or the aums secured by this Mortgage. • ~ i Unless Len~er and Borrower otherwise agree in writing, any euch application of prooeeds to principal ahall not ~tend or postpone the due date of the monthly inatallmente referred to in paragraphe 1 and 2 hereof or change the amount of euch inetellments. If ander paragraph 18 heteof the Property ie aaquired by I.ender, all right, tide and interest of Borrower in and to any insurance policies and in and to t~e proceeds thereof resuldng from dsmage to Property prior to the eale or aaquisition ahall pasa to Lender to the extent of the aums eecured by thia Mortgage immediately prior to snch sale or aoqnieition. 6. Preaervation and ~aintenance o[Property; Leaseholds; Condominume; Planned Unlt Developmeata. Borrower ehall keep F the Property in good repair and ahall not rnmmit waste or pennit impairment or deterioration of the Property and ahall oomply with the ! gr~visiens uf any le~ if ihis Mor~~sge is Q:~ a lessehold. If this Mcrigage is oa n uait in s condo~inzum or a plannc~i unit developmznt, _ Borrower ahall perform all of Borrower'a obligations under the declaration or covenanle creatingor governing the oondominium or plsnned unit development, the by-lawe and regulations of the condominium or planned unit developmen~ and oonetitnent documente. If a ' oondominium or planned unit development rider ia ezecuted by Borrower snd recorded together with this Mortgage. the oovenants and - agreeinents of such rider shall be incorporated into and ahall amend and supplement the rnvenants and agreemente of thie Mortgage as if the rider were a part hereof. 7. Protection oi Lender'~ Seaurity. If Borrower fails to p~form the aovenents and egreementa contsined ia this Mortgage, ar if any actioa or prooeeding is cammenoed which materially effects I,ender's interest in the Property. inclnding, bnt aot limited to, eminent domain. insolvency, aode enforoement~ or arrangements or prooeediags involving a bankrnpt or decedeat, then Lender at I.euder's option,upon notice to Barrower may make such appearances, diabune snch snmi and take such action as is nece~sary to protect Lendds intese~R including. bnt not limited to, disbnrsement of reasonable attorney's fee. and entry npon the Property to make npaire. If Lender required mortgage inanrance as a condi4on of making the loan secured by this Mortgage, Borrower shall pay the premiums reqnired to maintain snch inaurance in effect until snch time ar the reqairement for such inenrance terminates in eocordance with Borrower's and Leadds ~ writtm agreement or applicable I.aw. Borrower shaU pay the amount of all mortgege inaurancx premiume in the manna provided under ; paragraph 2 hereot. ' ~ My amounfa diebureed by I.endez persuant to this paragraph 7, with inlerest thereop, shall beoome additional indebtedneaa of ~ Borrower secvred by this Mortgage. Unleas Borrower and Lender sgree to other terms of paymeat, sach amounte ahall be payable upon ~ aotice from I.enda to Borrower requesting payment thereol, aad shall bear interest from the date of diabureement at the rate payable from s time to time on outstanding principal under the Note unleas payment of intereat at such rate would be oontrary to applicable law, in which ~ event such amounts shall bear intereet at the highest rate permiasible under applicabte law. Nothing contained in this paragraph 7, shall require Lender to incur any e:penee or take any action hereunder. i s ~ ` . go~K 298 ~~E " 2i8 ~ ~ ~ ~ # ~ , ~ - . . _ 9 ~x ~ r. ri~. - ; ~ q,~:-~.-~. _ _ u . " _ . a . „ _ . . ~ ..:_`~,::-s' .