Loading...
HomeMy WebLinkAbout0241 . r . f . r ~ • 1 Borrower nnd I.ender covenant and agree as tallowa: 1. Peyment of Principel and lateres~ Born,wer ehall Qromptly pay when due lhe principal o[ and 'snterest on the indebtcdnesa evidenced by the Nate, prepayment and late chergee as providrd in the Notr, and the principal of and intereat on any I~Lture Advancee eecured by thia Mortgage. 2. FLnds for T,eu~es and Ia~urenoe. Subject to sppliceble le?w or to a written waiver by I.ender, Aarrower ehall pay to i.ender on the day monthly inetallmenta of principal and i~terest are pa~yable uader lhe Note. until the Note ia paid in full. e sum (he~ein "~nds") equal to one twelt'~? af the yeariy taxes xnd aesesementa which may attain priority over this Mortgege, and ground rents on the Propedy. if any, plus one twelith of yearly pretnium inatallmenta fot hasard inaurance, plus onatweltth of yearly premium installmente tor mortgage inaurance, if any. all as reaeonably eatimated initially and kom time to time by I.ender on the basia of aseeasments and bilts and rrasonable estimalee ihereof. The ~nde shall be held in aa inetitution the depc»its or aoeounte ot which are ineured or gueranteed by a Federal or Si~a~ ~QU~y (including Lender if Lender is such an institution). Lender shaU apply the Ptinds to pay ~aid taxes, assesements. insuranoe pcemiums and ground rents. Lende~ may not charge for s~ holding aad applying the b`+inds, analyzing eaid acoount, or verifying and rnmpiling said asaessmen ts and biqs. unleee Lender pays Borrovrer interest on the ~nds and epplicable law perni'sta I.ender to make such s charge. Borrower ~ and Leader may agree in writing at the time of e:ecwtion of this Mortgage that interest on the fi~nds shall be paid to Borrower. and unless auch agreement is mada or appticatle law requires such interest to be paid. Lender ahall not be required to pay Borroaer any interest or earnings on the flrnds. Lender ehaU give to Borrower, without charge. an annusl accaunting of the Funds ahowing credita and debite to the Funds and the purpoae for which each debit to the ~nda wtts made. T6e Funde are pledged as additional security for thesums secured by this Mortgege. if'the amount of the flinda held by Lender. togethes witfi the future monthly inatallmente of ~nds payable prior to the due dates of taxes, aeaeaementa. u-.aurance premiums and ground renta, ehall exoaed the amount required to pay said ta:ea, aaeessments, inaurance premiuma and ground nata as they fall due. such eaccesa ahall be, at Borrower'a option, eiLher promptiy repaid to Borrower or rredited to Borrower on monthly ic?stallments of ~nds. If the amount of the Phnds held by Lender shall not be a~ff'icient to pay taxes, asae8smenta. inaurence pnmiume and ground renta aa they fall due. $otrower ahall pay f~o L.ender any amount necesasry W make up the defiriency within 30 daye from the date notice ia mailed by Lender to Bormwer requeeting p~yment thereof. Upon paymeat in full of aU aums secured by thie Mortgage, Lender shall pmmpdy refund to Borrower any fupds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwiae acquired b~r Lender. I.ender ehall apply, no later than immediately prior to the sale of the Property or its aoquisition by Lender, any Flinde held by Lender at the time of application as a credit ageanst the sums secwed by chls Mortgage. ~ 3. Application of Payments. Unleas applicable law providee otherwise, all paymeata received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by I.eader fieat in payment of emounta payabte to I.Bnder by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of tha Note, and then b intereat and principal on any ~?ture Advances. 4. Chargea; Liene. Borrower ahaU pay all tauea, assesaments and other charges, fiqes and i~rpoeitions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymente orground ienta, if any, 4m the ~hanner provided under paragraph 2 hereof or. if not paid in auch manner. by Borrower making payment, when due, directly to the payee theceoL Borrower shall promptly furnish to Lender all noticee of amounte due under thia paragraph, and in the event Borrower shall make payment direct~jr, Borrower ahal) promptiy i..miah to Lender receipts evidenring auch payments. Borrower ahall promptly diacharge any lien which has priority over thie Mortgage: pr~ : i~led, that Borrower shall not be required to diecharge any such lien eo long as Ron'ov~tetshall aEieein writing to the paymen t of the obligation secured by such lien in a manner acceptable to I.ender, or ahall in good taith rnntest aud~ li~wby, o~ clefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or }i~r~ei~ure of the Property or any part thereof. 5. Hazard Insurance. BoTrower ehall keep the improvements no:y exieting or hereaRer erected on the Property inaured againet losa by fire, hazarde induded within the tenm "~tended coverage," and $uch other hazarde ae Lender may require and in such amounta and for such periode as Lender may requirE; pmvided, that Lender shall not require such ooverage amount e:ceeding the minimum. as may be required by atate or federai. regulatione governing activitiea ot Lender, or that amount of coverage required to pay the aums secured by this Mortgage, whichever is the greater. The insurance carrier pmviding the insurance shall be chosen by Borrower subject to approval by l.ender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies ahall be paid in the manner pm~•ided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when dae, directly to the insurance carrier_ ~ All inaurance policies and renewale thereof ehall be ia form acceptable to Lender and ahall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender ahall have the right to hold the policies and renewala thereof, and B~ower shal) promptly furnish to i i.ender all renewal noticea and all receipta of paid premiuma. In the event of loas, Borrower ahall give promp~ notice to the inaurance carrier and Lender. Lender may malce proof of loss if not made promptly by Borrower. Unlese Lender and-•Borrower otherwise agree in writing, insurance pmceeda ahall be ~pplied to reetoration or repair of the Proprrty l damaged, pmvided suc6 reatoration or repair is economically feasible and the security of thia Mortgage ia not thereby impaired. If auch ~ reabration or repair is not eoonomicaUy feasible or if the aecurity of this Mortgage would be impaired, the insurance prooeeda ahall be applied ; to the aume eecared by thia Mortgage, with the e:cesd, if any, paid to Borrower. If the Pcoperty is abandoned by Borrower. or if Borrower faile to ! reapond to Lender within 30 daye trom the date notice ia mailed by I.ender to Borrower that the inanrance carrier offers to settle a claim for j inaurance benefits, Lender ia authorized to collect and apply the inaurance prooeeda at Lender'e option either to resWration or repair of the ~ Pmperty or the aume eecured by thia Mortgage. ~ Unlesa Lender and Borrower otherwiae agree in writing. any such application of proceeda to principal shall not eztend or poatpone the dne ~ date of the monthly inatallmente referred to in paragrapha 1 and 2 her~eof or change the amount of auch inetallments. If under paragraph 18 hereof the Property ia acquired by Lender. all right, title and intereat of Borrower in and to any insarance policiea and in and to the proceeds ~ thereof reaulting from damage to Property ptior to the eale or aoquisition ahali pasa to Lender to the eztent of the aums aecured by thie 3 Mortgage immediately prior to such eale or aoqniaition. ~ 6. Preservation and Maintenanoe of Property; I.easeholde; Condominums; Planned Uni~ Developmenta. Borrower shall keep ~ the Property in good repair and ahall not commit waete or permit unpairment or deterioration of the Property and aha11 comply with the ~ proviaiona of any leaee if thie Morigage ie on a leaeehold. If thia Mortgage is on a unit in a oondominium or a plsnned nnit development, ~ Borrower ehall perform all of Borrower e obligations nnder the declaration or covenanta creatingor governing the candominium or planned ~ unit developmeni, the by-lawe and regulationa of the condominium or planned unit developmenE, and oonstituent documente. If a condominium or planned unit development rider ia executed by Borrower and rec•,orded together with this Mortgage, the ooveaants and ~ agreementa of such rider shall be incorporated into and shall amend and aupplement the covenants a.nd agreements of this Mortgage as if the rider were a part hereof. ~ Protection ot Lender's $ecnrity. If Borrower fails to perform ihe oovenanta and agreements oontained in this Mortgage. or if any ~ action or ptooeeding is commenced which maf~erially affects Lender's interest in the Propezty. including, bnt not limited to, emineat damain, ~ insolvency, oode eaforcement, or arrangemente or pmceedings involving a bankrupt or deoedea~ Wen I.e~nder at Lender's option.npon = notice to Bormwer may mal~e aucb appearanoes. disbaise such sum~ and take such action as ie neoessary to protect Lender's intaesR 3 inclnding, but not limited to, diaburaement of reasonable attoraey's fees and entry upon ihe Property to malce npairs. If Leader required mortgage insurance aa a condition of making the loan seevred by thia Mortgage, Borrower ahall pay the premiams reqnired to maintein ~ ench insnrance in r,~fect until ench time as the requirement for euch ineurance terminates ia aooordance with Borrower e and L~der's ? writien agreement or applicable I.awr. Borrower shall pay the amount of all mortgege ineurance premiums in the manner provided nnde= ~ PareBrePh 2 hereof. ~ f pereuant to thia paragraph 7, with intereat thereon~ shall beoome additional indebtedneas of ' My amounta diebureed by Lender ' ~ Borrower eecured by this Mortgage. Unlese Borrower and Let?der agree to otha terme of payment, such amounts bhall be payable upon ~ notice from I.ender to Borrowes requesting psyment thereof, and ehall bear intereat fmm the date of diaburse~nent at the rate payable from ' time to time on outstanding principal under the Note anless payment of intereat at such rate would be contrary to applicable law. in which ~ event such amounta ehall bear intereet at the higheat rate permieeibie under applicable law. Nothing oontained in this paragraph 7, ahall ~ require Lender to incur any expenee or take any action hereunder. ~ ~ ' ~ R t~ - : . . go~x~ ~ 24i ; . y . s . ~ . - ~-r~ ` ~ ~ ~T* a - _ .