Loading...
HomeMy WebLinkAbout0026 . ~ ~ . ~ Borrower and Lender coveaaot and a~ree a~ tollowr. 1. Psymeat of Priaclpwl aad lateres~ Borrower shall prompqy pay when due the principal of and intereai ~~n ehe indebtedneas _ ~ svidenoed by the Note, prepayment and late charge~ ai provided in the Noee, and the principsl of and interest on any Fliture Advances ~ecured ~ by chi. More~a~e. Ftinds [or Ta~ce~ aad la~uraaoe. 3ubject to epplicable law or to a writte~ waiver by l.ender, Borrow~ ahall pay W I.e~de~ on the d~y monthly inatallmeata of principal and interost are payable unda the Note. uaW the Note iu paid in full, a sum (herein •'I~nd~") equal eo ona . iwelAh ot the ya?dy taxes and asseesmenta which may attain priority over this Mortgage. and ground rents oa the Property, i[any, plus ons twelRh of yearly premium iastallments for hazard insurance, plus onatwelRh of yearly premium installments for mortgege insurance, if any, aA as reasonably eatimated initiaAy and from time to time by I.ender on the basia o[ aseesamenta and bills and reaaonable estiraates thereof. 'tUe I~Lnd~ ~hall be held ia aa inditutioA the depoeitr or eccount~ of wkich are insured or guaranteed by a Federal or 3tate agency (includin~ Lende~ if Lender is such an itutitution). Lender ahalt apply the F~nda to pay eaid ta:es. asseaswents, inauranoe premiums and ~round rents. Lende~ mqy not char~~ for w hold'u~ and epplying the F~nds, analyzing aaid eocounR or verifying and rnmpiling eaid ~ asse~anenb snd biW, unless Lender pays Borrower interest on the ~nde and applicable la~r permits Le~der b make such a charge. Borrower and Lend~ muy aQrae in writing at the time of e:ecution of thia Mortgage that intere~t on the P~nds shall be paid to Bormwer. and unlus ~ucl~ a~reemeAt is mede or applicabk law require~ snch iatenet to be paid, I.ender ehall aot be required to pay Borro~ver any intereat or , j sarnings on the Phnd~. l.ec~der shall give to Borrower. without charge. an annual aooounting of the Funds showing cndita snd debits to the i Rund~ aad the purpose for ~vhich each debit to t6a Flu~ds wa~ made. The Ftiads are pledged aa additioaal security for the aums eecured by this Mort~sge. It the amouat oi the P1~nds held by I.ende~, together with the futuce monthly inaiallments of Funde payable prio: b the due datea of ta~ces. asseasments. insurance premiuma and ground renta. shall e~caaed the amouat required to pay esid ta:es, aaseeamenta, insuranoe premiums and. ground rents as they lall due, ~uch esoess ahall be, at Bormwer's option. either promptly repaid to Borrower or credited to Borrower on monthly iastallmeaL of PLads. If the amount of tl~e ~nda held hy Lender ahall not be snfficient to pay t~es. asseaamenta. iasurance premiums and ground nnts aa they fall due. Borrower shaU pay to I.ender any amount neceseary to make up the deficiency within 30 days firom We date aotioe is maiieu uy I.ender to Bore~ower requeating payment the~reof. Upon psyment in full of sU aums eecured by this MortQage. Lender ahall prompt~y refund to Borrower any tunda held by I.ender.lf nnder paragraph 18 hereof the Prope~ty is soW or the Property is otherwi~e aoquised by I.ender. Lender shall apply, no later than immediately prior to the sale of the Property or i4 aoquisition by Lender, any Fhnds held by I.ender a! the time of application aa a credit against the auma secured by thia Mortgage. ~ . _ 3. Appllcatioa of Paymeats. Unlesa applicable law pmvides otherwiie, all payments received by Lender under the Note and paragraphs 1 alnd 2 hereof ahall be applied by Lender first in ~aymen! of amounts payable to Lender by Borrower under paragraph 2 hereof. then to intereet payable on the Note. thea to the principal of the Note. and thea to interESt and principal on any Rature Advances. : 4. C6arges; I.iena. Borrower ahaU pay all taxes, aesessmenta and other chargea, finea and impoaitiona attributable to the Property which ~ may attain a priority over thie Mortgage. and leaaehold paymenta or ground renta. if any, in the manner pmvided under paragraph 2 hereof or. ~ if not paid in euch manner, by Botrower making payment, when due, directly to the payee thereof. Borrovrer ahall pmmptly fumiah to I.ender all noticee of amountrs due under thia paragraph, and in the event Borrower shall make payment directly. Borrower ahall promptly furniah to L.ender teceipts evidencing euch paymenta. Borrower aha11 promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to diecharge any such lien so lo~g aa Borrower shall agree in writing to the payment of the obligation secured by 4 such lien in a manner acoeptsble to Lender. or shall in good faith contest euch lien by, or defend enforcement of such lien in, legal prooeedings ~ which operate to prevent the enforoement of the lien or [orfeiture of the Property or any part thereof 5. Hazard Iasuranoe. Borrower ehall keep the impmvemente now ezisting or hereafter erected on the Property ineured against loea by fire. hazarda included within the tetm "~tended ooverage." and such other hazarde as Lender may require and in euch emounta and for such periods as Lender may require; provided, that Lendez ahall not require auch ooverage amount exceeding Lhe minimum, as may be required by state or federal tegulatione governing adivitiea of Lender, or that amount of coverage required to pay the aums eecured by this Mortgage, whichevtr is the greater. . The inaurance~carrier providing the inaurance ahall be chosen by Borrower subject to approval by Lender. provided, that such approval ahall not be unreaeonably withheld All premiums on insurance policiea ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. AU inaurance policiee and renewala thereof shall be in form acceptablg to Lender and ahall include e atandard mortgage clauee in favor of and in form aoceptable to Lender. L.ender ahaU have the right to hold the policiea and renewals thereof, and Borrower ehall promptly furnish to ~ i.ender all renewal noticee and all receipte of paid premiume. In the event of loea, Borrower ahall give prompt notice to the inaurance carrier aad I.ender. Lender may make proof of iose if not made promptly by Borrower. . ~ ! Uale~s Lender and Borrower otherwise agree in writing, inaurance proceeds ahall be applied to restoratioa or repair of the Property > { damaged. ptovided such restoration or repair is economically feasible and the security of thia Mortgage ie not thereby impaired. I[ e~ch ~ ; nstoration or repair is not economically feaaible orif the aecnrity of thia Mortgage would be impaired, the inenrance proceeda ahall be applied ~ to the sums secured by thie Mortgage. wiih the ezoess. if anY. paid to Borrower. If the Property ia abandoned by Boirower. or if Horrower faila to 4 ~ respond to I.ender wiWin 30 days fmm the date notice ie mailed by Lender to Borrower that the inaurance carrier ot~ers to eetde a claim for ' insnrance benefita. Lendrr ie suthorized to collect and apply the inaurance proceeda at Lender's option either to restoretion or r~pair of the Property or the eums secured by ttiis Mortgage. Unless Lender and Borrower otherwise agree in writing, any euch application of pmoeede to principal ahall not e:tend or poatpone the dae date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallments. If under paregraph 18 hereof the Property ie aoquired by Lender, ell right, title and inteeest of Borrower in and to any insuranoe policies and in and to the proceeda ; thereof resulting from damage to Propixty prior to the eale or aoq~ieition sha1) paas •fo Lender to the extent of the sums secured by this ~ Mortgage immediately prior to sucb sale or soquisition. 6. Preaervation ond Maintenaace otProperty; Leaeeholds; Condominnms; Planned Unit Developments. Borrower ahaJl keep the Property in good repair and aha11 not oommit waste or permit impairment or deterioration of the Property and ahaU oomply with the ; provisions of any leaae if this Mortgage ia on a leaeehold. Yf this Mortgage ie on a unit in a oondominium or a planned unit development, ~ Sorrower ahall perform all ot Borrower'a obligationa under the declaration or covenante creatingor governing the oondominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, aad oonstituent documenta. If a ~ condominium or planned unit development rider is e:ecuted by Borrowet and recorded together with thie Mortgage, the oovenants aad ~ agr~ements of auch rider ehall be incorporated into and shall amend and supplement the covenanta and agreemente of thie Mortgage ae if the rider were a part hereof. . ~ 7. Protection of Leader'~ Sec~trity. If Bo,~rowez taila w perform the oovenanb and a~reemeab ~ntained in thi~ Mortgage, ar if any action or prooeeding is commenoed which materiallY affecfs Lender's intereet in Lhe Property. including. but not limited to. eminent domain. ~ ~ in~olvency, oode adoroemea~ oi arrangemeate or pmoeedines involving a banlmipt or deceden~ then I.ender at Lendda option.npon ~ notioe to Borrower may make such appearanoes. diabur~e ~uch sumi and take snch action as u neoe~eary to proted I.ender'~ int~est. ~ indnding. bat not limited Lo, disbunement ot reasonable attorney'~ feee and entry npon~the Propertyr to make npain. If I.mder reqaired g mortgage insaranue as a oondition of malting the loan serured by this Mortgege. Borrower shall pay t6e premiums reqnired to maintain ~ sach insnranoe in effect until snch time as the requirement for such insurance terminates in accordance writh Borrower'e and Leadd~ ~ ~ written agreement or applicable Law. Borrow+er shall pay the amonnt of all mortgage insurance premiuma in the manner provided ande: ~ PareBrePh 2 hereof. ! . ~ My amounts disbnraed by Lende~ peranant to this paragraph 7. with intereat thereon, ahall become additioaal indebtedneas oi ~ Borrowes secured by this Mortgege. Unkae Borrower end I.ender agree to othet t~erma of payment, ~nch amounts ahall be peyable upon notice from Lender b Borrower requesting payment thereof, and shall bear interest from the date of disbureement at the rate payable from ~ time to time on outatanding principal under the Note anless payment of interest at such rate would be aontrary b appliceble iaw. in wlrich ev~t anch ar~unte ahell bear in~t at the highest rate permieeible under applicable law. Nothing contained in thu paragraph 7, ahall ~ require Ir~der to incnr any e~cpense or take any action hereunder. ~ ~ U~~K 2~7 PACE ' ~ ~ - 5 . ~ - _ . . . ~ ~ ~ ~ ~-4 _ m~+~,~ 1+.~C~~~c:n~fr .w . .