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HomeMy WebLinkAbout0059 ' ~ Borcowet and Lender oovenant and a~ree a~ foUown: 1. Pqrmeat ot Priaclp~l and_ Intere~t» Borrower ehall prompdy. pay when due the principel of and interwt on the indebtedne~ widenoed by the Note. prepaymeAt aad late charQes as provided in ths Nota. and the prindpsl of aad int~erat o~ any F1~turs Advanos~ ~ecured by this Mo~a~e. ~ 2. I+L~ada [or TRSe~ and Iaanraaoe. 3ubjecl b appliceble law or b a written waiver by I.ender. Bornower shaU pay to l.e~der on the d~y ' monthly irutallments oi principal and intere~t are p~yable under the Note, uaW the Note u paid in full. s sum (herei~ "F~ads") equal to oaa twelNh of the yearly ta:e~ and auessments which may attain priority over thu MortQage, and ground nnta on the Ptopetty. if any. plua ona twellth of yearly prsmium installments for hazard insurance, plua onatwelRh of yearly premium installanents for mortgage uuuranoe, itany. all as rcawnably atimated initi~l~y and firom time to tima by Lender on the basi~ of assessmenb and bills and rrawnable estimates thereof. '!Ue Pbnd~ shaU be held ia an i~utitution the depoeita or aooount~ oi which are iwured or Quaranteed by a Federal or 3tate a~eucy (inclndin~ L~der it Lender i~ such an in~titution). Iender shall app1Y the F~nds to pay said teaes. as~asment~. iasurance pnmium~ and p~onnd ra~t~. I.ender ma4Y not charge fa: ~o holdin~ and applying the P~tnd~. enal}rzin~ said aoeounR or verityin~ end canpiling said awessm~b aad biW, nnlees I.endes psys Borrowec inf~se~t oa the Plvtds and applicable law pernaita LeAd~ b make such a charge. Borrower and Lendez may agree ia writinQ at the time of e:ecution of thi~ Mort~age that interest oa the F1nd~ ahall be paid to Borruwer. and unless ~nch aQreea?eat is mede or applicable law repuires such interest to be paid. Lender shall aot be required to pay Borrower any inter~t or ~ eernin~s on the F'nnd~. Lend~ shall give b Borrower; witAout cherge. an annuat aooounting of tbe Fbnds ahowing credit~ and debits b the i Plutds and We parpose for wrhich e~ch debit b We F~ada was made.'lUe fi~nds are pled~ed as additional secur~ty for the suane ~ecured by this. ~ Mo~age. If the amouat of the PLnds held by Lender, togMher wiW ehe future moathly installmeats oiF~nds payable prio: to tbe due dates of ta~ces, assessmeats, insnranoe premiums and ground rents. shall ~oaed the amount required fo pqy said ta~ces. aseessmeats. inaurance premiums and gronnd reats ai they tall due. snch ~oese shall be, at Honower's optioar. either promptly npaid to Borrower or esedited to Borrower on moothly installments of P~nds. If We amount o! the PLnds held by Lender shall not be sufficient to pay tases. asseeamenta. insaranoe premiums and gsaund reats aa Wey fall due, Bosrower ahall pay fo Lender any amount neceaaary b make up the de6ciency within 30 days from the date noti~ ia mailed bY ~nder to Bosow~ requestiag paymen~ thereof. Upon paymeat in full ot all snani secured by this Mortgage. Lender ahall pmmptly nfund to Botrower any funds held by Leader. If under paragraph 18 hereof We Property is sold or the Property ia oth~rwise soquired by I.ender. i.eader shall aPP~Y. ao later Wan immediately prior b the aale of the Property or its aoquisition by I.ender, any Ptiads held by Lender at the time of application as a credit agaiaat the sams secured by this Mortgage. ' - 3. Applicatton oi Paymenb. Unlees applicabk Iaw provides~ othe~wiee; all ps~yments received by Lender uader We Note and paragraphs 1 and 2 hereof all be applied by L,ender fust in payment of amounte payable to Leader by Borrow~ under paragraph 2 hereo~ the~? to iaterest payeble o e Note, then to the principal of the Note. and then b interest and principal on aay ~ture Advances. 4. Chargee; I.iena. wer ahall pay all es, aaecesmente and other charges. Snes and iatpoeiqom attribatable to li~e Prop~ty which may attain a prioricy over ' Mort$aea en old payments or ground renta, if any, in the mannes provided under paragraph 2 hereof or. if not paid in auch mann~, by rrow ~ ' g payment, when due, directly to the payee thereof. Borrower ahall prompdy furnish to Lender all notioee of amounts due under thia paragraph, and in the event Borrower shall make paymeht dircctly. Borrower ehall prompRly fumiah to Lender raceipfs evidencing such payments. Borrower ahall promptlY discharge any Jie~ whieh }i~e,~sioril~r aYBr this Mort8a8~ Provided, that Borrower shall not be required to diecharge any such lien eo long as Borrower ahall ee in wnting jq,~yment of the obligation eecviced by sach lien in a manne! aoceptable to Lender, or ahall in good faith conteat such lien 1~r,`o'`irdefedd enforcement of eileh lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower shall keep the impmv~ents now e:ieting or hereafter erected on the ProQerty insiued ageinet laas by fin, hazards included within the tetm "extended coverage." snd euch other hssards as Lender may require and in auch amounta aad for such p~ioda ae Lendez may require; provided, that I.eader shall not require auch ooverage amount e:ceeding the minimum, as may berequired by atate or federal regulations governing activities of Lender. or that amount of ooverage required to pay the aume eecwed by this Mortgage, whichever ia the greater. The inaurance carrier pmviding the inaurance ehall be choaen by Borrower subject to approval by Lender; provided; that snch approval ahall not be unreaeonably withheld All premiums on insurance poliriea shall be paid in the manner provided under paragraph 2 hereof or, if ~ not paid in snch manner, by Borrower making payment, when due, directly to the inaurance carrier. All inanrance policaes and renewala thereof shall be in form acceptable to Leader and ehall indude a standard mortgage clauae in favor of and in form aooeptabk to Lender. Lender ahall have the cight to hold the policies and renewals thereof, and Borrow~ ehall promptly fnrnish to i,ender all reaewal notices and all receipta of paid pr~iums. In the event of laea, Borrower ehall give prompt notice to the insarance carrier ~and Lxnder. Lender may make ptoof of loea if not made pmmptly by Borrower. j Unleas Lender and Borrower otherwiee agree in writing, inanraace prooeeda ahall be applied to reetoration or repair of the Property i damaged, provided such resbration or repair ie eoonomically feaaible and the security of thie Mortgage ia not thereby impaired. If auch ~ reatoration o~ repair is not eoonomicaUy feseible ar it the eecurity of thia Mortgage would be impaired. the inaurance proceeda ahall be applied ~ € to the eums secared by Wis Mortgage, ~vith the e:oeee. if anY. paid to Borrow~. If the Property ia abandoaed by Borrower. or if Borrower fails to respond to L.ender within 30 days irom tbe date notice ia mailed by Lender to Borrower that the inaurance carrier offers to setde a claim for insurance benefite. Lender ia suthorized to rnllect and apply the inaurance proceeds at Lendei a option either to restoration or repair of the ~ Property or the snn~e secured by this Mortgage. Unleas Lender and Borrower othenvise agree in writing, any such application of ptooee~a to principsl shall not e:tend or poatpone the dne ~ date of the monthiy installmente referred to in paragraphe 1 and 2 hereof or change the amoant of anch inatallmeate. If under paragraph 18 hereof the Pmperty ia soquired by Lender. all right, tiNe and interest of Borrower in and to any inanranoe polic~ea and in aad to the prooeeds Wereof resulting from dsmage to Property prior to the sale or acquiaition ahall pase to Lender to the ~tent of the aums eecured by thia Mortgage immediately psior to such sale or soq~tion. 6. Preservstion and 1[aintenence of Property; Leaeeholde; Condominnms; Planned Unit Developmente. Borrowerahall keeP • the Propetty in good repair and ahall not commit waste or permit impairment or deteriotation of the Propedy and shall comply with the provisions of any leaee if this Mortgage is on a leaeehold. If this Mortgage is on a nnit in a oondominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenaats rreatingor governing the coadominium or planned unit development, the by-laws and regulations of the condominium or planned unit developmenk and constitnent documeate. If a. oondominium or planned nnit development rider is e:ecuted by Borrower and recorded togethez with thia Mortgage, tbe oovenaate and. agreemente of auch rider ahall be inrnrporated into and ahall amend and aupplement the covenante and ugreements of thia Mortgage aa if the rider were a part hereof. T. Protection of I.ender'~ 8ecurit~. If Borrowra fails to parform the aovenante-end agreements contained in thii Morigage, ~ if any action or procxeding is commenoed which materiaUy a~ects Lender's intenat in the Property, including. bat not limited to, eminent domein, ~ insolvency. oode enforoement, or arrangemeats or procseding~ involviag a bankrupt or deoedent, then I.ender at I.endefs option,npon ~ notioe to Bare~ovirer may make anch appearances. disbune snch ~nms and tal~e anch action a~ is neoereary to proted Lender'a intaest, ~ incloding. bnt not limited to, disbnrsement of reasonable attorney'a fee~ and entry npon the Property to mal~e npairs. If I.ende: required w ma~rtgage insnrance a~ s oondition of makin~ the ioan eecared by this Mortgage, Borrower shall pay the premiums required to maintain wch insnrance in e~ect nntil ~uch time a~ the requirem~t for snch insuranoe terminates in aacardance witb Borrower's and I.eadda ~ writtea agreement ar applicabk Law. Borrower shall pay the amount of all mortgage in~nrance preminm~ in the manner provided under ; PaieBraPh 2 hereof. s ~ Any aawnnts diabnrsed by Lender persuant to this paragraph 7, with in~t thereon, shall beoome additional indebtedness of ~ Bosrower secnred by this Mortgage. Unleas Borrower end I.enda agree to other terms of payment, each amonnta shall be payabk npon ~ ~ notioe irom Lrade: to Borrower req~esting payment thereo~ and shall bear int~erest from We date of disbursem~t at the rate payable fronn ~ time to time on. outstanding priacipal under the Note anlees paymeni of interest at snch rate waild be oontrary to applicable law. it~ which ~ eveat snch amounts shall bear interest at the highest rate permiasible ander applicabk law. Nothing oonLained in this paregraph 7, shall ~ reqnin Lender to incur any expense or talce any action hereunder. . ~ ' ~ gf K ~ I JC.. t~~ t'A~~ .cJt~ ~ ~ i ° ~ { i• ~ ~ ~ , , - - - - - ~..x - = ~ , - - - _ .s " ~ ~ ' ~ s. y;: - . _ . 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