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HomeMy WebLinkAbout0067 Borrower and Lende~ rnvenant and a~res aa folbv?n: ~ 1. Payment o! Principal and Intereat. Bormwer ~hall pmmptly paY whea due the psincipal of and intarest on the indebtednea~ evideaoed by the Nots. prepaya?ant and lete eharQa a~ pmvided in the Note. aad the principal of and intere~t on eny fl~ture Advances secured 1 by thi~ MottQs~e. . ' 4. Ftitad~ fot Tase~ ~nd Insnranoe. 3ubject b applicable law or to a writte~ waiv~ by I.ender, Horrower shnll pay to Lender on the day ? monthly instal4aenta ot p~incipal sad int~eat are peyable under the Note. until the Note is paid in fuA. a sum (herein "I~nds") equal b oAs t~relfth oithe year~jr taxe~ and a~sassmenta which oqay attain priority over this Mo~aQe. and ~ound renta on the Property; if any. plus one~ twelRh of yesrly premium insta?lment~ for hezard insuranoe. plus onstrvelRh of year~jr premium installmeafa for mortgage inaurance. if any. all as reasonab~jr estiaaeted initiall.y and trom time to time by I.e~der on the bssis of as~smente and bills and reasonable estirnates thereof. T~e F1~adi shell be heW in en i~utitution the depwita or sooouab ot which are uuue~ed or guaranteed by a Federal or 3taee +~gearY (iacludins I.ender ii I~eude~ ie such sa in~titution~ I.ender ~hall aPP1Y the F~u?ds b pe~t? said~ taua. aaessmeats. iruuraace premiums aad ~ ground reats. Lender may aot chuge for ~o holdins and applyin~ the F~nda. enal,Vzia~ ~aid aocounR or verifying and oornP~S ~ 1 as~es~menta aad billa, uale~s I.ender payn Borro~rer inte:est on the F~ada aad applicabk law permits Lender b mete snch a charge. Borrower aad Lesdar may e~ree in ~vritinQ at We time of ~~.wtion oi t6i~ Ir[oet~ag~ Wat u?tee~t oa the Fl~nds ahall be paid w Borrower. and unlea ~ such egreement ii made or applicabk law reqais~s wch interest to be paid. Lend~ shaU not be required to pay Borrower any interat or es:nings on the F1~nds. Lend~ shaU give to Borroarer. ~riWont charQ0. aa snnual eooountin~ of the Funds ahowing credits and debih to the I~ud~ and We purpoee for which each debit b the FLnd~ was made. The ~nd~ are pledged as additiopeil ~ecurity for We sums ~ecured by this~ ~ Mortgage. ~ - If the amount of We F1~nda beld by Lender. tageW~ wri W the futura m~onthly installments of PLnda payable ptior to the due datee of t~e~, as~eeaments. uuuranoe presniuau aad ground r~ts. shall ~oaed the amount required to pay said ta~[es. aeseeamenb. insurance pnmiums and ground rents eu they fall due. such ~oe~s shall be. at Horrowe9r'a optioa. ather pmmptly repaid to Boitovrelr or ereditpd bo Aorrotver oa moaWly installment~ of Pbnds. If the amonnt of the Funds held by Lenda shall not be sufficient to pay tases. aa~ersanents. insurance pnmiums and e~'ound rente as they fall dne. Borrovver ~hall paY ~o Lendec any aaaount aeoessary to make up the daficiency within 30 days i irom the dab notioe is mailed by Lender b Bonowa requestin8 Payment th~reof. ' ,y ' Upon payment in fWl d all snms eecnred by tbis Mortgage. Leader shall p~omptly refnnd b Bon~oaer any funds heid by Lender. If ~tada paragraph 18 he:eof We Prope:ty is sold or the Propaty is otherwise acqnired by I.ender. I~d~r ahall app~r, no later than immediately prior to the sale of We Property or ita aoq~isitionby Lender, any I~nds held by I.ender at the time of application as a credit against the auma secund by this Mortgaga 3. Appl&~ation of P~ymenb. Unlas appGcaWe law provides othervvise. sll paymeate reoaved by I.ender uadu We Note and paregraphs 1 and 2 henof shall be appiied by Lender first in payment of amoants payable to Leader by Borrowar undcr paragcaph 2 hereot, then to intereet p~yable on the Nob, then to We principal of the Note. and Wen to interest and principal on any F'utare Advancea. Char~es; Lieaa Borrower ahall pay all tazea, assesaments and other charges, fines and impositiona attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground renLs. if any, in the manner provided under paragraph 2 hereof or. if not peid in such manne~. bY Borrowe~r mating payment, wh~ due. direcdy to ihe payee thereoL Borrower shaU promptly furniah to Lender all notices of amounta due ut~der this paragraph, and in the eveat Borrower ahall mal~e payment direct~yr. Borrower ehall pmmptly furnish to L.ender receipts evid~cing such pa~yments. Borrower ahall promptly discharge any lien which has priority over this 1Kortgag~ pmvided, that Borrower ahall not be required to diecharge any such lien eo long as Borroaer ahall agree in writinB to the payment of the obligation secured by such lien in a manner aoceptable to I.ender, or shall in good faith contest such li~ by, or defend enforcement of auch lien in, legal proceedinga which op~ate to prev~t the enforcem~t of the G~ or forfeiture of the Property or any part thereof. 5. Hazard In~uranoe. Borrower shall teep the improvements now e:istiag or hereafter erected on the Property ineured against lose. by fire, hezards included within the tetm "atci~ded wverage." and euch other hazarda as Lender may require and in auch amounte and for such peziods aa Lendez may require; provided, that Lendez shall not require auch ooverage amount esceeding the minimum. as may be required by state or federal regulations governing aetiviti~ of I.ender. or that amount of coverage required to pay the aums secured by this Mortgege, whichever is the ~eeater. . - The inaurance carrier providinB the ineurance shall be chosen by Borrowet subject to appmval by Lender, provided. that such approval ahall not be unreaeonab~jr withheld. All premiums on inanrance policiea ahall be paid in the manner pmvided. under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. , All inauranoe policies and reAewala thereof ahall be in form aoceptable to Lender aad ahall include a stsndard mortgege clauee in favor of and in form aoceptable to Lendez. I.ender ehall have the right to hold the policiee and renewals thezeof, and Borrower ahall pmmptly fnmiah to i,ender all renewal noticee and all receipta of paid preminms. In the event of lass, Borrower ehall give prompt notice to the inaurance carrier and I.ender. I.ender may make proof of loes if not made pmmpdy by Borrower. Unlees I.ender aad Borrowe+r otherwise agree in writing. inaurance prooeeda ahall be applied to restoration or repair of the Property ' damaged, provided snch restoration or repair ia economically feasible and tbe security of this Mortgage ie not thereby impaired. If snch j ; re~.oration or repair is not eoonomically feadble or if the security of thia Mortgage woald be impaired. the insurance prooeeds ahall be applied ~ i to the auma secured by this Mortgage. with We ezcees, if anY. P~id to Boirowez. If t6e Property ia abandoned by Borrower, or if Borrower fails to ~ reapond to I.ender within 30 daya from the date notice ia mailed by Lender to Borrower that the insurance carrier offera to eeWe a claim for • ; ina~rance benefits, I,ender ia euthorited to oolleM and apply tbe insurance proceede at Lender'a option either to reatoration or repair of the ; ~ Property or the snma secured by this Mortgage. Unlees Lender snd Borrower othez~rise agree in writine, anY auch application of prooeede to principal ehall not eztead or postpone the due E date of the monthly installmenta referred to in paraBraphs 1 and 2 hereof or change the amonnt of ench inatallments. If under paragraph 18 ~ hereof the Propaty ia soqnired bY Lender, aU right, title and interest of Bormwer in and to any insarance poticies and in and to the prooeeda ~ ~ thereof resulting from damage to Property prior b the sale or aaqui~tion shall pass to Lender to the eztent of the suma secnred by thia ~ Mortgage immediately prior to such sak ur aoqnisition. ' ~ 6. Preservation and Maintenance of Property; Leaseholda; Condominums; Planned Unit Developmenta. Borrower shall teep ~ ~ the Property in good repair and ahall not oommit wastc or permit impairment or deterioration of the Propedy and shall oomply with We pmvisions of any leaee if this Mortgage ia on a leasehold. If tbis Mortgage ia on a unit in a oondominium or a planned nnit development, Borrowe: shall perform all of Borrowe:'s obligations ander the declaratioa or oovenants creatingor governing the condominium or planned unit developmen~ the by-Iaws and regulations of the condominium or planned nnit developmeat, and oonstituent documeata. If a oondominium or planned nnit development rider is ezecvted by Borrower and recorded together with thia Mortgage. the oovenants and agreementa of auch rider ehall be incorparated into and shall amend and aupplement the rnvenanfe and agreemente of thia Mortgage as if the rider were a part he:eof. 7. Protectio~ ot Lender'~ Secnritp. If Barower fails to per[orm the aovenants and agreemenb oontained in this Mortgage, or if any , ~ action or proceeding ia coanme~oed which matariaUy affects I.ende~s intere~t in the Property. including. bnt not limited to, eminent domain. insolvwcy. ood~ enforcemen~ or aaan~em~ts or prooeedings invoivin8 a banlcrupt or deoedent, thea Lender at Lender's option,npon g notioe to Barrower may mal~e snch appearaaoe~. disbur~e snch snm~ and take ~nch adion as is neoesearY Lo psoted Lender's iate~est, indnding. b~ not limited to. disbnrsemeat of r~uonable attomey?'s fees and eatry npon the Property to make npair~. If I.ender reqnired ~ mortSaBe insuranoe as a condition of ineldne the losn secpred by this MortBeBe. Borrower ahall pay We pnmium~ required to maintain ~ snch inaaranoe in dfec* nntil such time as the requinment for sach insnranoe te~minates in aooordanae with Borrower's and Leadds ~ ~ writttn a~reem~t er applicabk Iaw. Borrower ahall pay the amount of all mortgage uunranoe prmuum~ in the manner provided nnder ~ ~ peragraph 2 hereof. ~ Any amounss disbursed by I.ende: yersuenc to ~his paragraph 7, with intes~t thaeon. shall beoome additional indebtednus of ~ Borrower ~ecured bY this Mortgage. Ualess Botrower and I.ender agree to otha terms of paymeat, such amonnts ohall be payebk npon notice irom I.ender to Borrower requestin8 P~Yment d?e~eof, and ahall bear intered from We date of disbnrsement at the rate payabk irom time b time on outstanding principal nnder the Note nnlw payment of inLerest at snch rate woald be eontrary to applicable laar. in which ev~t rucl~ amonnts ahall bear inter~st at the highest rate permissible and~ applicable law. Nothing ooutained in this paragraph 7. ~hall reqain I.eader to incur any ~pen~e or take u?y ection hereunder. _ ~ ~ ~ . p s~~ i ~ 6G0!( t)lJz fACf 6? ~ ~ - ' ~ ~ ;~~,~:'r~ r ~ - - - ~ ~ ~ 'F~ f~ ~ ~ ' - a . , ~.,:.N:,~-;