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HomeMy WebLinkAbout0088 , Borrower and Lend~ coveno?nt and a~ree a~ follows: 1. Paymant oi Priacipwl uid tatere~4 Bo~rower ~hall promptly _pay whsn due the principal of and intered oa the it~debkdne~a evideuosd by the Note, prepayme~t aad late cherQe~ as pmvided in the Note, and the priacipal of and intere~t on aqy PLtnre Advanas ~ecured by thi. Mort~a~e. Z. Ptiad~ for Tue~ end Insuraace. 3ubjeet to appGcable law or to a written waiv~ by Lendar. Borrow~r ahall pay to I.ender on the dqy monthly installments of principal and intere+t are pqyable under the Note, uuW the Note ia paid in [ull, e sum (herein "I~~ds'7 e4ua1 w oas twelRh of the year~y ta:es and asaeeements which may attain priority over this Mort~eQe, and Qround rents oa the Proparty. iiany. plw one~ twelRh of year~y premium iaatapmenta for hazard insurance. plua onetweltth of yearly premium instalimente for mortga~e inauraace. if any. all ea reawnably esiimated initially snd from time to time by Lender on the basis of aasessments and bills and reaaonabk eatimates thereoi. T!~ Ftinds ~hell be held in an ieutitution ths deposit~ os aooounb of which ere in~ured or ~uaranteed by a Federal or State aQeacy (a~l~a~~ t.enaer ii ~.endec i..u~, sn in.ac~aop). Lende~ shell spplY the Funda to p~y said t~e~. a~twmente. insurance premiums aud grouad rents. Lender me~y aot chas~e for. ~o hoWins and applyin~ We P~ada. analysinS ~aid soooun~. or verifyin~ and oompiling said ac~es~oaents and bill~. nnka I.ender pay?~ Borrowrer interest on the P~ada und applicabk law permits Lende9r to make such a char~e. Borrower ead L~dez u?ay a~ree in writing at the time oi e:ecution of this Mortgage that iaterert on the Ptinda ahall be paid to Borrower. and unless ~uch a~ceement is made or applicable la~r requires such intarest to be paid. Lender shaU not be required to pqy Bo:rower aay iaterest or earnings oa the I~nds. Lende~ ~hall ~ive to Borrowet. withoat chstge. an annual aooouating of the Funda ahowing credita aad debits to We I~nds and the purpwe for which each debit fu the Ptiuids waa made. The Funda sre pledged a~ additioaal ~ec~uity for the sums secured by this Mortgage. If the amo~wt of the Pbads held by L,ender. togeth~ with the future moathly inatallmenfa of Funds payable prior b the dne dates of t~es. e~seesmentr. inaurance pr~niums aad groand rents. ahaU e:axd the amouat required to pay eaid ta:es. as~esamenta. insuranoe premiuma and ground nnts aa ~hey fall due. auch eocoe~s shall be, at Bo~rower's option. either promptly repaid to Borrower or credited to Borrower on - moothly installments of Phnda. If the amonnt of the P'nnd~ held by Lender shall not be snf5cient to pay tasea. assessments. inaurance pnmioms and ground rents as t6ey fidl due. Bon~oaer s6sll psy to Leade~ any amount neoessary to make up We deficiency within 30 days from the date notice is mailed bY I.ende= b Borrower requeatine Pa,Ymeut the~eof. Upoa payment in tull ct all sums ~ecured by this Mortgage, i.eader shall ~Smmpdy nfnnd to Bo=rowe~ any funds held by I.wdez. If nnder paraQraph 18 hereof the Property is sold or the Property ia ot6erwise acqoired by Leader. Lender ahall aPP~Y. ao later than immediately prior Lo the sak of the Property or ib aaqnisition by I.ender, a~y FWnde held by I.ender at the time of application as s credit againat the sums secured by ehi. Mortgag~ - 3. Ap~lication of Payments. Unleas applic~ble law provides otherwise. all payments reoeived by I.end~ unda the Note and paragraphs 1 and 2 hereof shaU be applied by I.ender first in payment of amounts payable Lo I.ender by Borroaer undes paragraph 2 hereof. then to intereat payable on the Note. then to the pdncipal of the Note, and then to intereat and principal on any Fut~ue Advances. ~ ~ 4. Charges; Liens. Borrower shall pay ali ta~cea, seaessments and other charg~. fines and impositiona attributable to the Prope~rty which may attain a prionty over thia Mortgage, and lesaehold peiymente or ground renta, if any, in the manner provided under paragraph 2 hereof or. if not paid in euch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly fnrniah to I.ender all notioes of amounta due unda thia paragraph, and in the event Borrower ahall make payment directly. Borrower shaU promptly fnrnish to Lender receipta evidencing snch paymente. Borrower shall promptly discharge any lien which has priority over thia Mortgage; pmvided, that Borrower shall not be required to discharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation secured by such lien in a manner aooeptable b Lender, or shall in good faith contest such lien by, ordefend enforcement otsuch lien in, legal prooeedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part thereof. - . 5. Hazard Insarance. Borrower ahall keep the impmvennenta now eziating or hereafter erected on the Property ins~ued againet losa by 6re, hazards included withia tht term "e~ctended coverage." and such other hezerds as Leader may require and in such amounts and for snch periode ae Lender may require; pmvided. that i.ender ahall not reqnire such ooverage amouni ezceeding the minimum, as may be reqaired by etate or federal regaiationa governing activities of Lender. or that amona! of ooverage required to pay the aums aecured by thia Mortgage. whichever ia the greatez. The inaurance carrier providing the ineurance ahall be choeen by Borrower subject to approval by Lender; provided, that auch approval ahall not be unreasonably withheld. All premiums on insurance policies ehall be paid in the manner provided under paragraph 2 hEreof or, if not paid in auch manner. by Borrower making payment. when due. directly to the insurance carrier. All inaurance policiea and reaewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clauee in favor of , and in fotm aooeptable to Lendar. I.ender ehell have the right to hold the policiea and renewals thereof. and Borrower ahall promptly furnieh to i.ender ail reaewal noticee and all reoeipts of paed premiums. In the event of laes, Borrower shall give prcmpt notice to the iasurance carrier and Lender. Lendar may make proof of loee if not made prompdy by Borroaer. i Unleea Lender and Borrower otherwise agree in writing, ineurance prooeeda shall be applied to restoration or repair of the Property i damaged, provided such restoration or repair ia ecoaomically feasible and the eecurity of this Mortgage is not thereby impaired. If suc6 ~ reatoration or repair ie rtot ecoaomically feasible or if the security of this Mortgage wonld be impaired, the insurance proceeda ehall be epplied f perty is abandoned by Borrower, or if Borrower fails to ~ to the euma eecured by thia MortBage. with the e~ccesa. if anY, P~ to Borrower. If the Pro reepoad to Lender within 30 days fi^om the date notice ie mailed by Lender to Borrower that the insurance carrier offers to setde a claim for insuranoe benrfite. Lender is authorized to collect and apply the inaurance proceeds at Lender'e option either to reetoration or repair of the ~ Property or the sums secured by this Mortgage. ~ Unlees Lender and Borrower otherwise agree in writing, auy such application of prooeeds ta principal ehall not eztend or postpone the due date of the monthly iastallmenta referred to in paragraphe 1 and 2 her~eof or change the amount of auch inatallmenta. If under paragraph IS hereof the Property ia aoq~ired by I.eader. all right, tide and i~terest of Botrower in and to any ineurance policies and in and to the proceeda thereof r~nlting fmm damage to Property prior to the eale or aoquiaition ehell paes to L,ender to the eztent of the_suma eecured by this Mortgage immediately ~ior to such sale or aoqaiaition. . 6. Preeervation and Maintenance of Property; I.easeholde; Condominuma; Planned Unit Developments. Borrower shall keep • the Property in good repair and shall not oommit weste or pe~mit impairment or deterioration of the Property and shall oomply with the pmvisions of any lease if thia Mortge~e is on a leasehold. If thia Mortgage is oa a w~it in a oondominium or a planned anit development, Borrower shaA-per[orm all of BoTrower's obligatione under the declaratioa or covenanta creadngor govezning the condomini~,un or planned unit developaneat~ the by-lawe and regulations of the condominium or planned nnit development, and oonstitueat documenta. If a coadominium or planned unit development rider is ~ewted by Borrower and recorded together with thia Mortgege, the oovenante and agreements of auch rider shall be incorporated into and ahall amend and supplement We covenante and agreements of thia Mortgage as if the rider were a part hereof. 7. Protection of Lender'~ Secarity. If Borrower faile to perform the oovenanta snd ageeemenb contained in thia Moitgage. oz if any action or prooeeding is oommmoed w~hich materially affects I,ender's intenat in the Propaty. including. bnt not limited to, emine~t domain, insolvmcy. aode eaforcement, or erran8eme~ts or Pm~xeding~ iavolving a banimipt or deoad~~ then I.ender at I.ender's option,npon notioe to Ba~e~ower may make ench appearanae~, diabuzse sncb snmi and take such action es~ie neoe~sary to proted I~ende~s intera~t, ~ indoding. bat not limited to, disbnrsem~t of nesonabk attorney's fees and entry npon tbe Property to make repaira. If La~der required ~ mat~a~e insnranue as a oondition of making the loan secnred by this Mortea8e. Borrower shall pay the premiums reqaired to meintein sach insnrenoe in e8ed antil sach time ss the reqairemwt for anch insuranoe terminates in aooardaaoe with Bosmwa's and Lmdd~ ~ written agreement or applicabk 1Bw. Bozrower shall pay the amonnt of all mortgaQe inwranae preminms in the manna p~ovided unde~ ~ Paragraph 2 hrreof. ~ My emonnts disbursed by Lender Rersuent to this paragraph with inLerest thereon, shall beoome additional indebtedne~b of ~ Borrowa secured by this Mortgage. Unless Borrower and Lender agree to other terma of payma~t, such emounts shall be payable npon noti~x fmm Leader to Borrower requesting payment theeeof, and shall bear interest from the date of diabursement st the rate payable firom time to time on outstanding principal under the NoLe anltss payment of intetest at snch rate would be oontrary Lo applicable law. in which ev~! snch amounts shall bear intereat at the highest rate pezmiasible under applicable law. Nothing contained in this paragraph 7. ahall reqnire Leader to incur any aptnse or take any action hezeundet. go~K 3U2 ?~~~E 88 ' s ' ; ~ ~ _ a r, _ _ ` ,v . ' ~ .~.-k``. ' , ~ _