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HomeMy WebLinkAbout0252 ~ Borrower and Lender covenant and a~ree as follovw: 1. Paymeat ot Priaclpal at~d Iaterea~ Borrower shnll prompt~y pay whea due the principsl of aad interest on the indebtedneas ; evidenoed by the Note. p»paymeat and lats char~es a~ provided in the Not~e. a~d the principal of and int~re~t on any Iruture Advanoes secured by thia M~a~e. ; Z. PWnd~ for T~e~ aad lasursnoe. 3ubject eo applicable law or b a w~itten waiver by l.ender, Borrower shall pay to L.er~der on the day monthly uutallinenta of principal end intereat are pe~yable under the Not~, until the Note is paid i~ tull. a sum (herein "~ds") equal to o~a : twe1M oithe ye.arly teuces and asseeaments which may ettain priority over thie Mort~age. and gmund renta on the Property, if any, plus ons ' twelRh of yearly premium installmenb for h~ard insurance, plua onetwelRh of yearly premium inatallments for mortgage inuuraace. if any. all as reawnab~jr estimated initialiy and tlrom tuaae to time by Lender on the basis oi assea8me~ts and billa and reasonable estimatea thereof. The PLt~ds ahall bs held in aa institution the deposit~ os aocounta ot which are iasured or ~uaranteed by a Fed~al or 3tate agency } lincludin~ L.endec if Leader is auch an institutioa). L.~der ~hall aPP1Y the Funds to pqy said tases. aeae~ament~. insuranee pnmiumr and ' ground renb. L,eader may not charge for w hoWin~ and epplyin~ the Ftind~. analysin~ aaid aocouat, or verifying and coanpiling said ` aasesaments and bills. ualee~ Lender pays Borrov~er intere~t on We Ftiu?ds and appUcabk law permits Lender to make such a charge. Borrower i aad L.ender uray egree in writing at tbe tiaae of e:ecution of thii Mortgage that iatere~t on the ~nds shall be paid to Borrower, and unloas i such a~reenrent u made or applicable law+ requiras snch intenst to be paid. Lender ahaU not be required to pay Horrower any intered or ` eamu~gs on the Ftindi. Leud~ shall give to Borrower. without charge, an annual amouating of the F~nds ahowing credita and debits to tha i fi~nds aad tha purpoee for which each debit to the ~nds was made.'R~e ~nds are pledged aa additional secwrity for the sums eec~red by this Mortgage. ~ ; If the amount of the FLada held by I.ender, tagether with the futun monthly installments of Fbnda pa,yable prior to the due dates of ta~cea. asscssments. insuranoe pr~niums and ground renta. shaU e:~ed the amount ~+equired to pay aaid tase~, asseeaments. insuranoe premiums ~ and ground renta as tbey [all due. ench ~cesa shall be, at Botrower's option. either promptly repaid b Borrower or credited to Borrow~ on ? monthly installmeata of I~ads. If the amonnt of the I~'w~ds heW by Lei?der ahaU not be sufficient to pay t~es. asaeesments. insuranoe ' ~ premiums and gronnd nnta as they faU due. Borrower shaU pay b Lender any amount neceeeary to make up the deficieacy withia 30 days ° from the date notice is mailed by Lend~ b Borrower requesting payment thaeo! S Upon payment ia fnll of all sums secured.by thie Mortgage, Lender shaU promptly nfund to Bo?TOwer a~y funds held by L,ender. If under r paragreph 18 hereof the Prop~ty ia soW or the Pmperty is otherwise acquired by Lender. Lender ahall apply. no laeer than immediately prior ~ to the eak of We Property ~ its aoquisition by Lender. aay P1mda held by Lender at the time of application as a credit against the auma eecured ~ by ehis Mortgege. 3. Applicadon of Payments. Unlees applicable law provides otherwise. all paymeats reoeived by Leader under the Note and _ ~ paragraphs i and 2 hereof ehall be appGed by Lender first in payment of amounta payable b Lender by Borrowar under paragraph 2 hereof, i then to iaterest payable on the Note, Wen to the prinapal of the Note, and thea to iaterest and prinaipel on any P~tm~e Advanas. 4. Charges; Liens. Borrower shall p~yr all ta~cea, aeseeaments and other chargea, ~inea and impositiona attribntable f~o thQProperty which . may attain a priority over thia Mortgagq and leaaehold paymenta or ground renta, i[any. in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making peyment, when due, directly to the payee thereof. Borrower shall prompUy furnish to Lender all noticea of amounta due under thia paragraph, and in the event Borrower shall make payme~t directly, Borrower ehali promptly furniah to Lender receipts evidencing auch payments. Borrower ahall promptly diecharge any lien which has priority ovef thia Mortgag~ provided, that Borrower shall not be required to diecharge any auch lien eo long as Botrower shall agree in writing to the payment of the obligation aecured by such lien in a manner acceptable to Lender, or ahall in good faith rnntest such lien by, ordefend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiture of the Property or any~part tt~ereof. - 5. Hazard Inaurance. Borrower ahall keep the impmvementa now e:isting or hereaft~er encted on the Property insured againat loea by fire, hazarde included within the term "extended rnverage.° and auch other hazarde as I.ender may require and in such amounte and for auch periada as Lender may require; provided. that I.enda ahall not require auch ooverage amount e:ceeding the minimum. as may be reqaired by state or federal regulationa goveraing activiti~ of I.ender, or that amount of rnverage required to pay the sume eecured by thia Mortgage, whichever ia the gnater. The insurance carrier providing~the ineurance ahall be chosen by Borrower subject to approval by Lender, provided, that such approval ahall not be unreasonably withheld. AU premiuma on inaurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by Borrower malcing payment, when due. directly to the insurance carrier. ; All insurance poGcies and renewale thereof ahall be in form aoceptable to Lender and ahall include a standard mortgage claose in favor of and ia form aooeptable to I.ender. Lender ahall have the right to hold the policies and renewale th~eof. and Borrower ahall prnmptly furnish to i.endez all renewal notice8 and ali receipta of paid preminma In the event of lass, Borrower ahali give prompt notice to the inaurance carrier and Lender. Lender may make proof of laes if not made promptly by Borrower. - Unleae Lender and Borrower otherwiae agree in writing, ineurance proceeds ahall be appUed to reataratioa or repair of the Property ' damaged, provided auch restoration or repair is economically feasible and the secnrity of this Mortgage ie not thereby impaired. If such f restoration or repair ie not economically feasible or if the eecuriEy of this Mortgage would be impaired, the inenrance proceeds ahall be applied ; to the sums secnred by this Mortgage. with the ~cesa. if anY. paid to Borrower. If We Property is abandoned by Borrower, or if Bormwer faila to respond to I.ender within 30 daye from the date notice ia mailed by I.ender to Borrower that the ineurance carrier oPfera to settle a claim for j inaurance benefite, Lender ia aathorized to collect and applq the insurance proceeds at Lender's option eitlser to reatoration or repair of the ~ Yroperty or the euma secnred by thia Mortgage. _ F Unleea I.ende: and Borrower otherwise agree in writing, any such application of proceede to priacipal ahall not ~tend or postpone the due. E date of the monthly inatallmente referred to in paragraphe 1 and 2 hereof or change the amount of auch inatallments. U nnder paragraph 18 ~ , e hereof the Propetty is aoquired by Lenda, all right, title apd interest of Borrower in and to any inaurance policies and in and to the prooeeda ~ thereof naulting firom damage to Property prior to the sale or soquieition ahall pass to Lender to the eztent of the suma eecured by this 3 Mortgage immediately prior to such eale or aoquiaition. ; 6. Preeervation and Mainteaance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower ahall keep the Property in good repair and sha11 not oommit waste or permit impairment oi deterioration of the Property and ahall comply with the provisiona of any leaee if this MoTtgage ia on a leaaehold. If thie Mortgage ie on a nnit in a oondominium or a planned unit development, - Borrower ahall perform all of Borrow~'s obligationa under the declaration or covenanta creatingor governing the rnndominium or planned unit development, the by-laws and regulatioas of the condominium or planned unit development, and conatituent documenta. If a ' ~ condominium or planned anit developmeat rider ie e~ec~ted by Borrower and reoorded together with this Mortgage, the ooveaante and ~ agreementa of such rider ehall be incorporated into and shall amend and supplemPnt the rnvenanta and agreements of thia Mortgage as if the i ~ rider were a part heteof. ~ 7. Protection ot Lender'~ Sectirity. If Borrower faila to paform tbe oovenanta and agreemmts contained in thi~ Mortgage, or if any _ ~ action or pzooeeding is canmenoed which materiaUy at~~cte Lender's interest in the Propaty, including, bnt not limited to, emineat domain. ~ insolvency, oode eaforcament, os arrangements or prooeeding~ involviug a banlQnpt or deoedept, thsn Lender at Iander's option.npon - ` noticx to Bo~rrovver maq make snch appearanoe~, diaburse ~nch snms and take snch ection as i~ neoasary to protect Lwdds intere~t, % inclnding, but not limited to. diebursement of r~sonabk attorney's fees and entry npon the Property b make repaire. Ii Lender reqnired ` ~ mortgage uunrance as a oondition of maicing the loan secnred by this ModBaBe, Borrower ahall pay We premioms reqnired to maintain ; snch inanranoe in effect n~til anch time as the reqnirEment for such in~nrance terminates in sooondanoe writh Borrowd~ and Laider's writtea agreament ot applicabla I.aw. Borrower ehap pay the amount of ell mortgage insuranoe premiums in the manna provided under paregraph 2 hereof. ? Any emounts disbursed by I.ender persuant to ihie paragraph 7, with intereat thereon, shall beoome additional indebtedness of t Borrower ~ecnred by this Mortgege. Unleas Borrower and Lender agree to other trrms of payment, snch amounfs shall be payaWe upon ' ~ notioe firom I.ender to Borrowrer requeating payment thereof, and shall bear interest firom the date of diabnrsement at the rate payable firom ~ time to time on outatanding principal ander the Note nnleas payment of intenst at snch rate would be oontrary to applicable law. in which ~ event ~uch amounts shall bear interest at the highest rate permiseible under appGcable law. Nothing contained in Wis paragraph 7, shall ~ reqnire I.e~der to incnr any ezpense or take any action hereunder. ~ ~ BQGK JV~ i'A;E 252 - ~ ~ _ ~1 ~ ~ ~ :~r~`~;~• ~ _ - _ . ~ks ~ ,