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HomeMy WebLinkAbout0464 Borrowor and LeAder covenant and ~ree a~ fdbws: . 1. Psymeat ot Prlncipsl and Interest. Baro.ver aha,U promptly pay whea due tbe prindpal ot and intere~t on the indebtedneM . evideaced by the Note, PrepaYa~t uid late dur~es a~ W'ovided ia tl~e Not~ aad tl?e p:incipal ot and iat~aest oa ar~y I~tare Advanoes ~ecured by thia Mort~a~e. 2~ads for Taza wad Inauranoe. Subjecx to applicabk la~r o~ to a wrrittea waiva by Lender. Bormwer shaU p:~y w l.a~dar oa the day ~ monthly inatallments of principsl and iaterest ere pqyabk andet the Note. until the Note is paid in fuU. a sum (herein "~nd~") equel to on~ ~ twelfth ot the yearly taxes and assessments ~vhich maY attain priority ovet this Mort~a~e. and ~ronnd renta on the Prope~rtY. iisaY. Plus oaa ~ twelfth of yearly premium installuaeAts fo~ haurd insnrancr. pios coct~?dRh oEyearf~r prpaium indallmeats [or moct~a~e insurance. if any. i all as reaaonably eetimatod initially and trom tia~e to time by l.ei?da on the baais ot aaeaaaeats aad bi14 and reasoaabk estimates thereof. ~ ~'t~e Pbnds ~haU be held in aa inatitntioa the depodt~ o~ aoooeab ot whic6 are insared or ~uaraueeed by a Fed~d or State a~eacy i (including Lender if Lender u auch aa institutian~ I~nde~ ~hall applr tl~e F'uads to ps~? said tas~s. aa~e~ts~ iasuranoe premiam~ aad } ei'onnd reAN. Lender mqy aot d~ar~e fo~ ~c 6oWin~ and applyias We Fhods. analYsint said aooonnt~ or verifyinj and oompiling said asseeemeaee and bilis. unless I.eader pays Bo~mw~et intenst oa tl~e Pbnds and applicable law permits I.eadet to make auch a charge. Bo~mwra and Lend~ mqy egree in writing at tLe time of e:ecation oi this Mo~a~ge that in~ on the Pbnds ahall be p~id to Borrowrer. aad nnlen ' such agrcement ia made or applicabk law requires wch interest b be paid, I~ade: a6aU uot be reqnired to pe~y Borrowrer aay iate~wt ar earnings on the P1~nda. I.ender shall aive to Borrow~er. witlioat cLar~ aa annoal aoooanting of the Fhndi showiag credits and debits to the Flmds and the purpose for which ead~ debit ~o the Fbnds was ~a~le.'Ibe Fhnds are pled~ed o additiona! secnrity for tl~e snms secnred by this Mortga~e. E U the amo~wt of We F1nds hdd by La~der. to~etber wish tbe fatnre montWy instapments olFunds payabk prior to the due date~ of t~ea. eseessments. uuuranoe preaiiums and ~mund eents. shall ezc+aed the amoont reqni~d Lo pap said eazes, a~ts, insuranoe premiam~ and ground rente aa they fall dae, soc6 esoeM a6a11 be, at Bor~vwel~ uP~. ~ P~PW? npaid to Bormwer or credited to Borrowrer oa monthly installments of flinds. lf t6e amoant of tlie Pbnd~ bdd by Lende: ahal! not be sni5~t to pay tase~. a~ea~neats, insnrance premiums and grow~d renb aa tbey fall doe. Bo~mwer ~hall p~,y tn I~der any amoant neoeaary to make np the de5aeacy writhin 30 daya frow the date aotioe is mailed by I,ende~ t,n Bwro+~ neqoestiTna payonent thereof. Upon payment in tuU of aU mm..eeured by this lilortga~e. I.epder.haU promptly e~efnnd so Bor~o:.~r any fnnda hdd by L.ende~. If ~ PareBraPh 18 hereof the Property is sold or tbe Pe+opaty is otherwise aoqaired by I,.ender. Lender shall aPP~Y, no lata,than imaiediaLdY P~ to the sale of the Property or ita acquisitioa by Lender. any I~nds l~dd by I.ender at tlie time of application as a a~edit againat the snms secured by thia Mort~~a~e. ~ 3. Appllcation of Pwxments. Unless applicabk law p~mrides othe~wi~e. aU paymcnta reoeived by Lender nndu t6e Note and Pa~eiePha 1 and 2 henof shall be applied by Ieader 6~st in payment at amoanta payabk to I.ender by Borrower under paragraph 2 hereof, theti to intereet payable oa the Note. ~ to the princapai of~the Notq and then to interest and principal on any F~tnre Advanoes. 4. Charges: Liens. Borrowrr shall pay all tazes. ass~amenes aad otLer chargss, fines aad impositions attriM~table to the Property wrhich i may attain a priority over this Mostgag~ and I~oW paymenta ar ~round renta. if any. in the manner provided under paraAraph 2 hereof or, ~ if not paid in such manner. bY Borrovv~ makin8 PaYment, when dae. directty to tl~e payee thereof. ~orrower shall P~'~P~Y fnrnish to Lende~ _ all noticea of amounts due und~ thia paregraph, and in the evmt Borrowa shaU make paymmt directly, Borrower ahall promptly furnish to • I.ender receipts evidencing such payments_ Borto~rer s6ai1 P~'~PuY discharBr aey lia~ wrhich has priority ove~ thia Mortgage; pmvided, that . i Borrower shall not be =equired to discharge any wch liea so long as Boimwer st~all agree in wrriting to the payment of the obligation secured by such lien in a manner sooeptable to Lender, or shaU in good [ait6 eontest sach lim by, or defend enforcc~nent of sach lien in, legal pra.~eedings which operace co prevenc ehe enfoncem~t of ~,e Um or forfacare ot ~he ProQercy or any part ehereof. ~ 5. Hazard Insuranoe. Bonm~er ahall teep ~e impe~o~vemema now e~ing or ha~eaft~er erected on ~l,e Pcopercy insured againac losa by ; fire, hezarde included within the tum "~teaded ooverage.' and ~nch other ba:ards as Leader may reqaire and in a~ch amoanta snd for snrh ~ periode ae Lender may reqnire; provided, that La~des ahall not reqnire sach ooverage amoant ezceeding the minimnm, as may be required by ~ state ok federal regulations governing adivities of I.ender, ar tbat anwunt of oove:age teqnired to pay the anms secured by this Mortgage, ' whichever ia the ~ter. . f The insurance carrier providing the insarance shall be chosen by Borrower subjeet to approval by l.ender, provided, that snch approval shall not be unreasonably withheld. All preminms on insurance poliaes shali be paid in the manner provided under paragraph 2 hen+of or, if not paid in such manner, by Borrower malon8 P~Y~~. when dne, dirccUy to the insurance carrier. i All ineurance policies and renewala tLeieof a6all be in form aeceptab4 to t.mder snd ahall inclnde a standard mortgage clauee iu favor af ~ and in form aooeptable to L,ender. L,ender s6ail have the right to hoid the po&aea and reae~nals thereof, and Borrower shaU promptlY fnrnish to i ' i.ender all renewal noticea and all reoripts ~ paid pr~iam~ In the ermt of lass, Borrower ahall give prompt notice to tbe insurance carrie~ ~ and I.ender. Lender may make proof of loss if not made pmmpUy by Borrowa. Unless Lender and Borrower otherwiae agree in Mriting, insarsnee prooecds ahsll be applied to reetoration or repair d the Pmputy i demaged, provided suc6 reatoration or eepair is eoonomically f~sibk and the security of this Mortgage is not thereby impaired_ If such ' reetoration or repair ia not economically fea8ibk or if the setvrity af tbis A~ortgage waild be impaired, We insurance pmoeeds shall be applied ; to the auma secnred by this MortBage, witl~ tbe e:oess, if any, raid w Boao..~. If~e Pe~opeKy is absndoned by Bo~roWer, or if Bormwer faila ~o reapond to L.ender within 30 daya from the date notice is mailed by I.ender to Borrower that We inauranoe carrier o~era to seWe a claim for ~ ( ineurance benefits, I.~nder is authorised to ooUeet and applp the insaranoe gtooeeds at I~nde~a option eitha to ieatoration or repair of the ~ Property or the aums secnred by thes Mortgage_ Unleas I.ender and Borrow~ other~vise agree in writing, any sach apFticatioa of pmc~eds to principal shall not e:tmd or postpone the due ~ date of the monthly installments referred to in paragraphs I and 2 haeoE or cbange tl~e amoant of anch installments. If unda paragraph l8 [ hereof the Property is aoquired by I.ender. all righ~ titie and inte~est d Bo~m~er in aad to aay insarance polidea and ia and to the prooeids ~ thereof resulting from dama8~ ~~Y P~* to tbe eak or aoqaistion s6all pass to I.ender to the e:tent of the anma ae~vred by this ~ Mortgage immediately prior to end? eale o~ aoqaiaition. 6. Preaervation and ~sintenanoe of Propert~; I.easeboid~ Condominam~ Planned U~nit Developments. Bornower shall teep the Property in good repair and shall nd aommit aaste or permit impairment or deterioration of tbe Proptety and shaU oomply writh the ~ provisions of any leaee if this Mortgsge is on a lessehold_ If tbis lfortgage u oa a nnit in a oondominiem or a plsnned nnit drvelopmrnt, ~ Borrower ahall perform all of Borrower's obtigations ander tbe dedaration or oovenants creatingor govaning the oondominiam or planned unit development, the by-laws and regaLtions d tbe eondaminiam or planned anit devdopmen~ and oonstitomt docommta. If a condomininm or planned nnit devdopment rider is eiecnted b~ Bos~wer and tecorded tagether with this ll~artgage, the ooveaants and ~ agreemente of such rider ehall be inoorpo~rated into and ahall amead and snpplement the rn~renanta and agreementa of this Mortgage as if We ~ n8er were a part heteof. _ ~ . 7. Protection of Lender'~ Secnrit~. If Borrow~ faib to pafocm the oovenants and a~eats aontained in this ~o:tgage, ar if any ` action or prooeeding is oommeaoed whid~ aaatetWly ageets I.mde~s iats:a+~t in the PtnpertY. indadin8, bnt aot timited to. eminent domain, ~ ~ insolvency. aode enforaemmt, or arrao~t~ or p~ooee~o~s invdvins a bankrnpt as deoedeat, tbea I~der-aL Imde:"~ optioo,apon i notice to BoTrower may malce snc~ appearanoe~. di~bane soc6 smns ~nd take soeh adi~ as is neoe~sary to protect Leader'~ inta+est, ~ including, but not limited to. diab~sement d re~ooabie auaRrc9'~ fees and m~r apon tbe Prapecty to mal~e rspsits. If LmdQ req~ed - ' mortBeBe insnranae as a oondition of malrins tbe lo~n aecored b~? Wis 1Rortga~ Bocmwer shall psy the preminm~ nqaired to maintaia i euch insuranoe in ~ect ant7 eodi time u the reqairemmt tor sne5 insmsaoe te~minates in aooadanoe ~ritb Borrowa's aod Lmdd~ : written agmeement ar appUcabk I.aw. Borrow~ ahall pa~ tbe amoant af all mortga~e inaaranoe prtminms in the manner provided nndrr ~ PereBraph 2 hereof. ~ ~ Any amoants disbureed by i.a,der pe~anc tu this para6rapb 7, ..itb interesc thereon, shall beoome additional indebcednea of ~ Borrower ~ecured by this Mortgage. Unkas Hos+ow~ and LendQ agroe to other terms of PaYmea?t, anch amonnta shall be payabk npon ~ notice from L~der to Borrower reqnertin~ payment tbe~eo~ a~ ~hall be~r interest from tbe date of diabarsement at the rate payable ~om ~ time to time on outstanding principal nnder the Note mnles payment d intereat at sach rate woald be oontrary to applicabk law. in which ~ event auch amounts shaU bear int~est at the highe~t nte pamiMibie onder applicabk law. Nothing oontained in tbi~ paragtaph 7. ~hall ~ require. Lender to incur any e:pense or ta~e any action he~der. ~ i . _ ~ p-~p~ ~~j~~ 464 ~ ~ ~ ~ ~ : - - ~ ~ , ~a. `g~,~.~,, ~ 3 ~:t,,,, : ~ -`G~s..r+'R=4, y .~Y 94.C . " ~ec, -s~ . _ . c _ _ _ . . . _ ~ . _ _t.. .