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HomeMy WebLinkAbout0468 Borrower and Lead~ oovenant and a~ree a~ follow~: 1. Paymeat of Principal at?d Iateres~ Borrower ~hall pramptly pay when due the pri~cipal of and interest on the indebted~ea~ evidenced by the Note, prepaymeat and late charQes as provided in the Note. and the principal of and inte~est on any Ptiture Advanoes secured by tlu~ Mort~age. 2. I~ads for Tases and Ia~uraaoe. 3ubjec/ to applicable law or to a written waiver by Lender, Borrower ehall pa~y to I.ender on the dey monthly installments of principal aad interest en peyable und~ the Note, until the NM~e is paid in full. a sum (herein "~nda") equal to oae~ twelfth of the yearly taxes aad assessmenta which may attain priority over this Mortgage, and ground renta on the Property, if any, plus one~ twelfth of yearly premium inatallmenb for hazard insurance. plua onetweltth of yearly premium instailmenta [or mortgege iasurance. if any. aU as reasonably estimated initially and from time to time by Lender o~ the baeis of aeaesamente and Lills and reaaonable estimatee thereof. Ths PLnda ahall be held in en in~titution the deposits or aocounb of which are inaured or guaranteed by a Federa! or State agency (i~cludin~ iBnder if Lende~ is such an institution). Lec~dei ehall apply the fi~nds to pay aaid ta=ea. asseeameats, insurance premiumi and ground reAta. I.end~ mey not charge fot w holding and applyina the Ptinds. analyzing said account, os verifying and oompiling said eise~am~ts and bills, unleas I.euder pays Borrower interest on the ~da and applicable law permits Lend~ to make such a charge. Borrower and Lead~ ma4Y a~see in writing at the time of e:ecution of thia Mortgage that interest oa the FLnda shaU be paid b Borrower. and unlese ~ such egrrement ia made or applicable law requires such interest to be paid, I.enda shall not be required b p~y Botrower any intereat or ~rnings on the Fl?nds. Lender ahall give to Borrower, without charge. an annual acoounting of the Funds showing credite and debits b the FLnds and Lhe purpoee for which each debit to the P~nds wae made.'i~e I~nda are pledged as additional securi~y for the sume secured by thia Mort~ase. If the amount of the Phnda held by I.ender. together with the fature monthly inetaltments of Funde payable prior to the due dates of tazes. aeseeaments, inswanoe premiuma and gmund renls. shaU euoaed the amount required to pay eaid ta:ea. aseeeamente~ inaurance precniuma and ground rents aa they fall due. anch ezcees shall be. at Borrower's option. either promptly npaid to Borrower or credited to Borrower on monthly inetaUments of Fhnds. If We amount of the Fnnds held by Lendar ehaU not be sufficient io pay tazes, aseessmente. iasurance preauwna snd ground rents as they fall due. Borrower ahaU pay b Lender any amount neceeeary to make up the deficiency within 30 days trom the data notioe is mailed by Lender b Borrower requeeting payment thrreo! . Upon payment in fuU of all aums secured by this Mortgage, I.ender ehall promptly refund b Borrower any funds held by Lender. lf un@er paragraph 18 hereof the Property is sold or the Property is otherwiae acquired by Leader. Lender ahall apply. no later than immediately prior to the eale of the Property or its aoquisition by Lender, any I~l?nds held by Lender at the time of application as a credit,egainet the sume secured by tl?is Mort~eQe. 3. Application ot Paymeats. Unlese applicable law providea otherwiee, aU paymeate received by I.ender under the Note and paragraphs 1 and 2 hereof eheU be applied by Lender firat in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. thea to interest payable on the Note. then to the principal of the Note, and then to interest and principal on any Future Advances. 4. C6argee; Liens. Borrower ahall pay all taxes, aeeessmente end other chargee, fines and impoaitions attributable to the Prop~ty which may attain a priority over thie Mortgage, and leasehold payment8 or ground renta, if any, in the manner provided under paragraph 2 hereof or, if not paid in such mannet, by Botrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish ta Lender all notices of amounts due under thia paragraph, and in the event Borrow~ shall make payment din~ctly, Borrower shall promptly furniah to Lender receipte evidencing such paymente. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided~ that Borrower ahall not be required to diacharge any auch lien so long as Borrower shaU agree in writing to the payment of the obligation secured by auch lien in a mann~ ameptable to I.ender, or ahall in good faith conteet such lien by, or defend enforcement of such lien in, legal proceedinga which operate to prevent the eniorcement of the lien or forfeiture of the Property or any part thereof. 5. Hazatd Inauraaoe. Borrower ahaU keep the impmveinenta now existing or hereaRer erected on the Property insured againat loss by fire, hazarde included within the term "ea~tended ooverage," and such other hazarda aa Lender may require and in such amounts and for auch perioda ae Lender may require; pmvided, that I.end~ ahall not require such ooverage amount eaceeding the minimum, as may be reqtured by atate or federal regulatione governing adivities of Lender, or that amount of coverage required to pay the suma eecured by thie Mortgage. whichever is the ~tes. - The inaurance carrier providing. the inaurapce shall be chosen by Borrower aubject to approval by l.ender, provided, that such approval shall not be unreasonably withheld All premiuma on insuranee policies ahall be paid in the manne~ pro~ ided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly tq the insu~ance carrier. All insurance policies and renewals thereof ahall be in form aooeptable to Leader and shail include a standard mortgage clauee in favor of and in form aooeptable b I.ender. Lender ehall heve the right to hold the policiea and renewala thereof, and Borrower ehall promptly furniah to i.ender all r~ewal notices and all receipta of paid premiums. In the event of loea, Borrower ahall give prompt notice to the insurance carrier and I.endef: I~ender may qnake proof of lase if not made prompdy by Borrower. . Unless Lender and Borrower otherwise agree in writing, insurance proceeda ahall be applied to restoration or repair of the Rroperty ~ damaged, provided auch restoration or repair is ecoaomically [easible and the necurity of thie Mortgage ia not thereby impaired. If auch reatoration or repair ie not eoonomically feasible or if the eecurity of this Mortgage would be impaired, the ineuranoe proceede ehail be applied to t6e anma eecured by this Mortgage. with the eaceas, if sny, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower faile to ~ respond to I.ender within 30 days from the date notice ia mailed by Lender to Borrower that the ineurance carrier oi[ers to eetde a claim for ~ ~ inaurance benefita, Lender ia suthorized to oollect and apply the inaurance proceeda at Lender's option either to restoration or repair of the Property or the suma eecured by this Mortgage. ~ Unless Lender and Borroaer otherwriee agrEe in writing, any such application of proceeda to principal ahall not ~tend or postpone the due ~ date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallments. If under paragraph 18 ~ hereof the Pmperty ia acquired by Lender, all right, title and intereat of Borrower in and to any insnrance policiee and in and to the proceede ~ thereof resulting from damege to Pcoperty prior to the sale or aoquiaition shall paes to L.ender to the e:tent of the eume serured by thie Mortgage immediately prior to such eale or aoquieition. 6. Preservatioa aad ~sinteaance of Property; Leseeholds; Condominums; Planned UnIt Developmente. Borrower ahall teep the Property in good repair and aheU not commit w~aste or permit impairment or deterioration of the Property end shall oomply with the ~ pmviaions of any leaee if thia Mortgage is on a leaaehold. If this Mortgage ie on a unit in a oondominium or a planned unit development~ Borrower ahall perform all of Borrower's obligationa under the declaration or covenante creatingor govetning the condominium or planned ~ unit developmenR the by-lawe and regulationa of the oondominium or plaaned unit development, and oonstituent documente. If a ~ condominium or planned unit development rider is ~ecuted by Borrower snd recorded~ tagether with this Mortgage, the oovenants and ~ agreementa of auch rider ahall be inrnrporated into and shall amend and aupplement the covenante and agreements of this Mortgage as if the ~ rider were a part hereof. ~ 7. Proteation ot I:ender'~ Securtty. If Borrower faile to paform We aovenaats and agreementa oontained in this Mortgage, or if aay ~ adion or prooeeding is commenoe~ which materially affects I.ender's intere~t in the Property. including, but not limited to. aninent domain, . : insolvency. oode eaforcem~t, or arrangements or prooeedings iavolving a bankrupt or deoedent, then I,ender at I.ender's option,npon ~ aotice to Borrower may make auc6 appearanoes, diaburse such aums and take sach actioa as is neceseary to prote~t Lender's interest, ~ inciading, bat not limited ~o. diabursement of reasonabk attorney's fees and entry upon the Property to make repairs. If I.wda reqaired ; mortgage insnrance aa a oondition of malcing the loan aecured by ihis Mortgage. Borrower ahall pay the pr~niums required to maintain such inanrance in effect nntil snch time as tbe requirement for ench inanranoe terminates in aocordance wiW Borrower's and Leadds ~ written agreement ot applicable I.aw. Borrower shall pay the amount of all mortgage ineurance preminmsin the manner provided under • r Pa~aPh 2 6e~of. - Any amounta disbnrsed by I.enda persuant to this paragraph 7, with interest thereon, ehall beoome additional indebtednees of ~ Borrower secured by this Mortgege. Unlesa Borrower and Lender agree to oLher terme of payment, auch amounta ehall be payable npon ~ notioe from Lender to Borrower requeeting payment Rhereof, and ahall bear interest from the date of diabnrsement at the rate payable trom ~ time to time on ontetanding principal under the Note unlese payment of interest at such rate would be oontrary to applicable law. in which ~ event auch amounta ehall bear interest at t6e highest rate permisaible under applicable law. Nothin~ contsined in this paragraph ~hall ~ reqaire Lender to incnr any ~pense or take any action hrn~under. ~ ~ . g~~~~3Q2::~~s~ 468 ~ ~ ~ y:~~ : _ - - - y . _ _ _ y ~ ..F+`.~~"'m•` ~:w~S 3~~~-^~iJ' ~ ~ ~ _ '"~c.~ . ~ ~ -~a' - ~ _ _ s~ _ r.,.