Loading...
HomeMy WebLinkAbout0476 ~ t ! Borrower and I.ender covertent and a~ree as follows: • 1. PRyment ot Priacipsl snd Intere~t. Borrower ahall pmmptly pay whe~ due the principal of a~d interest on the indebtednesa ~ evidenced by the Note, prepsyment and late chsrges aa pmvided in the Note, and the principal o! and interest on any ~ture Advances secured by this MortgaQa 2. Ptinds [or Teucea and Insuraace. 3ubject to applicable law or to a written waiver by I.ender, E3orrower ehall pay to l.ender on the day monthly installments of principai and iaterest are payabie under the Note. until the Note is paid in full. a eum (herein "fi~nds") equal to ono- twelRh ot the yearly taze~ and aseeesmenta which may attain priority over this Mortgege. and ground rents on the Property. if any. plua ont twelfth of yearly premium installments for hazard inaurance, plus onetwelRh of yearly premium inatallmente for mortgage inaurance, if any, all as reasonably estimated initially and from time to time by I.ender on the basia of aaseasments and bille a~d reasonable eetimates thereof. 7~e PtiniL sheU be held in an iastitution the depwite or acoounfa of ~vhich are insured or guaranteed by a Federal or State ageacy (iacluding Lendet U Lend~ ia such an inetitution). Lender shaU apply the ~nds to pay said t~es, asaeesmeats. insurance pcewiuma and ground nnts. Lenda may aot charge for so holding and applying the I~nds. analyzing aaid account, or verifying and compiling eaid . assesemente and bills, unleea Lender pays Borrower iaterest on the ~nda aad applicable law permits I.ender to make such a charge. Borrow~ and Lender uu~ey agree in w+riting at the time of e:ecution of thia Mortgege that interest on the I~nda shall be paid to Borrower. and unleas such agrcement is made or applicable law requires wch interest to be paid. I.endez ahall not be required to pay Borrower any intereat or } earnings on We PLnds. Lender ahall give to Borrower, without charge. an annual acoounting of the Funds showing credits and debits to the F~nds and the purpose for which each debit to the Funds waa made.'Rie Ptinda are pledged aa additional security for the swna secured by this Mortgage. If the amount of the Funds held by Lender. together with the future morithly installmente of Funda payable prior to the due datRS of taxes, aeseesments. insurance pnmiuma aad ground rents. ahall e:ezed the amount required to pay said ta:ea. aeaeasments. ineurance premiums and ground renLs as Wey faU due. such eatcxss shall be. at Borrowei e option. either prompt(y repaid to Borrower or credited to Borrower on monthly inst$Uments of F1nda. V the amount of the Funds held by Lender shaA not be sufficient to pay tazes, aeaeasments. it~eurance premiums and groand e+ents es they fall due, Borcower shaU pay to Lend~ any amount neceeaary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment in fiill at all auma eec~u~ed by thia Mortgage, I.eader shall prowptly refund to Borrower any funds held by Lender. V under paregraph 18 hereof the Property is sold or the Property ie otherwiee aoquired by Lender. Lender ahall apply, no later than immediately prior to the eale of the Property or its aoquiaition by Lender. any F1~nds held by Lender at the time of application as a credit againat the auma eecured by this Morcgage. ~ 3. Applieation of Payments. Unless applicable law providea otherwise, all payments received by L.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by I.ender first in payment of amounta payable to I.ender oy Borrow~ under peragraph 2 hereof, then to intereat payable oa the Note, Wen to the principal of the Note. and then to intereat and principal oA any Futnre Advancea. 4. Charges; Liena. Borrower ahall pay all tauea, aseessmente and other chargea, fines and impoaitions attributable to the Pmperty which may attain e priority over thia Mortgage, and leasehoid payments or ground rente, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices ot amounts due under lhis paragraph, and in the event Borrower shall make payment directly, Borrower ehail promptly furniah to - Lender receipts evidencing auch payments. Borrower shall promptly diacharge any lien which ha8 priority over this Mortgage; provided. that Borrower shall not be reqnired to diacharge any such lien_eo long as Borrower shall agree in writing to the paymentof the obligation secured by such lien in a manner acceptable to Lender, or ahall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower ehall keep the impmvementa now e:isting or hereafter e:ected on the Property insured againat losa by fire, hazarda included within the term "estended ooverage,° and such other hazarde aa Lender may require and in such amounts and for such prriods aa I:ender may require; provided. that Lender shall not require auch ooverage amount e:ceeding the minimum, as may be required by ~ atate or federal regulationa governing activitiee of I.ender, or that amount of coverage required to pay the eume eecured by thia Mortgage, whichever ie the greater. The_inaurance carrier providing the insurance ahall be chosen by Borrower subject to approval by I.ender; provided, that such approval ahall not be unreaeonably withheld. All premiums on insurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. All insuranoe policiee and renewale thereof shall be in fora~ aoceptable to Lender and ahall include a standard mortgage clanse in favor of and in form acceptable to Lender. Lender ahall have the right to hold the polici~ and renewals thereof, and Borrower shall prom ptly furnish to i.ender all renewal notices and all receipta of paid premiums. In the event of loes, Borrower ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unleea Lender and Eiorrower otherwiae agt~ee in writing, insurance proceeda ahall be applied to reatoration oz repair of the Property ; damaged, provided such restoration or repair iB economically feasible and the security of thie Mortgage is not thereby impaired. If euch j restoration or repair is not economically feasible or if the eecurity of this Mortgage would be impaired, the inearance proceeds ahall be applied j to the euma eecured by this Mortgage, with the exceas, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower faiis to respond to Lender within 30 days from the date notice ia mailed by I.ender to Borrower that the insurance carrier offers to setde a claim for 'E insurance beaefita, Lender is suthorized to collect and apply the insurance proceeda at I.ender'a option either to restoration or repair of the ' Property or the suma eecured by this Mortgage. j Unlees Lender and Borrower otherwiae agree in writing, any auch application of proceeds to principal ahall not extend or poetpone the due ~ date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallments. If under paragraph 18 ~ heceof the Pe+operty ia aoqnired by Lender. all right, title and interest of Borrower in and to any inaurance policies and in snd to the proceEde i thereof resulting fram damage to Property prior to the eale or aaquieition shall paee to I.ender to the e:tent of the snms aerured by thie Mortgage immediately prior to such eale or aoq~iisition 6. Preaervation and Maintenance olProperty; Leaeeholda; Condominums; Planaed Uni! Developments. Borrowerahall keep the Property in good repair snd ahall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the ~ proviaiona of any leaae if this Mortgage is on a leaaehold. If thie Mortgage ie on a unit in a oondominium or a planned unit development.. ~ Borrower shall perform all of Borrowei e obligationa ~nder the declaration or rnvenante creatingor governing the condominium or planne~ ~ unit development, the by-laws and regulationa of the condominium or planned unit development, and oonstituent documente. If a ~ oondominium or planned unit development rider ia euecuted by Borrower and recorded together with this Mortgage, the oovenante and agreements of auch rider shall be inrnrporated into and ahall amend and supplement the rnvenants and agreementa of thia Mortgage as if the ~ rider were a part hereoL ~ 7. Protectioo of Leader'~ Secnrfty. If Borrower fails to perform the covenanta and agreemente contained in thia Mortgage. or if any r action or proceeding is oommenced which materially affecta Lender's interest in the Property. including, but not limited to. eminmt domain, ~ insolvency. oode enforcemen~ or arrangements or prooeedings involving a bankrupt or decedent~ then I.ender at Lender's optioa.npon - notics to Bore~ower may mal~e such appearanaa, disbarse ench snms and take wch action es ia neceesary tn protect Lendds interest, f inclading. but not limited to, disbureement of reasonable attamey's fe~ and entry npon the Property to make repaire. If Laider reqaired mortgage insuranoe as a oondition of making the loan secured by this Mortgage, Borrower shaU pay the premiums required to maintein ~ snch insurance in effect ~wtil snch time as the reqnirement for snch insurance terminates in aocordeace with Borroaer's and Leadds ! written agreement or appUcable Law. Borrower ahall pay the amount of all mortgage ineurence premiuma in the manner provided under paregraph 2 hereoL • My amonnte disbursed by Lender pereuant to thie paragreph 7, with interest thereon, shall beoome additional indebtednees of ~ Borrower secured by thie Mortgage. Unlesa Borrower and Lender agree to other terme of payment, snch amounts ehall be payable upon ~ notice trom [,ender to Borrower requesting payment thereof, aad shall bear interest from the date of diabursement et the rate payable from y time to time on outetanding principai under the Note nnleae payment of intereat at euch rate wonld be o~ntrary to applicable law, in which ~ event such amounta shell bear intereet at the highest rate permiesible under applicable law. Nothing contained in this paragraph 7. shall ~ require Lender to incur any expense or take any action he=eund~. g ~ E a~,,, . 47 P~ ~O2 t~~F 6 ~ . .1,~~ . ~