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HomeMy WebLinkAbout1731 s Borrower and Leader covenant sad ague as folbun: 1. Payment of Principal and Interest. Borrower shall promptl)? pay when doe the principal of and interest oa the indebtedaesa evidenced by We Note, prspyraaeat aid late charges as provided in the Note. and the principal dead interest on aqy Futon Advances secured by this Mortgage. 8. Foods toir'I'suea and Insurance. 3ubjed to appliaible law a to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installmeata of principal and interest are payable under the Note. wail the Noce is paid in fall. a sum Ihe:tin "Fuads'1 equal to oae- twellth ofthe yearly tares sad assessments which may attain priority over this Moetgage. and ground rents on the Property. if say. pies one• twdlth o[yearl,? Premium installments for hazard inauraaee, pies oaatwd8h ot~ar~r permiam iastallmenta [or mortgage insurance. if any. all w reasonably estimated iaitialljr aid lkom time to time by Lender oa the of assessments and bills and nasonabk estimates thereof 1be Funds shall be held in as institatioa the deposits a aonoaab o[ which are iasue+ed er guaranteed b7? a Federal or State agency (inducting Lender if Leader is such an institution)~ Lender shall apply the Funds to peer said tazas. esaesssaenta. ioaaranoe premiums and ground rents. Lender may not charge for ao holding and applying the Ftinds. anab?ani.said sooount, err verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Enacts and applieabie lave pewits I~endeltto make each a charge. Borrower sad Linder may agree is writing at the time of execution of this Mortgage that interest an the Fwds shat be paid to Borrower; and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pq Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without ti`n`ge, an anaoal aeeoaoting of the Ptiads showing aectits and debits to the Phnds a~ the purpose for which each debit to the Funds was made.'Rx Fonda are pledged as additional seer:ity for the soma secured by this Mortgage. Tf the amount of the Funds held by I.ender. together with the fntare moat6ly imtalhnmb dF~ands payable prior to tLe due dates of tares, assessments. insurance premiums and ground rents. shall szoaed the amount squired to pay said taxes. assessments. insurance premiums and ground rents as they fall due, such ezeesa shall be. at Bor:ower'a option. tither psoasptl~r eepaid to Bonvwer err audited b Boirowa on monthly inaWlments of Funds. If the amount of the Farads bed by Lender shall not be ~t to pay taxes. anessmenta, insurance premiums and ground teats as they fall due, Borrower shall Pay to Lander any amoont neoesaq to snake up the defi~y within 30 days from the date notice is mailed by Lender to Borrower requesting payment theeeaf Upon payment in fnA d all sums secured by this Mortgage. Lade` ahal! promptly retied to Borrower any fiends held by Lender. If ender paragraph l8 hereof the Property is sold or the Property is otherwise aogoired by I.eoder, Lewder shall apply. no later than immediately prior to the tale of the Property or its aegnisition by Lender. any Funds held by Lade` at the time ofappliation as a aedit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides oti~erwia~ all payaents received by Lender Hader the Note and paragrephs 1 and 2 hereof shall be applied by Lender fast is payment of amounts payable to Lender b7? Borrower untie: paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then W iatessat sad prindpal on any Future Advances. 4. Charges; Liens. Borrower shall pay all fazes, assessments and other d~argee4 fiines and imposiitioas attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or groaad rents` if say. in the manrxr_peo+ridsd ender paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when doe, directly w the payee thereof Borrowershall penmptly fnrniah to Lender all notices of amounts due ender this paragraph, and in the event Borrows shall make payment dQeetly, Borrower shall P~IdY furnish to Lender receipts evidencing such payments. Borrower shall pr'omPtiY 'Se ~Y)iea which has priority over this Mortgage; Provided. that Borrower shall not be required to discharge any such lien ro brag as Borrower shall sane is writing w the payment of theobligation secured by such lien in a manner acceptable to Lender. or shall in good faith content each lien by, ordedend enfoecemmt of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the ProPaty or any part thereof 5. Hazard Inanrance. Borrows ahaA keep the improvements now aristiog a haeaRa erected on the Property insured against loss by fire; hazards included within the term "seztended ooveragq" and aoch other ha`n`ds ss Leader ~ require and in such amounts and for such periods ere Lender mgyr require; provided. that Lender shall not require loch oovaage amooat ezceedina fix minimum, as may be required by state ar federal regalationa governing activities of Lender, or that amount otooroe<age regared to pay the aims secoted by this Mortgage, whichever is the greater. 'Ric insurance carries providing the insurance shall be chosen by Borrower subject to approval by Leader, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when doe, directly to the insurance artier All insurance policies and renewals thereof shall be in form acceptable_to Lender and shaD inclide a standard mortgage dense is favor of and in form acceptable to Lender.Lender shall have the right to hold the policies and reaewa4 thereof; and Borrower shall promptly fnmiah to mender all renewal notices and all receipts of paid premiums. In the event of lass. Berro~s~er shaD give prompt notice to the insurance carrier and Lender. Lender may make proof of ices if not made promptly by Bore+awet_ Unless Lender and Borrower otherwise agree in writing, insurance peoceeds shall be applied to restoration or repair of the Property ~ damaged. provided such restoration or repair is economically feasible and the secwrity of this Mortgage is not thereby impaired. If such € restoration or repair is not economically feasible or if the security of this Yorigage woiW be ®paired, theinsoranoe proa~eds shall be applied to the soma secured by this Mortgage. with the ezoess, if any, paid to Borrower. Iftbe Fly is abaadooed by Borrows:. or if Borrower fails to respond to Leader within 30 days from the date notice is mailed by Leader to BoerowQ that the insorance artier offers to settle a claim for insurance ben~ta. Linder is authorized to collect and apply the insurance proceeds at Leocla's option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Laden and Borrower otherwise agree in writing, any such appliatim a~f paooeeds toprindpal shall not ester?d or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 her+eaf err drange the aaao~t dsaeh ineesIIments_ If under paragraph 18 hereof the Property is aogaired by Lender. all right, title and interest of Bareores; in and to a~ inaaranoe poSoes and in and to the proceeds thereof resulting from damage to Property prior to' the sale or acquisition shall peas to Lender to the eztent of the soma secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Coodooina~ Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impaumea! err dderioration at the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a snit in a condominium or a planned snit development, Borrower shall perform all of Borrower's obligations under the declaration or oaveaants asstiugor governing the eondomininm or planned _ unit development, the by-laws and. regulations of the oondomini~r or planned emit dneiopesent, and constituent documata. If a condominium or planned unit development rider is executed by Borrower sad recorded tagetlxt with this Mo*taage, the covenants and agreements of such rider shall be inrnrporated into and shall amend and sippiaoeat the covenants and agreements o[thia Mortgage as if the rider were a part hereof. m 7. Protection of Lender's Security. If Borrower fails to perform the ooveoants and aQeeisents ooatained in this Mortgage. or if any action or proceeding is oommenoed which materially affects Leaders interest in the Property. indicting, hot not limited to. eminent domain, insolvency. code eaforoenoent, or arrangements or proceedings invoivins a banlQipt or deoedeat. then Leader at I~ndds aptionnpon notice to Borrower may make such appearances. disburse each same anti take sieh actin as is necessary to prMect Lender's interest, indoding, brat not limited to, disbursement of reasonable attorney's fees sad entry upon the Property to make npain. It Lender required mortgage insurance w a condition of malting the loan secured by thin 1llartgage, Bar:over ahaD pay the prmiums required to maintain { such insurance in effect sntt~ each time as the requiranmt for such inaranoe te~asea m aooardanee with Borrower's and Lender's written a~roement or applicable Law. Borrower shall pey the anoint d all mortgage iosesanae premiums is the manner Provided ender paragraph 2 hereof. ~ Any amounts disbarred by Lender penwant to this paragraph 7. with inteeeat thereon, ahaII become additional indebtedness of Borrower secured by -this Mortgage. Unless Borrower and Lender sane to other toms d payment, sseh amounts shall be payable upon notice from Lends to Borrower requesting payment thereof; a~ shall beer ioRaest fYom the date of diabiraemeat at the rate payable from time to time on outstanding Principal under the Note unkea payment of intertsd at rich rate solid be contrary to applicable law, in which ~ event such amounts shall bear interest at the highest rate permissible wrier applicable hew. Nothing eootained in thin paragraph 7. shall require Larder to incur any expense or take any action hasunder. a 'F aoax~~ ~r~~1731 t~