Loading...
HomeMy WebLinkAbout2912 Borrower and Lender covenant and agree as folbws: . 1. Payment of Principal sad Interact. Bonuwer droll promptly pay when due the principal of and interest oa the indebtednea evideaod by the Note, parpaymsat and late charges as provided in the Note, and the prindpal oiand interest on nay Fntnts Advances secured by this Mortgage. . 2 Fords for Taxes sad Insururos. 3ubjed b applicable law os to s written waiver by Lender, Borrower shall pay to Lender on Wa day monthly instalhaants of priadpal and interest are payable under /he Note, until the Note is paid in full, a sum (herein "Funds' equal to oae• twelNr of the yoarly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Properly. if aqy, plw ons• twelfth of yearly~prernium instalLaenb fes hazard insurance. plw onetwelRh otyearly premium inatalhnents for mortgage insurance, if any, all as reasonably estimated initially and atom time to time by Lender on the basis of assessments and bilb and reasonable estimates thereof The Pimds shall be held in as Institution the deposib err aot+ounls of which are iasueed or guaranteed by a Fedese~l or State agency (inducting Lander if Lender is such an institution). Lender shall apply the Funds to pay wd fazes, assessaaents, insurance premiums and ground rents. Lender may not charge for w holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and biW, unless Leader pays Borrower interest on the Funds and applicable law permits Leader to make such a d~arge. Borrower sad Leader may agree is writing at the time of szecntioa of this Morlgags that interest on the Funds shall be paid to Bonuwer, and unlees such ageeemtnt is made or applicable law requires such interest b be paid, lender shall not be required to pay Borrower any interest or earnings on the Funds. Lerch ahaU give to Borrower. without charge. an annual aooounting of the Fnnde showing credits and debits to the Funds and the purpose for which each debit to the Ptircrds wan made. The Funds are pledged as additional security for the sums secured by this Mortgage. Lf We amount of We Funds held by Leader, togeWa with We future monthly installments of Funds payable prior to the due dates of tares, assessments, insurance premiums and ground rwrtc. shall szoaed the amount required to pay said fazes, assessments, inwrance pnminma and groond rents as they faA due. arch ezoees shall be, at Borrower's option, either promptly repaid b Borrower or credited b Borrower on monthly installments of Funds. U the amount of the Funds held by Lender shall not be sn113dent to pay fazes. assessments, insurance premiums and ground rents ere they fall due. Borrows: shall pay to Lender any amount necessary to make up the defidency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon pa4yment in toll of all sums secured by this Mortgage, Lender shall promptly refund b Borrower any fonds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Landes, Lender shall apply, no fates than immediately pries to the sale of the Property err its acquisition by L~rda,any Funds held by Lender at the time of application as a credit against the arms secured by this Mortgage. - . 3. Applicatlon of Payments. Unless applicable law provides otherwise, aA payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower Hader paragraph 2 hereof, then to intered payable on the Note, then to the prindpal of We Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground yenta, if any, in the manner provided under paragraph 2 hereof or. if not paid in such mannev, by Borrower making payment+ when due, directly to the payee thereof. Borrower shall promptly fumiah to Lender ' all notions of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge aqy such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or ahaU in good faith rnntest such lien by, ordefend enforcementof such lien in, legal proceedings which operate to prevent ~We enforcement of the lien or forfeiture-ot the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereaRa erected on the Property inanred against lose by fire, hazards indnded within We term "eztended coverage," and arch other hazards as Lender may require and in ouch amounts and for such periods as Lender may require; provided, that Lender shall not require such coverage amount ezcending the minimum, as may be required by state or federal regalationa governing activities of Lender, or that amount of coverage required to pay the soma secured by this Mortgage, whichever is the greater. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval . shall not be unreasonably withheld. All~remiums on insurance polidea shall be paid in the manner provided render paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the insurance carrier. All insurance polities and renewals thereof shall be in form acceptable to Lender and shall indnde a standard mortgage douse in favor of and in form acceptable to Lender. Lender shall have the right to hold the polities and renewals thereof, and Borrower shall promptly famish to i.enda all renewal notices and all receipts of paid premiums. Ln the event of loss, Borrower shall give prompt notice to the insurance carrier and Leader. Lender may make proof of loss if not made promptly by Borrower. ~I Unless Leades and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mo rtgage is not thereby impaired. If such restoration or repair is not eoon~ically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied ~ to the sums secured by this Mortgage. with the e:oeaa, if any, Paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by bender to Borrower that the insurance carrier offers to settle a daim for insurance benefits, Lender is authorized to collect and apply the insurance prooeeda at Lendei s option eitha.to restoration or repair of the Property or the sums secured by Chia Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to prindpal shall not eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. Lf ender paragraph 18 hereof the Property is acquired by Linde:, all right. title and interest of Borrower in and to any insurance pofides and in and to the proceeds thereof r+esnlting from damage to Property prior to the sale or acquisition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and llaintenanoe of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions ~ any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and oonstitnent documents. If a condominium or planned unit devebpment rider is ezecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof 7. Protection of Lender's Security. If Borrower fail to perform the covenants and agreem~ts contained in this Mortgage. or if any action or proceeding is oommeaend which materially affects Leaders interest~in the Property, inducting, bat not limited to, eminent domain, insolvency, code enforement, or arrangements or proceedings involving a bankrupt or deoedmt, Wen Lender at Lender's option,upon notice to Borrower may make early appearances, disburse such sums and take such action as i. necessary to protect Lender's interest, 3 indnding, bat not limited to, disbnraemeat of reasonable attorney's fees and entry upon We Property to make repairs. Lf Lender required mortgage inenrance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiuns required to maintain sack insurance in effect until such time as We requirement for such insurance laminates in aocordanee wiW Borrower's and Leader's written agreement or applicable L,aw. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided ender paragraph 2 hereof. Any amounts disbursed by Lender perauant to this paragraph 7. with interest thereon, shall become additional indebtedness of s Borrower essayed by this Mortgage. Unless Borrows and Lender agree to oWe: tams of payment, such amounts shall be payable upon rwtioe from Lender to Borrower requesting payment Wezeo~ and shall beat, interest from We date of disbursement at the rate payable frorrr time to time on outstanding prindpal nnda the Note ni?lees payment of interest at such rate would be contrary to applicable law, in which evert such amounts shall bear interest st We highest rate permissible ands applicable law. Nothing contained in Win paragraph 7, shall require Linder to incur any ezpense or take any action haennda. 1 F - - seo~~02 ~~ef2909~ E ~ _ -1 _ r -