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HomeMy WebLinkAbout0037 ~ . ~ , } • . y . . ~ Borrowu and Lender covenaat snd a~ree as follovrn: 1. P~ymeat of Priacipal ~nd Interea~ Borrower sha11 pmmpt~y pay when due the principal of and intered oa tbe iadebtedneea ~ evideaced bY ~e Note. Prepsyaaent and late charQa a~ provided in the Note. aad the prindpsl of and intere~t on nn~r Fliturs Advu~oes secured _ ; by thia Mort~+r~s. 2, Ftinda [or Taue~ and Iaauraaoe. 3ubjeet to applicabie law or b a written waiver by I.ender. Bonow~ shall pe~y to Lender on the day monthly installment~ of principal and iaterest are ps~yable undes the Note. unW the Note i~ paid in full. a sum (herein "Fl~nds") e4ua1 to oaa } twelRh of the yearly taxes and aesessmenta which may attain priority over this Mortgage, and ~round rents on the Property. if anY. p1u4 ons ~ r tweltth oiyearly pranium installinenta f~ hesard'uuurance. Plus on~twelRh of yearly premium inatallments for mort~a~e insusance. if anX all aa reasonably estimated initially and irom time to time by Lender on the baais of asse~amenta and billa and reasonable estimates ttureo[ i The Fltnds shell be held in an inatitution the depwib ot sooounts of which are insured or ttu?ruiteed by a Fedual or State ag~cy ~ (inciudine Lead~ if I.end~ ia such sa ineatuaoa~ Lender.haU apply the I~nds a~? said taxls. 8Ai8liR1QA~/. lIlsYia[1O! ~Lld~111IN 811d f ground reata. Lend~ mqy not charQe fo~ ~o hoWin~ and aPP~Yu?B the Pbnds. ene~j?:ia6 aaid aooount, or vesifyin~ and oompiW~ said ~ aaaessmeats and bills. unlees Lender psys Borrc+rver interest on the F1nds sad applicable law pecmita Lender Lo make such s char~e. Borrower and I.ard~rm~y agree in writia~ at tbe time of e:ecutioa of thie Mortgage that interest oA the FLnds shall be paid b Borrower. aad unless i s~h e6reement ia made or appUcable law requires snch interest to be paid. I.ende: ~haU aot be reqnired to pay Borrower any intend or ~ earninBs on the Phnds. Lender ahall give to Borrower. ~vithou! cherBe. an annual acoounting of the F~nds showinB credita and debits to the ~ ~nds and the putpose for which ~ch debit to the ~nds wes made. The F~nda are pledged as additional security for the aums secuced by thi~ ~ MorieaBe• ~ If the a~aouat of tha P1~nds held by Lendes. togeth~ with the fntqre moathly inataliments of Funds payabla prior to the due dates of ta~ces. ~ aeseea~pents. insnranoe pre~miums aad ground rents, shall ~oaed We amonnt reqyired to pe~y said tazea. easessments. insurance pnmiams and gronnd ients as they fall dne. suc6 e~coees ahaq be. at Borrowe~s option. either promptly repaid to BoTrower or credited to Botrowa on monthly installments ot P1~nds. If We amonnt of the Ptinda beld by Lender ahall not be aufCicient to p~y teu~a. aseeasmeats, insuranoe pnmiums and'Bi'uund renb ae they faU due. Borrower ahall paY to I.end~ any amount necessary to make up the deficieacy within 30 days from Lhe date notioe is mailed by I.ender to Borrower requesting paymeni the~eof. ~ Upon payanent in full of ali sums secared by thia Mortgage, Lender shall promptly nfund to Bormwez aqy tunds held by Lender. If ander F parngraph 18 he~eof the Property ia wsW or the Property u otherwise acquired by Lend~, Lender shall apply, no later than immediately prior ! to the sale oi We Property ~ its aoqnisition by Lender. any P1~nds held by Lender at the time of application a~ a crediYagainst the aume secured , by thie Mortgege. • ~ ~ 3. Application ot. Psyments. Unlees applicable law provides otherwise. all pa3mneents rece+ved by I.ender unde~ We Note and paragraphs 1 and 2 hereof ehall be applied by Lender firet in payment of amouate payable to Leader by Borrowar und~r paragraph 2 hereof, ~ then Lo interest pe,yable-on the Note. then to the prinripal of the Note, and then to interest and principal on any Phtare Advancea ~ 4. Chargea; Liens. Borcower ahall pay all taxes, aseessmenta and other chargea. 5nes and impoeitions attributable b the Properfy which may attain a priority over thia Mortgage, and leaeehold paymente or ground renta. if any. in the manner prorided under paragraph 2 hereof or, ~ if not paid in such manner. by Bocrower making pay~nent, when due. dinetly to the payee thereof. Borrower ahaU promptly furniah to Lender • i all noticee of amonats due unde~r this paraeraph, and in the ev~t Borrower shaU make payment direcf]y. Borrower ahalf promptly fumiah to i Lender reoeipts evidencing anch payments. Borrower aha11 promptlY diacharge any lien which-bas priority over this Mortgag~ pmvided, that j Borrower ahaU not be required to diacharge any such lien so long ae Borrower shall agree in wr~tinB to the payment of tha obiigation secured by . ; auch lien in a manner aeceptable to Lender. or shall in good faith contest such lien by, or defendxnforcement of auch lien in, legal proceedinga j which operate bo p~event the enforcement of the lien or forfeiture of the Property or anY part thereof. 3. yazard Iasuranoe. Borrower ahall keep the unprov~nente now e:isting or hereaRer uected on the Property inenred against loea by : fire, hazard8 inclt~ded wi~n ~e trrm "extende+d ooverage,° and anch ofher hazards as Lender may reqnire and in auch amounts and for such i ' periode aa I.end~ maY ~9~: Pmvided. that I.ender ahaU not require auch ooverage amonnt ezceeding the minimum, as may be required by ,'r state or federal regulationa Boveming activities of I.ender. or that amount of coverage required to paY the auma eecared by this Mortgage, j er whichev~ ia the grest,er. The insurance catrier providinB the inaurance ahall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiuma on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such menner, by Borrower malcing payment, when due, directly to the insurance carrier. ~ All insurance policies and renewala thereof shall be ia form acceptable to Lender and shall indude a siandard mortgage clanse in favor of , and in form aoceptable to I.end~. Lend~ ahall have the right to hold the poUciea and renewala thereof, and Borrower shall promptly fumiah to t i.end~ all renewal notioes and sU receipts of paid premiums. In the event of loes, Borrower shall give prompt aotice to the insurance carrier ~ and I.ender. Lender may make proof of loes if not made pmmpdy by Rorrower.. £ ; Unleae Lender and Borrower otherwiee agree in ariting, ineurance proceeds ahall be applied to testoration or repair of the Property ; ' damaged, pzovided anch reet~oration or repair ia economicallY feasible and the seciuity of thia Mortgage is not thereby impaired. If such ; ~ reatoration or sepair is not woaomically feasible or if the eecurity of thia Mortgage would be impaired, the inaurance proceede shall be applied ~ j to the aume aecured by thie Mortgage, with the ~oeea. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to ~ respond to I.ender within 30 days from the date notice ia mailed by Lender to Borrower that the iaenrance carrier oHers to eettle a claim for [ insurance bene5ts, Lender ia anthorized to collect and apply the inaurence proceeds at Lendefa option either to reetoration or repair of the ~ property os the sums eecured by tbis Mortgage. " ~ Unlese I.ender and Borrower otherwiee a8ree in writinB. anY such application of pmoeeda to principal aha11 not ~tend or postpone the due date of the moathly inetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inatallments. ff nnder paragraph 18 ; heeeof the Property is acqaired by I.eader. all right, title and intereat of Borrower in and b any ineurance paliciea snd in and b the proceede ~ thereof resulting from. damage to Prope~tY Prior b the sale or aoquisition sha21 paee to Lender to the eztent of the sums eecared by thia ~ Mortgage immediately prior to wch sale or aoq~isition. 6. Preservation and Ddaintenanoe of Property: I.easeholds; Condominuma; Planned Unit Developmenta. Bormwer ahall kcep 4 the pmperty in good repair and shall not commit weste or permit impairmeni or deterioration of the Property and shall oomply with the ~ pmviaiona of any leaae if this Mortgage ia on a leasehold. If this Mottgage ia on a unit in a oondominium or a planned unit developmen~ z Borrower ahall perform all of Borrower's obligationa under the declaration or rnveaants creatingor governing the condominium or planaed ; unit developmeat, the by-lawa and regulations of the oondominium or planaed anit developmen~ and oonstituent documents. If a ~ condomininm or planned iu?it development rider ie ~ecuted by Borrower aud reoorded together with thia Mortgage, the oovenants and ; agreementa of such rider shall be inrnrporated into and shall amend and aupplement the covenants and agreements of thia Mortgage as if the rider were a part hereof. Protection of Lender'e $ecnritY. It Borrower fuila b perform the oovenante and agreem~ts oontaiaed in thia Mort886e. or if anY Y action or proceeding is commenoed w}uch materially affects Lender's intereet in the Pcoperty. inclnding. bnt no! limited to, eminent domain. insolven~7?. oode ~forom?mt, ~ arrangementa or proceedings involving e banl4uPt or deoeden~ thea I.eader at La~da's option,npon ~ notice to Barrower may mate snch appearances. diabuise snch sums and take wch action aa ia ne+oes~ary to prote~t I.ender's intesesl, indnding, but not limited to, diabursement ot reaaoaable attorney's ~ees and entry npon the Property to make npai~s. If I.~der re4uired . ~ mortgage inaarance as a condition of making the loan secured by th~s Mortgege, Borrower ahe11 PaY ~ P~~ ~4~~ ~~n~ ~ ; each inenrsnce in eHect nntil wch time as the reclnirement for snch insnrance te~minatea in acoordance with Borrowds and Leader's ~ written agreement ~ applicaWe Law. Borrow~er shall pay the amount of all mortgeBe insurance preminms in tbe manner provided unda # ~ paragraph 2 hereof. ~ Any amonnts diebursed by Lendez pereuant to this paraBrePh 7, with interest theceon, ehall beoome additional ind'ebtednees of ~ ~ Borrower secured by this Mortgage. Unlesa Borrower and Lender agree to other tams of payment, such amonnta shall be payable npon ~ notice from I.enda to Borrower requeating payment thereof, and ahaU bear inter~t ~+om the date of diabucsemeQt at the rate payabk fmm ~ I ~ time to time on outatanding principal under the Note nnless payment of interest at anch rate wonld be contrary to applicable law, in which ; eveat ench amounta ahall bear interest at the higheat rate permiesible unde~r applicable laa. Nothing coniained in thia paragraph 7. shall ; ~ require I.ender to incnr any e~cpense or telce any action hereunder. ~ ~ . ~ , 0 R PA gaoK 3U3 ~E 37 ~ . ; - ~ Y ~ ~ , - 5~ ~ A ~ 'S~`'~.)n ~ ~:JSe. J ~ ~.'~-^"E _ _ _ ~ - _ _ w . - ~~iJ_ ~~'7 _ ' . . .