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HomeMy WebLinkAbout0718 Borrower and t.ender covenant end agree as followe: 1. Payment of Prf~cipal and Interes~ Borrower ahall pmmptly pay when due the principal of and intereet on the indebtedneae evidenced by the Note, prepeyment and lete charges as provided in the Note, and the principal of and intereat on a~y E~ture Advances eecured by this Mortgage. ~ ~ 2. I~nde tor Taxea end lnaurance. Subject b applicable law or to a writte~ waiver by I.ender, E3orrower shall pay to l.ender o~ the day monthly inetallments oi principal and intereet are payable under the Note, until the Note ia paid in full, a sum (herein "Runds") equal to one- tweltih of the yearly Iaxes and aeaessmente which may attain priority over thie Morigage, and grou~d renta on the Propetty, if any, plua one- twelfth of yearly premium inatalimenta for hazard inaurance, plue ono-twelRh ofyearly premium iostallmeote for mortgage inaurance, if any. sll ae reaeonably estimated initially and froin time to ti~rie by I.ender on the baeis of aseeaementa and biUa nnd reasonable estimatea thereof. 'lbe Flu?ds shall be held in an inetitution the deposita or aecounta of which are insuced or guaranteed by a Federal or State egency (including Lend~ if I.ender ie such an institution). Lender ahall apply the Flinda to pay aaid texee, aaaeaeme~ta. inaurance premiuma and ground rents. l.ender may not charge for eo holding and applying the Fltnds. analyzing eaid account, or verifying and compiling said seaeeaments and bille, untese Lender pays Borrower interest on the Funde and applicable law permite Lender to make such a rharge. Borrower ~nd Lender may agtee in writing at the time of execution of thia Mortgage that intereat on the ~nds ahall be paid to Borrower, and unleea eueh agreemenL ie made or applicable law requires auch intereet to be paid, I.ender ehaU not be required to pay Bocrower any intereat or earninga on the ~Lnde. Lender ehall give to Borrower, withont charge, an annual accounting of the Funda ahowing rredits and debita to the ' Ftinde and the purpoee for which each debit to the ~nda wae made. The Funda are pledged as edditional aecurity for the euma secured by this Mortgage. If the amount of the ~nda held by Lender, together with the future monthly inetallmente of Funda payable prior to the due dates of taxea, ass~amente. inawance premiums and ground renta, shall exozed the amount required to pay said taxea, aseesamenta, insurance premiuma and grouRnd rente aa they fall due, such exc~ss ehall be, at Borrowei a optio~, either promptly repaid to Borrower or credited to Borrower on moathly installmento of fi~nds. If the amount of the Flinda held by Lender ahall not be sufficient to pay ta:es, aseeasments, inaurance premiume and ground rente as they fall due, Borrower ahaA pay to Lender any amount nec~eeeary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all auma eecured by this Mortgage, I.ender ahall promptly refund to Borrower any funds held by I.ender. If under paragraph 18 hereof the Property ie eold or the Property ia otherwiae acquired by Lender, I.ender ahall apply, no later than iminediately prior ta the eale of the Property or ita acquiaition by Lender, any F1nde held by I.ender at the time of application ae a cndit againat the suma secured by thie Mortgage. 3. Application o! Paymeats. Unlese applicable law providea otherwise, all payments received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by I.ender first in payment of amounta payable to I.ender by Borrower under paragraph 2 hereof, then b interest payable on the Note. then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Charges; Liens. Borrower ahall pay all taxea, uaeessments and other charges, finea and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymenta or ground rents, if any, in the manner provided under pt?raqraph 2 hereof or, if not paid in such inanner, by i3orrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to I.ender ~ all notices of amounte due under this paragraph, and in the event Borrower ahall make payment directly. E3orrower shall promptly furnish to [.ender receipta evidencing auch paymente. Borrower shall promptly dischtvge any lien which has priority over thia Mortgage; provided, that E3orrower ahall not be required to discharge any auch lien so long as Borrower ahall agree in writing to the payme~t of theobligation secured by such lien in a manner acceptable to Lender, or shall in good taith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enfor.xment of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineuraace. Borrower ahall keep the impmvements now existing or hereafter erected on the Property inaured against loss by fire, hazaede included within the term "extended coverage," and auch other hazards as Lender may requirn and in such amounte and for auch periods se Lender may require; provided, that Lender ahaU not require euch ooverage amount exceeding the minimum, as may be required by atate or tederal regulationa governing activities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever ia the greaier. ' The insurance carrier pmviding the insurance shall be chosen by Borrower aubject to approval by Lender; provided, that such approva! shall not be unmasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paraQraph 2 hereof ur, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier_ All inaurance polici~ and renewals thereof ahall be in form acceptable to Lender and ahall include a standard mortgage clauae in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower ahall promptly furnish to i.ender all renewal notices and aA receipta of paid premiuma. In the event of loss, Borrower shall give prompt notice to the inaurance carrier . and Lender. L.ender may make praof of loss if not made promptly by Borrower. Unless 1.ender and Borrower otherwiee agree in writing. insurance proceede ahall be applied to restoration or repair of the Property j dsmaged, provided auch restoration or repair ia economically feasible and the security of this Mortgage ia not thereby impaired_ If such restoration or repair ie not economicaUy feasible or if the eecarity of thie Mortgage wouid be impaired, the inaurance proceeda ahall be appiied ~ to the aums secured by thia Mortgage, with the e~cce~a, if aliy, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to reapond to Lender within 30 days from the date notice ie mailed by L.ender to Borrower that the inenrance carrier oPFers to settle a daim for j insurance benefits, Lender is authorized to collect and apply the ineurance proceeda at Lender s option either to reatoration or repair o! the ~ Property or the aume secured by thiB Mortgage. Unless Lender and Borrower otherwiee agree in writing, any such application of proceeds to principal ahall not eatend or postpone the due p date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of euch inatallments. If under paragraph 18 f hereof the Property ia acquired by I.ender, all right, title and interest of Borrower in and to any inaurance policies and in and W the proceeda ~ thereof r~ulting from damage to Property prior to the esle or acquisition shall paea to Lender to the extent of the aums eecured by this ~ Mortgage immediately prior to euch sale or soquiaition. ~ 6. Preservation and Maintenance of Property; Leaeeholds; Condominuma; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the provieions of any leaae if thie Q~ortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ Borrower ahall perform all of Barrower's obligationa under the declaration or covenants creatingor governing the rnndominium or planned unit development, the by-lawe and tegulationa of the rnndominium or planned unit development, and conatituent docwnents. If a ~ rnndoaunium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the ooveaants and agreements of such rider shall be incorporated into and shall amend and supplement thecovenante and agreements of this Mortgage as if the rider were a part hereof. ~ Protection of Lender's 3ecurity. If Borrower faila to perform the oovenante and egreemente contained in this Mortgage, os if ~y ~ action or proceeding is oommenoed which materially agects I.ender's intereet in the Property. including, but not limited to. eminent domain. insolvency, oode enforoement, or arrangemente or proceedinge iavolving a banlcrupt or decedent, thea Lender at I.ender a option;upon ` ~ notice to Borrower may make euch appearanaes, diaburse auch eums and take such action es ie necessary to protect Lender's interest, inclnding, but not limited to, disbureement of reasonable attomey e fces and entry upon the Property to make tepaire. If Lender required mortgage inaurance as a rnndition of making the loan eec~red by this Mortgage, Borrower ehall pay the premiume required to maintain s snch insurance in effect nntil such time aa the requirement for euch inaurance terminates in aocordance with Borrower e and Lender's i written agreement or epplicable I.aw. Borrower ehall pay the amount of all mortgage insurance premiums in the manner pmvided under paragraph 2 hereof. ; My amounta diebnreed by Lender perauant to this paragraph with internet thereon, ehall become additional indebtednees of ~ Borrower eecvred by this Mortgege. Unleee Borrower and I.ender agree to other terms of payment, auch amounte ehall be payable upon ~ notice from Lender to BorR+ower requeeting payment thereof, and shall bear intereat from the date of diabureemeni at the rate payable from ~ time to time on outetanding principal under the Note unleee payment of intereat at such rate would be oontrary to applicable law, in which ~ event euch amounte shall bear intereet at the higheat rate permiaeible under applicable law. Nothing contained in thia paragraph 7, ahall ~ require I.ender to incur any expense or take any action hereunder. ~ - ~ ~ _ g~aK3U3 ~p~~ ~~7 ~ ~ ~ . . ~ ; ~ ^~~~sc~--~`^"'~ "'x'`~= ~ . - ~~v~''~":"„ _ ~s ' ` ~ r ~,e~.. a s .n.~. , r-a