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HomeMy WebLinkAbout0722 Borrowe~ and I.ender rnvenant and agree as follows: 1. Paymettt of Princlpal and Interect. Borrower ahall prompUy pay when due the principal of and intereat on the indebtednree evidenoed by the Note. prepayment and late charges as provided in the Note, and the principal of and intereat on any ~ture Advancea secured by this Mortgage. ~ 2. Ftinde !or Tases and lnaurance. Subjei,t b epplicable law or to a written waiver by l.ende~, Borrower shall pay to I,ender o~ the day ; monthly :natallments of principal and intereat are payable u~der ihe Note, until the NoLe ia paid in full, a aum (herein "~nda") equal to oae- ~ twelfth of the yearly t~es and aseesame~ts which may attain priority over this Mottga~e. and ground renta on the Property. if any, plus ono- ~ tweiRh of yearly premium inatallments fo~ hazard ineurance. plusonetwelRh ufyearly premium inetaUments for mortgage inaurance, if any. ; aU ae reseonebly estimeted initially and from time to time by I.ender on the basis of asaessmer?ta and billa and reasonable eatimatee thereof. The I~linda ahall be held in an inatitution the deposite or aocounts of which are inaured or guaranteed by a Federal or State agency (including Lende~ if I.ender is auch an inatitution). Lertder ahall appiy tha Ftinda b pay eaid taxee, aaeeasments. inaurance premiuma and ground rents. Lender may not charge [or so holding and applying the Flinde, analyzing said account, or verifying and compiling said t•ssessments and biUs, unlese I.ender pays Bonower inte~rest on the Funds and applicable law permits L.ende~ to make euch a charge. Borrower $ and Lender may xgree ia writing at the time of executioa ot thia Mortgage that intereat on the Fti?nda ehall be paid to Borrower, and unleas such agreement ia made or appGcable law requires auch interest to be paid. Lender shall not be required to pay Borrower any intereat or ~ earnings ot? the Fands. I.ender ahall give to Borrower, without charge, an annual accounting of the ~nda showing credit8 and debite to the ~ Funds end the purpoee for which each debit to the Funds was made. The Funda are pledged as additional security for the euma secured by this Mortgage. ; If the amount of the I~Lnds held by I.ender, together with the future monthly iru~taltmente of Funda payable prior to the due daLes of taxes, ` asseaemenfa, insurance premiums and ground renta. ahall e:c~ed the amount required to pay said taxes. aseesamenta~ inaurance premiuma and ground rents aa they fall due, auch excees shall be, et Borrower's option, either promptly repaid to Borrowcr or credited to Borrower on monthly inatallmente of ~nds. If the amount of the Futtds held by Lender ehall not be eufficient to pay ta:es, aseeseinente. insurance premiua~s and ground reats as they faq due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.ender to Borrow~ requeeting payment thereof. Upon paymeat in full of sll auma eecured by this Mortgage, Lender shell prompdy refund to Borrower any funds held by I.ender. If under paragraph 18 hueof the Property ia eold or the Property ia otherwise acquired by Lender, Lender ahall apply, no later than immediately prior to the eale of the Property or ita aoquisition by I.ender. any Ftinda held by Lender at the time trf application as a credit againat the aums secured ~ by thie Mortgage. 3. Apptication oi Paymenta. Unleae applicable law providee olherwiee. all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, ~ then to interest payable on the Note. then to the principal of the Note. and then to intereat and principal o~ any Future Advancea i 4. Chargea; Liene. Borrower shall pay all taxea, asseasments and other chargea. fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground renta, 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 furniah to Lender = all notices of amounte due under thia paragraph, and in the event Borrower shall make payment directly. l3orrawer shall promptly furniah to ~ Lender receipts evidencing such paymenta. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that j Borrower shall not be required to discharge any auch lien so long as SorrowershaU agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or ahal) in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement ot the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower ahall keep the improvements now existing or hereafier erected on the Property inaured aqainat losa by fire~ hazar~e included within the term "e:tended rnverage; ' and auch ather hazards ae Lender may require and in euch amounts and for auch perioda ae I.ender may require; provided, that Lender ahalf not require such ooverage amount e:ceeding the minimum, as may berequired by atate or tederal regulations governing ectivitiea of Lender, or that amount of rnverage required to pay the sums aecured by thie blortgage, whichever ia the greater. The insurnnce carrier providing the insurance shall be chosen by Borrower aubject to approval by Lender, provided, that such approval shall not be unreasonably withheld. AU prnmiums on insurance policies shall be paid in the manner pmvided under paragraph 2 hereof or, if not paid in sach manner, by Borrower making payment, when due, directly to the insurance carrier. - All inaurance policiea and renewala thereof ehall be in form acceptable to Lender and shall include a atandard mortgage clauee in favor of and in form acceptable to Lender. Lender ahall have the right to hoW the policies and renewala thereof,~and Borrower ahall promptly fwniah to i.ender all renewal noticea and all receipta of paid premiume. In the event of loas, Borrower shall give prompt notice to the insurance carrier j and Leader. Lender may make proof ot lose if not made prompdy by Borrower. - ~ Unlesa Lender and Borrower othetwiee agrpe in writing. insurance proceeda shall be applied to restoration or repair of the Property ~ ~ damaged. provided auch reatoration or repair ie economically feaeible and the eecurity of this Mortgage ie not thereby impaired. If such ~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. the inaurance proceeds shall be applied ~ to the aums secured by thia Mortgage, with the exoess. if any, paid to Borrower. If the Property ia abandoned by Borrower. or if Borrower faila to reepond to Lender within ?0 daya from the date notice ie mailed by Lender b Borrower that the insurance carrier o~ers to eettle a claim for ! inaurance benefita, I.ender is authoriud to rnllect and apply the inaurance pra.~eede at Lender's option either to restoration or repair of the Property or the sume secured by thie Mortgage. Unleas Lender and Borrower otherwiee agree in writing, any euch application ofpeoceeds to prinripal shall not ~tend or poatpone the due ~ date of the monthly inetalimente refetred to in paragrapha 1 and 2 hereof or change the amoant of auch inatallmenta. If under paragraph 18 hereof the Property ie acquired by I.ender. all right, tide and intereet of Borrower in and to any inaurance poliries and in and to the pmce~ds ~ thereof resulting from damage to Property prior to the eale or aoquisition ahall pasa to I,ender to the e:tent of the sums aecured by this Mortgage immediately prior to auch eale or aoquiaition. 6. Pceeervation and A~aintenance of Property; I.ease6olde; Condominuma; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and ehall not rnmmit weste or permit impairment or deterioration of the Property and ehall oomply with the provisiona of any lesee if thie Mortgage ia on a leasehold. If this Mortgage ia on a unit in s oondomini~un or a planned unit development, Borrower ehall perform all of Borrower's obligations under the declaration or covenanta creatingor goveming the condominium or planned unit developmen~ the by-lawa and regulationa of the condominium or planned unit development, and conatituent docnmenta. If a condominium or planned unit development rider ie e:ecuted by Borrower and recorded together with thie Mortgage, the oovenante and agreementa of such rider shall be incorporated into and ahall amend and eupplement the covenants and agreementa of this Mortgage as if the ~ rider were a part hereof. ~ 7. Protection of Lender'e Security. If Borrower fails to ptrform the oovenants end agreemeats ooniained in this Mortgage, or if any ~ action or proceeding is rnmmenced which materielly aNecte Lender a interest in the Property, including. but not limited to. emineat domain~ ~ ineolveacy, oode enforoemen~ or arrangemepts or p~ings involving a baniwpt or deoedent, thea I.ender at Lendet's option.upon ~ notice to Borrower may malce euch appearanoes, disburee such snms an~ take such action as is neoeseary to protect Lend~s interesk ' including, bnt not limited to, diebureement of reaeonable attomey's feee and entry upon the Property to make repaire. If Lender required = mortgage insurance as a rnndition of making the loan ee~.vred by this Mortgage, Borrower shall pay the pseminma reqaired to maintain ~ ~ euch ins~rance in effect nntil such time ae the requirement for such insiuance terminates in aocordance wilh Borrower's and Lender's ~ written agreement or applicable [.aw: Borrower ehall pay the amount of a11 mortgage ineurance pnmiums in the menner provided under paragraph 2 hereof. ~ My amounts disbureed by I.ender persuant to this paragraph 7, with interest thereon, ehall beoome additional indebtedneea of Borrower secured by thia Mortgege. Unleaa Borrower and Lender agree to other terms of payment, auch amoants ahall be payable up~n s notice from Lender to Borrower requeating payment thereof, and shall bear intereat from the date of diabureement at the rate payable irom ~ time to time on outatanding principal under the Note nnlesa payment of intereet at such rate would be oontrary to applicable law, in which ~ event euch amounta ehaU bear intereat at the higheat rete permiaeible under applicable law. Nothing contained in this paregraph ahall ~ require Lender to incur any ~pense or tahe any action hereunder. ~ ~ € - ~ ~ _ _ Q ?21 y = sccr ~U3 ~acE - . ~ . ~ # , } - = T rv . ~.a k i ~ r ~ ' ~ ~