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HomeMy WebLinkAbout0758 Borrower and I.ende~ covenant and a~ree as follows: 1. Paymeat ot Principal and I~tere~t. Aorrower ahaU promptly pay when due the pri~cipal of and i~terest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and intereet on any Future Advances secured by this MortgaQe. ~ 2 Ftinds !ot Ta~[es aad Insurence. Subject to applicable law or b e written waiver by [.ender, BoROwer ehall pay to l.ender on the day ~nonthly installmente o! principat and interest are payable under the Note, until the Note is paid in fuU, a aum (herein "~nde") equal W one twelRh of the yearly taxee and aseeasmente which may attain priority over thia Mortgage, and ground rents on the Property, if any, plue one twelfth of yearly premium inalallments for hazard ineurance, plua onetwelRh ofyearly premium inatallme~ts for mortgage inaurance, if any, ' all as reaaonably eetimated initially and trom time to time by I,ender on the baais of aseesamenta and bills and reasonable eatimatea thereof. The I~?ds shall be held in an institution the deposits or aecouats of which are inaured or guaranteed by e Federal or 3tete agency (including L.ender if I.ender ia euch an institution). Lender ehall apply the Funds to pay said taxea. aeseeamenta, ineurance premiuma and ground nnte. I.eader may not charge for s~ holding and applying the fl~nde, analyzing said accoun~ or verifying and rnmpiling said assessmente and billa, unleas I.ender pays Borrower intereat on the F~nds and applicable law perruita Lender to make euch a charge. Borrower ` and I.ender mey agree in writing at the time of execution of thia Mortgage that intereet on the Funde ahall be paid to Borrower, and unlcea euch agreement is made or applicable law requires auch interest to be paid. Lender ehall not be required to pay Borrower anyinterest or ~ earnings on the fl~nda. I.ender shal) give to Borrower, without charge, an annual accounting of the Ftinds ahowing credits and debits to the ~ Funda and the purpoee for which each debit to the Fltnde was made. The Funds are pledged as additional eecurity for the aume eecured by thia - Mortgage. If the.amount of the ~nde held by I.ender, tagether with the future monthly inatallments of ~nds payable prior to the due datee of t~es, aeseesments, inaurance premiums and ground rents. ehall e~[czed the amount required to pay eaid tauea. aasessmente, inaurance premiums and ground rente as they fali due. auch e:ceaa shall be, at Borrowei e option. either pmmptly repaid to Borrower or credited to Borrower on moathly inataUmeate of Fl~nds. If the amount of the Funde held by Lender ahaU not be aufficient to pay ~ea, aseesamenta. ineurance premi~una and ground rente as they fall due, Botrower ahall pay to Lender any amount neceeaary to make up the deficiency within 30 days from the datc notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in fuU of aU snma eecured by, thie Mottgage, Lender ehall promptly refund to Borrowez any funda held by I.ender. If under paragraph 18 hereof the Pmperty ia sold or the Pcoperty ia otherwiee acquired by Lender, Lender ahall apply, no later than immodiately prior to the eale of the Property or ite acquieition by Lender, any Ptinda held by Lender at the time of application as a credit againet the suma secured by this Mortgege. 3. Application of Peymenta. Unless applicable law providea otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahaU be appiied by I.eoder firat in payment of amuunts payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payeble on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advances. 4. Charges; Liens. Borrower ahall pay sll taxea, aaeessmenta and other charges, finea und 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 auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all noticea of amounts due under thie paragraph, and. in the event Eiorrower ahall make payment directly, Borrower shall promptly tumish to L.ender receipte evidencing auch payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to I.ender, or shall in good faith rnntest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeitum of the Property or any part thereof. ; 5. Hazard Insarance. Borrower shall keep the improvements now eacieting or hereafter erected on the Property insured againat lose by fire, hazards included within the term "e:tended coverage," and euch other hazards as Lender may.require and in auch amounta and for auch periode ss Lender may require; provided, that I.ender ahall not require auch ooverage amount e:ceeding the minimum, as may be reQuired by atate or federal regulatione governing activities of Lender, or that amount of coverage required to pay the sums aecured by this Mortgage, whichever ie the greater. - . The inaurance carrier providing the insurance shall 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 manner, by Borrower making payment, when due, directly to the inaurance carrier. All inaurance paliciee and reaewala thereof ehall be in form acceptablelo Lender and shall include a atandard mortgage claitse in favor of and in form acceptable to Lender. Lender sha11 have the right to hoid the policiea and renewala thereof, and Borrower shall promptly furniah to ~ i.ender all renewal notices and aU receipts ot paid premiuma. In the event of losa, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may malce proof of loas if not made promptly by Borrower. . Unless L.ender and Borrower otherwiee agree in writing, iriaurance proceeds shall be applied to restoration or repair of the Property . 4 damaged. provided each reatoration or repair ie economically feasible and the eecurity of this Mortgage is not thereby impaired. If auch ~ restoration or repair is not economically feaeible or if the aecurity of thie Mortgage would be impaired, the ineurance proceeds shail be applied ~ to the aume sec~u~ed by thia Mortgage, with the e:cesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to reapond to L.ender within 30 daye from the date notice is mailed by I.ender to Borrower that the insurance carrier offera to eetde a claim for ~ inaurance benefite, I.ender ie authorized to collect and spply the insurance proceeda at Lender s option either to reatotation or repair of the I Property or the saros eecnred by thie Mortgege. . ~ Unleas Lender and Botcower otherwiee agree in writing, any auch application of proceeda to principal shall not extend or poatpone the due date of the monthly inetallmente referred to in paragrapha 1 and 2 hereof or change the amount of auch installraenta. If under paragraph 18 hereof the Property ia aoquired by Lender~ all right, title and intereat of Borrower in and to any insnranoe policies and in and to the proceeda thereof reeulting from damage to Property prior to the sale or soquiaition ahall paea to Lender to the e:tent of the aums seciired by thia Mortgage immediately prior to such sale or aoquiaition. 6. Preeervation and Yaintenance of Property; Leaaeholds; Condominume; Planned Uait Developmente. Borrower shall keep the Property in good repair and ahaU not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if thia Mortgage is on a leaeehold. If this Mortgage ie on a unit in a oondominium or a planned unit development, E3orrowet ahall perform all of Botrower's obligationa under the declaration or covenante creatingor governing the condominium or planned ~ unit development, the by-laws and regulations of the rnndominium or planned unit development, and constituent documents. If a condominium or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the oovenante and agreements of auch rider shall be incorporated into and ahall amend and aupplement the covenanta and agreementa of this Mortgage as if the rider were a part hereof. . 7. Protection of Lender's 3ecurity. If Borrower fails to perform the oovenente and agreements rnntained in thie Mortgage. or if eny ~ action or pra.~eeding ia commenced which materially affecte Lender e intereat in the Property, including, bnt not limited to, eminent domaia, ~ ineolvency, oode enforcement, or arrangemenLe or prooeedings involving a bankrupt or deoeden~ then Lender at Lender's option,upon notice to Borrower may make euch appearances. diabncse euch anms and take euch action as is neoeeeary to protect I.ender's interest, ~ inclnding, ba! not Wnited to, diebureement of reasonable attorney's feee and entry upon the Property to make repairs. If Lender reqnired > mortgege inaurance as a oondition of mal~ing the loan eecured by this Mortgage. Borrower ahall P8Y the premiuma required to maintain :y euch insnrance in effect until auch time as the requirement for auch ineurance terminatee in aocordance with Borrower'e and Lender's ~ writtea agreemeat or applicable Law. Borrower shall pay the amount of all mortgage ineurance premiums in the manner pmvided nnder i Par88~'aPh 2 bereo! - ~ My amounts diabnrsed by Lender perauant to thia paragraph 7, with intereet thereon, ehall beoome additional indebtedness of ` Y Borrowet eecnred b thie Mo i y rtgage. Unleee Borrower and Lender agree to other terms of payment, such amounte ehall be payable upon ~ notice trom Lender b Borrower requeeting payment thereof, and ehall bear interest from the date of diebursement at the rate payable from ~ time to time on outatanding principal under the Note unlees payment of intereat at auch rate would be wntrary to applicable law, in which ~ event such amounte shall bear interest et the higheat rate permieaible under applicable law. Nothing contained in this paragraph 7. ahall ~ require LendeT to incur any e:penee or take any action hereunder. ~ ~ ~ - 9~Q!? JVe~ ~AG~ 75~ . , 8 - ~',~a`~".~»F ~~u;,"~A'"~~ .-t,~ ~ ~ . _ r ~'~z d , •i w.~'-h. . _ _ _ .::<:.TT. ' _ ' .