Loading...
HomeMy WebLinkAbout1013 Burrower a~d l.endeT cove~ant and agree as followa: ~ 1. Psyment ot Principal and Interea~ Borrower ahal) promptly pay when due the principal of and intereat on the indebtedneas evideaced by the Note. prepayment and late chargea as pmvided in the Note. and the principal of and intereat on any F~ture Advancee eecured by thia Mortgage. 2. I~nds for Tasee and Insuraace. Subject to applicable law or to a written waiver by l.ender, Borrower ahall pa~y w I.ender on the day monthly inetallments of principal and interest are p+~yable unde~ the Note, until the Note ia paid in full. a sum lherein "~nde") cqual to one~ twelRh of the yearly taxes and assessments which may attain priority over this Mortgage. and ground renta on the Piropedy, if any. plue oae~ tweltth of yearly premium inatallmente for hazard insurance, plue onetwelfth of yearly premium inatallmenta for mortgage iuaurance, if any, all as reasonably estimated initially and from time to time by I.endet on the basis of assesamenls and bills and reasonable eetimate8 thereof. The FLnds ahall be held in an inetitution the deposita or accounta of which are inaured or guaranteed by a Federal or State agency (induding I.ender if Lende~ ia such aa institutioa). Lender ahaU apply the I~nds to pay eaid taxes. aseesaments. inaurance premiums and ground rents. Lender me~y not charge for ao holding and applying the ~nda, analyzing said account, or verifying and compiling said asseesment8 and bi11s, unleas Lender pays Borrower inte~est on the Flu~da and applicable law permits Lender b make auch a charge. Borrower and Leader may agree in writing at the time of execution of this Mortgage that interest on the ~nde ahall be paid to Bormwer, az?d unlees such agreement is made or applicable law requires such intereat to be paid, Lender ahall not be required to pay Borrower any iaterest or earnings on the Funds. Leader ehall give to Borrower. without charge. an annual accounting oi the FLnde ahowing credits and debite to the ` F~t?ds and the purpoee for whirh each debit to the I~nda was made. The Funds are pledged ea additional eecurity for the aums eecured by this Mortgage. If the awount of the ~Lnda held by I.ender. together wilh the future monthly inatallments of Funds payable prior to the due datea of taxes. ase~amente, ineurance premiums and ground rents. ahall exoaed the amount required to pay said ta:ea, aseeaementa. insurance premiuma and ~round rente aa they fall due. euch exc~ees ehell be. at Borrower'a option, either promptly repaid to Borrower or credited to Borrower on monthly inatallments of F1~nds. If the amount of the Ftiu?ds held by I.ender shall not be eufficient to pay ta:es, aseeasmente. ineurance premiums and ground tenta as they fall due. Borrower ahall pay to Lender any amount necessary to mate.up the deficiency within 30 daye from the date notice is mailed by l.endez to Borrower requesting payment thereof. Upon payment in fnU of aU aume eecured by thie Mortgage, Lender ahall promptly refund to Borrower any funda held by Lender. If under paragraph 18 hereof the Property ia sold or the Property ia otherwiee acquired by Lender, Lender ahall apply, no later than immediately prior to the sale of the Propedy ot its soquisition by Lender, any FLnda held by Lender at the time of application aa a credit againat the sume secured by thia Mortgage. 3. Application of Payments. Unleea applicable law provides otherwise, all paymenta received by Lender under the Note and paragraphs 1 and 2 hereof ehall be applied by L.eader firat in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to interest payable on the Note, thea to the princapal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liena. Borrower ahall pay all tauea. aasessments and other chargea, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leaaehold payments or ground renta, if any, in the manner provided under paragraph 2 hereof or. if not paid in euch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to L.ender all notioes of amonnts due under thia paragraph. and in the event Borrower shall make payment directly, Borrower shall pmmpUy furniah ta L.ender receipta evidencing auch paymente. Borrower ehall promptly diacharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to diacharge any such lien so long as Borrower ahall agree in writiag to the payment of the obligation secured by snch lien in a manner acceptable to Lender, or ahall in good faith rnntest auch lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Inewanee. Borrower shall keep the impmvementa now ezisting or hereafter eiected on the Property inaured against losa by fire, hazards included within the term "eztended coverage," and auch other hazarda as Lender may require and in such emounts and for such periods as Lend~ may reqnire: provided, that Lender shall noi require such ooverage amount exceeding the minimum, as may be required by state or federal regulatione governing activities of Lender. or that amount of coverage reqnired to pay the auma secured by this Mortgage, . whichever ia the greater. The insurance carrier providing the inaurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval ahall not be unreasonably withheld. All premiums on inaurance policies shall be paid in the manner provide~ under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the inaurance carrier. All inaurance policiea aad renewale thereof ahsU be in form acceptable to Lender and shall include a standard mortgage clauee in favor of and in form aoceptable to Lender. Lender ahall have the right to hold the policiee and renewala thereof, and Borrawer ahall pmmptly furnish to i.ender all renewal notices and all reoeipts of paid premiuma. In the event of loes. Borrower ahall give prompt notice to the insurance carrier aad Lender. I.ender may malce proof of loes if not made prompdy by Borrower. ; Unleae Lender and Borrower otherwiee agree in writing, inaurance proceeda shall be applied to reatoration or repair of the Property ~ damaged, provided auch reebration or repair ia economically feasible and the eecurity of this Mortgage ia not thereby impaired. If auc6 reatoration or repair ie not economically feasible or if the security of thie Mortgege would be impaired. the inaurance proceede ehall be applied , to the sume eecured by thie Mortgage, with the eaccess, if any. paid to Borrower. If the Property is abandoned by Borrower, or if BoTrower faila to ~ reapond to Lender within 30 daya from the date notice ia mailed by Lender to Borrower that the inaurance carrier oHere to aetde a claim for E inaurance bene5ta. Lender ie authorized to collect and apply the insurance proceeds at Lender'e option either to restoration or repair of the Property or the auma eecnred by thia Mortgage. ~ - Unlese Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or posipone the due date of the monthly installmenta referred to in paragraphe 1 and 2 hereof or change the amoant of anch installmente. If under paragraph 18 hereof the Property is aoquired by Lender, all right, tide and interest of Borrower in and to any inaurance policies and in and to the proceeda thereof reaulting from damage to Property prior to the eale or aoquisition ahall paea to Lender to the ea~tent of the euma eecured by this Mortgage immediately prior to auch sale or aoquisition. - ~ 6. Preeervation and Maintenance of Property; Leasehoide; Condominums; Planned Unit Developments. Borrower ahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the ~roperty and ahall comply with the provieiona of any lease if this Moitgage ia on a leasehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, Borrower shall perform all of Borrower's obligationa under the declaration or covenante creatingor governing the oondominium or planned unit development, the by-lawa and regulations of the condominium or planned unit development, and oonatituent docnmente. If a rnndominium or planned unit development rider ia executed by Borrower and recorded together with thie Morlgage. the oovenante and agreementa of such rider shall be incorporated into and ahall amend and supplement the covenanta and agreements of this Mortgage as if the rider were a part hereof T 7. Protection of Lender's Security. If Bo:rower fails to perform the oovenants and agreementa oontained in this Mortgage, or if any ~ action or proceeding ia commenced which materially af~ecte Lender's interest in the Property. including, but not limited to, eminent doanain. ~ insolvency, oode enforcement~ or arrangementa or pmcxedinga involving a bankrupt or deoedent, then I.ender at I.endds option.npon notice to Borrower may make each appearances. dieburse euch aums and take euch action as is aeoeeeary to prota~t Lender's inter~s~ ~ including, but not limited to, diebuieement of reasonable aKorney'e fcee and entry npon the Property to make repain. If Lender reqniied mortgage insurance as a condition of maldng the loan secured by thia Mortgege. Borrower. ahall pay the premiums reqnired to maintain ~ ench inenrance in effect nntil euch time ae We requirement for euch inaurance terminatee in socordance with Borrowez a and I.endds , written agreemeirt or applicable I.sw. Borrower ehaU pay the amoant of all mortgage insurance premiums ia the mennrr provided nnder paragraph 2 hereof. ~ Any amonnta disbursed by Lender pereuant to this paragraph 7, with intereet thereon, shall beoome additional indeMednees of Borrower secured by this Mortgage. Unleae Borrower and Lender agree to othez terms of payment, euch amounts ehall be payable upon ~ notice from Lender to Borrower requeating payment thereof. and ehall bear interest from the date of diabursement at the rate payable from j time to time on outstanding principal under the Note anlese payment of intereet at Buch rate would be oontrary to applicable law, in which ~ event euch amounta shall bear intereat at the highest rate permiasible under applicable law. Nothing rnntained in this paragraph 7, ahaU _ ~ require Lender to incur any e:penae or talce any action hereunder. ~ ' ' 9COr ~V~ ''~f,E 1012 _ . : ~ . ~ . x _ _ r - ~ , ~.~,~.~'r:, . _ ~1 . . ~ ~ s ~ s _