Loading...
HomeMy WebLinkAbout2277 Borrower and Landes covenant and agree a. follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Nots, and the principal of sad interest oa nay Future Advances secured by this Mortgage. 2 Fonda for Ta:ea and Inauraaos. 3nbja:t to applicable law or b s written waiver by I.ender. Borrower shall pay to Lender an the day monthly insWLnenta of principal and iatereat are payable ands the Note, until We Note is paid in full, a sum (herein "Fumda'~ equal to ones twelfth o! the yearly lases and aasewments which may attain priority ova this Mortgage, and ground rears on the Property, if any, plusone- twelfth of yeaslypremium installments far hasard insurance, plus one•twelfth of yearly pt+aaium installments for mortgage insurance, if any. all as reasoaab~y estimated initial~j? and ffom time to lima by Lender on the basis of assesarnents and bilb and reasonable estimates thereof. The Fonds shall b held in an imditntion the deposits or accouata of which are iaanred or guarentesd by a Federal or State agency (inducting Lender it Lender is such as institution). Lender shall apply the Funds to pay said lases, aspessmenla, insurance Premiums and ground r+enb. Lends myr not charge for w holding sad applying the Funds, aaalning said account. or veribring and compiling said assessments and biW, unless Lender pays Borrows interest om We Funds and applicable law permits Lender to make such a charge. Borrower and Lender mtay spree in writing at the time of execution of this Mortgage that interest om the Funds shall be paid to Borrower, and unless . such agreement is made or applicable law regattas such interest to be paid, Leader shall not ba required to pay Borrows any interest or earnings on the Funds. lender shall give to Borrower. without Charge. an annual acoountimg of the Funds showing credits and debits to the Fonds and the purpose for which each debit to the Funds was made.'llre Funds arepledged as additional security for the sums severed by this Mortgage. - - Iftheamount ofthe Funds held by Lander, together with the future monthly installments of Funds payable aior to the duedata of taxes. assessments, insurance premiums and ground rents. shall exceed the amonat required to pay said fazes, assessments, insurance premuums and ground r+~ts as they fall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrows on monthly imslallmenb of Funds. It the amount of We Funds held by Lender shall not be anificieat to pry tares, assessaments, insurance premiumu sad ground rents as they fall due, Borrower shall pay b Leader agyamount aeoeesary'to make up the deficiency within 30 days from the date notice it mailed by Lander to Borrower requesting payment thereof. Upon pr~ymeat is full of all sums secured by this Mortgage, Lender shall prornptlj? refund to Borrower any funds held by Leader. If cads paragraph 18 hereof We Property is sold or the Propertgis otherwise acquired by Lender, Lender shall apply, no bxterthan immediately prior to the sale of the Property or its acgnisition by Lender, any Funds held by Lender at the time ofapplicatioa as a credit against the sum~a secured by this Mortgage. 3. Application of Paynrente. Unless applicable law provides otherwise, all payments received by. Lender under the Note sad paragraplu 1 and 2 hereof shall be applied by Leader first in payment of amonnta payable to Leader by Borrower under paragraph 2 hereof, then to interest payable on the Note. then to the txinctpal of the Note. and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, 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 Wereof. Borrower shall promptly furnish to Lender all aotiCes of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender reoetpta evidencing such payments. Borrower shall P~PBY discharge any lien which has priority over this Mortgage; Provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest each lien by, or defend enforo~ent of such lien in, legal proceedings which operate to prevent the enforcement of We lien or forfeiture of the Property or any part thereof. 5. Hasard Inaaranoe. Borrower shall keep the improvements now eziating os hereafter erected on We Property insured against lose by fire, hazards inducted within the term "eztended coverage," and such other haaarda as Lends mwy require and in such amounts and for such periods as Leads may require; provided, that Lender shall not require such coverage amount exceeding the minimum, as may be required by state or federal regulations governing activities of Fender, or Wet amount of coverage required to pay the same secured by thin Mortgage, whichever is the greater. - . The insurance Carrie: providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manna, by Borrows making. payment, when due. directly to We insurance carrier. All inasrance policies and renewale thereof shall be in form acceptable b Lender and shall indude a standard mortgage clause in favor of sad in form aeoeplable to Lender. hander shall have the right to hob the policies and renewals thereof, and Borrows shall promptly furnish to i.enda all renewal notices and;a8 receipts of paid prerniuma In the event of loss. Borrower shall give prompt notice to the insurance carrier sect Lender. Lender maq make proof of lose if rwt made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of thin Mortgage is not thereby impaired. If such ~ I restoration err repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procxeds shall be applied to the sums secured by this Morlgsge, wiW the e:ceas, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to . respond to bender wiWin 30 days from the date notice is mailed by Leader to Borrower Wat the insurance carrier offers to settle a claim for insurance benefits. Lender is anWorized to Collect and apply We insurance proceeds at Lender's option either to restoration or repair of the ~ Property or the Bums secured by this Mortgage. . ~ Unless Lender and Borrower otherwise agree in witting, any such application of proceeds to principal shall not extend or postpone the due ~ date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. li~ader paragraph 18 hereof the Property is aogmir+ed by Lender. all right. title and interest of Borrower in and to any insurance policies and in and to We proceeds ~ Wereof resulting from damage to Property prior to the sale or acquisition shaII peas to Leader to the eztent of the rams secured by Win ~ Mortgage immediaWy prior to such sale or acquisition. & Preservation and 1[sdntenaaoe of Property; Leaseholds; Condominana; Planned Unit Developments. Borrower shall keep the Property in Good repair and shall not Commit waste or permit impairment or deterioration of the Property and shall Comyly wiW We provisions of any lease if this Mortgage is on a leasehold. U this Mortgage is on a Wait in a Coadomiainm or a planned unit development, Borrower shall perform all of Borrower's obligations ands the declaration or covenants c~eatingor governing the cordominium or planned unit development, the bydawa and regulations of We condominium or planned snit development. sad conetitnent documents. If a condominium or planned unit development rider is ezecuted by Borrower and recorded together wiW this Mortgagq We~oovenants and ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the I rider were a part hereof. ~ T. Protection of Lender's Secarltp. If Borrower fails to perform the covenants and agreements oontaiaed in this Mortgage, or if any F action or proceeding is eommareed which materially affects Lender's interest in the Property, inclading, but not limited to, eminent domain, insolvency, Code enfor+oemeat, or arrangemumte or proceedings invdving a banlornpt or decedent, than bender at Leads'e optionnpon x notice to Borrows may make such appearances. disburse arch soma and take arch action a. is necessary to protect Leads'a interest, f iaduding, but not limited to. disbursement of reasonable attorney's fees and entry upon We Property to make repair. It Lends required mortgage insurance as s condition of making the loan secured by this Mortgage, Borrower shall pay the prarninms required to maintain such insurance in effect until sndr time as the requirement for.snch inanranee laminates in aocordarlce wiW Borrowels and Leader's written agreement or applicable Law. Borrower shall pay We amount of all mortgage insuranee premiums in We manna provided ender ` Paragraph 2 hereof. Any amounts disbursed by Lends persuant to this paragraph 7, wiW interest Waeon. shall become additional indebtedness of Borrows secured by this Mortgage. Unless Borrows and Lender agree to other tams of payment, such amounts shall be payable upon notice from Leads to Borrows requesting payment Wereoi; and shall bear interest from We date of disbnrsemeat at the rate payable from time to time oa ontataading princtpal ands We Note unless payment of interact at such rate would be eontrary_to applicable law, in which event such amounts shall bear interest at the highest rate permissible ands applicable law. Nothing contained in this paragraph 7, shall 1 require Lends to incur any expense or take any action haennda. k F \ soU'13U3 ~Ar,~22~ t l ip 4 .C" ink -b.ea Fr- _