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HomeMy WebLinkAbout2351 r Borrower and Lender covenant and agree as tolbws: 1. Payment of Pelaeipal acrd Interest. Borrower shall promptly Pay when due the principal of and interact on the indebtedr?ses ` evideaosd by the Note. prepayment and late charges as provided is the Note, and the principal d and interest on any Future Advanoa secured f by this Mortgages . Z. Eustis for ?'assn and Inwranoa 3nbjed b applicable law or to a written waiver by Lender. Borrower shall pay to Leader on the day monthly installments of principal and interest are payable under the Note, until the Nots is paid is full. a sum (herein "Funds'? equal to oae• twelfth of the yearly to:ea and aasess~nts which may attain Priority over this Mortgage. and ground rents on the Property. if any. Plusone- tweltth otyearly pranium installments for hasard insurance. plw one•twelfth of yoarly premium installments for mortgage insurance. if nay. all es reasonably estimated initially and kom time to time by Leader on the basis of assessanaits and bilb and reasonable ostimates thereof. 1Li T'lmds shall be held is an iastitntioa the deposits a< aonoauts of which are insured or guaranteed by a Federal or State agency (inducting Leader it Leader is ands an irutitution). Leader shall apply the Eustis to pay said taxes, assessments. insurance premiums sad ground rents. Lender may not charge for so holding and applying the P1mds, aaaly:ing said account, or verii~+ing and compiling said assessments and bill. unless Lender pays Barrowe<interest oa the Funds and applicable law permits Lender to make such a charge. Borrower . sad Leader rosy agree is writing at the time of a:ecntion of this Mortgage that interest on the Funds ahaA be paid to Borrower. and anlea such agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lw?der shall give to $orrower, wiWont d?arge. an annual aooounting of We Ptimds showing credits and debits to the Funds sad the purpose for which eads.debit to the Funds wan made. The Eustis are pledged as additional security for the sums secured by this Mortgage. Tf the amount of the Pleads held by Lender. together with the future monthly installments of Funds payable prior to the due dates of lazes, assesenaa~ts. insurance premiums and ground rents. shaA azoaed the amount required to pay ssid tares. assessments. insurance premiums sad ground renb as they fall tine. such assess shall be, at Bonowets option, tithe: promptly repaid to Borrower or credited to Borrower on monthly instaWnents of Flmds. U the amount of Wes Funds held by Lender shall not be safficieat to pay to:es. assaan~ts, insurance premiums sad ground rents o they fall due, Borrower shall pay to Lender any t4mount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. - Uponpayment in !Wl dell sums secured by this Mortgage. Lender shall promptly refund to Borrower any toads held by Leader. Tf render paragraph 18 hereof the Property is sold or the Property is oWerwise acquired by Lender, Lender shag apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. - 3. Application of Payments. Unless applicable Iaw provides otherwise. all payments received by Lender under the Note and . paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable oa the Note, Wen to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all fazes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mastgage,and leasehold payments or ground rests, if any, in the manner provided under paragraph 2 hen~of or, if not paid in such manner. by Borrower making Payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments, Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien eo long w Borrower shall agree in writing to the payment of the obligation secured by such lien is a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevail the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hesard Insurance. Boaower shall keep the improvements now existing or hereafter erected on the Property insured against lose by firs hasards inducted within the term "extended coverage." and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Corder shall not require such coverage amount exceeding the minimum. as may be required by state or federal regulations governing activities of Lender, or that amount of coverage required to pay the soma secured by thin Mortgage, whichever is the greater. The insurance carrier 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 innocence 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 insurance carrier. All insurance poliQes and renewals tha+eof shall be in form acceptable to Lender and aliall include a standard mortgage clause in favor of and in form acceptable to Lender. Calder shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i.ender all renewal notices and all receipts of paid premiums. In the event of lose, Borrower shall give prompt notiice to the insurance carrier and Lender. Lender may make proof of loss if not 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 eeona~mically feasible and the security of this Mortgage is not thereby impaired. If each restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proeeeda shall be applied to the sums secured by this Mortgage.with the excess, if any. Paid to Borrower. If the Froperty? is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to setae a claim for j insurance benefits, Lende• is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the ~ Property or the anm+e secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any arch application of proceeds to principal shall not extend or postpone the tine date of the monthly installments referred to in paragraphs 1 and 2 ha+eof or change the amount of such installments. If ender paragraph 18 hereof the Property is acquired by Lender. all right, title and interest of Borrower in and to any insurance policies and is and to the proceeds { thereof resulting frrom damage to Property prior to the ask or acquisition shall pass to Lender to the extent of the soma secured by this i Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condomianms; 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 comply with We provisions of any lease if this Mortgage is oa a lesset?old If this Mortgage is on a unit in a condominium or a planned unit devebpment, Borrower shall perform all of Borrower's obligations undo the dedaration or cvvenants creatingor governing the oondomininm or planned unit development. the bylaws and rrgulatioas of the oondomininm or planned Wait development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, We covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as ithe - . rider were a part hereof. 7. Protection of Lender's Security. V Borrower fails to perform the covenants and agreements centaiaed in this Mortgage, or if any action or proceeding is eomaeenoed which materially affects Lender's interest in the Property. inducting, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent; then Lender at Lender's option,upon s n9fi0B to Harrower may make such appearances, disburse such sums and take such action as is necessary to protect Leader's interest, inducting, but not limited to. disbursement of reasonable attorney's fees and ea4y upon the Property to make repair. If Leader required -mortgage insurance as s cenditioa of making the loan secured by this Mortgage, Borrows shell pay the premiums required to maintain each insurance in effect until each time as the requirement for snc3r insurance terminates in accordance with Borrower's and Lender's written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner providect under . peregsaph 2 hereof. ~ , ` Any amounts disbursed by Leads persuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice form Lends to Borrower regneating payment thereof, and shall bear interest from the date of diebursemeat at the rate payable 5nm time to time on outstanding prindpal Hader the Note unless payment of interest at such rate would be contrary to applicable law, is which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall ~ require Lender to incur any expense or take any action hereunder. ' ~ooK 3U3 234? - • _ _ . ~k .3 ~ -