Loading...
HomeMy WebLinkAbout2604 Borrower and Lender ooveaaat and agree as folbws: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interact on the indebtedness evidenced by the Note, prepayment and late charges a• provided in the Note, sad the principal of and interest on any Future Advances secured by thle Mor~~e. 2 Funds [or Tales and lasuranee. Subject b applicable law or to a written waiver by !.ender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid is full, a wm (herein "Funds'? equal to oaa twelM of the yearly to:es and assessments which may attain priority over thin Mortgage. and groundrents ontheProperty, ifany. plwone- twelfW of yearly premium inataliraents for hasard insurance. plus onsMelRh of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and !from time to time by Lender on the basis of assessments and bills and reasonable estimates WereoL TM Funds shall bs haled is as Institution Ws deposits or scoounts of which are iruured o: guaranteed by a Federal or State agency (iaduding lender if Lender is each as institution). Lender shall apply the Funds to pay said tares. assessments, itunranos premiums and ground rents. bender may not charge for so holding eu?d applying the Funds. analyzing said account, or verifying and compiling said assessments and biW. unless Lender pays Borrower interest oa the Funds and applicable law permits Lender to make such a charge. Borrower sad Leader may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made-0r applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or . earnings on the Farads. Lender shall give to Borrower. without d~arB0. an annual acoouating of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Farads was made. The Funds are pledged as additional security [or the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Farads payable prior to the due dates of tares, assessments, insurance premiums and ground rents, shall ezoeed We amount required b pay said taxes, assessments, inuurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly irutalimenh of Funds. V the amount of the Farads held by Leader shall not be sufficient to pay takes, assessments, insurance premiums and ground rents e. they fall due. Borrower shall pay b Lender any amount necessary to make up We deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment Wereof. Upon payment in fall at all snore secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. Lf under paragraph 18 hereof the Property is sold or the Property is oWerwise acquired by Lender, Lender shall apply. no later than immediately prior to the aRle of the Property or its acquisition by Lender, any Funds held by Lender at the time of application ae a credit against the soma secured by Wis Mortgage. ~ . 3. Application of Payments. Unless applicable law .provides otherwise, all payments received .by Lender Hader the Note and paragraphs 1 and 2 hereof shall be applied by Lender firer in payment of amonats payable to Lender by Borrower ender paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and Wen to interest and principal on any Purace Advanoas. 4. Charges: Bens. Borrower shall pay all taxes, asaesementa and older charges, Ernes and impasitiona attributable to We 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 snch manner, by Borrower making payment, when due, directly to We payee Wereof. Borrower shall promptly furnish to Lender all notices of amounts due under Wis 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, W at Borrower shall not be required to discharge any such lien eo tong 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 such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent We enforcement of the lien or forfeiture of the Property or any part Wereof. 5. Hazard Insurance. Borrower shall keep the improvements now eziating or hereafter erected on the Property insured against loss by fire, hazards inducted wiWin We tenor "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require such wverage amount exceeding We minimum, ss may be required by state or federal regulations governing activities of Lender, ce that amount of coverage required to pay the auras secured by Win Mortgage, whichever is We greater. .The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that siech approve) 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 manner, by Borrower making payment, when due, directly to We insurance carrier. All insurance policies and renewals W ereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form aeceptabde to Lender. Lender 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. Ln We event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loos if not made promptly by Borrower. Ualees Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of We Property damaged, provided such restoration or repair is economically feaaibte and We security of Wis Mortgage is not Wereby impaired. If such restoration or repair is act economically feasible or if the security of Wis Mortgage would be impaired, We insurance proceedashall be applied i to We soma secured by this Mortgage, wild We exeeas, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender wiWin 30 days from We date notice is mailed by Lender to Borrower Wat We insurance carrier offers to setae a claim for insurance benefits, Lender is auWorized to collect and apply We insurance proceeds at Lender's option eitlser to restoration or repair of the Property or We soma secured this Mo by rtgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone We due - date of the monWly installments referred to in paragraphs l and 2 hereof or change We amount of each installments. Tf under paragraph 18 hares[ We Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to We proceeds thereof resulting-from damage to Property prior to We Bale or acquisition shall pass to Lender~o the eztent of We sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservatlon and Maintenance otPr~operty; Leaseholds; Condominums; 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 wild We provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit is a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under We declaration or covenants creatingor governing We condominium or planned unit development, We by-laws and regulations- of We condominium or planned snit development, and constituent documents. If s condominium or planned unit development rider is executed by Borrower and recorded togeWer wild 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 if We rider were a part hereof. ~ 7. Protection of Lender's Security. If Borrower fails to perform We covenants and action or proceeding is commenced which materially affects Lender's interest is We Pro agreements contained in this Mortgage, or if any party, indnding, but not limited to, eminent domain, insolvency, code enforcement, ~ amu?gements or proceedings involving a banlQapt or decedent; thm Lender at Lender's option,npon _ notice to Borrower may make snch appearances, duburee such sums and take each action as is apoasary to protect Lender's interest, inducting,. b~ not limited to, dubarsement of reasonable attorney's fees and entry neon the Property to make repsin. V Lander required mortgage iasnsance as a wndision of making the loan secured by Win Mortgage. Borrows shall pay the premiums required to maintain each insurance is effect until sack time as We requirement far such insurance terminates in accordance wild Borrower's sad Lender's written agreement or applicable Law. Borrower shall pay We amount of all mortgage insurance preminma in the manner provided ender paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph 7, wild interest Wereon, shall become additional indebtednep of - Borrower secured.by this Mortgage. Unless Borrower and Lander agree to older terms of payment, such amounts shall be payable upon notice from Larder to Borrower requesting payment Wereot, and shall bear interest from the date of disbursement at the rate payable from 1 time to time on outstanding principal Hader We Note unless paym~t of interest at snch rate would be contrary to applicable law, in which event such amounts shall bear inteerest at We highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Lender to incur any expense or take say action hereunder. 1 s l ' ' sOfl~~a3 F~~~~600 . ~ ~ - _ _ ~ ~ -