HomeMy WebLinkAbout0235 l~urruwer und l.ender co~rnunt and a~ee ae [oliuwa:
1. Psyment of I'tineipat and Interest. f;orrowe~ ehxll promptly pay when due thr principal of nnd intereat un Ihe indrbteclnexa
evidenced by the Note, prepayment and late che~ges ue providrd in the Nute, nnd the principul of und interest on any F utu~e Advzinrrx secured
by this Mortgage.
2. Elu~de forTa:es and Ina~rance. Subject to applicuble luM or W n writtr~ w•aiver by Ixnder,l3~?rruwer xhull pay tolx~der un theduy
munthly inatallmenta of principal a~d inte«•at am piiyuble unJer the Note, until the Nute ie puid in full, a sum Iherein "Funda") equul to one
tweifth otthe yearly taxra and uxaeaxmrnta which muy atta?i~ priurity over thia Murtgage, und ground re~its un the Yro~x rty, if uny, plus one~
twelfth of yearly prrmium inelallmr~ta for hatnrd insurnnce, plus w~etwelfth of yrarly premium inatulimrnls for murtgaRe insurunce, iCxny,
aU iis mnsonably eatimated inilialiy and from time to time by Ixnder on the basia of t?asessmentx und biUe i?nd retisunublr ~~timaic~ thrreuf.
The Funde ahall be held in an inetitution the deposite or accou~ta of which are inRUred or guaranteed by a Federal o~ State agency
l~ncluding I.e~der if Lender is such an institutionl. I,ender shall apply the Funda to pay eaid taxes, nsaeaeimrnts, i~surance prrmiume and
ground rnnts. l.ender may not charge for eo holding and applying the Mtinds, analyzing said acrount, or verifying and cumpiling aaid
assesamente and bills, unleas Lender pnya Borrower intereat vn the F~~nde and upplicpble law permita l.ender to make auch a charge. Borrower
and l.ender may agree in writing et the time of execution of this Mortgage that interest on the F unds shall br paid to &?rruwer, and unlesa
euch agreement is made or applicable law re~uirea such intetest to be paid, I.ender shaU not be required to pay Borrower any i~terest or
eaminga on the FLnda. l.ender ahaU give to E3orrower, without charge, an annual accounting of the Funds dhuwing credits und debits tu the
Funde and the purpoae [or which each debit to the Funda wus mnde. The Funda are pleclged ns udditionnl security for the suma secured by this
Mortgage.
if the amou~t of the Flinda held by I.ender, together vrith the future monthly installmentx uf i~ unds payable prior to the due dates of tnxes,
asaesaments, inaurance prnmiums and ground rnnts, shall excrecl the umount required to pay said taxes, asaeessments, insurance premiuma
and ground rente as they tall due, such excese ahaU be, at E3o~rower's option, either promptly mp+~id to Borimwer or credited to f;urrower on
monthly inetallmenta uf ~nda. If the amount of the Funda held by l.ender ahall nut be aufficient to pay taxes, asseasmenta, inaurance
premiume and ground rnnts aa they fall due, Botrower shall pay to I.ender any amount neceasary to m~ke up the deficiency within 30 daye
frvm the date notice ia mailed by L.ender to Eionov~rr requesting payment thereof.
Upon payment in full of all auma secured by this MortgaKe, Lender shall promptly rnfund to E3orrower any funda held by I.ender. lf under
paragraph 18 hereof the Property is sold or the i'roperty is othenviae acquired by Lender, l.ender ahull apply, no later thAn immediutely prior
to the eale of the Property or ita aoquisition by l.ender, any Funda held by I.ender at the time of application aa a credit againet the sums secured
by thie Mortgage.
3. Applieation of Peymente. Unlesa applicable !aw provides otherwiae, nll paymenta received by I.rnder under the Note and
paragraphe 1 and 2 hereof shall be applied by l.ender Gre+t in psyment of amounta payable to Lender by 13orrow•er under paragraph 'L herec~f,
then to interest payable on the Note, then to the principal of the Note, and then to intemst nnd princ''~pal on any Future Advances.
A. Chargee; Liena. E;orrowershaU pay ali taxea, ussexsments and other chnrgea, fines and im{x?sitions attribut~~ble to the Property W'hich
mt~y attain a priority over this Mortgage, and leasehuld payments or Kmund rents, iti~ny, in the manner provided under p~+rugr~ph Y hrreof ur,
if not paid in such manner, by f3orrower making paymrnt, when due, directly to the payee thercr~f. fiorruwer shall promptly f~rnish tu I.~~ncler
.?II notices of amounts due under this paragraph, and in the event Borrower shuU make payment directly, Rorn~wer ahall promptly furnish to
l.ender receipts evidencing such pa~ ments. Born~wer sh:~ll promptly dischnrgr any lien which hns priorit}~ o~•er this 11ortKage; pm~•ided, that
Rorruwer shall not be required to discharge any such lien su IunK as E3orrower ahall ngree in writinK to the p~~~~ment of the ubligation securecl by
such lien in a manner acceptnble to l.ender, or shnll in Kood faith rnntest such lien by, or defend enforcement of such lien in, l~~.il pr~x•e~~dinKs
w~hich operate to prevent the enforcement of the lien or forfeiture of the F'mperty or xny part thermf. ~
5. Hazard Inaurance. Borrower ahall keep the improvemente now existing or hereafter erectc~ on the Propcrty insured against luss by
firn, hazarda included within the term "extended coverage; ' and auch other hazards a~ l.ender may require nnd in such amvunts and for such
periode as Lender may require; pro~~ded, that [.ender ahall not requirn such rnverage amount exceeding the minimum, as may t?e required by
state or federnl regulations governing activitiea of I.ender, or that amount of coverage required to pay the sums secured by this 1ltortgage,
whichever is the greater.
1'he insurance carrier providinR the insurance sh~ll t?e chosen by Kormwer subject to approval by I.ender: provided, that such .~pprova!
shall not be unre.~+sonably wilhheld. All premiums on insurancr pulicies shall he paid in the meinner pm~•idtKl undrr paraKraph hi•reK~f ur, if
n~~t paid in such manner, by Rorrower making payment, v~•hen due, dircrtly to the incurance carrier.
All insurance policiea and renewals thereof ahall be in form acceptable to l.ender and ahall include a standard mortgaKe clause in favor of
and in torm acceptable to I.ender_ Lender shall have theright to hold the policiea and renewals thereof, and Bonower shall promptly furniGh to
; ?.ender all rnnewel nodcea and all receipts of paid premiums. In the event of losa, F3orruwer shall Ecive prompt notice to the insurnnce carrier
{ and I.ender. Lender may make proof of loas it not msde promptly by F3otrower. ~
E Unlesa Lender and F3orrower otherwise agree in writing, insurance proceeda ahall be applied to restoration or repair of the Property
E damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such
~ restoration'or repair is not economically feasible or i[the aecurity of thia Mortgage would be impaired, the insurance proceeds shall be applied
` to the sums secured by this Mortgage, with the excesa, if any, paid to Borrower. If the Property is abandoned by E3orrower, or if Borrower fails to
~ re~pond to Lender within 30 days from the date notice ia mailed by I.ender tv E3orrower that the insurance camer offers to settle a claim for
~ inaurance benefita, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the
~ Property or the aums secured by thie Murtgage.
~ Unless L.ender and Borrower otherwise agree in writing, any such application of proceeda to principal shall not extend or postpone thedue
date of the monthly instaUmenta refened to in paragrapha 1 and 2 hereot or change the amount of auch inatallments. If under paragraph 18
~ hereof the Property ie acquired by I.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds
~ thereaf reaulting from damage to Property prior to the sale or acquiaition ahall pass to Lender to the extent of the sums secured by this
x '~iortgage immediately prior to such sale or aoquisition.
~ 6. Preservation and Naintenance of Property: Leaseholde; Condominums; Planned Unit Developmenta. Rorrower ahall keep
~ the Property in qood rnpair and shall not commit waste or permit impairment or deterioration of the Property and shall comply w~th the
~ provisions of any tease if this Mortgage is on a leasehold. If this Mortgage ia on a nnit in a condominium or a planned unit development,
F3onower shall perform all of E3orrower's obligations under the declaration or cocenants creatingor governing the condominium or planned
~ unit development, the by-laws and regulationa of the condaminium or planned unit development, and conatituent documents. If a
condominium or planned unit de~•elopmrnt rider is executed by Borrower and recorded together with thia Mortgage, the covenants and
~ .~greementa ~f such rider shaU be incurporated into and shall amend and aupplement the covenanta and agreements of this biortgage as if the
~ rider were a part hereof.
~ ~
7. Protection ot Lender s Security. If Borrower faile to perform the oovenante and agreemente contained in thie Mortgege, or if any
~ action or proceeding is commenced which materially affects Lendei a intereet in the Property, including, but not limited to, eminent domain,
~ ineolvency, aode enforcement, or arrangementa or proceedinge involving a bankrupt or decedent, then Lender at Lendei e option,upon
~ notice to Borrower may make auch appearances, dieburee euch sums and take such action se ie neceesary to protect Lender'a intereet,
- including, but not limited to, diebureement of reasonable attomey's feee and entry upon the Property to make repaire. If Lender requited
- mortgage inaurance as a condition of making the loan eecured by thia Mortgage, Borrower ahall pay the premiume required to maintain
- euch inaurance in effect until auch time aB the requirement for such ineurance terminatee in accordance with Borrower a and Lendei e
written agreement or epplicable Law. Borrower ahaU pay the amount of all mortgage ineurance premiums in the manner provided under
' paragraph 2 hereof. '
Any amounts diabursed by Lender persuant to thia paragraph 7, with intereat thereon, ehall become additional indebtednesa of 1
~ E3orrower eecured by thie Mortgage. Unlesa Borrower and Lender agree to other terme of payment, euch amounte ehall be ~ayable upon
notice from Lender to Bormwer requesting payment thereof, and shal! bear intereat from the date of diabursement at the rate payable from
: time to time on outstanding principa) under the Note unleae payment of intereet at such rate would be contrary to applicable law, in which
event euch amounta shall bear interest at the higheet rate permiasible under applicable law_ Nothing contained in this paragraph 7, shall
~ require [.ender b incur any expenee or take any action hereunder.
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