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HomeMy WebLinkAbout0245 Hurruwrr and l.ender cuvenanl and agrre iis fulluws: 1. Psyment of Principal and lntereet. t3~rrower ehall p~mptly pay when due the principal of and intereat on the indebtednreie evidenced by the Note, prepayment and latechargea as pru~ iJed in the Note, and the p~ncipal of and i~terest on any Future Advancea secured by this Mortgage. 'l. I~~tnde !or Ta~tes and Inaurance. Subject to applicable luw u~ tu a written waivrr by t.e~drr, fiorrower ehall puy to Ixnder on the day munthly instxllmente of pri~cipal and interest are payable under the Nute, until the Nute ia paid in full, n aum lherein "F unda"1 eyual to on~ twelfth of the yearly taxes and uaxesaments which muy attuin prio~ty over thie Mortgage, and gn?und rents u~ the Pruperiy, if any, plua one twelfth of yearly premium installmenta far hazard insu~ance, plus unPtwelRh of ye~~ly premium inetxllmentx fur murtgtige insurance, if any, all as reaeunably estimated initially and brom time to time by t.ende~ on ihe basis of nxaesaments nnd bille and rrasonable eatimntea thereof. The Ftinde shall be ~eld in an institution the deposite or accounte of which are inaured or guaranteed by a Federal or State agency (inctuding l.ender it I.ender ia such an institution). l.ender ahall apply the F unda to pay eaid ta:es, asaerismente, inaurance premiuma and ground rente. I.ender may not charge for eo holding and applying the Funds, analyzing said eccount, or verifying and compiling said aeseesmenta and biUa, unleea I.ender pays Borrower iotereat on the Funde and applicable law permite l.ender to make euch a charge. Borrower and l.ender may agree in writing at the time of execution of thie Mortgage that intereat on the Funda ehull be paid to f3orrower, and unless such agreement ia made or applicable law requiree such intereat to be paid, l.ender ahall not be required W pay Borrower any interest or earnings on the ~nde. Lender ahall give to Borrower, without charge, an annual accountii~g of the F unda showing credite and debita to the Funda and the purpose for which each debit to the Funda was made. The Funds are pledged as additional security for the suma eecured by this Mortgage. lf t,~e amount of the Funds held by Lender, togethe~ with the Cuture monthly inetalimenta of Funda puyable prior to the due datea of taxee, aseesamente, insurance pmmiuma and ground rents, ahall exored the nmount required to pay said taxes, asaesamenta, insurance premiums and ground rente as they falt due, such e:cess ahall be, at Borrower's option, e:lher promptly rnpaid to Borrower or credited to Borrower on monthly inetallments of Funde. If the amount of the Funds held by l.ender ahall not be aufficient to pay ta:es, aasesamenta, inaurance premiums and ground rente se they fall due, Borrower ahall pey to Lender any amount necessary to make up the deficiency within 30 days from the date ~otice ia mailed by l.ender to E3orrower requesling payment thereof. Upon payment in full of all sums aecured by this Mortgage, l.endcr shall promptly refund to Borrower any funda held by Ixnder. If under paragraph 18 hereof the Property ie eold or the Property is otherwiae acquired by I.ender, I.ender shall apply, no later than immediately prior to the aale of the Property or ite acquiaition by Lende~, any i~~nds held by Lender at the time of application as a credit againat the aums secured by this Mortgage. 3_ Applieation of Payments. Unlesa applicable law provides otherwiae, all paymenta received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender fin+t in payment of amounts payable to l.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and ihen to interest and principal on any Future Advances. 4. Chargea; Liene. Borrower shall pay all taxea, assessmentri and other charqes, 6nes and impositions attributable to the Property which may attain a priority over this 111ortgage, and leasehold payments or ground rents, if any, in the manner providcd under paragraph'l hereof or, if not paid in such manner, by Borsower making payment, when due, directly to the payee thereof. Borrowershall promptly furnish to Ixnder all notices of t?mounts due under this para~aph, and in the event E3orn,wer shall make payment directly, Borrower shall pmmptly fumish to I.ender receipts evidencinK such payments. E;orrower shall promptly discharge any lien which has priority~ o~ er this MortKage; provided, that Borrower shall not be required to discharge any such lien so long ai+ E3orrov?er shall aqree in writing to the payment of the obligatiun secured by such lien in a manner acceptable to l.ender, or shall in good faith contest such lien by, ~rdefend enforcement of such lien in, lE~al procreclings which operate to prevent the enforcement of the lien or forfeiturn of the Yroperty or any part thereof. 5. Hazard Inaurance. Borrower ahall keep the improvementa now exiating or hereafter erected on the Property insured against loss by 6re, hazarda included within the term "extended coverage," and auch other hazards as I.ender may ~equire and in such amounts and for such periods as I.ender may require; provided, that t.ender shall not require such coverage amount exceeding the minimum, as may be required by state or federal regulationa governing activitiee of Lender, or that amount of coverage required to pay the auma secured by this ;~tortgage, whiche~er is the greater. The insurance carrier providing the inaurance shall be chosen by Borrower subje.~t to approval by Ixnder; pro~~ided, that such appruval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manne~ pnwided under p~raKraph 'L herc~c~f or, if not paid in such manner, by Borrower making payment, when due, directl~ to the insurance carrier_ All inaurance policiea and renewals thereof shall be in form acceptable to I.ender and shall include a standard mortgage clnuse in favor of and in form acceptable to I,ender. Lender shall have the right to hold the policiea and renewals thereof, and i3orrower shall prom ptly furnish to ~ i.ender all renewal noticea and all receipts of paid pmmiuma. In the event of lose, ~3orruwer ahall give prompt notice to the insurance carrier i and Lender. Lender may make proof of loss if not made promptly by f3orrower. € Unlesa Lender and Borrower otherwiae agree in writing, insurance proceeds shall be applied to reatoration or repair of the Property ~ damaged, provided such restoration or repair is economically [easible and the aecurity of this Mot~tgage is not thereby impaired. If auch ~ restoration or repair ie not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeds shal) be applied ; to the suma secured by this Mortgage, with the exceas, if any, paid to Borrower.lf the Property ie abandoned by Borrower, or if Borrower fails to ~ respond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the inaurance carrier of~ers to settle a claim for ~ inaurance benefita, I.ender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the ~ Property or the sums secured by this Mortgage. ~ Unleas L,ender and Borrower otherwiae agree in writing, any auch application of proceeda to principal shall not extend or poAtpone the due ~ date of the monthly inetallments referred to in paragrapha 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property ia acquired by I.ender, all right, title and interest of Borrower in and to any inaurance policies and in and to the proceeds ~ thereof reaulting from damage to Property prior to the sale or acquiaition ahall pass to Lender to the extent of the sume secured by this ~ Mortgage immediately prior to such sale or aoquieitioa ~ 6. Preaervation and Maintenance of Property; Leaseholds; Condominume; Planned Unit Developmenta. Borrower ahall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the pro~~sions of any leaae if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ E3orrower ahall perform all of Borrower'e obligations under the declaration or covenanta creatinRor governing the condominium or ptanned ~ unit development, the by-lawa and regulationa of the condominium or planned unit development, and constituent documents. [f a ~ condominium or planned unit development rider is e:ecuted by Borrower and recorded together with thia Mortgage, the rnvenants and ~ aqreements of auch rider shall be incorporated into and ahail amend and supplement the covenants and agreements otthis Mortgage as if the ~ rider were a part hereof. 7. I'rotection of Lender'e 3ecurity. If Borrower faile to perform the oovenante and agreementa contained in this Mortgage, or if any ~ aMion or proceeding ia commenced which materialiy affecte Lender a interest in the Property, including, but not limited to, eminent domain, ~ insolvency, aode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon 3 notice to Borrower may ma1~e euch appeerancee, diaburee auch eume and take auch action ae ie neceeeary to protect I.endei s intereat, including, but not limited to, diebursement of reaeonable attomey'e feea and entry upon the Property to make repaire. If Lender required mortgage ineurance aH a condition of making the loan aecured by thie Mortgage, Borrower ehall pay the prnmiume rEquired to maintain - auch inaurance in eftect until euch time ae the requirement for euch ineurance terminatee in accordance with Borrower'e and Lender e written agreement or applicable I.aw. Borrower shall pay the amount of all mortgage insurance premiume in the manner provided under paragraph 2 hereof. 1 Any amounte diebureed by Lender pereuant to thie paragraph 7, with intereet thereon, shaU beeome additional indebtednese of Borrower eecured by thia Mortgage. Unleae Borrower and I.ender agree to other terma of payment, euch amounte ahall be payable upon notice from [.ender to E3orrower requesting payment thereoi, and ehall bear intereat fmm the date of dieburaement at the rate payable from time to time on outetanding principal under the Note unlese payment of intereet at auch rate would be oontrary to applicable law, in which event euch amounta ahall bear intereet at the highest rate peTmisaible under applicabie law. Nothing contained in this paragraph 7, ehall = require Lender to incur any expense or take any action hereunder. t? i ti ~.:3U4 - 245 ~ - - - - _ ~ 4 ;T~ ~ _ : ~ - _ i ~ . r~~ _