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HomeMy WebLinkAbout0637 Borrower and I.ender covenant and agree as followe: 1. Payment of Peiaclpal and Interest Borrower ahall pmmptly pay when due the principal of and intereat on the indebtedneea evidenced by the Note. prepayment and late charge~ as provided in the Note, and the principal of and intereston any fi~ture Advancee eecured by this Mortgage. 2 P1wds for Tazea and IRSUranee. Subject to applicable law or to a written waive~ by Let~der, Borrower ahall pay to Lender on the day monthly inatallments of principal end intereat are payable under the Note. until the Note ie paid in full, a eum (herein "~nds") equal to ono- twelRh of the yearly taues and aaaeasments which may attain priority over thia Mortgage, and ground rents on the P~operty, if any, plua on~? ~ twelfth of yeatly premium installments for hazard insurance, plue onetweltth ofyearly premium inatallmenta for mortgage inaurance, if any, all es reasonably estimated initiaUy and from time to time by Lender on the baais of asaeesments and bills and reaeonable estimates thereof. The Iliads ahaU be held in an institution the deposits or accounts of which are inaured or guaranteed by a Federal or State agency ' (including Lende~ if Lender is such an institution). Lender shall apply the I~nde to pay said ta:ee, eeaesaments, inaurance pcea~iuma and ground nAts. Lender may not charge for ao holding and applying the flinds, analyzing said acoount, or verifying and rnmpiling eaid aeaeesmeute and bills. unless Let~der pays Borrower interest on the Ftinda and applicable law permits Lender to make auch a charge. Borrower and Lender may agree in rvriting at the time of e:ecution of thia Mortgage that interest on the fl~nda ahall be paid to Borrower. and unlesa such egreement is made or applicable Iaw requires euch intereat to be paid. Lender shall not be required to p~y Borrower any intereet or earning~ oa the F1u?ds. Lender ehall give to Bore~ower, without charge, en annual accounting of the F~ads ahowing credits and debite to the ~ Ftinda aad the purpoee for which each debit to the F~nde was made. The Fl~nds are pledged as additional aecurity for the suma secured by this Mottgage. If the amount of the F~nda held by Lender. togMher with the future monthly inatallmeata of Funds payabte prior to the due datea of ta~ces. aeeeasmeata, insurance preaniums and ground renta, ahall ezc~:ed the amount required to pay said ta:a. aseessmente. insurance premiume and ground renta aa they faU due. euch ~cess ahall be. at Borrower e option, either prompt~y repaid to Borrowez os credited to Borrower on moathly installments of I~nds. If the amount of the F1i?da held by Lender shaU not be aufficient to pay ta:ea, asaeasmenta. ineurance premiums and ground rente aa they fall due. Borrower ahall pay to Lender any emount neceaeary to make up the deficiency within 30 daya from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in fnll of all auma eecured by thie Mortgage. Lender ehall promptly refund to Borrower any funds held by Lender. If nnder ~ paragraph 18 henof the Property is aold or the Property ia otherwise acquired by Lender, Lend~ ahall apply, no later than immedietely prior to the sale of the Property or ita aoquiaition by Lender. any ~Lnds held by Lender at the time of application as a credit againat the sume sec~red by this Mortgage. 3_ Angli~~~n c~f pey*~eal~. Uakea ~~glirsL+le le~r =revida ~*_he*wi..~, e!1 ga~~a!s z~e-ivt~ by I~n~er Lr.dez L.he *I~!r. ~.^.d paragraphe 1 and 2 het+eoi' ahall be applied by I.ender firat in payment o[ amount8 payable to Lender by Borrower under paragraph 2 hereof, then to intereet payable on the Note. then to the principal of the Note, and then to interPat and ptincipal on any Future Advancea. 4. Charge8; Liena. Borrower ahall pay all taxea, asaessments and other-chargea, finea and impositions attributable to the Property which may attain a priority over thia Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in euch manner, by Borrower making payment, when due, direMly to the payee thereof Borrower ahall promptly furnish to Lender all noticea of amounts due under thia paragraph, and in the.event Borrower shall make paymeot directly, Borrower shall prompdy fumiah to Lend~ reoeipta evidencing auch pa~yments. Borrower ahall promptly discharge any lien which has priority over thia Mortgage; provided, that Borrower ahall not be required to discharge any such lien ao long as Borrower ahall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender. or ahall in good faith conteat such lien by, or defend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiture of the Property oc any part thereof. 5. Hazard Insurance. Borrower shall keep the impmvements now exiating or hereatter erected on the Property insured against loss by fire, hazarde included within the term "eztended coverage,° and ~uch other hazards ae Lender may reqnire and in such amounte and for such periods aa Lender may require; provided, that Lender ahall not require auch ooverage amonnt e:ceeding the minimum, as may be required by atate or federal regulatione gover~ung activities of L.ender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. 'The insuranee carrier providing the inaurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval ahall not be unreaeonably withheld. All premiume 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 the insurance carrier. All inaurance policiee and renewala thereof ahall be in form acceptable to Lender and ahall include a atandard mortgage clause in favor of ~ and in form aooeptable to Lender. Lender ehall have the right fo hold the policies and renewala thereof, and Borrower ahall promptly furnish to i.ender all renewal notices and all teceipta of paid premiuma. In the event of loea, Borrower ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of loas if not made prompdy by Borrower. . Unlese Lender and Horrower otherwiee agree in writing, inaurance prooeede shall be applied to restoration or repair of the Property I damaged, provided such reetoration or repair ie economically feasible and the eecurity of thie Mortgage ia not thereby impaired. If such i reatoration ~ repair ie not eoonomically feasible or if the security of thia Mortgege would be impaired, the ineurance proceeda shall be applied ~ to the eams secured by this Mortgage. with the ~ceae, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to respond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the inanrance carrier oPfera to settle a claim for ~ ineurance benefits. Lender ie authorized to rnllect and apply the ineurance prooeeda at Lende~a option either to restoration or repair of the Property or the sums eecnred by thie Mortgage. j Unlesa Lender and Borrower otheiw+iee agree in writing, any such application of procee~de to principal ahall not e:tend or postpone the dne ~ date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of such inetallmenta. If under paragraph 18 ~ hereof the Property is aoquired by Lender. all right, title and intereat of Borrower in and to any insiuance policiea and in and to the proceeda [ thereof reanlting from demage to Property prior to the sale or acquieition ahall pass to Lender to the e:tent of the auma eecured by thia ~ Mortgage immediately prior to such eale or aoquisition. ~ 6. Preservation and Maintenance of Property; Leaeeholds; Condominume; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the ~ provisiona of any lease if thie Mortgage ia on a leasehold. If thie Mortgage ia on a unit in a oondominium or a planned unit development, ~ I3orrower ehall perform all of Borrower's obligatione under the declaration or covenants creatingor governing the condominium or planned E unit development, the by-lawa and regulatione of the condominium or planned unit development. and conatituent documente. If a ~ condominium or planned unit development rider ia execnted by Borrower and recorded together with thia Mortgage, the oovenante and ~ agreements of such rider shall be incorpozated into and shall amPnd and sapglement ihe fov~nanf~ and agreementa otthis F.tottgage as if the ~ rider were a part hereof ~ Protect~oa of Lender•~ Security. If Borrower fails to perform the oovenants and agrermeata contained in this Mortgage, or if any action or pmoee~ding is commenoed which materially af~ecte Lender's interest in the Property, including. bnt not limited to, eminent domain, • V ineolvency~ oode enforc~ent, ar arrangements or proc.eedinge involving a bankrupt or deoedenk then Lender at I.eader'e option.npon ~ notice to Borrower may make euch appearanc~e, disbnrse such auma and taice anch action as ia neceesary to proted I.endd~ interes~ ~ including, but not limited to, diaburaement of ieasonable atlorney's fees and entry npon We Property to ma1~e repairs. If Lender reqnired ~ mortgage inaurenoe as a condition of making the loan secvred by thi.s Mortgage, Boemwer shall pay the pr~iuma reqnired to maintain ' euch inaurance in effect nntil sach time as the requirement for euch insurance ttrminatea in aooordance with Borrower's and Lendea's written sgrcement or applicable I.aw. Borrower ehall pay the amount of all mortgage inauranoe premiume in the manner provided under paragraph 2 hereof. My amaunte diebursed by I.ender persuant to this paragraph 7, with intereat thezeon, ahall beoome additional indebtedness of F Borrower secured by thie Mortgage. Unless Borrower and I.ender agree to other terma of payment, such amounta ahail be payeble upon notice from L.eader to Borrower requeating payment thereof, and shall bear interest fiom the date of diabursement at the rate payable from { Nme to dme on outetanding principal under the Note nnleas peyment of intereat at such rate would be oontr ary to appliceble law, in which ; event such amounts ahall bear interest at the higheat rate permiaeible under applicable law. Nothing contained in this paregraph 7, ahall ~ require Lender to incur any e:pense or take any action hereunder. 3 f 'i [ ~ n , r ~o ^ ~ . _ . _ ~ 6 s3s ~ ~ ~P.. ~ _ .r~~