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HomeMy WebLinkAbout1029 , a , , , LINIFORUf Covcx~rrts. Borrower and Lepder covena~t aod agree as tollows: 4 1. Paymeat oE Prindpal and Interat. Borrower shall promptly pay when due the principal ot and incerest on the indebtednest evidenced by the Note, prepayment and late charges as provided i~ the Note, and the principal of and inter- est on anr FLturc Advanca aecured bY this Aiortgage. ` Y. fl~ads for Ta~ca and Insunnce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay ' ~ to Lender on the day monthly installiuenu of pri~cipa! and interest are payable under the Note. until the Note is paid in (ull, a sum (herei~ "Fu~ds'7 equal to onttwel[th oE the yearly [axes and assessments which may auain priority o~•er this rtortgage, a~d grou~d rents on the Property. iE any. plus onat~rel[th of yearly premium installments tor hazard insutance. E plu: onatweUth of yeuly premium insullinents Eor mortgage insurante. if any, all u reuonably estimattd initially and from ~ time to cime bp Lender on the basis o[ auessmenu and bills and reasonable atimates thereof. The Funds shall bt.held in an institution the depoaits or accounts oE which are insured or guar~nteed by a Federal or state agency (intluding L.ender iE l.ender is such an institution). Lender shall apply the Fu~ds to pay said taxes, auessments. i~uura~ce ptemiuuu and ground rents. Lender may not chuge [or so holding and applving the Funds, analyzing said ao- mu~t, or vctiEying and compiling uid asxssmenu and bills, unless Lender pays Borro~ver inceresc on che Funds and ap~ , • pliuble law permits Ler~der to make such a charge. Borrower and Lender may agree in writing at the time of execution of this 1lfortgage that interest on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law requires such interest to be paid, Lender shall not be tequired to pay Borrower any interest or eunings on the Funds. Lendet shall give to •Botro~ver, without charge, a~ annual acrounting of the Funds showing crediu and debiu to the Funds and the pwpose for which cach debit to the Funds was made. The Fu~ds are pledged u additional security for the sums stcurtd by this ltortgage. If the amount oE the Funds held by Lender, together ~rich the future monchiy installments oE Funds payable prior to the due dates oE taxes, assessments, insunnce premiums and ground nnts, shall exceed the amou~t requirecl to pay said taxes, ass~suaents, insunnte premiums and grouod rents as they Eall due, such excess shall be, at Borrower's option, tither promptly repaid to Bonower or credited to Borrower on monthly insallmenu oE Funds. If the amount oE the Funds held by Lender shall not be suf[icieot to pay taxes, assessments, insurance premiums and ground rents as ther (all due, Borrower shall pay to Lender any amount necessary to make up the deficienq within 30 daps trom the date notice is mailed by Lendtt to Borrower requesting payment thereoE. Upon payment in fuli oE all sums secured by this Mortqage. Lender shall promptly tefund to Borrower any Funds held by Lendet. IE under paragraph l8 hertoE che Property is sold or che Propeny is.ocherMise acquirecl by l.ender, Lender shall apply, no later than immediately prior to the sale o[ the Ptoperty or its acquisition by Lender, any Funds held by Lender at the time of application as a crcdit aqainst the sums secured by this \~ortgaqe. 3. Applintion of Pa~nnents. Unless applicable law provides otherwise, all payments recei~•ed by Lender undet th~ 1\'ote and paragraphs 1 and 2 hereof shall be applied by Lender [int in pa}~nent of amounts payable co I.ender by Bonower under paragraph 2 hereo[, then to interest payable on the Note, then to the principal o[ the Note, and then to intetest and principal on any Future Advanca. 4. Charge~ Liena Bonower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority o~•er this Aiortgagt. and leasehold payments or ground rents, it any, in the man- ~ ner provided under paragraph 2 hereof or, if not paid in such mannet, by Borrower making payment, when due, direcdy to ~ the pa}'ee thereof. Borrower shall promptly furnish fo Lender all notices ot amounu due under this paragraph, and in the ~ event Borrower shall make payment directly, Borrower shall prompd}• [urnish to I.ender receipu e~•idencinq such paymenu. Borrower shall promptly dixhary,e any lien which has priority o~-er this :~tortgaRe; pro~•ided, thac Borroher shall not be re- quired to dixharge any such lien so loug as Borrower shall agree in writing to the payment ot ehe obligation secured by such lien in a manner acceptable to Lender, or shall in good [aith contest such lien by, or de(end en(orcement oE such lien in, le- gal proceedings whith operate to prevent the enforcement ot the lien or forfeiture ot the Propeny or any part thereof. . 5. Huud Insuranae. Borrower shall keep the imptovements now existing or hereaEter erected on the Property in- sured against loss by fire, huards included within the term "extended co~•enge", and such other hazards as Lender may re- quire and in such amounts and for such periods as Lender may require: provided, thae I.ender shall not require that the amount of wch coverage excted that amount of rn~•erage required to pay the sums secured by this ~iortqaqe. The insurance carrier providing the insurance shall be chosen by Borrower subjec[ to appro~-al b~~ Lender; provided, that such approval shall not be unreasonably withheld. 411 premiums on insurance policies shall be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower makinR payment, Mhen due, direcdy to the insurance carrier. ( A11 insurance policia and renewals thereof shall be in form acceptable to Lender and shall include a standard mort- ~ gage clause in facor of and in form acceptable to Lender. Lender shalt have the right to hold the policies and renewals thereoE, and Borrower shall prompely furnish to Lender all renewal notices and all receipts of paid premiums. In ehe event ~ of loss, Borrower shall gi~•t prompt notice to the insunnce carrier and I.ender. I.ender may make proof of loss if not made prompdy by Bonowa. ~ Unless Lender and Borrower otherwise aRree in writing, insurance proceeds shall be applied to restoration or repair of the Propertq.damaged, provided such restoration or repair is econominlly feasible and the security of this \tortgage is not t~ereby impaired. If such restoration or repair is not economically feasible or if the securi[} of chis ~iortgage would be im- ~ ~ paired, the insurance proceeds shall be applied to the sums secured by this \tortgage, with the excess, i( any, paid to Bor- • ~ s roMer. If the Property is abandoned by Borrower, or if BorroM-er fails co respond to I.ender Mithin 30 da}~s from the date_ t notice es mailed by Lender to Borrower that the insunnct tarrier offen to settle a claim for insurance bene[its, I.ender is ~ authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the Property or ~ 3 to the sums secured by this ~tortgaqe. . ~ Unless I.ender and Borrower otherwise aqree in writing, anv such application of proceeds to principal shall not extend ~ ~ or postpone the due date oE the monthly installments rcterred tu in paragraphs 1 and 2 hereof or chanp,e the amount of suttt ~ installmenu. If under paragraph 18 hereof the Property is acquired by Lender, all riRht, title and interest of Borrower in ~ and to any insurance policies and.in and to the proceeds thereof resultinq from damage to the Propert~ prior to the sale or ~ acquisition shall pass to Lender to the extent ot che sums secured by this ~tortgage immediately prior co such sale or ~ acquisition. . 3 6. Presrrvation and Maintenance of Property; Leaxholds; Condominiumx Planned Unit Developmenn. Borrower s~~all keep the Propercy in good repair and shall not commit waste or permit impairment or decerioration of the Property ~ and shall comply with the provisions of any lease if this ~fortqap,e is on a leasehold. If this ~tortqaqe is on a unit in a condominium or a planned unit de~•elopment, Borrower shall perform all of Borrower s obliRations under the declaration ~ or co~•enants creating or governing.the condominium or planned unit development, the by-laws and tegulations oE the condo- i ; minium or planned unit development, and constituent documents. If a condominium or planned unit de~•elopment rider is ~ ; e~cecuted by BorroMer and recorded together with this ~iortgage, the co~enan[s and agreem~nes of such rider shall be in- ~ F corporated into and shall amend and supplement the covenants and agreements of this \fortgage as if the rider were a part ' hereof. ~ ~ 7. Protection oE Lender't Sea~riq. IE Borrower (ails to perform the covenants and agrtements contained in this ~ ~fortgage, or i[ any action or proceeding is commenced which enuerially a[(ects Lender s interest in the Property, induding. ~ but not limited to, eminent domain, insoh•ency, code en[orcement, or arrangements or pr«eedings im•oh•ing a bankrupt ~ or decedent, then I.ender at Lender's option, upon notice to Borrower, may make such appearanca, disburse such sums ~ and tzke such action as is necessary to protect Lender's interes~, including, but not limited to, disbursement of reasonablt ~ aetorney's (ees and entry upon the Propeny to make repain. i( Lender required mortqage insurance u a condition of ~ making [he loan serured by this ~(ortgage. Bonower shall pay the premiums required to maintain such insurance in ef- a (ete until such time as the requirement for such insurance terminates in accordance with Borrower's and I.ender's wtitten ~ C' k f ~ ~ r ~o ~ ~ ~ ~ .~l1rO w x ~ . _...~a..- .~.,..r..,, . _ . ~ . -.^tv;~', ,~,e..