Loading...
HomeMy WebLinkAbout2825 Borrower and Lander rnvenant and agree as folbws: 1. Payment of Principal and Iaterest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Ptiutds for Tazea and lnsuraaoe. 3ubjed to applicable law or b a written waiver by Lender, Borrower rhall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one twelRh of the yearly to:ea and asseaamenta whid? may attain priority over this Mortgage, and ground yenta on the Property, if any, plus one- twelM ofyearly premium installments for hazard insurance, plea onetwelRh of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time b time by Lender on the basis of assessments and bills and reasonable estimates Wereof. The Funds ehaq bs held is an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency (induding Lender if Leader is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may rwt charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bill, unless bender pays Borrower interest oa the Funds and applicable law permits Lender b make such a charge. Borrower - and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Burrower, and unless such agreement is made or applicable law requires ouch interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall e:oaed the amount required to pay said taxes, assessments, insurance premiums ' and ground rents as Way fall due, such excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monWly iastalbz+ents of Funds. If We amount of the Funds held by Lender ahaU not be sufficient to pay taxes, assessments, insurance premiums and ground rents as Way fall due, Borrower shall pay to Lender any amount necessary to make up We deficiency within 30 days from We date notice is mailed by Lender to Borrower requesting Payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If 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 W e sale of the Property or its acquisition by Lender, any Funds held by bender at the time of application as a credit against the soma secured by Wis Mortgage. - - 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under We Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, Wen to interest payable on We Note, then to We principal of We Note, end Wen to interest and principal on any Future Advances. 4. Ghargee; Liens. Borrowershall pay all taxes, assessments and other charges, fines and impositions attributable to We Property which may attain a priority over Wia Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under Wia 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, that Borrower shall not be required to discharge any such lien eo long 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 faiW contest such lien by, ordefend enforcementof such lien in, legal proceedings which opreate to prevent We enforcement of the lien or forfeiture of the Property or any part Wereof. 5. Hazard Insurance. Borrower shall keep We improvements now existing or hereafter erected on We Property insured against lose by fire, hazards induded within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, Wat Lender shall not require swh coverage amoant exceeding We minimum, as may be required by state or federal regulations governing activities of Lender, or Wat amount of coverage required to pay We sums secured by Wia Mortgage, whichever is We greater. - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval 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 Wereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of E and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals Wereof, and Bon: ower shall promptly furnish to i.ender all renewal notices and all receipts of paid premiums. In the event of foes, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lose if not made promptly by Borrower. Unless Lender and Borrower oWerwise agree in writing, insurance proceeds shall be applied to restoration or repair of We Property damaged, provided such restoration or repair is economically feasible and We security of Wia Mortgage is not Wereby impaired. If such ~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, We insurance proceeds shall be applied to the soma secured by this Mortgage, wild We excess, 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 that We insurance carrier offers to settle a claim for insurance benefits, Lender is auWorized to collect and apply We insurance proceeds at Lender a option either to restoration or repair of the ` Property or We sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or postpone the due date of the monWly installments referred to in paragraphs 1 and 2 hereof or change the amount of inch installments. If under paragraph 18 hereof We Property ie acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to We proceeds - Wereof resulting from damage to Property prior to the sale or acquisition ehaU pass to Lender to We extent of the soma secured by Wis Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; 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 Wia Mortgage ie on a leasehold. If Wia Mortgage is on a unit in 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 unit development, and rnnstitaent documents. If a condominium or planned unit development rider is executed by Borrower and rernrded togeWer wild this Mortgage, We covenants and agreements of such rider shall be inrnrporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the t rider wen a part hereof 7. Protection of Lender's Secarity. If Borrower fails to perform We covenants and agreerneata contained in this Mortgage, or if any - action or proceeding is commenced which materially affects Lender s interest in We Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or deoedeat, Wen Lender at Lender's option,upon i notice to Borrower may make such appearances, disburse such sums sad fate each action as is necessary to prated Lender's interest, induding, but not limited to, disbursem~t of reasonable attorney's fees and entry upon We Property to make repairs. If Lender required mortgage insurance as a condition of making We loan secured by this Mortgage. Borrower shall pay We premiums regained to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance wild Bon-ower'a and Lenders r written agreement or applicable Law. Borrower shall pay We amount of all mortgage insurance premiums in We manner provided under paragraph 2 hereof. My amounts disbursed by Lender persuant to this paragraph 7, with interest Wereon, shall become additional indebtedness of f Borrower secured by this Mortgage. Unless Borrower and Lender agree to older terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment Wereof, and shall beat interest from We date of disbursement at We rate payable from ~ time to time on outstanding principal under We Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at We highest rate permissible under applicable law. Nothing contained in Wis paragraph 7, shall Q require Lender to incur any expense or take any action hereunder. ( z { r 1~ gooK~~s PaGE2o21 ~ - ~ y as