Loading...
HomeMy WebLinkAbout2935 . . t Borrower and Lender eovenaat sad agree as follows: 1. Payment of Prinetpal and Interest. Borrower shall promptly pay wben due the principal of and interest oa the indebtedness evidenced by the Note, pr~epeyment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds for Taxes and Insurance. 3ubjed to applicable law or to a written waiver, by Lender, Borrower shall pay to Lender on the day monthly instalhaeats of principal and ingest are payable under the Note. anti) the Note is paid in full, a sum (herein "Funds'? equal to one- twelfth ofthe yearly fazes and assessments which may attain priority over this Mortgage. and ground rents on the Properly, if any, play o~~- twelfth afyearly premium installments for hasard insurance, plus oae~twelfth of yearly premium installments for mortgage insurance, if any, all sa reasonably estimated initially and from time to time by Lender on the basis of aaseeaments and bilk and reasonable estimates thenafi ~ The Fends shall be held in en institation the deposits or aooounts of which are insured or gaaranteed by a Federal or State agency (including Lender it Lender is such an institution). Lender shall apply the Funds to pay said fazes, assessments, insurance premiums and ground rent. Lender may rat charge for so holding and applying the Funds. ena~ysing said account, or verifying and compiling said. assessments and biW, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to mate such a charge. Borrower and Lender may agree in writing at the time o[ execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such e~greement is made or applicable law requires such 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 aooounting of the Fonda showing credits and debits to the Funds and the parpoee 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 I.ender, together with the futon monthly installments of Funds payable prior to the due dates of fazes, assessments. insurance premiums and ground rents, shall ezoaed the amount required to pay said tares, assessments, insurance premiums ~ and ground Hats as they fall doe, such ezoess shall be. at Borrower's option, eiWer promptly repaid to Borrows or credited to Borrower on monthly installments of Fonds. If the amount of the Fonda held by Lender shall not be sufficient to pay fazes, assessments, insurance F premiums and ground Hats as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. ' Upon payment in roll of all sums secreted 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 otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the soma secured i by this Mortgage. i 3. Applicatlon of Payments. Unless applicable law provides otherwise, all payments raxived by Lender under the Note and ~ paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, ' than to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all fazes, assessments and other charges, fines and impositions attributable to the Property which ' may attain a priority over this 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 makingpayment,-when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amarnts due under this 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 t Borrower shall not be required to discharge any such lien ao 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 goad faith eonteat such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. _ 5. Hazard Insurance. Borrower shall keep the improvements now ezisting or hereafter erected on the Property insured against loss by fire, hazards included within the term "eztended coverage." and such other hazards as Lender may require and in such amounts and forauch periods as Lender may require; provided, that Lender shall not require such coverage amount ezceeding the minimum, as may be required by state or federal regulations governing activities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage. whichever is the 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 an 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 insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of ; and in form acceptable to Lender. Lender shall have We right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i,ender all renewal notices and all receipts of paid premiums. In the event of Iona, 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 otherwise agree in writing, insurance proceeds shall be applied to restoration or repay of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If each restoration or npsir is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. Uthe Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for j insurance benefits. Lender is authorized to collect and apply the insurance pr+ooeeda at Lendds option either to restoration or repair of the Property or the anma 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 monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 E hereof the Property is aegaired by Lender, all right, title and interest of Borrower in and to any insurance polities and in and to the proceeds ~ thereof resulting from damage to Property prat to the sale or acquisition shall pass to Lender to We eztent of the soma secured by this ? Mortgage immediately prior to such sale or acquisition. 6. Preservatlon and )llaintenanoe otPmperty; 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 with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, } Borrower shall perform aD of Borrows='a obligations under the declaration or covenants creating or governing the condominium or planned i unit development, the by-laws and regulatana of the oondomininm or planned unit development, and constituent documents. If a ~ condominium or planned unit development rider is ezecuted by Borrower and recorded together with this Mortgage, the covenants and ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrows fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Leader's interest in the Property. including. bat not limited to, eminent domain, i insolvency, code enforcement, err arrangements or proceedings involving a banlm~pt or decedent, then Lender at Lendds option,npon notion to Borrower may make such appearanoss, dubnne such sums and take each action es is necessary to protect Leadds interest, F including, but not limited to, dubnrsemeat of reasonable attorney's fees and entry upon the Property to make repairs. if Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such inscaanoe in egad until such time as the requirement for such insurance terminates in aooordance with Borrowds and Lendds written agnemant or applicable Law. Borrower shall Pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender perauant to this Paragraph 7, wild interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lends: agree to older terms of payment, such amounts shall be payable neon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on artstanding principal under the Note unless paymart of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Linder to incur any ezpense or take any action hereunder. ''nn~~++ 3 800r JVV P~,Z93i L { ~ ~ t, t _ - ~r