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HomeMy WebLinkAbout2956 ~ ,y ' ~t Borrower and Leader eoveaaat and u follows: 1. Payment of Princlpal and Interest. 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. Funds for Tares and Iaauranoe. Subject b applicable law or to a written waiver by Lender, Borrower shall pay to Lendec on the day monthly installments o[principal and interest are payable under the Note. until the Note is paid in full, a sum (herein "Funds'? equal to one• twelfth of the yearly tares and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plea ones twelfth of yearly premium instalbments for hazard insurance, Plus onstwelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The FLnds shall bs held in an institution the deposits err aeoonnts of which are insured or guaranteed by a Federal or State agency (including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rent. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, nalea Lender pays Borrows: interest on We Funds and applicable law permits Lender to make such a charge. Borrower sad Leader may ogres in writing at the time of execution of this Mortgage that interest on the Farads shag be paid to Borrower, and unless such agreetment 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 Fl~nds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Fends and We purpose for which each debit to the Ftimds wan made. The Funds are pledged as additional security for the sums secured by this Mortgage. 1f the smonnt of the Fends held by Lender. together with the future monthly installments of Funds pay able prior to the due dates of fazes, assessments, insnraaee premiums and ground yenta, shall ezoaed the amount required to pay said ta:ea, assessments, insurance premiums and ground rents as they fall doe, such exoeas shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on ~ monthly instalhneata ~ Fends. If the amount of the Funds held by Lender ahaU not be sufficient to pay taxes, assessments, insurance Pre~~ and ground rents as they fall due, Borrower shall pay tD 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 pgymeat in fall of all anma secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. Uunder ' paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply. no later than immediately prior j to We sale of the Property err its aegaiaition by Lender, any Ftimda held by Lender at the three of application as a credit against the soma secured f by this Mortgage. E 3. Application of Payments. Unless applicable law provides otherwise, all payments received by bender under the Note and ' paragraphs 1 and 2 hereof shall be applied by bender fnrat in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then 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 tares, assessments and other charges, tines 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, - ifnot paid in such manner, by Borrower making payment. when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amonnta due ender this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing anch payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any wch lien so 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 faith rnnteat such lien by, ordefend enforcement of such lien in, legal proeeedinga ~ which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. F c 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage,"and such other hazardB as Leader may require and in such amounts and for such 1 periods as Lender may regnire;~provided, that Lender shall not require such coverage amount exceeding 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. t t The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by bender, 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 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 foram acceptable to Leader. Lender shall have the right to hold We policies and renewsle thereof, and Borrower shall promptly furnish to lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. bender may make proof of Loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property ? damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such ~ restoration or ie not economicall feasible or if We securi of this M e would ' ~u Y ty ortgag be nnpaied, the insurance proceeds shall be applied ~ to the soma secured by this Mortgage, with the excess, if any, paid to Borrower. If We Properly ie abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days flora the date notice ie mailed by Lender to Borrower that the insurance carrier offers to settle a claim for j insurance benefits, Lender is authorized to collect end apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the sums secured by thin Mortgage. Unless Lender and Borrower otherwise agree in writing, any each application of proceeds to principal shall not eztend or postpone the due i i date of the monthly installments referred to in paragraphs 1 and 2 hereof err change the amount of such installments. Uunder paragraph 18 ` hereof the Property is aognired by Lender, all right, tick and interest of Borrower in and to any insurance policies and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or aogaisition shall pass to Lender to the eztent of the auras eecared by this Mortgage immediately prior to each sale a aegnisitioa 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep i 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 nay lease if this Mortgage is on a leasehold If this Mortgage is on a unit is a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under We declaration or covenants creatingor governing the condominium or planned i unit development, the bylaws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is e:ecsted 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 oovenanta and agreements of this Mortgage as if the rider were a part hereof. t 7. Protection of Lender's Secarlty. V Borrows: fails to perform the covenants and agreements contained in this Mortgage. or if any aMion or proceeding is commenced which materially affects Lenders interest in the Property, including, brat not limited to, eminent domain, t insolvency, node enforameat, err arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,npon notice to Borrower may make each appearances, disburse such sums and take such action as is necessary to protect Lender's intabet, including. but not limited to, duborsement of reasonable attorney's fees and entry upon the Property to make mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall repay It regmred pay the premiums regmred to maintain such insurance in effect until such time as the requirement for such insurance terminates in aeoordance with Borrower s and Lender's written agreement err applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided ender paragraph 2 hereof. i ' Any amounts disbareed by Lender persaant to this paragraph 7, with interest thereon, shall become additional indebtedness of i Borrower secured by thin Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon ~ notice from;.ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from ' time to time on ontatanding principal undo the Note unless payment of interest at anch rate would be wntrary 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 Lender to incur any e:penae or take any action hereunder. i r t ' , . ~ 8001c VVV vq~E29~ i -