Loading...
HomeMy WebLinkAbout2960 } , „ i~ ~ ~ ~ ^ J Borrower and Lender covenant and agree as folbws: 1. Payment of Pr[nelpaa and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtednew evidwesd by the Nots, prepayment and late charges a. provided in the Note, and the principal of and interest on any I~ture Advances secured by this Mortgsge. Z. Ftinds [or Tares and Insurance. 3ubjeet to applicable law os to a written waiver by Lender, Borrower shall pay to Lender on the day monthly insWlmwts of principal sect interest are payable under the Note, until the Note is paid in full, a sum (herein "P1mds'~ equal to one- twelRh ofthe yearly taxes and assessments whidt may attain priority over this Mortgage, and ground rents oa the Property, if any, plus oae- tweltth ofyearly premium instal4nents for hazard insurance, plus one•twelflh of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and from time to time by Lender on the beau of aaseeamwta and bills and reasonable estimates thereof. ` Tbs Fbnds shall bs held in an institatioa the deposits or accounts of which are insured or guaranteed by a Federal or State agwcy } (including Lender U Lender is such an iaatitntion). Lender shall apply the Ptimda to pay said fazes, assessments, insurance premiums and j ground rests. I.euder may not charge for so holding and applying the FY~nds, analyzing said account. or verifying and compiling said i assessments and biW, unless Lender pays Borrower interest on We Fends and applicable law permits Leader to make snch a charge. Borrower and Lender may agree in writing at We time of ezecution of this Mortgage that interest on We Itinds shall be paid to Borrower, and udew tech agreement is made or applicable law requires wch interest to be paid. Lender shall not be regnired to pay Borrower any interest or earnings oa We P1mda. Lender shall give b Borrower. wiWout charge. an annual aeoounting of the Funds showing credits and debits to the Ftiwds and the purpose for which each debit to the Fbnds was made. The Fonda are pledged as additional security for We sums secured by this Mortgage. If the amount of the Fends held by Lender, together with the future monthly installments of F`ands payable prior to the due dates of lases, assessments, insurance premiums and ground rents. shall e:oaed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due. snch e:eess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Fluids. If the amount of the F1mds held by Lender shall not be enfficiwt to pay tares, assessments, insurance premiums and ground rests as they fall due. Borrower shall pay to Lender any amours gapes~ary^to ma><e up We deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof _ 1 Upon payment in full of all wms secured by this Mortgage, bender shall promptly refYrnd 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 to the axle of the Property or its aequiaition by Lender, any F1mds held by Lender at the time of application as a credit against the sums secured ~ by this Mortgage. - ~ ! 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender fast in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, - then to interest payable on the Note, then to the prinapal of the Note, and then to interest and principal on any I~ture Advances. Charges; Liens. Borrower shall pay all taxes, aaeesamwta and other charges, fines and impositions attributable to the Property which may attain a priority ova this Mortgage. and leasehold payments oz ground yenta, 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 i all notices of amounts due under thin 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 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 contest 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. - t 5. Ilaurd Insurance. Borrower shall keep the improvements now eziating or hereafter erected on We Property insured against Iota by fire, hazards included within the term "eztended coverage, 'and such other hazards as Lender may require and in such amounts and for such 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 4 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 snch 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. Lends shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to lender all renewal notices and all receipts of paid premiums. In the event of lase, Borrower shall give prompt notice to the insurance carrier f and Lender. Lender may make proof of Ices if not made promptly by Borrower. Ualesa Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damaged, provided snch restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of thin Mortgage would be impaired, the insurance proceeds shall be applied ~ to the soma secured by this Mortgage, with the e:eeas, if any, paid to Borrower. If the 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 insurance bwefita, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the ~ Property or the sums secured by this Mortgage. E Unless Lender and Borrower oWerwise agree in writing, any snch application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of snch installments. Lf ender paragraph 18 hereof the Property is acquired by Lender, all right, title 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 aogniaition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior b wch sale or aegnisition. 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 with the i provisions of any lease if this Mortgage ie on a leasehold. If this Mortgage is on a snit in a wndominium or a planned unit development, i Borrower shall perform ell of Borrower's obligations under the declaration or rnvenanta creatingor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and oonatituent documents. If a # E condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the eovenanta 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 Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any i action or procxeding is oommwced which materially affects Lender's interest in the Property, inclading, bat not limited to, eminwt domain, insolvency. code eaforoemwt, or arrangements or proceedings involving a baukrnpt or deosdwt, then Lender at Lendds option,npon } notice to Borrower may make snch appearances. disburse snch sums and take snch action as is necessary to protect Lender s interest, including, b~ not limited to, disbarsemwt oaf reawnable attorney's fees sad wiry upon the Property to melee repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums repaired to maintain r snch insurance in effect natil wch time as the regairement for snch insurance terminates in soodrdance with Borrower's and Leadds writtw agreemwt or applicable Law. Borrower shall pay the amoant of all mortgage insurance premiums in the manner provided ender paragraph 2 hereof. Any amounts disbarred by Lwder r Borrower secured this Mo persuant to this paragraph 7, with interest thereon, shall become additional indebtedness of by rtgage. Unless Borrower and Lwder agree to other terms of paymwt, wch amounts shall be payable upon E notice from Lender to Borrower requesting paymwt thereof: and shall bear interest from the date of disbursemwt at the rate payable from time to time on outstanding principal under the Note anlesa paymwt of interest at such rate would be contrary to applicable law, in which l evwt snch amounts shall bear interest at the highest rate perrmisaible ender applicable law. Nothing contained in this paragraph 7, shall f i require Lwder to incar any ezpense or take any action hereunder. ¢F d d R ACf 29~ b00K C x - _ . _ . r_