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HomeMy WebLinkAbout0573 ~ Borrower and Lender cove~aat ai?d aRree ar follows: • 1. P~ymeat ot Prineipal and Intere~~ E3ocmwer shall promptlY pe?Y when due the principal of and interest on the indebtedneas evidenced by the Note. prepaymant and late cher~es as Provided in the Note, and the principal oi and interest o~ any fi~ture Advancee secured by thi. Mo:tge~e. Z, I~nda [or Tases and Insuranoe• Subjcct b appUcable law or to a written waiver by Lender, Borrower ehall pey to [.ender on the ay monthly inatallmente of principa~ and interest are paYable u~der the Note. unW the Note is paid in full. a aum (herein "Ftiu?da'7 equal to one twelfth oithe yearly taxea and aseesaments which may attain priority over this Mottgage. and ground rents on 1he Property. if any. plua one tweltth of yearly pnmium instapments ior hazard ineurance, plna ono-twelRh of yearly premium instaliments for mortgage inaurance; if any. all as nasonably estimated initially and from time to time by I.ender on the basis of aseeesmente and bills and reasonable atimates thereof. 'Rie I~Lnda ahall bs held in an institution the deposits or acoounts oi ~rhich are ineured or guaranteed by a Federal or State agency (including Lender if Le,~?der ia such an institution~ Lender shall apply the Funds to pay said teses. aesesaments. insurance premiucaa and ~ ground rents. I.ende~ may not chuge for so holding and applyinB tbe ~nds, at~alyzing said accoun~ or verifying and compiling eaid aseeesments aad bills. unlesa Lender paye Borrower interee~ on the Fl~nde and applicable law permita Lender to make such a charge. Borrower and Laider may agree in writin8 at the time of e:ecution of this Mortga8e that intere~t on the ~nda shall be paid to ~orrower. and unlees such agreement is a?ade or epplicable law requires snch intereat to be Pa~d. I~nder ahell not be required to pay Borrowe~ anY intRrest or earainge on the I~nds. Lender aha116ive to Bortower. without charge. an annual acoountin8 of the F~nde ahowing credite and debite to the ~nds and the purpose for which ~ch debit to the P1~nda wae made. Tha ~nda ars pledged aa additional security for the sums secured by this Morigage. - If the amount of the P1~nds held by Lender, toBethes arith the future monthly inataUments of Fanda payable prior to the due dates of ta~cea, assesaments. inanrance pna~iume and ground rei?ts. ahell e:aaed the amount reQuired b pay said taxes. aseessmenta. insurance premiums and ground rents ae they fall due. such e~ccese she11 be. at Bormwer'a option, either promptly repaid b Borrower or cndited to Borrower on monthly instsllmenLs of P~nd~. If the amount of the I~nda held by Lender ahall not be aufficien! to pay tazes, seeeasmenta. inaurance premiums and ground rents aa they fall due. Botrower ahall paY to i.ender anY a~°°unt °ece~°ry t° ~a~e up the deficiency within 30 days ; from the date notice is mailed bY I.ender to Borrow~ requestinB PaYment Wereof. + Up~n payment in fiill of all suma eecured by Lhie Mortgage. Lender ehall pmmptlY refund to Borrower any funda held by L,ender. If under , paragraph 18 hereof the Property ia eold or the Property is otherwise acquired by Lender, I.end~ ahall apply, no later than immediately piior to the aale of the Property or its aoquiaition by Lender, any ~nda held by Lender at the time of application ae a credit againat the suma secured by this Mortgage. 3. Applieation ot Payments. Unlese epplicable law provides otherwise. all paymente received by Lender under the Note and paragraphs 1 and 2 hereof ahall be appiied by Lender first in payment of amounts payable to Lender by Borrovrer under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to intereat and principal on any Future Advancee. 4. Charges; Liens. Borrower shall pay all taacea, assessmei?ts and other rharges, finea and impoaitiona attributable to the Property which m ay attsin a priority over this Mortgage. and leasehold payments or ground rents. if any, i~ the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payee th ereof.d~,y ~~W~ = h~, p~ p~y um h to all noticea of amounts due under thia paregraph. and in the event Borrower shall make paym ~~ded, that Lender receipta evidencing auch payments. Borrower ahall promptly discharge any lien which has priority over thia Mortgage; p Borrower shall not be required to discharBe snY such lien so long as Borrower ahall agree in writing to the payment of the obligation eecured by such lien in a manna soceptable to Lender. or shail in good faith contest such lien by, or defend enforcement of such lien in, legal proceedinge which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hasard Inem'snce• Borrower ehall keep the improvementa now ezisting or hereafter erected on the Propetty inaured against losa by fire, hazarde included within the term "eztended coverage, ' and auch other hazards as Lender may require and in auch amounts and for such period8 as Lender may require; pmvided, that I.ender ahall not require such ooverage amount exceeding the minimum, as may be required by state or federal regulations governing actividea of Lender, or that amount of ooverage required to paY the euma eecured by this Mortgage. whichever ia the greater. The inaurance carrier providing the insurance shall be chosen by Rorrower subject to approval by Lender, provided, that such approval ~ ahall not be unreasonably withheld. All premiums on insurance policies shall be paid in the mannet provided under parsigraph 2 hereof or, if ~ not Paid in such manner. by Borrower making payment, when due. directly W the inaurance carrier. ; All insurance policiee and renewals thereof shall be in form acceptable to Lender and shall include a atandard mortgage clause in favor of and in form acceptable to I.ender. Lender ahaU have the right to hold the policiea and renewals thereof, and Botrower ahall promptly furniah to i.ender all renewal notices and all receipte of paid premiums. In the event of loes, Borrower ahall give prompt notice to the insurance carrier E an~ Lender. Lender may make proof of laas if not made promptly by Borrower. ~ Unlese Lender and Borrower otherwise agree in writinB. insnrance proceeda eha11 be applied to restoration or repair of the Property damaged. pro~?ided euch cratoration or repair is economically feasihle and the security of this Mortgage ie not thereby impaired. If such _ ~ restoration or repair is not economically feaeible or if the aecurity of thia Mortgage v?ould be impaired, the inaurance praceede ahall be applied ~ to the eums eec~red by thie Mortgage, with the excesa, if anY. Peid to Bon°~"'er. If the Property ie abandoned by Borrower, or if Borrower faila to s reapoad to Lender within 30 daye fcom the date notice ia mailed by Lender to Borrower that the inaurance camer offers to setde a claim for ~ inaurance benefita, Lender ia authorized to collect and apply the inaurance proceede at I.endei s option either to reatoration or•repair of the ~ Property or the aums eecured by fhis Mortgage. Unleea Lender and Borrower otherwiee aBree in writing, any auch application of ptoceeda to principal shall not e~ctend or poatpone the due date of the monthly inBtallments referred Lo in paragrephe 1 and 2 hereof or change the amount of auch inatellmente.lf under paragraph 18 hee+eof the Pcoperty ia acqaired by Lend~. all right, title and intereat of Borrower in and to aay insnrance policies and in and to the procxeda thereof reaulting from damage to Property prior to the 8ale or acquiaition shall peas to I.ender to the e:tent of the suma eecured by this Mortgage immediately prior to such sale or aoquieition. ~ 6. Preservation and Maintenance of Property; Leaeeholds; Condominume: Planned Unit Developmente. Borrower shall keep the Property in eood rePair and shall not oommit waste or permit impairment or deterioration of the Property and ahall comply with the _ provieions of any leaae if thie Mortgage is on a leaeehold. If this Mortgege ie on a anit in a condominium or a planned unit development, Borrower shall perform all of Borrower'e obligations under the declaration or covenanta creadngor governing the condominium or planned ; ~ unit development, the by-laws and tegulatione of the rnn3ominiwn or planned unit development, and constituent documents. If a ; condominium or planned unit development rider ia e:ecute~i by Borrower and recorded together with this Mortgage, the oovenante and agreements of such rider ahall be incorporated into and ahall amend and supplement the covenants and agreementa of thia Mortgage as if the rider were a part hereof.. - 5 Protection of Lender'~ Securtty?. If Borrower fails to per[orm the wveaants and agreemente contained in this Mortgage, or if any action or prooeedinB ia commenced wluch materially affects I.ender's intereet in the Propezty. inciuding, but not limited to. eminent domain, > ~ insolvency, oode enforcemen~ or arcangementa ot Pmceedin8s ~volving a bankrupt or deoedent, then Lenda at Lender's option,upon , ~ notia to Bormwer may make eech appearances. disbnrse such anma and take snch action as is neceeearY to Pmtect Lender's intaesf, ~ inclnding, but not limited to, diabursement oi rtasoaable attorney's fees and entry upon the Property to malce repai:s. If I.ender required ; mortgage insurance as a condition of malring the loan eecured by this Morigage. Borrower eha11 PaY the premiums reqaired to maintain ~ snch insurancs in dfect nntil snch time as the re9~irement for euch insurance teraninatee in acxordsnce with Borrower'a and Lendds ; written a~eement or applicabk Law. Borrower shall pay the amount of all mortgaSe inaurance premiums in the manner provided under ~ PeragraPh 2 hereof. } ~ Any amounts disbursed by Lender persnant to this paraBrePh 7. with intereet there°n, ahell beoome additional indebtedneea of ~ gorrower secured by thie Mortgage. Unless Borrower and Lendet agree to other terme of payment, euch amonnte ehall be payable upon _E notioe from I.ender to Borruwer requesting payment thereof, and shall bear intereat from the date of diabureement at the rate payable from ~ time to time on outetanding principal under the Note nnl~s payment of interest at euch rate would be oontrary to applicable law, in which ; event snch aaaunts ahall bear interest at the highest rate permiasible ander applicable law. Nothing omtai~ed tn this Pgr86*ePh shaU ~ ~ require I.a~der to incur aay e:pense or take any action hereunder. ; ~ i ~ ~00~307 P~~E 5?3 ~ _ ~ - : ~ 3 ~ - .~-`ra: