Loading...
HomeMy WebLinkAbout0622 f3orrower and Lender covenant and agree a~ foltows: ' 1. Payment ot Principal aad Interes~ Bormwer shall pmmpQy pay when due the pancipal o! and intereat un the indebtedneea evidenCed by the Note. prepayment and late charRes as provided in the Note, a~d the principal of and interest on any ~ture Adva~cea secured by thu Mortga~e. 2. Fltnds for Tases and Insursnce. Subject b applicable law or to a written waiver by Lender, Borrower ehall pay to I.ender on the day monthly inatallments of principal and interest are paYabte under the Note, unW the Note is paid in full, a eum (herei~ "Flinda") equal to onc twelfth of tha yearly teuces and assesaments which may attain priority over this Moirtgage, and ground renta on f1?e Property, if any. plue one- twelfth of yearly pnnnium inatallments for hazard inaurance, plua onetwelRh of yearly premium inatallments for mortguge inaurance. if any. all as reasonably estimsted initially and from time to time by I.ender on the basis of aaseesmenta and bills and reaeonsble estimates thereof. The Flinds shaU be held in an inatitutioa the depoeits or accounte oi which are insured or guaranteed by a Federal or 3tate agency (including Lender if Lender is such an institution). Lender shall appiy the F~?nda b pay said taxes. aaseeaments. insurance premiums and ground nate. Lender may not charge for so holding and applying the ~nde. analYiing eaid account, or verifying and compiling said aeaessmenta and billa. unless I.ender pays BorroM?er intereat on the ~unde and applicable law permiCa Lender to make such a charge. Borrower and I.ender may agree in writing at the tiane of eYecutioa of this MortgaBe that interest on the F~Lnda ehall be paid to Borrower. and unlesa such agreemeat ia made or applicable law requires such intereat to be Paid. Lender ahall not be required to pay Borrower any interest or ~ earaings on the ~nd~. I.enda ahall give b Borrower. without charge, an annual acoountinB of the Ftinde ahowing credits and debita to the Funds and the purpose for which each debit to the I~Lnds wae made.'llie ~Lnda are pledged as additional eecurity for the eums aecured by thia Mortgage. If the amount of the ~nds held by Lender, together with We future monthly insiallmenLe otF~?nda payable prior to the due datee of ta~ces, • aseesamenta, insuranoe prcminms ai!d ground rente, shall e:c~ed the amount required to paY said taxea. aseeeaments. insurance premiuma and ground rente aa they fall due. sach ea~ceea sha11 be. at Borrower s option. either pmmptly repeid to Borrow~ or c~edited to Borrower on monthly installments of Ptinda. It the a~u?ount of the Funds held by I.ender ehall not be aufficient to pay tazes. eseeasmenta, inaurance premiwna and ground rents as they faU due, Borrower shall pay to Lender any amount neceaeary to ma1~e up the deficiency within 30 daya irom the date notice is mailed by Lender to Borrower requesting payment thereof. . ; Upon payment in tuU of all suma eecu[ed by this Mortgage. Lender ahall promptly refund to Borrower any funda held by Lender. If under ~ paragraph 18 hereof the Property is aold or the Property is ot6erwiee acquired by Lender, Lender shall apply, no later than immediately ptior to the sale of the Propedy or its aoquiaition by Lender, any ~nde held by Lender at the time of application as a credit againat the auma secured _ by this Mortgage. 3. Application of Payments. Unleas applicable law pmvides otherwise, all payments received by I.ender under the Note and paragraphs 1 and 2 hereof ehall be applied by Lender firat in payment of amounts payable to I.ender by Borrower 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 Advances. 4. Chargee; Liens. Borrower shall pay all ta~ces, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payme~ts or ground rente, if any, in the manner provided under~aragraph 2 hereof or, if not paid in auch manne~, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly fumieh to l.ender , all notic~ of amounta due under thia paragraph, and in the event Borrower shaU make payment directly, Borrower ahall promptly furnish to L.ender receipte evidencing auch paymenta. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to diecharge any such lien ao (ong aa Borrower ahalt agree in writing to the payment of the obligation secured by such lien in a manner ac~ceptable to Lender. or shali in good faith rnntest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enf~rcement of the lien or forfeiture of the Property or anY Part thereof. 5. Hazard Insurance• Borrower ahall keep the improvementa now e~ciating or hereafter erected on the Property inaured against losa by fire, hazarde included within the tern~ "e:tended coverage; and auch other hazards se Lender may require and in auch atnounta and for such periods as Lender may require; provided. that Lender ehall not require such coverage amount exceeding the minimum, as may be required by state or federal regulatione governinB activitiea of Lender, or that amount of rnverage required to pay the suma secured by this Mortgage, whichever ie 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 on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. _ All inaurance policies and renewals thereof shall be in form acceptable to Lender and ahall include a atandard mortgage clauae in favor of and in form acceptable to Lender. Lende~r shall have the right to hold the policiea and renewala thereof, and Borrower shail promptly furniah to , ~ i.ender aU renewal noticee and all reoeipte of paid premiume. In the event of loss, Borrower ehall give prompt notice to the insurance carrier • ' and Lender. Lender may malce proof of loea if not made promptly by Borrower. ~ Unless Lender and Borrower otherwiBe agree in writing, insurance pmceeds shall be applied to reatoration or repair of the Property ~ damaged. provided such reetoration or repair ia economically feaaible and the security of this Mortgege ie not thereby impaired. If such ~ reetoration or repair is not eoonomically feaeible or if the eecurity of this Mortgage would be impaired, the insurance proceeds ahall be applied ~ to the sums secured by thie Mortgage. with the excees. if anY. Paid to Borrower~ If the Propedy ie abandoned by Borrower. or if Borrower faile to ~ reapond to Lender within 30 dsYs from the date notice ia mailed by I.ender to Borrower that the ineurance carrier offers to eettle a claim for ~ inaurance benefita; Lender ie suthorized to collectahd apply the ineurance proceeds at Lendefs option either to reetoration or repair of the ~ Property or the sums secared bY t!?ia Mortgage: Unlesa Lender and Borrower otherwiee a8rce in writing, any such application of prooeeds to principal ehall not extend or poetpone the due date of the monthly installmenta referred to in paraHraPhe 1 and 2 hereof or change the amount of euch inatallmenta. If under paragraph 18 hereof the Proputy is aoquired by I.ender, all rig6t, tide and interest of Borrower in and to any inautance policies and in and to the proceeda thereof resulting from damaBe to Property prior to the sale or soquieition ahall pase to Lender to the e:tent of the auma secured by thie htortgage immediately prior to sach sale or aoquieition. 6. Pceaervation and Maintenance of Property; Lease6olds; Condominume; Planned Unit Developments. Borrower ehall keep the Property in Bood rePair and ehall not oommit waste or permit impairment or deterioration of the Propedy and ahall comply with the proviaiona of any lesee if this Mortgage is on a leasehold. If this Mortgage ia on a unit in a aondominium or a planned unit development, Borrower shall perform ell of Botrower's obligationa under the declarafion or covenante creatingor governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planned unit development, and constituent dceumenta. If a ~ condominium or planned unit development rider ia e:ecuted by Borrower and rer.orded toeether with thie Mortgage, the oovenante and agreementa of auch rider ahall be incorporated into and ehail amend and aupplement the rnvenante and agreemente of this Mortgage as if the rider were a part hereof. 7. Protection ot Lender's Securih~. If Borrower fails to perform the oovenante and agreements contained in this Mortgage. or if any ; action or pmoeedin8 is oommenced which materially aftects Lender's interest in the Propa~tY. including. but not limited to, eminent domain. : insolveacy. oode enforo~ent, or arranBements or p~oe~ings involving a bankrupt or decedent, then Lender at Lende:'s option,apon , ~ notice to Borrower may mai~e snch appeasancee, diaburee euch sums and teke such action as is neceseerY to Pmt~t Lender s interee~ inclnding, but not limited to, disbnrsement of r~sonable attomry's fees aad entry upon the Property to meke repairs. If Lendet required ~ mortgage insurance as a rnndition of making the loan secured by this Mortgage, Bormwer ahall pay the pr~ninms req~ired to maintain each insurance in a~ffect nntil such time as the requ'vement for snch insurance tenninates in aooordanoe with Borrowde and I.ende~s written agreement or applicabk Law. Borrower ehall pay the amount of all mortge8e ineurance premiume in ihe manner provided under pareSrePh 2 hereoL < ~ Any amonnts disbursed by I.ender perauant to thie paragraph with interest thereon, shall beoome additional indebtedness of r~ Borrower secured by this Mortgage. Unlesa Borrower and Lender agree to other terms of peyment, auch amount+s ehall be payable upoa ~ notice from Lenda to Borrower requesting peyment thereof, and shall bear interest from the date of disbureement at the rate payable fsom ~ time to time on outatanding principal under Lhe Note unleea paymeat of intereet at snch rate would be oontrary to epplicable law. in whic~ event euch emounta shall bear intereat at the higheat rate permissible under applicable law_ Nothing rnntained in thie paragreph 7, ahall ; ~ require Lender to incur any e:penee or take any action hereunder. - ~ ~ _ ~ ~ 5~ RK ~07 ~a~~_ 622 . ~ . _ ~ ~n, ~ _ _ - . _ : _ ,