Loading...
HomeMy WebLinkAbout0065 E3or~ower and Le~der rnve~ant and agree as follows: 1. Payment of Principal and Interest. Borrower ehall prompUy pay when due the principal of and interedt on the indebtedneae evideaced by the Note, prepeyment and late charges as pcovided i~ the Note, and the principal of and intereat on any ~ture Advancee aecured by thie Mortgage. - 2. ~tnds !or Ta=es and Ineurance. Subject to applicable law or to e written waiver by I.ender, E3orrower shall puy to l.ender on the day monthly inetallmenta of principal and intcreat are payable u~der the Note, until the Note ia paid in full, u sum (herein "Funda") equal to one~ twelfth o[the yearly taxes and aaseasme~ta which may attain priority over this Mortgage, and ~und renta on the Property, if any, plue on~ twelRh of yearly prnmium inatallments for hazard insuranc~e, plua onetwelflh ofyearly premium inetallmenta [or murtgage insurance, i[ttny, all aa reasonably eatimated initially aod from time to time by I.ender o~ the basis of aae~sseasments and bille and reasonable eatimates thereof. The ~nds ahall be held in an institution the deposite or sccounts of which are ineured or gnaranteed by a Federa! or State agency (including l.ender it Lender ia auch an inetilution). Lender ahall apply the Funda to pay eaid taxea. asaesaments, ineurance premiums and ground renta. I.ender may not charge for eo holding and applying the ~nda, analyzing eaid account, or verifying and compiling said asseaemente and billa. unleas I.ender peye Borrower intereet on the E unda and applicable law permits Lender to make such a charge. E3orrower and Lender may egree in writing at the time of e:eculion of thia Mortgage that intereat on the Funda shall be paed to Borrower, and onless such agreement is made or applicabte law requirea auch intereet to be paid, Lender shall not be required to pay Borrowet any intereet or earnings on the ~nds. I.endet ehall give to Borrowe~, without charge, an annual accounting of the Funde ahowing credita and debite to the Funds and the purpoee for which each debit to the Funds was made. The Funda are pledged as additional aecurity for the aums secured by this Mortgage. If the amount of the ~nda held by L.ender, together with the future monthly inataltmenta of Funda payable prior to the due datea of taxea, aeaesamente. ineurance premiums and gr~und renta, ahaU exc~.d the amount required to pay said ta:ea, assesements, inaurance premiuma and ground rents ae they fall due. auch e:ceae ahall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly inataUments of Fl~nde. If the amount of the Funda held by Lender shali not be eufficient to pay taxea, asaesamenta, inaurance premiume and ground renta as they fall due, Borrower ahall pay to Lender any amount neceasary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all suma eecured by this Mortgage, I.ender ahall promptly refund to Borrower any funda held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwiae acquired by I.ender, l.ender ahall apply, no later than immediately prior to the sale of the Property or ita acquiaition by Lender, any Funda held by Lender at the time of application as a credit against the suma secured by this Mortgage. 3. Apptication of Paymente. Unlesa applicable lavr providea otherwiae. all payments received by Lender under the Note and paragrapha 1 end 2 hereof shall be applied by Lender Cirst 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 Advancea. - 4. Chargea; Liene. Borrower ehail pay all ta~tes, assessmente and other chnrgea, fines and impositions attributable to the f'roperty 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 making payment, when due, directly to the payee thereof. Botrower shall promptly furnish to Ixnder all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Botrower shall promptly furnish to Lender receipta evidencing such paymenta. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that F3orrower shall not be required to discharge any such lien so long ns Borrower shall aRree in writing to the payment of theobligution secured by such lien in a manner acceptable to L.ender, or shall in good faith contESt such lien by, ordefend enforcement ofsuch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower shali keep the improvemente now exieting or hereafter erected on the Property insured against losa by fire. hazards included within the term "extended rnverage," and euch other hazards as Lender may require and in such amounts and forsuch periods se Lender may require; provided, that Lender shull not require auch rnverage amount exceeding the minimum, as may be reyuired by state or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater_ - The inaurance carrier pmviding the insurance ahall be chosrn by Borrower subject to approval by I,ender, pmvided, that such approval ahall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paraKraph 'l hereof or, if not paid in such manner, by E3orrower making payment, when due, directly to the insurance cazrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a stsndard mortgage clauae in favor of ! and in form acceptableto Lender_ Lender ahal! have the right to hold the poticiea and rnnewela thereof, snd Borrower shall promptly furnish to ' i.eader all tenewal aotices and all receipte of paid premiums. In the event of loss, Bormwer ahall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of lose if not made promptly by Borrower. ! Unleas Lender and Borrower otherwise agree in writing, insurance proceeds ehall be applied to restoratior. or repair of the Property ~ damaged, provided auch restoration or cepair is economically feasible and the security of this Mortgage is not thereby impaired. If such ~ reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceede shall be applied s to the aume secured by this Mortgage, with the exceas, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if~$orrower faila to reapond to Lender within 30 daya Erom the date notice ia mailed by Lender to Borrower that the insurance carrier offera to settle a claim for : insurance benefits, I.ender ie authorized to coUect and apply the ineurance proceeda at Lender a option either to ~estoralion or repair of the ~ Property or the eume secured by this Mortgage. 3 Unlesa Lender and Borrower otherwise agree in writing, any such application of proceeda to principal ahall not extend or postpone the due R date of the monthly inetaliments referred to in paragraphs 1 and 2 hereof or change the amount of auch installments. If under paragraph 18 ~ herpof the Property ia acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeda e thereof reeulting from demage to Property prior Lo the sale or soquisition ahall pass to I.ender to the extent of the auma secured by this ~ Mortgage immediately prior to auch sale or acqnisition. - ~ ~ 6. Preeervation and Maintenance of Property; Leaseholds; Condominuma; Planned Unit Developmenta. Borrower ahall keep ~ the Pro rt in ood re air and ahall not commit waste or pe y~ g p permit impairment or deterioration of the Property and ahall rnmply with the ~ provisions of any leaee if thie Mortgage ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ Borrower shall perform all of Borrower's obligations under the declaration or covenanta creatingor goveming the condominium or planned ~ unit development, the by-laws and regulatione of the condominium or pianned unit development, and conatituent dceumenta. If a ; condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenants and y agreementa of such rider ahall 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'e Security. If Borrower faila to perform the oovenants and agreementa contained in thie Mortgage, or if any 3 action or proceeding ie rnmmenoed which materially affecte Lender e interest in the Property, includ'u~g, but not limited to, eminent domain, ineolvency, oode enforoement, or errangemente or proc~eedings involving a bankrupt or deaedent, then Lender at Lender'e option,upon ~ notice to Borrower may make auch appearancee, dieburee auch suma and take euch action ae ie neoeesaryr to protect I.ender e interest, ' including, but not limited to, diebureement of reaeonable attorney'a fces and entry upon the Property to make repaire. If Lender required ` mortgage ineurance as a condition of making the loan sec~red by this Mortgage, Borrower ahell pay the premiume required to maintain ; euch insurance in effect until snch time as the requirement for such ineurance terminatee in accordance with Borrower'e and Lender e written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiuma in the manner pmvided under paragraph 2 hereof. My amounte diebureed by Lender pereuant to thie paragraph 7, with intereat thereon, ehall become additional indebtedneae of _ Borrower eecured by this Mortgage. Unleae Borrower and Lender agree to other terme of payment, euch amounte ehall be payable upon - notice from Lender to Borrower requesting payment thereof, and ehall bear interest from the date of diaburaement at the rate payable from ' time to time on outatanding principal under the Note unleae payment of interest at auch rate would be oontrary to applicable law, in which ~ event auch amounts ahall bear intereat at the hi heat rate g permiasible under applicable law. Nothing contained in this paragraph 7, ahall ~ reyuire L,ender to incur 3ny expenee or take any action hereunder. ~ ~ ~ ~ . 3~~ ~ 30~ ~5 . ~ , ~ ~ : . . . . . , . . . ~ ~ _ . _ r~~: