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HomeMy WebLinkAbout0764 _ . . ~ ` ' Borrower and Lender covenant and a~ree as followa: 1. Pyrmeat ot Prlnclpal aad Iateree~ Borrower ahall promptly pay when due the principal of and intereat on the i~debted~eea evidenoed by the Note, prepe~yment and late charges as pmvided in the Note, and the prinripal of and intereet on any Fl~ture Advanc~ eecured by this Mottge~e. Z. Ptinds for Taze~ ~ad In~urance. 3ubject to applicable law or to a written waiver by Le~der, Borrower ahall pay to Lender on the day monthly insLalla?ente of principal end interest are payable under the Note. until the Note ia paid in full, a aum (herein "~nda") equal to one •iwelfl,h of the~yeady taues and assessments whith may attain priority over this Mortgage, and ground rente on the Property, if any. plua ona tvirelfth of yearly premium i~stallments for hezard inaurance. plus onetwelRh ofyear~jr premium inataltments tor mortgageinaurance. if any, all ea reasonably eetimated initial~y and tmm time to time by I.ender on the basia of asaeaemente and billa and reaeonable estimatea thereof. "Phe Phnds sball bs held in sn iastitution the depoeits or aooounta of which ara insured or guaranteed by a Federal or State agency (including Lender if Lender is auch an institution). Lend~ shall app~jr the I~ads to pay said taues, asaessmeats. ineuranoe premiums and ground rents. Lender mayr not charge for so holding aad applying the ~nds. analyzing eaid account, or verifying end rnmpiling eaid esseesmeata and bills. unlese Leader pays Borrower intereat on the F~nde and applicable law permits L,ender to make auch a charge. Bormwer and Lender may agree in writing at the time of execution of this Mortgage that intereat on the ~nds ehall be paid to Borrowar. and unleas such a~reemeat is made or applicable law requires auch int~rest to be paid, I.ender ahall not be required to p~y Borrower sny intereat or earninge on the Fl~nds. Lender ahall give to Borrower, without charge. an annual acrnunting of the P`unde ahowing credite and debite to the I~nds and the purpose for which each debit b the ~ada was made. The ~nda are pledged as additional eecurity for the eums secured by this Mortgsge. lf the amount of the Elinda held by Lender. together with the future monthly installmenta of Funde payable prior to the due datee of t~ee. essessmeate. insuraaoe premiume and ground rents. shall exozed the amount required to pay said taxee. esaeasmente, ineurance premiume and ground reata as they fall due, such ezcess ahall be. at Borrower s option, either prompdy repaid to Borrower or credited to Borrower on montbly installments of l~nds. If the amount of the fi~nde held by Leader shall noL be aufficient to pay taxea, aeeessments. ineurance premiums and grouad rents ae they faU due, Borrower shall pay to Lender any amount neceseary to make up the deficiency within 30 days from the date notiae is mailed by Lender to Borrower reqaeating payment thereof. Upon paynnent in finll ~all sums eecured by thia Mottgage, Lender sha11 promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property ie eold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immedialely prior to the sale of the Properiy ~ ite aoquiaition by I.ender, any FLnda held by Lender at the time of application aa a credit againat the snms aecured by this Mortgage. , 3. Application of Psymeats. Unless applicable law pmvides otherwiee, ~all payments received by L,ender under the Note and paragrapha 1 and 2 henof shall be applied by Lender first in payment of amounte payable to Lender by Barrower under paragreph 2 hereof, then to intereat payable on the Note. then to the principal of the Note, and then to interest and principal on any Ftiture Advancea 4. Charges; Liens. Borrower ehall pay all ta:ea, asaessments and other chargea. finea and impositions attributable to the Property which may attain a priority over this Mortgage, and leaaehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in auch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower ahall pmmptly furniah to l.ender all notioea of amonata due under thia paragraph, and in the event Bomower ahall make payment directly. Borrower ahall pmmpdy furnish to I.ender receipts evidencing auch paymente. Borrower shall promptly diacharge any lien which has priority over thia Mortgage; provided, that Borrower ahall not be required to diecharge any such lien eo long as Borrower shall agree in writing to the payment of the obligation eerured by auch lien in a maqner aoceptable to Lender, or shall in good faith contest such lien by, or defend enforcementof such iien in, legal proceedings which aperate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazar~ Ineurance. Borrower ahall teep the improvementa nnw exiating or hereafter erected on the Property inaured againat loas by ~ fire, hazarda included within the term •'~tended coverage," and auch other hazarde as Lender may require and in such amounts and for such periode aa Londer may require; pmvided, that Lender ahall not require auch wverage amount eaceeding the minimum, as may be required by atate or federal regalations governing activiti~ of Lender. or that amount of coverage required to pay the sums secured by this Mortgage, whichever is !he greater. The insurance carrier pmviding the insurance ahall be chosen by Boaower subject to approval by Lender, provided, that such approva! shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under pnragraph 2 hereof or, if not paid in auch manner.•by Borrower making_payment, when due, directly to the inaurance carrier_ . All ineurance policiea awd renewale ther~of ahall be in form acceptable to Lender and ahall include a standard mortgege claaae in favor of and in form aoceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall prompdy fumish to i.eader all renewal notioes and all receipta of paid premiuma. In the event of loee, Borrower shall give prompt notice to the inaurance carrier and I.eader. Lender may make proof~uf lose if not made prompdy by Borrower. Unleas Lender and Bormwer otherwiee agree in writing. insurance pmceeds ehall be applied to reatoration or repair of the Property damaged, provided ench reetoration or repair ia economically feseible and the eecurity of this Mortgage is not thereby-impaired. If such restoration or repair is not economically feasible or if the eecarity of thia Mortgege would be impaired~ the inaurance proceede shall be applied to the eume eecured by this Mortgage~with the ezceas. if any, psid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to i respoad to I.ender within 30 days from the date notice ie mailed by I.ender to Borrower that the inaurance carrier ogere to eettle a clairn for insurence beae5te, Lender is authorized to collect and apply the inaurance ptoc,eeds at Lender's option either to restoration or tepair of the ~ Property or the suma eecnred by thia Mortgage. _ ' Unl~a Lender and Borrower otherwiee age+ee in writing, any such application of pinceeds to principal ahall not e~tend or postpone the due date of the monthly installmente refernd to in paragrapha 1 aad 2 hereof or change the amonnt of euch installmente. If under paragraph 18 hereof the Property is aoqnired by Lender, aU right, tide and interest of Borrower in and to any insurance poliriea and in and to the proceeda ~ thereof reenlting from damage to Propetty prior to the eale or aaquisition shall paes to Lender to the e:tent of the auma secured by this ~ Mortgage immediately prior to scch sale or acquisition. ~ 5 6. Preaervation and Maintenance of Property; I.easeholde; Condominume; Planned Unit Developmente. Borrower shall keep ~ the Property in good repair and ahall not oommit waHte or pe~it impairment or deterioration of the Propedy and shall comply with the proviaiona of any leare if thia Mortgage ie on a leasehold. If thia Mortgage is on a unit in a oondominiwn or a planned unit development, ~ Borrower shall perform all of Borrower's obligationa under the declaratioa or covenants cre~tingor governing the oondominium or planned unit development, the by-lawe and regulatione of the condominiam or planned nnit development. and oonstituent documents. If a ~ rnndominium or plenned unit development rider ie e:ecated by Borrower and recorded together with thia Mortgage, the oovenants and ~ agreementa of such rider ahall be inrnrporated into and shall amend and supplement the covenante and agreements of this Mortgage as if the - ~ rider were a part hereof. ~ 7. Protection of Lender's Securit~+. If Borrower fails to perform the oovenants and agreements oontained in this Mortgage. ar if any ~ action or proceeding is commenoed which materially affecta I.ende~s interest in the Property, including, bot not limited to, ~inent domain, ~ insolvency, oode enforoemen~ or arrangements or pmoeedings involving a banim~pt or deoedent, then Lender at Lender's option,apon ; notioe to Borrower mey make snc6 appearauces, diaburse such sums and take euch actioa as ia neceeeary to proted L.ender's intaeet, inclnding. but not limited to, disbursement of reasonable attorney'e fees and entry upon the Property to make repairs. If Lender required ' - mortgage insnrance as s oondition of making Lhe loan secared by t~is Mortgage, Borrower shall pay the pr~iume reqnired to maintain - auch insnranoe in eKect nntil sach time ae We req~irement for snch insurance terminatea in sooordance wit6 Borrower's and I.ende~s written agreement or applicable Iaw. Borrower ahaU pay the amount of all mortgege ineurance premiuma in We manner provided under ~ paragraph 2 hereof. ; Any amounta diebnrsed by Lender persuant to this paragraph 7, with intereat thereon, eheU beoome additional indebtedneea of ' Borrower eecured by this Mortgage. Unleas Borrower and Len,der egree to other terma of payment, such amounte ehall be payable upon ~ notice from Lender to Borrower requeeting payment theteof, and ehall bear intenst from the dete of disbureemeat at the rate payeble from { time to time on outstanding principel under the Note unlese payment of interest at auch rate would be contrary to epplicable law, in which = event such amounta ehall bear interest at the highest rate petmieaible under applicable law. Nothing contained in this paragraph 7, shall ~ require I.ender to incar any e:pense or take any action hereunder. ~ ~ i . ~ . . sec~ 30$ PacE 7s4 f ~ ' ~ ~ ~ ~ ~v% ~ fF ~ _ . - ~ . ~ , - xr` ~';Y. . - ~ -