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HomeMy WebLinkAbout0390 B~??TOwe~ and l.ender covenant und rgree ue fulluwa: 1. Aayment of f'rincipal and Intereat. liorrower ahe~ll prumptiy ~?xy when due the principal uf i~nd interrxt un the indebtidnre~s evidenced by the Nute, prepayment and Inte churgeei ua pn~vided it? the iVote, and Ihe principul uf und intrrest un any F uture Adviinces aecurrd by thia Murtgage. 2. FLnde torTaxee and Ineurance. SubjeM to i~pplici~blr luw or to a writtro waiver by IAndrr,l3orruwe~xhull puy lu Ixnderun the dt~y monthly installmentx of princi}~l and i~terest ure payiible unde~ the Nule, uatil the Nute iei puid in full, ai aum Ihrrein "Funda") C(~URI ?OOI1P twelRh of the yearly tt~xra und uaseeixmentx which muy attuin priurity over thie Mortgi+ge, and Kround rrnts un the Property, if e~ny, plus onP twelRh of yearly premium i~alallmenta fo~ huzard inauruncr, pius unrlwrlfth ofyrurly prrmium insti?ilmr~tx for mortgage insurancr, if uny, ull na rensonnbly estimatcd initiuUy and from time to time by la+nder on the b.isis of a~.Yexxments und bills nnd reusunt~bie ~Y:timut~~x th~•r~v,f. The F~nda ahaU be held in an inatitution the deposita or accounta of which are inaured or Kunraiiteecl by a Neder~l ur State ugency (including lxnder if I.ender ia auch an inetitution). I.e~der ehall apply lhe Funds to pi?y said tt~xi~, axxeeu+menti+, inaurance prrmiume und ~ound rente. I~ender may not charge for eo holding and applying the hunda, nnalyzing auid account, or verifying nnd cumpil~nR suid asaesaments and bills, unlesa I.ender paya Burrower internat on the Funda und upplici~ble law permitx I.ender to muke auch a charge. liorrower and l.ender may ag~ee in writinq t~t the time af executia~ of thia Mortgage that intereat on the Htinds shalt be paid to tiorniwer, and unleas auch agreement ia made or applicable law requiree auch intereest to t?e paid, I.ender shnll not be mquired to pay t3orrower any intereat or earninga on the Flrnda. I.ender ahall give to Horn~wer, without charge, nn annual a~rounting of the H unds yhuwinK credits and debita to the Funda and the purpose for which each debit to the Mtinde wua made. The N unda are pledged as e?dditional security forthe sum~ secured by thie Mortgage. If the amount of the Munda held by I.ender, together with lhe future monthly inatallments uf h unds paynble prior to the duedutes of tuxea, asaeaementa, inaurance premiums and Rround renta, shall exc~ed the nmount reyuired lo pay xtiid tuxes, asxesxmenla, insurunce premiums and ground renta as they fall due, auch excesa shall be, at F3o~TOwer'a option, either pmmptly repaid to l3orruwe~ ur credited to E3orruwer on monthly inetaUmenta of Ftinda. If the amount of lhe M unda held by I.ender ah~ll not be aufficient to pay taxes, a?aseavments, insurance premiusna and ground renta as they fall due, I3orrower shall pay to l.ender Any nmount necessary to make up the deficiency within :i0 days from the date notice ia mailed by I.ender u~ F~rrower reyuesting payment thereot. Upon payment in full of all aums secured by this Mortgx~e, I.ender ahn~prpp~,ptly rnfund to E3orrower uny [unde held by l.ender. lf under paragraph 18 hereof the Yroperty ia sold or the E'iroperty is othenviae acquiri~d ttjr'1'.~dQt~~er shall apply, no laterthan immediutely prior to the sale of the Property or its acquiaition by l.ender, any Funds held Ky~~~eiQ~e of application ua a credit ~gainat the sums secured by thie Mortqage. ~'M'«,!' J 3. Application of Paymente. Unlesa applicable law provides o ~Il~~~eived by I.ender under the IVote t~nd paragrapha 1 and 2 hereof shall be applied by I.ender first in payment of aU~~1~~jr~1~~~~3orrower under purugrt~ph 'l hereof, then to intereat payable on the Note, then to the principal o[ the Note; and tlten~~v 'ncipal un nny Future Advtinces. 4. Charges; Liens. fionower shall pay all taxes, assessmenta t~nd olher cht~rKes, fines an ~ s attributable b~ the !'roperty which may atlain a priority over this Mortgage, and leaisehold p~ymen~R or Kmu~d ren~g, if any, in the mnnner pru~~idc~ under pur.iKn~ph Z herEr?f or, if not paid in such manner, by Rorrower makinK payment, when due, directlv to the payee thercr?f. Rormwershull prumptly furnish lo I.ender all notices of amuunts due under this paragraph, and in the event li~rrower shall make p:?ymcnt dirc~•Uy. Bormwer sh.ill prumptly fumish to I.ender receipts evidencing such pnyments. Fiorrower shall prompUy discharKr any lien which has priurity over this 111orlKaKe; providecl, th:U [3orrower shall not be requireci to dischxrge xny such lien so I~ing ~~s 13orn?wer shall .igree in wrilinK tn the payment uf theubliKati~~n securcKl by such lien in a manner acceptable to I.ender, or shaU in ti«,d faith nintt~t sui~h lien by, ordefend enfi?n-rm~•nt of such li~•n in, l~•K.il pnx•~~dinks which operate to prevent the enforcement of lhe lien or forfeilum of the Pro~rty or any p~~rt there~~L 5. Hazerd Ineurance. Borrower ahaU keep the improvementa now existing or hereafter erected on the Property insured aKninst luss by fire, hazarda included within the term "extended rnverage," and auch other hazards as l.ender may require and in such amounts and fi~r such periode as Lender may require; provided, that I.ender ahall not requirr such coverage amount exceeding the minimum, as may be reyuimd by state or federal regulations governing activities of [.ender, ur that amount of coverage required to pay the sums secured by this MortKaKe, whichever is the greater. The insurance carrier providing the insurance shnll be chosen by Borruwer subjec•t to approval hy Ixndt•r, E~n~~~ided, that such :~pprov:il shxll not be unreasonably withheld. All premiums on insurunce pulicies shall he paid in lhe manncr pn~videcl under para~;raph 'L h~•rw~f ur. if not paid in such manner, by 13orrower making payment, when due, dircrtly to the in~ur~nce carrier. All insurance policiea and renewals thereof ahall be in form acceptable to I.enderand shall include a stnndard mortgageclause in f~vor of and in form acceptnble to I.ender. l.endershall have the riQht to hold the policies and renewals thereof, and Korrower ahall promptly furnish tn i.ender all cenewal notices and all receipts of paid premiums. In the event of loss, E3orruwer shall give prompt notice to the insurance carrier ; and t.ender_ I.ender may make proof ot losa if not made pmmpdy by Borrower. ~ Unlesa I.ender and E3orrower otherwise agree in writinq, insurance proceeds shall be applied to restoration or repair uf the ['ruperty ~ damaged, provided such restoration or repair is economically feasible and the aecurity of this Mortgage is not thereby impaired. If such f reatoration or repair is not economically feasible or if the security of this Mort{~age would be impaired, the ineurance proceeds shall be applied E to the sums aecured by thia lNortgage, with the excess, if any, paid to Eiorrower_ If the Properiy is abandoned by F3orrower, or if F~rrower fails to i respond to I.ender within 30 days from the date notice ie mailed by I.ender to E3orrower that the insurance camer offerx to settle a claim for ! insurance benefita, [xnder is authorized to collect and apply the insurance proceeds at I.endei s option either to restor~tion or repair of the ~ Property or the aums aecured by thie Mort~age. Unlesa Lender and Borrower otherwise agree in writing, any auch application of proceeda to principal shall not extend or postpone thedue ~ date of the monthly installments referred to in paragrapha I and 2 hereof or change the amount of such instnllments. If under paragraph 1K ~ hereof the Pmperty is acquired by l.ender, all right, title and interest of E3orrower in and to any insurance policies and in and to the proceeds ~ thereof reaulting from damage :o Property prior to the sale or acqu~sition ahal) pasa to l.ender to the extent of the aums secured by this Mortgage immediately prior to auch sale or acquiaition. ~ 6. Preeervation and Maintenance of Property; Leasehotda; Condominume; Planned Unit Developments. E3orrower shall keep . the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ proviaions of any lease if this Mortgage ie on a leasehold. If this Mortgage ie on a unit in a condominium or a planned unit development, ~ E3orrower ahall perform all of E3orrower e obligations under the declaration orcovenants creatin~;or governing the condominium or planned ~ unit development, the by-lawa and regulationa of the condominium or planned unit development, and conatituent documents. If a ~ evndominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the wvenants and ~ aKreements of such rider ahall be incorporated into and shall ~mend and supplement the covenants and axreements of this MortgaKe as if the ° rider were a part herei~f. ~ 7. Proteetion of Lender'e 3ecurity. If Borrower fails to perform the oovenante and agreemente contained in thie Mortgege, or if any action or proceeding ie commenced which materially affecte Lender a intereat in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or errangemente or proceedinge involving a benlwpt or decedent, then Lender at Lender e option,upon ~ notice to Borrower may make euch appearancee, diaburee such aume and take euch aMion ae ie neceaeary to protect Lender e intereet, including, but not limited to, diebureement of reaeonable attorney's feea and entry upon the Property to make repaire. If Lender required ~ mortgage ineurance ae a condition of making the loan eecured by thie Mortgage, Borrower ehaU pay the premiume required to maintain 3 euch ineurance in effect until auch time as the requirement for euch inaurance terminates in accordance with I3orrower'a and Lenders ~ written agreement or applicable Law. Borrower ehall puy the amount of all murtgage ineurance premiume in the manner provided under ' paragraph 2 hereof. ; Any amounte dieburaed by I.ender perauant to thie paragraph 7, with interest thereon, ahall become additional indebtedneae of ~ Borrower eecured by this Mortgage. Unleae E3orruwer and Lender agree to other lermb of payment, euch amounte ehall be payable upon notice from I.ender to Aorrower requeeting payment thereof, and ahall bear intereet from the date of diebureement at the rate payable from ~ time to time on outatanding principal under the Note unleea payment of interest at euch rate would be rnntrary to applicable law, in which ~ event such amounts shaD bear intereat at the higheet rate permiaeible under applicable law. Nothing contained in thie paraqraph ehall ~ require I~ender to incur any expenae or take any action hereunder. ~ ~ ~ ~ ~ z ~ ' U k (]n a ' En!'+~U9 ~ACE ~t7ll ~ ~~y _ ~ ,3 . ~s;s„,_, .c _zrJ' c t,s, ~ _ . ~ . . -E .