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HomeMy WebLinkAbout0214 . ~ - , ~ , ; Borrower and I.ender rnvenant and a~ree as folbws: 1. Peyment ot Principal snd Interes~ Borrower shall promptly pay when due the principal of and inteteet on tlie indebtecineea evidenoed by the Note. prepayment and late charges as pmvided in the Note, end the principul of and intereat on any Elture Advancea secured by this Morfgage. 2. Ftitade for Tazea snd [nauranoe. Subject to applicable law o~ to a written waiver by I.ender, Horrower ahgl~ pqy_tol.ender on the day monthly inatallanents of principal end interest are payable under the Note, until the Note is paid in full, a sum (herein "Ftinds") equal to one twelRh of the yearly taxee and esscaements which may attain priority over thie Mortgage, and ground rente oo ~e Properiy. if any, plua one twelfth of yearly premium inatalla~ents for hasard inaurance, plua onetwelRh of yearly premium inetallme~ta for mortgage inaurance, if any, a11 as reasonably eatimated initially and fcom time to time by l.ender on the baeis of aeaessmenta and biila and reaaonable eatimates thereof. The Fuade ahall be held in an institution the depoeits or acoounte of which are inaiued or guaranteed by a Federal or State agency (including LendQ if Lender ia such an inetitution). Lender shaU apply the Funde to pay said taues. aseesaments, inaurance premiums and ground rents. Lender msy not charge for so holding and applying the Fltnds, analyung said account, or verifying and compiling eaid ssesamenta and bills, unless I.ender paye Borrowes intereet on the FLnda and applicable law permita Lender to meke euch a charge. Borrower and Lender may agree in writiag at the time of ezecutioa of this Mo~gege that intereet on the ~nda 8ha11 be paid to Borrower, and unless such egreement ia made or applicable law requires such intereat to be paid, Lender ahall not be required to pay Botrower any intereat or earninge on We Flu~da. Lendet shall give to Borrower, without charge. an annual accounting of the F~nda showing credita and debite to the ' Ftinds and the purpose for which each debit b the Flinds wae made. The ~nds are pledged aa additional security for the eume eecured by thie ' Mortgege. If the amount of the ~nds held by Lender, together with the future monthly installmente of Funda payeble prior to the due datee of taxee, ess~sments, ineurance premiuma and ground rente, ahall e:azed the amount required to pay said tszes, esaeasments. insurance premiume and ground rents aa they fall due, auch exceee shall be, at Borrower e option, either prompdy repaid to Borrower or credited to Borrower on monWly installmenta of fltnds. If the amount of the fl~nde held by Lender shall not be sufficient to pay tazea, asseasmenta, insurance preminma and ground rente as they fall due, Borrower ehall pay to Lender any amount neceaeary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requeeting payment thereof. Upon payment in full of all auma eecured by thie Mortgage, Lender shall promptly refund to Borrower any funds held by L.ender. If under patagraph 18 hereof the Property is sold or the Property is otherwiee acquired by Lender. I.ender ahall apply, no later than immediately prior to the eale of the Property or its aoquiaition by Lender. any ~nda held by Lender at the time of application ae a credit againat the aume secured by thia Mortgage.. 3. Application of Payments. UaleBS applicable law providea otherwiee, all paymente reoeived by Lender under the Note and paragraphs 1 and 2 hereof ehall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to intereet peyable on the Note, then to the principal of the Note, and then to intereet aad principal on any Future Advancea. 4. C6arges; Liene. Borrower ehall pay all taxea, assesaments and other charges. fines and impositiona attributable t~ the Property which may attain a priority over this Mortgage. and leasehold paymenta or ground renta, if any, in the manner provided under pazagraph 2 hereof or, if not paid in such manner. by Borrower making payment, when dne, directly to the payee thereof Borrowershap promptly fornieh to Lender all noticea of amounts due under thie paragraph, and in the event Borrower shali make payment directly, Borrower shall promptly furniah to Lender receipts evidencing such paymenfa_ Borrower ehall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation secured by auch lien in a manner aooeptable to L.ender. or ehall in good faith contest such lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or for[eiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower ahall keep the improvements now existing or hereaft~er erected on the Property inaured against losa by fire. hazarde included within the term "e:tended coverage; ' and euch other hazardB se Lender may requirn and in such amounte and for such perioda se I.ender may require; provided, that Lender ahall not require sach ooverage amount e:ceeding the minimum, as may be required by etate or federal regulationa governing activities of Lender, or that amount of coverage required to pay the suros secured by this Mortgage. whichever is the greater. , . The insurance carrier providing the inauranoe shall be chosen by Borrower subject to appmval by l.ender, provided, that such appro~ al ehall not be unreaeonably withhPld. All prnrniLms on insurance policies shall be paid in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ! All insurnnce policies and renewala thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of i and in form acceptable to Lender. Lender ahall have the right to hold the policiea and renewala thereof, and Borrower sh ail promptly furniah to ! i,ender all renewal noticee and all n~:eipts of paid premiume. In the event of loss. Borrower ahall give pmmpt notice'to the insurance carrier ' and Lender. Lender may ma1~e proof af loes if not made prompdy by Borrower. ~ . ~ Unleas Lender and Borrower otharwiee agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property ~ damaged. provided snch reatoration ar repair is economically feasible and the eecurity of thie Mortgage is not thereby impaired. If auch ~ rnetoration or repair is not economicall y feasible or if the eecurity of thia Mortgage would be impaired, the insurance proceeda shall be applied ; to the suma secured by thia Mortgage, with the e:cees, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrowet faila to I respond to Lender within 30 daya from the date notice ia mailed by Lender to Borrower that the inaurance carrier of~era to settle a claim for ~ inaurance benefite, I.ender is suthorized to collect and apply the inaurance proceede at Lender's option either to restoration or repair of the ~ Property or the awns eecured by thie Mortgage. E Unleea Lender and Borrower otherwise agree in writing, any snch application of proceeda to principal ehall not e:tend or poetpone the due date of the monthly inetallmente refemed to in paragraphs 1 and 2 hereof or change the amonnt of such inatallmenta. if under paragraph 18 hen~of the Property is aequired by Len3e~r. all right, tide and intereet of Borrower in and to any inaurance policies and in and to the proceeda thereof reaulting from damage to Pr~~perty prior to the sale or aoquiaition ahall pase to I.ender to the e:tent of the euma secured by thie ~ Mortgege immediately prior to such sale or soquisition. ~ 6. Preservetion ead M.tinteaaece of Property; Leaseholde; Condominuma; Planned Unit Developmente. Borrower ehall keep ~ the Property in good repair and shall not comaut waste or permit impairment or deterioration of the Property and ehall comply with the ~ provisiona of any leaee if thie Mortgage is on a leasehold. If thie Mortgage ia on a unit in a oondominiiun or a planned unit development, ~ Borrower ahall perfomn all of Borrower'e obligatione under the declaration or covenante creatingor gove~rning the condominium or planned ~ unit development, the by-laws and regulatione of the condominium or planned unit development. and constituent documenta. If a ~ condominium or planned unit development rider is execated by Borrower and recorded together with thia Moctgage. the wvenanta and ~ agreements o[auch rider ahall be incorporated into and ahall amend and aupplement the rnvenants and agreemente of thia blortgage as if the ,a ~ rider were a part hereoT a 7. Protection ot I.ender's Security. If Borrower fails to perform the oovenants and agreementa oontained in this Mortgege, or if any action or prooeeding is rnmmenced which materially affecte Lender'e interest in t6e Property, including, but not limited to, eminent domain, ~ insolvency, aode enforcement, or arrangements or prooeedings involving a bankrupt or decedent, then Lender at I.endei a option,upon ' notice to Borrower may make such appearances. dieburee euch aume and take such action aa is neoeseary to protect Lendez's interes~ ' ~ inclnding, but not Wnited to, disbursement of reaeonable attomey'e fees and entry upon the Property to make repairs. If Lender required ~ mortgage ineurance as a condition of inelcing the loan eecnred by thie Mortgage, Borrower ehall pay the premiams reqnired to maintain a snch ineurance in effect nntil euch time as Lhe requirement for auch inaurance terminates in sooordance with Borrower's and I.enda~s ~ writt~eu agreement or appliceble Isw. Borrower ahall pay the amount of sll mortgege inaurance premiums in the manner provided under . ` paragraph 2 h~ceof. ~ Any amounts disbnrsed by Lendez persuant to thie paragraph 7, with interest thereon, ahell become additional indebtednees of ' ~ Borrower secured by thia Mortgege. Unlese Borrower and I.ender agree to other terme of payment, euch amounte shall be payable upon ~ ~ notioe trom I.ender to Borrower requeeting payment theteof, and ahall bear interest from the date of disbureement at the rate payable from ? 3 time to time on outatanding principal under the Note unleas payment of intereat at euch rete would be conUrary to applicable law, in which I eveat such amounts ahall bear interest at the higheet rate permiasible under applicable law. Nothing contained in this paragreph 7, shall J ~ reqnire I.ender to incnr any ezpenee or take any action hereunder. ~ ~ , goo.r ~1Q Pac~ 214 ~ . ,y a : ~ ~ . , • i ~ - ~