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HomeMy WebLinkAbout0223 , ' . Borrower snd Lender coveaant and aQree as follows: ~ 1. Payment of Pri~clpal and Iateres~ Borrowe~ ahall promptly pey when due the principal of and i~tereat oa the indebtednesa evidenced by the Note. prep~yme~t aad late charges as provided i~ the Note, and the principal of and intereet on any F~tun Advances secured by chis Mortgage. 2. Fundi for Ta:ea and Insusanoe. Subject to applicable law or b a written waiver by I.ender, Bor~ower ehall pay to l,ender on the day i monthly instalfinents of principal and interest are payable under the Note, until the Note is paid in full, a eum (herein "~nds") equal to one ~ twelfth of the yesrly taxes and aaeeeemenes which may attain pciority over thie Mortgege. and ground rente on the Property. if any, plue on~ ; twelfth of yearly premium inatallmente for hazard inaurance. plua onetwelfth ofyearly premium installmenta for mortgage inaura~ice, if any. ~ all ae reasonably eetimated initially and trom time to time by Lender on the baeie of asseesmenta and billa and reaaonable eatimatee thereof. ' 71~e PLnds shall be held in an instihtion the deposits or aocounts of which are ineured or guaranteed by a Federal or State agency ' (including Lender if Lende~ ia euch an institution). I.ender ahall apply the ~ds to paX eaid taxes. asaessments, inaurance premiume and ,ground nnts. Lender~may not charge for so holding and applying the Ftinda, ana~yzing said accoun~ or veritying a~d compiling said ? asseasments and bilb, unlees I.ender pays Borwwer intereet on the ~nde and applicable law permite l.ender to make auch a charge. Borrower and I.ender may agree in writing at the time of e:ecution of this Mortgage that intereat on the ~nde shall be paid to Borrower, and unleas such sgreement is made or applicable law requires such intereat to be paid. Lender ahall not be required to pay Borrowar any intereat or ~ earnings on the F1nda. Lender shall give to Borrower. arithout charge, an anrtual aoaounting uf the Funda showing credits and debita to the Funds and the purpoae for which each debit to the Funda was made. The Funde are pledged as additional eecurity for the suma secured by this Mortgege. If the amouat of the FLnda held by I.ender, together with the future monthiy installments of Funda payable prior to the due datea of taxee, asseesments. insurance premiums and ground rente. ahaU e~cozed the amount required to pay eaid ta~cee. asaeasments, insurance premiums and ground reats as they fall due, euch ~oeas ahall be. at Borrower a option, either prompdy repaid to Borrower or credited b Borrower on monthly inatallmanta of I~nda. If the amount of the Funda held by Lender ahall not be.aufficient to pay taxea, aeeessme~ta, inaurance piemiume and ground rente as they fall due. Borrower ahall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.ender to Borrower requesting payment thereof. Upon payment in full of all sums securEd by this Mortgage, Lender ahall prompdy refund to Borrower any funde held by Lender. If under paragraph 18 heteof the Property iB eold or the Property ie otherwiee acquircrl by Lender, Lender ahall apply, no later than immediately prior to the eale of the Property or its soquisition by I.ender. any Funda held by Lender at the time of application as a credit againat the suma secured by thie Mortgage. 3. Applicadon of Paymente. Unless applicable law providea otherwise, all paymenta received by L'ender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender 6rst in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, thea to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Chergee; Liens. Borrower ahall pay all taxes, assesaments and othercharges, fines and impoaitione attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gi~und renta, 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. Borrower shall promptly turniah to Lender all noticea of amounta due under thia paragraph, and in the event Borrower ahaU make payment d'uectly, Borrower shail prompUy turniah to Lender receipta evidencing auch paymenta. Borrower ahall promptly diacharge any lien which has priority over this Mortgage; provided, that Borrower ehall not be required to diacharge any such lien ao long as Borrower ahall agree in writing to the payment of the obligation aecured by ' such lien in a manner acceptable to Lender, or ehall in good faith conteat such lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien ar forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower shall keep the impmvementa now eaiating or hereafter erected on the Property inaured againat loss by fire, hezards included within the term "eactended coverage.° and auch other hezards as Lender may require and in such amounta and for auch periods as I.ender may require; provided. that Lender ahali not ~equire such ooverage amount eaceeding the minimum, as may be required by atate or federal regulations governing artivities of Lender, or that amount of rnverage required to pay the sums aecured by this Mortgage, whichever ia the greater. ~ The insurance carrier providing the insurance shall be chosen by E3orrower 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 policiee and renewala thereof shall be in form acceptable to Lender and shall include a atandard mortgage clauae in favor of and in form aoceptable to Lender. I.ender ahall have the right to hold the policies and renewals thereof, and Borrower shall prom ptly fumish to i.endet all renewal notioes and all receipta of paid premiums. In the event of losa, Borrower shall give prompt notice to the inauFance carrier and Lender. Lender may make proof of loae if not made promptly by Borrower. ~ Unleas Lender and Borrower otherwiee agree in writiag. inaurance prooeeda ahall be applied to reatoration or repair of the Property ~ damaged, prov'sded euch restoration or repair ia economically feaeible and the security of thia Mortgage ie not thereby impaired. If euch ~ reatoration or repair ia not economically f~asible or if the security of thix Mortgage would be impaired, the inaurance proceeds shall be applied ' to the auma secured by thie Mortgage, wifh t6e e~ccess. if any. paid to Borrower. If the Property is abandoned by Borrower. or if Borrower faila to f respond to Lender within 30 daye trom the date notice is mailed by I.ender to Borrower that the inaurance carrier ot~'ers to settle a claim for 1 ineurance benefita, Lender ie suthorized to coUect and apply the inaurance proceeds at Lendei a option either to reatoration or repair of the ~ Property or the suma eecured by thie Mortgage. ` Unleas Lender and Borrower otherwiee agree in writing, any euch application of proceeds to principal ahall not extend or poetpone the due ~ daLe of the monthly instaUments referred to in paragraphs 1 and 2 hereof or change the acnount of auch installmenta. If under paragraph 18 ~ hereof the Property ia acquired by Lender, all right, title and intereat of Borrower in and to any inawance policiee and in and to !he proci.~eda thereof reaulting from damage to Property prior to the 8ale or aoquisitioa ahall pase to Lender to the e:tent of the eume eecured by this ~ Mortgage immediately prior to suc6 eale or aoqaiaition. ~ 6. Preaervation and Maiatenance of Property; Leaseholde; Condominums; Planned Unit Developmente. Borrower ahall keep - ~ the Property in good repair and ehall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the ~ proviaione of any lease if this Mortgage is on a leaeehold. If this Mortgage ia on a unit in a condominium or a planned unit development, ~ Sorrower ahall perform all of Borrower's obligatione under the declaration or covenanta creatingor governing the oondominium or planned ~ unit development, the by-laws and regulatione of the rnndominium or planned unit development, and rnnatituent documente. If a condominium or planned unit development rider ie ezec~ted by Borrower and reoorded together with thia Mortgage, the oovenants and ~ agreementa of auch rider ahall be incorporated into and sha11 amend and aupplement the rnvenants and agreements of this Mortgage as if the ~ rider were a part hernof. e 7. Protectton o! I.ender's 9ecurity. If Borrower fails to perform the oovenants and agreementa oontained in thia Mortgege, or if any $ action or pmoeeding ia commenced which materially affecte Lender s interest in the Property, including, but not limited to, eminent domain. _ insolvency~ oode enforcement, or arrangements or pmoee~dinga involving a bankrapt or decedeat, then I.ender at Lender's option.upon ~ notice to Borr~ower may make such appearences, disburee snch eume end taice each action as is neceasary to protect I.ender's interest, - inclnding, but not limited to, diebureement of reaeonable attorney's fees and eatry upon the Property to make npairs. If Lender required mortgage insnrance as a condition of mal~ing the loan secured by this Mortgege, Borrower shall pay the pr~inms required to maintain ~ such insurance in effect nntil such time aa the requirement for auch inaurance terminatea in aocordance with Borrower a and Lender's - written agreement or applicable Law. Borrower ehall pay the amount of a11 mortgage ineurance premiums in the manner provided under t paragraph 2 ha~eof. ~ My emounte disbarsed by Lender pereuant to thia paragraph 7, with intereat thereon, ahaU beoome additional indebtedneea of Borrower secvred by this Mortgage Ualeas Borrower and I.ender agree to other terma of paywent, auch amounte sha11 be payable upon ± notice from Lender to Borrower reqnesting payment thereof, and ehall bear intereet from the date of disburee:uent at the rate payable from ' time to time on outatanding principal under the Note unleea payment of interest at snch rate would be oontrary to applicable law, in which ~ event auch amounts shall bear interest at the higheat rate permiesible under applicable I~w. Nothing contained in this paragraph 'I, ahall ~ require Lender to incur any eupenee or take any action hereunder. ~ ~ g~?~ ~10 , 223 ~ . ~ ~ ~ - _ _ _ ~