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HomeMy WebLinkAbout0069 Borrower er?d Lertder rnvenanE and agree as [ollows: 1. Payment ot Priacipal and Intere~t. Borrower shall p~omptly pay when due the principal of and intereat oa the indebtednees eyidenoed by the Note. prepaymeat and late charges aa provided in the Note, and the principal o[and intereet on any PLture Adva~ces secured by this Mottgage. 2. I~nds for Tace~ eu~d Iaourance. 3ubject to applicable law or W a writte~ waiver by Lender. Borrower ahall pay to Lendet on the da~y monthly inatallments of principal and intere~st are payable ur?der the Note, until the Noee is paid in full. a aum (herein "Ftinds") equal to one twelfth of the yearly ta:ee and assessments which may attain priority over this Mortgage. and ground ~ente on the Property. if any, plus one twelRh olyearly premium itistallmenls for hasard instrance, plue one-twelRh of yearly premium insiallments for mortgege inaurance, if sny, all as reasonably estimated initially nnd from time to time by l.ender on the baaia of aeseeamenta and billa and reaeonable eetimates ther~f. The PLnds shaU be held in an institution the deposits or acoounts of which are uuured or guaranteed by a Federel or 3tate agency (including I.ender if l.ender is such an institution). Lender shall apply the Funda to pay said taxes, asaeasments. inaurance premiums and giround nntp. Lender may not charge for so holding and applying the ~nds, analyzing seid account, or verifying and compiling eaid asseeamenta and bills. nnlees I.ender pays Borrower interest on the ~nds and applicable law permits L.ender to make such a charge. Borrower and Lender taay agree in writing at the time of e:ecution ot thia Mortgage that interest on the ~nde shall be paid b Borrower, and unlesa such agreement u made or appUcable law requires such interest to be paid, Lender ahall not be reqnired to pay Borrower any intet~est or eamings on the F~nde. L.ender shaU give to liorrower, without charge, an ennual acoounting oi the ELnds ehowing credif8 and debita to the Funda and the purpoee for which each debit to the fi~nda was made. The Funda are pledged aa additionel security for the sums aecared by this Mortgage. If the amount of the ~Lnds held by Lender, together with the [uture monthly instellmenta of Funda payable prior to the due datee of tauces. esaeesments, insurance premiums and ground renta. shall ezoaed the amount required to pay said t~zes. aaaeasmenta, inaurance premiume and ground rents aa they fall due, such ezoeas ehall be. at Botmwer a option, either pmmptly npaid to Borrower or credited to Borrower on monWly inetallmeats of fi~nds. If the amount of the ~nds held by Lender shaU not be sut'ficient to pay t~es, aseeasmente. ineurance premiums and gmund rents as they fall due, Borrower ahall pay to Lende~ any amount neceaeary to make up the defiriency within 30 days from the date notice is mailed by Lende~ to Borrower requeating payment thereof. Upon payment ics ful! of aU snma secw~ed by this :?iortgage, I.ender ahall pmmptly refund to Borrower any funds held by Lender. lf under paragraph 18 hereof the Pruperty is eold or the Property is otherwiee acquired by I.ender. Lender ahall apply. no later than immediately prior to the eale of the Property or its aoquisition by Lender. any ~nds held by I.ender at the time of application as a credit againet the euma eecured by this Mortgage. 3. Appllcation of Psyments. Unleae appUcable law pmvides otherwiee. all paymenta received by I.ender under the Note and paragraphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on fhe Note, then to the principal of the Note, and then lo intereat and principal on any Future Advanoea. 4. Chargea; Liens. Borrower ehaU pay all ta:ea, asaeasmenta and otherchargea, finea and impoaitiona attributabte to the Property which may attain a priority over this Mortgage, and leaaehold paymente or ground rents, if any, in the manner provided under paregraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly fumish to Lender all notioea of emounta due under thia paragraph, and in the event Borrower ahall make payment directly, Borrower ahall promptly furnish to Lender receipts evidencing auch paymenta_ Borrower ehall promptly discharge any lien which has priority over this Mortgage; provided, that Borrowez ahall aot be required to diecharge any auch lien so long as Borrower shall agree in writing to the paymentof theobligation secured by such lien in a manner acceptable to I.ender, or ahall in good faith conteat auch lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or torfeiture of the Property or any part thereof 5. Hazard Insnrance. Borrower ehall keep the improvemente now eziating or hereaRer erected on the Property ineured againat losa by fire, hazaede included within the term "eztended rnverage, ' and auch other hazards as I.ender may require and in such amounts and for auch periada aa Lender may require; provided, that Lender shall not require auch ooverage amount exceeding the minimum, as may be required by atate or federal reg~lations goveming activitiea of Lender, or that amount of rnverage required to pay the eums aecured by this Mortgage. whiche~ er is the greater. The insurance carrier providing the inaurance ahall be choeen by Borrower aubject to appmval by. Lender; provided, that such approval ahall not be unreaeonably withheld. All premiums on insurance policiea ahali be paid in the manner provided under paraqraph 2 hereof or, if i not paid in auch menner, by Borrower making payment, when due, directly to the insurance carrier. t All ineurance policiee and renewale thereof ahall be in form acceptable to Lenderand shall include a etandard mortgage clause in favor of ~ and in form aooeptable to Lender. I.ender ahall have the right to hold the policiea and renewals thereof, and Borrower ahaU pmmptly furniah to i.ender all renewal notices and all receipte of paid premiums. In the event of loea. Borrower ahall give prompt notice to the inaurance carrier and I.ender. Lender may aiake proof of loss if not made promptly by Borrower. ° Unless Lender and Borrower otherwiee agree in writing, ineurance proceede shall be applied to resLoration or repair of the Property ~ damaged, provided euch reaLoration or repair is econanically feasible and the aecurity of thie Mortgage ie not thereby impaired. If auch ~ reatoratian or repair is not economically feseible or if the security of thie Mortgage would be impaired, the insurance pmceede shall be applied to the suma secured by thie Mortgage, with the ruceas. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Bo:rower faila to ; reepond to Lender within 30 days fram the date notice ia mailed by Lender to Borrower that the insurance carrier offers to aetde a claim for inaurance benefits, Lender is authorized to collect and apply the ineurance ptoceeds at Lender's option either to reatoration or repair ot the Proprrty or the aums secnred by thia Mortgege. Unleas Lender and Borrower otherwise agree in writing, any auch application of procceds to principal shall not eutend or postpone the due date of the monthly inatallmenta.re[esred to in paragrapha 1 and 2 hereof or change the amonnt of such inatallmenta. If under paragraph 18 hereof the Properly ie aoquired by I.ender, all right, titk and interest of Borrower in and to any insurance policiee and in and to the proceeda thereof resulting from damage to Property prior to the sale or aaquisition ehall pass to Lender to the eztent of the sums sec~red by this Mortgage immediafely prior to sucli eale or aoquiaition. 6. Preservetion and Maiatenance otProperty; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in Qood repair end shall not rnmmit wa8te or permit impairment or deterioration of the Property end shall oomply with the proviaiona of any lease i[ thie Mortgege ia on a leaeehold. If this Mortgage is on a unit in a aondominium oi a planned unit development, ~ Borrower ehall perform all of Borrower's obligations under the declaration or covenanta creatingor governing the oondominium or planned ~ unit development, the by-lawe and regulations of the condominiucn or planned unit development, and rnnatituent documente. If a ~ condominium or planned unit development rider ia e:ecuted by Borrower and recorded-together with thie Mortgage. the oovenante and ~ agreementa of euch rider ahall be incorporated into and ahall amend and aupplement the covenanta and agreements of thia Mortgage aa if the 3 rider were a pari hereof. 7. Protection ot Lender'~ Security. If Borrower fails to perform the oovenants and agneements contained in this Moitgage. or if any ~ action or proceeding ie oommenced w6ich materially affects Lende~s interest in the Property. includine. but not limited to, emineat domain. insolven oode enforoement, or arrangements or rooeedings involving a bankrupt or deoedent, then Lender at I.endd~ ~ ~71. p option,npon ~ notice to Bori+ower may ma1~e each appearanaes. disbnrse rnch sums and take snch action as is neoe~sary to proted Lend~'~ intercat, ~ including. bot not limited to, disbnrsemeat of reasonabk attosney's fee~ and entry upon the Propedy to make repairs. If I.enda reqnired ~ mortgage insurance as a condition of making the loen secured by this Mortgege. Borrower shall pay !he pr~inms reqnired to maintain ~ snch insurance in effect nntil sach time as the requinment for snch inaurance terminates in accordanoe with Borrower's and Leada's written agreement or applicable I~w. Borrower shall pay the amount of all mortgage iwurance premiuma in the menaer provided undez ~ paragreph 2 hrreof. ; Any amounts disburoed by Lender penuant to this paragraph 7, with intereat thereon, shall beoome additional indebtedners of ~ ~ Borrower secured by thia Mortgage. Unless Borrower and I.ender agree to other terms of payment, auch amounte shall be payabk upon ~ notice irom Lender to Borrower requeating payment thereot, and shall bear intereat from the date of diabursemeat at the rate payable from time to time on outstanding principal under the Note unless peyment ot interest at such rate would be oontrary to appliceble law, in which ~ event such amounts shall bear interest at the highest rate permiasible under applicable law. Nothing contained in this peragreph 7, shall require Lender to incur eny e:pense or take any a¢tion hereunder. ~ } ~ ~ ~o~K 311 oA~~ ~69 ~ ~ ~ . ~ ~ - _ ~ ~ ~