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HomeMy WebLinkAbout0090 . _ ~ L: Borrower and LeAder rnvenant and agree as followa: . 1. Payment of Prit~clpal ~Ad lateres~ Borrower shall promptly pay when due the principal of and interest on the indebtedness avidenoed by Ws Note. prepayment aad late charge~ as pruvided in the Note. and the principal of aad intetat on any I~ture Advances securod by this Mortga~e. 2. F`unda for Taxea aod I~uurance. Subjecf to applicable law or to a written waiver by I.ender. Borrower ahall pay w l.ender on the day monthly inatallmenta of principal and iuterest are p~yable und~ the Note, unW the Note is paid in fuU, a sum (herei~ "FLnds") equal to ono- twelfth of lhe yearly t~uces and asseesments which mey attain priority over thia Mortgage, and ground rents on the Property, if any, plus ono- ` twelRh of yearly prcmium inatallments for hazar~ insurance, plua on~twelRh ofyearly premium installmente for mortgage ineurance, if any. ~ all as reasonably estimated iaitially and from tune to time by Lender on the basis of aesesementa and billa and reasonable estimales thereof. 1T~e fl~nds shaU be held in an inditutioa the. deposits or aocount~ of rvhich are insured or guaranteed by a Federal or 3tate ageacy (including Lender it Lendez is such an institution). Lender shall apply the Ptinds b pay said ta:ea. aeaesaments. insuranoe premiume and ground e~eats. Lender may aot charge [or so holding and applying the ~nde, analyzing said aocount, or veriEying and compiling said essessments and billa. unless Leader paya Borro~res interest on Lhe ~Lnda and appliceble law permite I.ender to make euch a charge. Borrower and I.ender may agree in writing at the time of executioa of this Mortgage that interest on Lhe ~nds ahall be paid to Borrower. and unlese such agreement ia made or applicabk law requiree euch intereat to be paid, Lender ahail not be required to pay Bormwer any interest or earnings on the FLnds. [.eader shall give to Borrower. withou! cherge. an annual aooounting of the Fnnds showing credits and debits to the P~nds aad the purpoee for which each debit to the Ftinds was made. The Funds an pledged as additionat security for the suma secured by this Mortgage. , If the amount of the Fhnds held by Lender, together with the future monthly inetallmenta of fi~nds payable prior to the due datea of t~es, asaessments. inaurance permiums and ground rents. shall eacceed the amount required to pay eaid ta:ea, aseessmenta, insurance premiums and gronnd renta as they fall due. auch e~cess ehall be. et Borrower s option, either prompdy repaid b Borrower or credited to Borrower on monthly installments of fi~nds. If the amount of the Funds heW by Lendet shall not be sufficient to pay ta:es, aeeessments, iasurance prevsiums and ground cents as they fell due. Borrower ehall pay to I.ender eny amount neoeeeary to make up the deficiency within 30 deys from the date notice is meiled by Lender to Borrower requeating payment thereof. . Upon payment in full of aU aums secured by this Mortgage. Lender shaU prompQy refund to Borrower any funde held by Lender. If under paragraph 18 hereof the Property iB aold or the Property ie othenviee acquired by L,ender, Lender ahali apply, no later than immediately prior to the eale of the Property or its auquisition by Lender. any F~unde held by Lender at the time of epplication as a credit againat the suma eecared by thia Mortgage. ' 3. Applieatlon of Pay~nents. Ualeas applicsble law ptovidee otherwiee. all payments received by Lender under the Note and paragrapha 1 and 2 hereof ehall be applied by Leader first in payment of amounfa payable to Lender by Borrower under paragraph 2 hereof. then to intereat payable on the Note. then to the principal of the Note, and then to interest aad principal on any Future Advances. 4. Charges; Liena. Borrower ehall pay all taxea, assessments and other charges, fines and impoeitions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymenta or ground rentB, if any, in the manner provided under paragraph 2 hereof or. if not paid in auch manner, by Borrower malcing payment, when due, directly to the payee thereof. Borrower ahall prompUy furniah to I.ender all notioes of amounts due under this paragraph, and in the eveat Borrower ahal! make payment directly, Borrower shall prompUy fumiah to I,ender receipta evidenring auch payraenta. Borrower ehali prompdy discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to diecharge any such liru ao long as F3orrower shatl agree in writing to the payment of the obligation secured by auch lien in a manner acceptable to l.ender, orahall in good faith conteat such lien by, ordetend enforcement ofsuch lien in, legal proceedings which operate to prevent the enforcement'of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insuraace. Borrower shall keep the improvementa now e~cisting or hereafter erected on the Property insured againat loae by fire, hazards included within the term "e:tended rnverage," and auch other hazards as Lender may require and in auch amounta and for such periods as I.ender may require; prnvided. that l.ender shall not require auch ooverage amount exceeding the minimum, se may be required by atate or tederal regulations governing activities of Lender, or that amount of rnverage required to pay the auma secured by thia Mortgage, whichever is the greater. ' The ineutance carrie~ providing the inaurance sha11 be choeen by E3orrower subject to approva) by [.ender; provided, that such approval ahall not be unreasonably withheld_ All premiume on insurance policies ahall be paid in the manner provided under paragraph `l hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All inaurance policies and renewale t6ereof ahell be in form aooeptable to Lender and ehall include a atandard mortgage clauee in favorof and in form acoeptable to Lender. I.ender ehaU have the right to hold the policiea and renewala thereot, and Borrower shall promptly furnish to 1 ixnder all re~ewal notioes and all receipts of paid premiums. In the event of laae, Borrower ahaU give prompt notice to the inaurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. j Unleae Lender and Boaower otherwiee agree in writing, ineurance proceeda ahali be applied to reatoration or repair of the Property ~ damaged, provided such reetoration or repair ia economically feasible and the eecnrity of this Mortgage ia not thereby impaired. If euch ~ restoration or repair ie not economically feasible or if the eecurity of thia Mortgage wouid be impaired, the inaurance proceeds shall be applied ' to the suma seceued by thie Mortgage. with the e:ceae, if any, paid to $orrower. If the Property is abandoned by Borrower, or if Borrower faila to ' ! reapond to I.ender within 30 days fmm the date notice ia mailed by Lender to Borrower that the ineurance carrier offera to settle a claim for } ~ inaurance benefita. Lender is authorized to collect and apply the insurance proceeds at Lendei e option either to reatoration or repair of the ; Property or the enms eecured by thia Mortgage. - s Unleas Lender and Borrower otherwiae agree in writing, any such application of proceeds to principal aha11 not eutend or postpone the due date of the monthly installmente referred to in paragraphe 1 and 2 hereof or change the amount of auch inetallmente. If under paragraph 18 hereof the Property is aoquired by Lender. all right, tide and interest of Borrower in and to any ineurance policies and in and to the pmceede ~ thereof reaulting from damage to Property prior to the sale or acquiaition shall pass to Lender to the e:tent of the eume eecured by thia Mortgage immediately prior to such sale or aoquiaition. ~ 6. Preeervation and Maintenance of Property; Leaeeholds; Condominums; Planned Unit Developments. Borrower ehall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the ~ provieions ~f any lease if this Mortgage ia on a leasehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, ~ Borrower ehall perform all of Borrower s obligatione under the declatation or covenanta creatingor governing the rnndonrinium or planned unit developmea~ the bylaws and regulationa of the condomininm or plenned unit development. and constituent documente. If a. ~ condominium or planned unit development rider ie e:ecnted by Borrower and recorded together with thia Mortgage, the oovenants and ~ agreementa of auch rider shall be incorporated into and ahall amend and supplement the covenants and aqreementa of thia Mortgage ae ifthe rider were a part hereoL ' - 7. Protection ot Lender'~ Secarity. If Borrower fails to perform the oovenenta and agrcemsl~ts contained in thia Mortgage. or if any ~ action or prooeeding is commenced w}uch materially affecta Lende~s intereat in the ProPertY. iacluding, but not limited to, eminent domein, r insolvency. oode eaforcement~ or artengements or prooeedings involving a banicrupt or deoedeat, then I.ender at Lender's option,upon ~ notice to Bor~+ower may make suc6 appearanoes, disburse such sums and take wch action aa is neoeesary to protcct I.ender ~ inte~st, ; inclading, but not limited to, diabursement of nasoaable att~rney's fees and entry upoa~the Property b make npairs. If I.ender required ~ mortgage insnrance as e oondition of making the loan secnred by lhis Martgage, Bormwer shall pay the premiums reqnired to maintain ' snch insarance in effect nntil euch time as the reqairement for such insurence terminates in aocordenoe with Borrower's and Leade~s written agteement or applicabk Law. Borrower shali pay the amount of all mortgage insurance premiume in the manner pmvided under ~ paragraph 2 hereof. : My amounts disbursed by Lender persuant to this paragraph with interest thereon, shall beoome additional indebtednees of k Borrower ~ecnred by this Mortgage. Unleae Borrower and Lender agree to other tem~s of payment, anch amounta shall be payable upon ~ notioe hom Lender to Botrower ~ p ~ requesting peyment thereo and sball besr interest from the date of diabureemeat at the rate ayable from ~ time to time on outetandi nci ~ ng pri pal under the Note unlus payment of interest at such rate would be rnntrary to applicable law, in which I ~ event such amounts shall bear intemat at the highest rate permiasibie under applicable taw. Nothing oontained in this paragraph 7, shall ~ ~ reqaire Lender to incur any expenee or take any action hrreunder. ~ ~ I ~ J ztkr311 t~:::