Loading...
HomeMy WebLinkAbout0860 Bormwer and I.ender covena~t and agn~e as followe: 1. Payment of Principal sad Interes~ Borrower shall pmmpUy pay when due lhe principal of and intereat on the indebtednesa evidenoad by the Note, prepayment and late charges aa provided in the Note, and the principal of and i~tereet on any ~ture Advances secured by this Mortgage. 2. I~nds for Ta:es and inauraace. Subject b upplicable law or to a written waiver by l,ender, Bormwer shall pe~y to l.ender on the day monthly inatallments of principa! and inteeeat are payable under the Note, until the Note is paid in full, a aum (herein "~nds") equal to oAa twelfth of the yearly taxes and aaeessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one iwelRh of year?y premium inatallments [or hazard ineurance, plua onetwelRh ofyear~j+premium installmente [or mortgage insurance, i[any. all as reaeonably eetimated initially and from time to time by [.ender on the baaia of aaseasments and bills and reasonable eatimatea thereof. The Fl~nds ahall be held ia an inetitution the deposita or accounts of which ara ineured or guaranteed by a Federal or State agency (including I.ender ii L,ender ia euch an institution). I.ender shall apply the Fl~nda to pay said tares, asaesaments, inauranoe premiuma and ~ ground renta. I,ender may not charge for so holding end applying the ~nds, analyzing eaid account, or verifying and compiling eaid asaessments and biUs, unleae Lenderpays Botrower inte~rest on the Flu~de and applicable law permite I.ender to make auch a charge. Sorrower aad Lender me~y agrce in writing et the time of execution ot this Mortgage that i~terest on the ~nde shall be paid to Borrower, and unlese such agreement is made or applicable lew requiree such interest to be paid, I.ender shall not be required to pay Borrower any intereat or earniags on the fluids. I.ender ahall give to Borrower, without charge, an annual accounting of the Fsnds ahowing credits and debits to the Ptinde and the purpose for which each debit to the FLnde wae made. The Funda are pledged as additional eecurity for the auma eecnred by thia Mortgage. If the amount of the Eltnds held by I.ender, together with the future monthly inetallmente of Runda payable prior to the duedates of ta:ea. aaeeasments. inaurance premiuma and ground renta, ahell e:c~ed the amount required to pay eaid ta:es. aesesamenta. insurance premiums 4•*_~ ~*_+stta~ rP~t~ 9- !hay fs1! s~_c?: s~ss ~~:~!!'~t, st ~rru~r's ag+.ian, c:t.}i8Z ~2'aiIIgLZ3 TtgaZ2L~ L6 ~:8LS8iircT 8~ tFi'S:SL2a~ LO BJlivw~I u13 monthly installments of I~nda. If the amount of the Funde held by Lender ahall not be eufficaent to pay taxea, aseeasmenta. insurance premiuma and ground nnts ae they fall due, 8orrower shall pay to Lender any amount neceasary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Borrower requeating payment thereof. ~ Upon payment in fuU of aU eume eecured by thia Mortgage. I.ender ahali promptly refund to Borrower any funda held by Le~der. If under paragraph 18 hereof the Pt~operty is eold or the Property ie otherwiee acquired by Lender, Lender shall apply, no later than immediately prior to the aale of the Property or its aoqeieition by L.ender, any Flinda held by Lender at the time of application as a credit againat the suma secured by this Mortgage. 3. Application of Payments. Unleas applicable law provides otherwiae, alt paymente received by I.eader under the Note and paragrapha 1 and 2 hemof shall be applied by Lender firat in payment of amounte payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advances. 4. Charges; Liens. Borrowerahali pay all taxea, assessmente and other rharges. finea and impositions attributable w the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, 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 promptly furnish to Lender all noticea of amounts due under thia paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender reeeipts evidencing auch paymente. Borrower ahall promptly diacharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Bottower shall agree in writing to the payment of the obligation secured by such lien in a manner acoeptable to Lender~ or ahall in good failh contest such lien by, or defend enforcement of auch lien in, legal proceedinga which operate to prevent the enforcement_of the lien or forfeiture of the Property or any part thereof 5. Hazard Insurance. Borrower shaU keep the improvements now e:iating or hereafter erected on the Property inaured againat losa by fire, hazarda included within the term "extended coverage," and such other hazards as Lender may require and in such amounta and for auch periods as Lender may require; provided, that Lender ahall not require euch aoverage amount e:ceeding the minimum, as may be required by state or federal regulationa goveming activities of Lender, or that amount of coverage required to pay the sums aecured by this Mortgage, whichever ia the greater. ' The insurance carrier providing the inaurance ahall be chosen by l3orrower aubject to approval by I.ender, provided, that such approval ehall not be unreasonably withhetd. All premiuma on insurance policies shal) be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All inaurance poliriea and tenewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in tavor of ; and in form acceptable to Lender. I.ender ehall have the right to hold the policiea and renewala thereof, and Borrower shall pmmptly furniah to i.ender all renewal noticea and all receipta of paid premiuma. In the event of losa. Borrower ahall give prompt notice to the ineurance carrier i and I.ender. Lender may make proof of lose if not made promptly by Borrower. ~ Unlese Lender and Borrower otherwiee agree in writing, insnrance proc~eeda ahall be applied to reatoration or repair of the Property ~ damaged, provided euch reetoradon or repair ia economically feasible and the security of this Mortgage ie not thereby impeired. If auch ~ reatoration or repair is not economically feasible or if the eecurity of thie Mortgege would be impaired, the insurance proceeds ahall be applied ~ to the suma eecured by this Mortgage, with the excess, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower fails to reapond to Lender within 30 daya from the date notice ie mailed by Lender to Borrower that the insurance carrier oPfere to settle a claim for inaurance benefite, Lender ie authoriaed to coilect and apply the inaurance prooeFds at Lender s option either to restoration or repair of the ~ Property or the aums eecured by thie Mortgage. ~ Unleae Lender and Borrower otherwiee agree in writing, any euch application of proceeda to principal ahall not extend or poetpone the due ~ date of the monthly inatallmenfs referred to in paragraphe 1 and 2 hereof or change the amount of euch inatallmenta. If under paragraph 18 hereof the Property is aoqaired by Lender, a11 right, title and intereat of Borrower in and to any ineurance policiee and in and to the proceeda ~ thereof reaulting from damage to Property prior to Lhe sale or aoquieition shall pasa to Lender to the eztent of the sums eecured by this ~ Mortgage immediately prior to auch aale or aoquieition. - 6. Preservation and Mainteaance of Property; I.eaaeholds; Coadominume; Plenned Uait Developmenta. Borrower ahall keep the Property in good repau and ahall not commit waste or permit impairment or deterioration of the Property and ahap rnmply with the provisiona of any lease if thia Mortgage ia on a leseehold. If this Mortgage ie on a unit in a aondominium or a planned unit development, Y Borrower ahall perform all of Borrower's obligations under the declaration or covenanta creatingor governing the condominium or planned . ~ unit deveiopment, the by-laws and regulatione of the condominium or planned nnit development, and conetituent documente_ If a ~ rnndominium or planned unit development rider ia executed by Borrower and recorded together with thia Mortgage, the oovenante and ~ agreements of auch rider ahal! be incorporated into and ehall amend and aupplement the covenanta and agreementa of this Mortgage as ifthe rider were a part hereoL 3 7. Protection ot Lender'e Security. If Borrower faiis to perform the oovenante and agrcemenfa contained in thie Mortgage, or if any ~ action or proc~eeding ia commenaed which materially affecta Lender s interest in the Property, including. but not limited to, eminent domain, ; insolvency. oode enforcemeat, or anangementa or peooeedings involving a banl~pt or deoedent, then Lender at Lender's option.upon ~ notioe to Borrower may make such appearanoea, disburse such snms and telce such action as is neoessary to protect I.endds interest, ~ inclnding, bnt not limited to, diebursement of reasonable attorney's fees and entry upon the Property to meke npairs. If Lenda required ; mortgage inenrance as a condition of making the loan secnred by this Mottgege. Borrower shall pay the premiums reqaired to maintain ~ such ineuranoe in effect until such time es the requirement for such ineurance Lerminatea in acxordance wiLb Borrower's and I.endels ~ written agrcement ot applicable Law. Borrower shaU pay the amount of all mortgage inautance premiume in the manner provided undet paragraph 2 hereof. ~ ~ My amounte dieburBed by Lender pereuant to this paragraph 7, with intereet thereon, ahall beoome additional indebtednees of ~ Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terma of payment, auch amounts shall be payable upon ~ notioe from Lender to Borrower requesting payment thereof, end ahall bear interest from the date of disbursement at the rate payable from ~ time to time on outstanding prinripal under the Note unlese payment of interest at auch rete would be oontrary to applicable law, in which event such amounts ahall bear intereai at the higheat rate permiaeible under applicable law. Nothing rnnteined in thia paragraph T, ahall requin Lender to incur any eupenee or take any action hereunder. ~ ~ ; 3!!~r ~AC: ~J~7 ~ • • r • ~ ~ : ~