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HomeMy WebLinkAbout1348 E3orrower and I.ende~ covenant aod aAree as follows: 1. Payment of Principal end Interest. E3orrower ehnll promptly pay when due the principul of nnd intereat on the indebtedneris evide~ced by the Note, prepeyment and late charges as pmvided in the Note, and the principal of and interest on any Future Ad~ ances secured by this Mortgage. . 2. ~tnds for Ta:es and lnsurance. Subject to applicable luw o~ to n written wAiver by l,ender, t3urruwer ahull pay to l.ender un the duy monthly inatallments of pri~cipal and interest are payAble under the Note, until the Note is paid in full, u sum Iherein "Funda") equal to one twelRh of the yearly taxea and assesamenta which may attain priority over thie Mortgage. and Kn?und renta on the Pn~perty, i[~ny, plus onr twelfth otyearly pmmium inatallments for hazard inaurance, plua onetwelRh otyearly premium inst:illme~ita fo~ mor/gage inaurance, if any, atl as reasonably eatimated initially and from time to tirr~e by l.ender on the basis ot nsscasmcnte and bills aind re.zaonnbte estimatea thereof. The Funds ahall be held in an inatitution the deposits or accounte of which are insurcd or guaranteed by a Federal or State agency (including Lender if l.ender ie such an institution). I.ender ahall apply the Funda to pay eaid taxea, aaeesaments, inaurance prnmiama and ground rents. l.ender may not charge for eo holding and applying the Funda, analyzing said arcount, or verifyinR and compiling said aeseasmente and bille, unless l.ender pays Borrower intereat on ihe Funds and applicable Iaw permita Ixnder ta make auch a charge. Borrower and L.ender may agree in writing at the time of e:ecution of this MortgaRe that inteteat on lhe F~nds ahall be paid tc? Rorrower, and unlese auch agreement ia made or applicable law requiree auch intereat to be paid, i.ender shall not be required to pay Borrower any intereat or earninga on the ~nda. Lender ahall give to Borrower, without charge, an annual accounting of the Funda ahuwing credits and debits to the F unde and the purpose for which each debit to the Funda wua made. The F unds are pledged as additional eecurily for the auma uecured by thie Mortgage. If the amount of the Hlinde held by Lender, togethe~ with the future monthly instaUments uf Funds payable prior to the due dates of taxee, asaesamenta, inaurance premiuma and ground rento, ahall excred the amount required to pay eaid taxes, asaeasmente, insurance premiums and ground rents as they fall due, euch excesa ahall be, at l3orrower'8 option, either promptly repaid to Borrower or crediled to Eiorrower on monthly installmeats of ~nds. If the aunount of the Funda held by Ixndrr ahall not be sufficient Lo psy lxxes, assessments, inaura~ce premiuma and ground rente ae they fall due. fiorrower ahall pay to I.ender any amount neceaeary to make up ihe deficiency within 30 days from the date notice ia mailed by I.ender to Eiorrower requeating payment thereof. Upo~ payment in full of all auma secured by this Mortgage, l.ender ahall prumptly refund to Horrower any funda held by l.ender. If under ra h 18 hereof the Pro rt is sold or the Pro rt is otherwise a uired b'.,; ' ' '9 ' Pa~B P Pe Y PQ Y M S~ -:::.~r, a.rncizr ahail aPPi:i. : :..s.y to the sale of the Property or its acquisition by l~ender, any F unds held by I.ender at the time of application as a credit againat the aums secured by thia Mortgage. 3. Application of Peyments. Unless applicable law providea otherwise, all paymenta received by I.ender under the Note and paragrapha 1 and 2 hereof ehall be app[ied by l.ender firat in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nole, and then to intereat and principal on any Futurn Advances. 4_ Chargea; Liens. Borrower ahall pay ali taxes, as.gessments and other chxrges, fines and impositions attributable to the Pn~perty which may attain a priority over this Mortgage, and leasehold payments or ground mnt~s, if any, in the ~nanner provided under paragr:iph 2 herrufor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereot f3orn?werahall promptly furnish to l.ender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Bormwer shall promptly furnish to l,ender receipts evidencing such payments. E3orrower ahall prompdv discharge any lien which has priority over this Mortgage; provided, thal Fiorrower shall not be required to discharge any such lien so long:~s Borrower shall agree in writin~ to the p:iyment of theobligation secured by such lien in a manner acceptable to l.ender, or shall in gcwd faith contest such lien by, ordefend enforrnment of such lien in, leQal proceedinKs which operate to prnvent the enforcement of the lien or for[eiiure of the T'roperty or any part thereof. 5. Hazard Inaurance. Borrower shall keep the improvementa now exiating or hereafter erected on the F'roperty insured against losa by fire, hazarda inciuded within the term "extended coverage," and such other hazards as I.ender m~y require and in such amounts and for such periode as l.ender may require; pro~lded, that Lender shall not requim such coverage amount exceeding the minimum, as may berequired by state or federal rngulationa governing activities of Lender, or that amount of coverage required to pay the sumR aecured by this Mortgage, whichever ia the greater_ The inaurance carrier pro~•iding the insuranm shall be chosen by Borrower subject to appro~~al by t.ender; providcri, that ~uch appru~~al ' shall not be unreasonably withheld. All premiums un insurance pulicies shall be paid in the manner pn,~~id~rl under para~;raph G herc~f or, if nut paid in such manner, by E3orr~,xer making payment, when due, directly to the insurance carrier. ' All insurance policies and cenewals thereof ahall be in lorm ncceptable to I.ender and ahall include a standard mortgaQe clause in favor of ' and in form acceptable to Lender. Lender shall have the right to hold the policies and renewala thereof, and Borrower shall prompdy furniah to i.ender all renewal notices and all receipta of paid premiuma. [n the event of losa, Borrower ahall give prompt notice to the insurance carrier j and Lender. Lender may make proof of losa if not made promptly by t3orrower. ~ Unlesa L.ender and Borrower otherwise agree in writing, insurance proceeds ahall be applied to reatoration or repair of the Property ; damaged, provided euch reatoration or repair is economically feasible and the eecurity of this Mortqage is not thernby impaired_ If such ` restoration or repair is not economically feasible or if the eecurity of this Mortgage would be impaired, the inaurance proceeds shall be applied ~ to the suma secured by this Mortgage, with the excesa, if any, paid to Borrower_ if the Property is abandoned by E3orrower, or if Rorrower faila to respond to Lender within 30 days from the date notice is mailed by I.ender to E3orrower that the insurance carrier offera to settle a claim for E inaurance benefits, [.ender is authorized to collect and apply the insurance proceeds at I.endei a option either to reatoration or repair of the S Property or the sums aecured by this Mortgage. ; Unlesa Lender and Borrower otherwise agree in writing, any euch application of procreda to principal shall not extend or postpone thedue ~ date of the monthly instaUmente referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallmenta. If under paragraph 18 hereof the Propetty ie acquired by I.ender, all right, title and intereat of Borrower in and to any inaurance policies and in and W the proceecla ~ thereof reaulting from damage to Property prior to the sale or acquiaition ehall pass to [.ender to the extent of the aums secured by thie~ ~ Mort{sage immediately prior to auch eale or aoquisition_ ~ 6. Preservation and Maintenance of !'roperty; Leaeeholds; Condominuma; Planned Unit Developments. I3orrower shall keep ~ the Property in good repair and ahall not commit waste or permit impairment o~ deterioration of the Property and ahall comply v~~th the ~ proviaions of any lease if thie Mortgage is on a leasehold. If thia Mortgage is on a unit in a conduminium or a planned unit development, g F3orrower ahall perform all of Borrower's obligatione under the declaration or covenanta creatingor governing the condominium or planned g unit development, the by-lawa and regulationa of the condominium os planned unit development, and constituent documents. [f a ~ condominium or planned unit development rider ie executed by Borrower and recorded together with thia Mortgage, the oovenanta and ~ agreements of such rider shall be incorporated into and shall amend and supplement thecovenants andaqreementsof this Mortqaqe as if the rider wern a part hereoi. y 7. Protection ot I.ender's 3ecurity. If Borrower faile to perform the wvenants and agreements contained in thie Mortgage, or if any ~ aMion or proceeding ia commenced which materially affecte Lendei e interest in the Property, including, bnt not limited to, eminent domain, ~ insolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, ihen Lender at Lender's option,upon ~ notice to Borrower may make euch appearances, dieburee auch eums and take euch action as is neceesary to protect Lendei a interest, ~ including, but not limited to, diabureement of reaeonable attorney e feee and entry upon the Property to make repaire. If Lender reqaired ; mortgage inaurance aH a rnndition of making the loan secured by thie Mortgage, Borrower ehall pay the premiume required to maintain = auch inaurence in effect until auch time ae the requirement for auch ineurance terminetee in acxordance with Borrower e and Lender'e E written agreement or applicable Law. Borrower ahall pay the amount of all mortgage inaurance premiums in the manner provided under - psragraph 2 hereof. ; My amounta diabureed by I.ender per6uant to thie paragraph 7, with interest thereon, ehall becor.~e additional indebtednees of ~ Borrower aecured by thia Mortqage. Unlese Borrower and I.ender agree to other terma of payment, auch amounfa ahall be payable upon ~ notice from Lender to Borrower requeating payment thereof, and ahall bear intereet fmm the date of diebureement at the rate payable from ~ time to time on outaianding principal under the Note unleae payment of interest at auch rate would be contrary to applicable law, in which 3 event euch amounta ehall bear intereat at the highest rate permiseible under applicable law. Nothing contained in thie paragraph ahall ~ require Lender to incur any eapense or take any aMion hereunder. ~ 3 ~ 4 ~ ~ `t ~11 134?