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HomeMy WebLinkAbout1711 Borrow~ and Lender coveAant and a~ree aa folbvra: _ 1. Pq?mept ot Peinclpal and Intereat. Borrower shall prompt~y pay when dtee the priacipel of and intet~t oa the iAdebtednas widenosd by the Note, prepayment and lats char~e~ as pmvided in the Note. and tha principal of and interest on any I~ture Advanca sec~ued by thi,s Mott~a~e. Z. F1~nd~ for Ta:e~ wad In~ursaoe. 3ubject to applicable law or to a writtea waiver by I.ender, Borrower ehall pey to Lender oa the day monWly uutallments of principal and int~e~st are pqyable uad~ the Note, until the Note u paid in full. a eum therein "~nds'7 equal to oaa twelith of the yearly taxes and aseeeamenta which may attajn ptiority over this Mortgege. and ground rents on the Pcopetty, if any, plu~ ono- tweltth of yearly ~cnium indallments for hasard inaurauca. Plus onttwnlRh o[Y~ar~y Premium inatallmenta fo~ mortgage iasurance. if any. ell as reasonably estimated iaitially and from time to time by I.ender on the baais of asaessment~s and bills and reasonable estima?es thereof. ` The Phnds ahaU bs beld ia en ins~itntioa the depo~ifa os acoounts of wtdch are itisared or guaranteed by a Federal or 3tate agency (includinQ Lender if Lendec u snch an institution). Lender shaU epply the P1~nds to pey said ta:es. esseeaments. insuranoe pnmiums and gronnd tsub. Lenda~ may not charQe for so holding and applying the P1~nds. analy:ing said accoun~ or verifying and rnmpiling said as~essmeafe and bilis. nnle~s Leader peys Borroare~ intenst on the Ptiwds and applicable law permita Lendrr to make such a charge: Botrower and I.ender m~y agree in writing at the time of esecution oi thia Mortga~e that intenst oa We F1nda ehall be paid to Borrower, and unless ~uch agceement is made or applicable law requires wch interest to be paid. Leader shall not be requirea b pay Borrower any iatereet or earninQs on the P~nd~. Lender shall give to Borrower. withont charge. an annual aoootwting of We Fi~ads showing credits and debita to the F~nds and the parpose for which oach debit to the FLnds was made.'1lte I~nda are pledged aa additiobal sec~uity for the sums secured by thi~ Mortgage. If tbe amount of the FLnds held by Lender. together with We future monthly installmenta of fl~nds payable prior to the due datee of tazes, assesements, ine~anoe premiums and grnuad t~eats. shaU e~co~ed the amount required to pay said tases, aasessments, inaurance premiums and gronnd r~b as they fall dm. ancb ezoess ahsll be. at Bon~ower's option. either prompdy npaid to Borrower or credited to Borrower on monthly iastallmeats of Flinds. V the aanount of the Funds held by I.ender shall not be ant~c~ent to pay tazes, aseesements. inauranoe preminms and Qround rents as they faU due. Borro~rer shall pay to Lender any amount necessary to make np the de5cieacy within 30 deys from the date notice ia mailed by Lender to Borrower requesting payment the~eof. ~ . Upon payment ia fall of all sums secured by this Mortgage, I.ender shall pmmpdy refund to Borrower any funds held by Lender. If under paragraph 18 h~eof the Propeity is sold or the Property ia otherwiee acquired by Lender. Lender ahall apply. no later thaa immediately prior to the sale of the Property or ita aoquisition by Lendu. any Fhnds held by Lender at Rhe time of application aa a credit agaiast the sume secured by Wia Modgage. 3. Application oi Paymeats. Unleaa applicable law provides otherwise, all payments received by Lender under the Note and paragrapha 1 and 2 hereof shall be applied by Lender firet in payment of amounta payable to Lender by Borrower under paregraph 2 hereof, thea to intereet payable on the Nde, the~ to~the ~incipal of the Note, and then to interest and principal on any Futare Advancea. 4. Chargea; I.iees. Borrower shali pay all ta~cea, asaessments and other chargea, fines and impositiona attributable to the Property which may attain a priority over this Mortgaga and leasehold paymenta or ground renta, if any. in the manner provided under paragraph 2 hereof or, if aot paid in auch manner. by Borrower malrii?g payment, when due, directly to the payee thereof. Borrower shall promptly turniah to I.ender all notio~ of amounts due under thia peragraph. and in the eve~nt Borrower ehall make payment directiy, Borrower ahall prompdy furniah to L,ender receipts evidencing auch paynente. Borrowe~r ahall promptly discharge any lien which has priority over this Mortgage; pmvided, that Borrower ehall not be required to diacharge any snch lien so long aa Borrower ahall agree in writing to the payment of the obligation secured by such lien in A manna acoeptable to I.ender. or ahall in good faith rnntest such Geir by, or defend enforcement of such lien in, legal proceedinge which operate to preva~t the enforcement of the lien or for[eiture of the Property or any part thereof. 5. Hazard Insuranoe. Borrower shall keep the improveinente now eziating or her~after erected on the Property insured against loss by fire, hazarde included within the term "eztended ooveraga." aad auch other ha~ards as Lender may require and in euch amounta and for such perioda as Lendez may reqnin; pmvided, that Lender ehall not require such ooverage atnouat e:ceeding the minimum, as may be required by ~ etate or federal regulations governing activities of Lender, or that amount of coverage reqnired to pay the sums secured by thia Mortgage, whichever ia the greaLez. 'IT~e inanrance carrier providing the inaurance shall be chosen by Borrower subject to approval by I.ender; provided, that such approval ahell not be unreaaonably withhelcL All premiuma on insurance policies ahall be paid in the manner provided under parr~graph 2 hereof or, if 'i not paid in such manner. by Borrower making payment. when due. directly to the insurance carrier. ` All insurance policiee and renewels thezeof ahall be in form aooeptable to I.ender and ahall include a atandard mortgage clauae in favor of " I and in form acceptable to Lender. Lender ahall have the right to hold the policiea and renewals thereof, and Borrower shall promptly furniah to i.ender all renewal notices and all reaeipte of paid premiums. In the event of loss. Borrower ahall give prompt notice to the insurance carrier ~ and I.ender. Lendez may maice proof of loee if not made pmmptly by Borrower. - Unleas Lender and Botrower otherwiee agree in writing, insurance proceede ahall be applied to reatoration or repair of the Property ~ damaged. provided auch reatoration or repair is economically [easible and the security of thia Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the eecurity of Wis.Mortgage would be impaired, the inanrance proceeda ahall be applied ~ to the suma secured by this Mortgage, with the ezcees. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to 3 ~ respond to I.ender within 30 daya from the date aotice is mailed by I.ender to Borrower that the inaurance carrier ot~ers to setNe a claim for insnrance beaefits, Lender ia suthorized to oollect and apply the insurance pmceeda at Lendei s option either to restoration or repair of the Property or the atims secnred by this Mortgege. Unless Lend~ and Borrower otherwise agree in writing, any anch application of proceeds to principal shall not eutend or poetpone the due date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallmenta. If under paragraph 18 hereaf the Properly ia soqnu~ed by Lender. all right. titk and intereat of Borrower in and to any inanrance policiea and ia and to the prooeeds thereof resnlting from damage to Property prior to the sale or aoquisition shall pase to Leader to the ~tent of the auma eecured by this ~ Mortgage immediately prior to snch sale or aaquiaition. 6. Preservadon and Maintenance of Property; Leaeeholds; Condominums; Planned Unit Developments. Borrower ahall keep ; the Pmperty in good repair and ahall not oommit waate or permit impairment or deterioration of the Property and ahall oomply with the provieioas of any lease if thie Mortgage is on a leasehold. If thia Mortgage ie on a unit in a oondominium or a planned unit development, Borrower shaJl perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominiam or planned unit development, the bydawe and regulations of the condominium or planned anit deve3opment, and ~nstitnent docnmente. If a condominium or planned unit development rider is ezecuted by Borrower and recorded together with this Mortgage. the ~oveaants and agreemente of euch rider ahall be incorporated into and shall amend and aupplement the covenanta and agreements of this Mortgage as if the rider were a part hereof. T. Protection of Lender'~ Secaritp. If Borrower fails to perform the oovenants and age~eements oonisined in thia Mortgege. o~ if any ~ actioa or prooeeding ia oommenaed which materially affects I.ender's interast in the Property. including, but not limited to, eminent domain, ; in~olvency, oode enforoemenk ~ arrangements or prooeedings involving a banlQUpt or ~deoedeat~ Wea Leadu at Lendde option,upon . ~ notice to Borrower mqy make ~uch appearanoes. diaburse ~nch snms and talce ~uch action as is naoe~sary to prota:t La~der'~ interest~ g indnding, but not limited to, disb~t of nasonabk attorney's fees and entry npon We Propaty to make repaire. Ii Lendar reqnired mortgage i~unrance as a condition of making the ioan secnred by this Mortgage. Borrowa shall pay the preminms required to maintain ~ snch insaranoe in eEfect until such time as the requirement for auch insnrance t~erminatw in aornrdance with Borrower's aad La~dds ~ writte~ agreemeat ~ applicabk Isw. Borrower shaU pay the amonnt of all mortgage inaurance pr~niums in the manner provided unde: paragraph 2 htreof. ' My aawunts disbursed by Lender persuant to this paragraph 7, w+ith interest thrreon, shell become edditional indebtedness of Borm~ver secured by this Mortgaga Unleas Borrower and Lender agree to other terms of payment, auch amounts shall be payable upon ~ notice irom Lender to Borrower requesting payment t6ereol, and shall bear intereat from the date of diabursement at the rate payable 5rom ~ time b time on ontatanding principal under the Note unleas paya~ent of intere~t at snch rate would be oontrary to applicable law, in which ' I event such amounts shall bear interest at the higheat rate permisaible under applicable law. Nothing oontained in thu paragraph shall reqnire Lender to incur any ~pense or take any action hereunder. ~ YI rr ~ ` F ~11 . _ '=.ii:1710 - .