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HomeMy WebLinkAbout1715 . i , . ~ ' ~ ! ~ Borrower and Lepder oovenant aud e~~ree a~ foUows: ~ 1. Payment a! Pria~;Ipal and Iatere~t. Eiorrowe~ shall pmmpdy pay ~hen due the principal of and interest on the indebt~dness ~ evidenosd by the Noie, prepsyment and late chasges as pmvided in the Note, and the principal of and interesL on any I~ture Advances secured ~ by chis Mort~age. - E 2 PLnd~ torTa:e~ wnd Insusatio~e. Subject to applicable law or to a written waiver by I.ender, Borrower shall pay to I,ender on the day monthty inalallments of principal aad interest are payeble und~ the Note. until the Note is paid in fuU. a sum (herein "FLnda") equal W one~ ° twelRh of tlu year~yr taxes and aeeeaamenta which may atWin priority over this Mottgege, and ground reats on the Propecty. if any. plus oae- twelRh of yearly premium inatallments fa hatard insurance, plua onetwelRh ofy~rly premium inatallmente for mortgage ineurance, if any. ~ all as nasonably estimated initially and from time to time by Lender on the basis of aseeaamenta and billa and reaeonable eetimates thereof. ' Tl~t Phnd~ ~hall bs held in an institution the depoeits or aocounts of whic~ are inaured or guaranteed by a Federal or State agency ~ (incinding I~ander if Lender ia such an inatitution). Leader shall apply the Funds to pay aaid ta:es. a~aeeaments. ineurance premiuma and ~ grouad renta. Lender me~y not charge fot so holding and applying the ~nde, analyzing eaid account, or verifying and compiling said i aeaesements and bills. unlees Lender paya Borrower intereet on the fi~ndr end erplir.shlr levr cernsits i4nder to make euch a charge. Borrower ~ and Lender may agree in writing et the time of execotion o[ this Mortgage that interest on the ~nda shall be paid to $or~ower, and unleas i snch agreement is made or applicable law requirea such interest ?.o be paid. Lender ahall not be required to pay Borrower any intereat or i ear~ungs on the PLnds. Lender shall give to Borrower, without charge. an annual acrnunting of the Funda showing credite and debits to the ! P`unds and th~urpose for which each de~t to the fi~nds was made. The Funds are pledged as additional aecurity !or the auma eccured by this t Mortgage. 5 If the amaunt of the ~Lnda held by Lender, together with the future monthly inatallments of Funde payeble prior to the due datea of taxea, _ assesaments, ineurance premiums and ground rents, shall e~a~ed the amount required to pay eaid ta:ea, aseesamenta, inaurance premiums F and grouad rente ae they fall due, such e:ceea shall be, at Bo~wer a option, either pmmptly repaid to Borrower or credited !o Borrower on ; mont2ily insLallments of I~tnda. If the amount of the Fnnds held by Lendet ehell not be aufficient to~pay tasee, aeaesaments, inaurance ~ premiumi and ground rente aa they fali due, Borrower ahall pay to I.ender any amount necessary to make up the deficiency within 30 daye f from tbe date notice is mailed by Lender b Borrower requeating payment thereof. Upoa payment in full of all aums secured by thia Mortgage, Lender shall promptly refw~d to Borrower any funda held by I.ender. [f under paragraph 18 hee+eof the Prop~ty ia sold or the Property ia otherwiee acquired by Lender, I.ender shall apply, no later than immediately prior to the sak of t6e Property or its aoquiaition by l.ender. any ~nds held by I.ender et the time of application as a credit against the sums ~ecured by this Mortgage. 3. Applieation of Payments. Udess applicable law providea otherwiae, all paymente received by Lender under the Note and paragraphs 1 and 2 hereof ahaU be applied by Lender first in payment otamounte payable to Lender by Barrov?er under paragraph 2 hereof, ' then to iatereat p~yable on the Note, thea to the prin~:s:~: ~e Note, and then to interest and principal on any ~ture Advancea. 4. Charges; Liene. Borrowerahall pay all tasee, aasesemente and othercharges, finea and impositiona attributable W the Yroperty which may atfeir? a priority over thie Mortgage. end leasehold paymenta or ground rents, if any, in the manner provided und.er paragraph 2 hereof ur, ~ if not paid in auch manner. by Borrower making payment, when due, directly to the payee thereof. Borrow~er shall promptly furnish to (.ender ' all noticea of amounts due under thia paragraph, and in the event Borrower ahail make payment directly, Borrower shaU prumptly furnish to ~ Lenderreceipta evidencing such pa~rmenta. Borrower shall promptly diacharge any lien which has priority over this Murtgage; provided, that Borrower ahall not be required to discharge any such lien so long aa Borrower ahall agree in writing to the payment of the obligation secured by auch lien in a manner soceptable to Lender, or shall in good faith conteat such lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hszatd Insurance. Borr~ower shall keep the impmvemeats now eaiating or hereafter erected on the Property insured against loss by fire. hazarde included within the term "extended coverage." and auch other hazards as Lender may require and in such nmounts and for such perioda as Lender may require; provided, that Lender ehall not require such ooverage amount e:ceeding the minimum, as may be required by = ~tate or [ederal regulatione governing activitiea of Lender. or that amount of coverage required to pay the aums secured by this Mortgage, ~ whichever ia the greater. • The ineurance carrier ptoviding the inaurance shall be chosen by Borrowet subject to approval by I.ender, pm~•ided, that such approval i shall not be unrnasonably withheld. All prnmiums on inaurance policiea ahall be paid in the manner provided under par~Kr.+ph 2 hereof or, if E ' not paid in auch manner, by Borrower making•payment, when due, directly to the insurance carrier. _ E All insurance poGciea and renewals theteof ehall be in form acceptable to L.enderand ahall include a standard mortgage clause in favor of ~ ! and in form aoceptable to L,ender. I.endershall have the right to hold the policies and renewala thereof, and Borrower ahall promptly furniah tv ~ E i.end~ all renewal noticex and all receipte of paid premiume. In the event of losa, Borrower ahall give prompt natice to the inaurance carrier ~ an~ Lender. Lender may make proof of loea if not made prompdy by Borrower. ~ Unles~ L.ender and Borrower otherwiee agree in wridng, inaurance proc~eeds shall be applied to reatoration or repair of the Property i damaged, provided such reatoration or repair ie ecoaomicaliy feseible and the security of this Mortgage ia not thereby impaired. If auch f restoration or repair is not economically feasible or if the eecurity of this Mortgage would be impaired, the insurance proceeda ahall ~e applied to We swna eecured h~ thia Mortgage, with the excees. if any, paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower fails to reepond to Lender within 30 daye from the date notice ia mailed by Lender to Borrower that the inaurance carrier offers to eetde a claim for inauraace benefita, Lend~ ie authorized to coUect and apply the ineurance prooeeds at Lender'e option either to restoration or repair of the • Property or the snma secured by this Mortgage. ~ Unlese Lender and Borrower otherwise agree in writing, any auch application of proceeda to principal ahaA not eatend or postpone the due date of the mont}ily inatallmenta referred to in paragrapt~e 1 and 2 hereof or chaage the amonnt of euch installmente. If under paragraph 18 ~ hereof the Proprrty ie aoquired by Lender, all right, title and interest of Borrower in and to any ineurance policies and in and to the proceeda _ t6ereof reaulting from damage to Prop~ty prior to the eale or aoquieition ahall paea to Lender to the extent of the aums eecured by thie ~ Mortgege immediately prior to sach sale or aoquieition. 6. Preservaaon nnd MainceninceofPropercy; Leaseholde; Condominuma; Planned Unit Developmenta. Borrowerahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall rnmply with the ~ro:-isions af any lrasc if Lhis 4torlgage is on a:easchold. If Lhis liortguge is on n snit in a condominium or a planned unit development, ~ Borrower ahall perform all of E3orrower e obtigationa under the declaration or covenants creatingor governing the rnndominium or plan~ed ~ unit development, the by-iaws and regulatione of the rnndominium or planned nnit development, and oonatituent documents. If a crondominium or planned unit development rider ia executed by Boaower and recorded together with this Mortgage, the oovenante and ~ agreements of such rider shall be incorporated into and ahall amend and supplement the covenante and agreements of this Mortgageas if the ~ rider were a part hereof. ~ 7. Protectioa oi Leeder's Secarity. If Borrower fai16 to perform the oovenanta and agreementa contained in this Mortgage, or if any ~ action or prooeeding is commenced which materially effects Lende~s interest in the Property, including. but not limited to, eminent domain, . insoivency, oode et~foroement, or anangements or prooeedinge involving a bankrupt or decedent, then Lender at Lender s option,upoa ~ notioe to Borrower may make euch appearanoes, disbune euch sums and take such actioa.as is necesaary to proted. Lender's interest, ~ ~ including, but not limited to, diabursement of reasonable attorney's fees end entry upon the Property to make repairs. If Leader required ~ mortgage inaurance as a condition of making the loan secured by this Mortgege, Borrower ahall pay the premiums required to maintain ~ euch inenrance in effect until such time as the requirement for euch insurance tenninates in acrordance with Borrower e and Lender s ' writLen agreement oT applicable Law. Borrower ehall pay the amount of all mortgage insurance premiums in the manner provided under ~ paragraph 2 hereof. - ~ ~ My amounte diabursed by Lender pereuant to thia paragraph 7, with intereat thereon, ehall beoome additional indebtedness of ~ ~ Borrower secured by thie Mortgage. Unleea Borrower end I.ender agree taother terms of payment, euch amounte ehall be payable upon ~ notice from Lender to Borrower requeating payment ther@of, and ehall bear intereat from the date of disbursement at the rate peyable from time to time on outstanding principal under the Note unleae payment of intereat at euch rate would be contrary to applicable law, in which ~ event euch emounts ahell bear interest at the higheat rate permiesible under appiicable law. Nothing contained in thie paragraph ahall : I _ require I.ender to incur any expenae or take riny action here~nder. .i ~ ~ r ; ~R 11 ~ _ 30rr ~ °AL:1 ?14 ' . ~