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HomeMy WebLinkAbout1719 Borrower and Lend~ oovenaat and agree as follows: 1. Payment of PriACip~l and Iaterea~ Borrower shall prompdy pqy when due the principal of and interest on the indebtedness evidenoed by the Note, prepayanent and late charges as pmvided in the Note. and the principal of and inLcreet on any ~tura Advancee secured by chia Mortgaga. 2. Ptiu?ds for Tue~ and Insuranoe. Subjed to appliceble law or to a written waiver by I.ender, Borwwer shall pay b Lender on the day monWly ituLaAmeats of principal and interest are payable under the Note. until We Note ia paid in full. a sum (herein "~nds'7 equal to oa~ tweltth of the yearly t~es and asscsemeats which• way attain priority over this Mort~age. and ground nnta on the Property. if any, plua ono- twelRh of yearly praniwn installments for hazard insurance, plus onetwelRh of yearly premium inatallments fos mortgage insurance, if any. all as reasopably estimated initially and from time to time by Lender on the basis of aseeeamenta and bills and reaaonable eatimates thereof. 'I~e Fl~nds shall be held in aa instit~tioa the deposits ot aooonnts of which ere insured or guaranteed by a Federal or 3tate agency (including l.enddr if I.eader ia such an institution)• Lend~ shall apply the Ptiu?ds to pa~y said tases, asaeeaments, ineuranoe premiuma and ground renb. Lender may not charge for w holding and applying the I~nds. analyaing said aoooun~, or vezifying and compiling said asaessmenta end bills. nnless I.euder pays Borrow~ interest on the P~nda and applicable law permits Lender to make such a charge. Borrower end I.ender may agree in ~vriting at the time of e:ecutioa of this 14tortgage that intenat on the Ftinds shall be paid to Borrower, and unless such a~reemeat ia made or applicable law requires such iaterest to be paid, LEAdEt S}IRU AOL bQ iCQ111I~ t0 ~y BOr[OiYCr SIIy/ 1litlTCAL Or earninga on the PLnds. I.ender shaU give to Borrower, ~vithout charge. an aunual acoounting of the P~nds showing credits and debits to the P~nds and the pnrpoee for which each debit to the ~nds wae made. The P~nds are pledged as additional eecurity for the sume secured by Wis Mortgaga. If the amouat of the fi~nds heid by Leader. togethet with the future monthly inataUmenta of Funde peyable prior Lo the due datee of ta~cea. asseeaments. ineurance premiums aad groaad rente, shaU ~aaed the amouas reqnired to pay said tazea. asseeamenta. insurance premiums and ground rents as ihey fall due. auch exoess ahall be, at Borrowefs option. either prompdy repaid to Borrower or aedited to Borrower on moathly installments of fi~nds. If We amount of the I~nds held by Lender ahaU not be suf5cient to pay tazes, saeesamenta, ineurance premiums and ground renta as they fell dne. Borrower ehall pay to L.ender any amount neceasary to make up the deficiency within 30 daye from the date notiae ia mailed by Lender to Borrower requeeting payment thereof. . Upon payment in full of all auma eecured by this Mortgage. Lender ahall promptly nfund to Borrower any fnnds held by Lender. If under paragraph 18 hereof the Property ia sold or the Pcoperty ia otherwiee acquired by Lender, Lender ahall apply, no lat~ than immediately prior to the sak of the Propedy or its soquisition by Lender, any Ftinda held by l.ender at the time of application as a credit against the aums eecured by thia Mortgage. . 3. Application ot Payments. Unlesa applicable law pmvidee olherwiae, all paymente received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender firet in payment of amounta payable b Lender by Borrower under paragraph 2 hereof, thea to interest payabie on the Note, then to the principal of the Note. and then to interest and principal on any I~ture Advancea 4: Chargea; Liens. Borrower ahall pay all ta~cea. aesessments and other chargee, fines and impoaitions attributable to the Property which may attain a priotity over this Mortgage, and leaaehold payments or ground rents, if any, in the manner provided under paragraph l hereot or. if not paid in auch manne~. by Bormwer making payment. when due, directly to the payee thereof. Borrower ahall prompdy furniah to Lender all notices of amounta due under this paragreph, and in the event Borrower shall make payment directly, Borrower ahall prompUy furnish to I.ender receipta evidencing such payments. Borrower shall promptly diacharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required Zo discharge any such lien so long se Borrower ahall agree in writing to the payinen t of the obligation aecured by auch lien in a manne! acceptable to I.ender, or shall in good faith contest auch lien by, or defend enforcement of such lien in, legal proceedings which opdrate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insuranoe. Borrower ehall keep the improvemeats now e~cistiag or heTeafter er~cte~ oa the Propedy inaured againat loss by fire, hazards included within the term "e:tended coverage," and such other hazards ae Lender may require and in such amounta and for such periode as Lender may require; provided. that Lender ahall not require auch ooverage amount e:ceeding the minimum. se may be required by state or federal regulationa goveming activitiee of Lender. or that amount of ooverage required to pay the suma secured by this Mortgage. wkichever ie the greater. ~ . The insurance carri~ providing the inaurance ahall be choaen by Borrower subject to approval by Lender; provided, that such approval shall not be unreaeonably withheld. All piemiuma on ineurance policiea ahall be paid in the manner provided under paragraph 2 hereof or, if ! not paid i~ such manner, by Borrower making payment, when due, directly to the insurance carrier. - ~ All inaurance policies aad renewala thereof ehall be in form acoeptable to Lender and ahall include a standard mortgage clanse in favor of f and in form aoceptable to I.ender. Lender ahall have the right to hold the policiea and renewala thereof, and Borrower shall prompdy furniah to j i.ender all renewal notices and sll reoeipte of paid premiuma. In the event of loss, Borrower ahall give prompt notice to the insarance carrier ; i and I.ender. Lender may make proof of loes if not made prompdy by Borrower. { Unleaa Lender and Borrowec otherwise agree in writing, inswance praoeeda ahall be applied to reatoration or repair of the Property ~ damaged, provided ench reetoration or npair ia economically [easible and the security of thia Mortgage ia not thereby impaired. If auch ~ reatoration or repair ia aot eoonomically feaaible or if the security of this Mortgage would be impaired, the ineurance proceede ahall be applied to the sams secured by this Mortgage, with the ~ceea, if any. paid to Borrower. If the Property ia ahandoned by Borrower, or if Borrower faile to ; reapond to I.ender withia 30 daya firom the date notice is mailed by Lender to Borrower that the inaurance carrier offers to settle a claim for ineurance benefits. Lender is auLhorized to collect and appiy the ineurance proceeda at Lender s option either to restoration or repair of the Propertyr or be suma eecnred by this Mortgage. Unlees Lender and Borrower otherwiee agrce in writing. any auch application of pmceeds to principal ahaU not ea~tend or poatpone the due date oi the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. If under paragraph IS hereof the Propa~ty is soquired by I.ender, sll right, titk and intereat of Borrower in and to any inaurance policies and in and to the proceeds thereof resulting from damege to Property prior to the sale or soquisition shaU pesa to Lender to the ~tent of the enme eecured by this Mortgage immediately prior to snch sale or soquiaition. 6. Preeervation and Maintenance of Property; I.eaaeholds; Condominume; Plaaned Unit Developments. Borrower ehall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall rnmply with the ~ provieione of any lease if thie Mortgage ie on a leseehold. [f thie Mortgege ia on a unit in a condominium os a planaed unit development, Borrower ahell perform aU of Borrower's obligatione under the declaration or covenenta creatingor governing the condominium or planned ~ unit development, the bylaws and regulations of the rnndominium or planned nnit development, and oonadtuent documente. If a ~ oondomu?ium or planned unit development rider ie e:ecuted by Borrower and recorded together with this Mortgage, the oovenants and } agreementa of auch rider ehall be incorporated into and ahall amend and supplement the covenanta and agreemente of thia Mortgage as i[the rider were a part hereot. ~ T. Protection of Lender's Security. If Bosrower fails to pertorm the oovenanta and agreements oontained in this Mortgage, a~ if any ~ action or proceeding is oommenced which mntaiaUY aPfects Lender s intereeet in the Property, including. bnt not limited to, emineat domain, iwsolvency, oode enforcemeat, or arrangementa or piocxedinga involving a bankrupt or decedent, then Laider at Lender's option.npon ~ nobce to Borrower may make snch appearanoe~, diaburse snch sums and take anch action as is neo~ary to protect Leader'~ interest, ~ including, but not limited to. disbu»ement of reasonable attorney's fees and entry npon the Property to make npairs. If Lenda reqnired ~ mortgage insurance as a oondition of making the loan secnred by this Mortgage, Borrower ahall pay the preminm~ reqaired to maintein such inaurance in effect until euch time as the requirement for auch insurana terminates in accordance wiW Borrower'e and Lendds ~ written agreement or applicabk I.aw. Borrower shall pey the amonnt of all mortgege insurance premiums in the maaner provided under - ~ Pe~e~Ph 2 haeof. ~ Any amounta disbursed by Lender persuant to this paragraph 7, with in~t thereon, ahall become additional indebtednees of • Borrower sec~red by this Mortgage. Unless Borrower and Lender agree to otha tstms of payment, such amounta shall be payable upon ~ notice from Lender to Borrower requeating payment theteof, aad shall bear intere~t trom the date of diebursement at the rate payable from ; time to time on outetanding principel under the Note unless payment of interest et snch rate would be oontrary to applicable Iaw, in which ~ event such amounte eha11 bear interest at the highest rate permiasible under applicable law. Nothing contained in this paragraph 7; shall i, ~ require Lender to incur any eupense or take any action hereunder. ~ ~ ~ a - a~~! 311 ~:,.~:1718 e - ~ 1