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HomeMy WebLinkAbout2587 Borrower and I.ender rnve~ant and agree as [oUows: 1. Payment of Principal and Interest. Bortower ahall prompdy pay when due the principal of and interest on the indebtedneaa evidenced by the Ncte, pnpaytnent and late charges ae provided in the Note, and .,tie principal of and interest on any fl~ture Advances secured by thie Mottgage. 2. F~t~da for Tazes and lnsurance. Subject to applicable law o~ to a written waiver by I,ender, Borrowe~ ahall pay to I.ender on the day monthly inetallments of principal and intereat are payable ander the Note, until the Note is paid in full, a sum (herein "~nde") equal to one twelEth of the yearly taxes and assessmente which may attain priority over thia Mortgage, and ground rents on the PropeKy, i[any. plue one- twelfth of yearly premium inatallmente for hazard inaurance, plua onetwelM ofyearly premium inatallments Cor mortgage inaurance, if any. aU aa reaeonably estimated initially and from time to time by l.endec on the l~aeia of aaseasmenta and bills and reasonable eatimatea thereof. The Elrnda ehall be held in an institution the deposits or eccounta of which an inaured or guaranteed by a Federal or State agency (including Lender if I.ender is auch an inetitutionl. Lender ahall apply the Funda to pay said taxes, asaesamente, insurance premiums and ground renfs. Lender may not charge for eo holding aad applying the ~Lnda, enalyzing aaid account, or verifying and compiling said asseaaments and bills, unl~s Lender paya Borrower intereat on the Funds and applicable law permits Lender to make auch a charge. Borrower and :.ender may agree in writing at the tim~ uf esecudon of thie Mortgage that intereat on the FLnda ahall be paid to Borrower, and unlexa s~uh agreement is made or epplicable law requires such interest to be paid, Lender ahall not be required to pay Borrower any inte~eat or earnings on the ~nda. Lendet ahall give to Borrower. without charge, an annual accounting of the Fu~de ahowing credits and debita to the ~nds and the purpoee for which each debit to the Funde wae made. The Funda are pledged r.e additional eecurity for the aums eecared by thie Mortgage. If the amount of the ~nda held by Lender, together with the future monthly inetalimente of Funda payable prior to the due dates of taxee. esaeeamenls. insurance premiums and ground rente, ehall ra~ozed the amount required to pay said ta:ea, aasesamente, inaurance premiuma and ground renta as they fall due. auch~xcesa ahall be. at Borrower s option, either promptly repaid to Borrower or credited to Borroweron monthly inatallments of Plinds. If the amount of the Funde held by Lender ehall not be anfficient to pay taxea. asaesamente. inaurance premiume and ground rents aa they fa11 due, Borrower ahall pay to Lender any amount neceasary to make up the defiriency wilhin 30 days from the date notice ia mailed by Lender to Borrower requeating payment thereof. Upon payanent in fult of all auma secured by thia Mortgage. L.ender ahall promptly refund to Borrower any funds held by I.ender. If under peragraph 18 hereof the Property ib sold or the Property is otherwiee acquired by Lender, Lender ahall apply, no later than immediately prior to the sale of the Property or ite aoquiaition by I.ender, any Funda held by Lender at the time of application as a credit againat the auma secured by thie Mortgage. 3. Applieation of Payments. Unleas applicable law pro~~des otherwise, all payments received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender 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 Note, and then to interest and prinripal on any Future Adtuncea. 4. Charges; Liene. Borrower shall pa~y all taxes, assessments and other charges, finea and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rnnts, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrovier making payment, when due, directly to the payee thereof. I3orrowershall promptly furnish to Lender all.notices of amounts due under thie paragraph, and in the event Borrower shall make payment directly, Bormwer shall promptly fumish to Lender receipts evidencing such payments. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahal) not be required to diacharge any such lien so long as E3orrower ahall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or ahall in good faith contest such lien by, ordeCend en[orcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or fotfeiture ot the Property or any part thereof. 5. Hazard Ineurance. Borrower shall keep the improvementa now eaisting or hernafter erected on the Property insured againat loss by fire, hazarda included within the t^rm "extended rnverage," and auch other hazards as Lender may require and in auch amounts and for such periods aa L,ender may require; provided, that Lender shall not tequire auch rnverage amount exceeding the minimum, as may be required by atate or federal regulations goveming adivitiea of Lender, or that amount of coverage required to pay the aums secured by this Mortgage, whichever is the greater. The insurance carrier providing the inaurance shall be chosen by Borrower subject to approval by Ixnder, pmvided, that such appro~ al shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under para~raph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. Ali inaurance policiea and renewals thereof ahall be in form acceptable to Lender and ahall include a standard mortgage cluuse in favor of and in form acceptable to I.ender. [,ender ahall have the right to hold the policies and renewais thereof, and I3orrower shall promptiy tumish to i,ender all renewal noticea and all receipts of paid premiums. In the event of loss, Bormwer ahall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of losa if not made promptly by Borrower. ~ Unleas Lender and Borrower otherwiee agree in writing, insurance proceeda shall 6e applied to reatoration or repair of the Property ~ damaged, provided euch reatoration or repair ia economically feasible and the security of this Mortgage ia not thereby impaired. If auch i reatoration or repair is not economically feasible or if the secority of this Mortgage would be impaired, the insurance procreds shall be applied i to the auma eecnred by this Mortgage, with the excese, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower fails to ~ respond to L.ender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier offers to settle a claim for ~ inaurance benefite, L.ender is authorized to collect and apply the insurance proceeda at Lender a option either to restoration or rnpair of the ~ Pmperty or the aua?a eecured by thie Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of pra~eede to principal ehall not extend or poatpone the due date of the monthly inatallments referred to in patagrapha 1 and 2 hereof or change the amount of euch instalimenta. If under paragraph 18 ~ hereof ~.`?e Property ia acquired by Lender. all right, title and interest of Borrower in a~d to any inaurance policies and in and to the proceeda ~ thereof resulting from damage to Property prior to the sale or acquiaition ehall paea to L.ender to the extent of the sums aecured by thia ~ Mortgage immediately prior to auch eale or aaquiaition. - ~ 6. Preservation and Maintenance otProperty; Leaseholds; Condominume; Planned Unit Developmente. Borrowerahall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall rnmply with the ~ proviaiona of any lease if this Mortgage is on a leasehold. If this Mortgage ie on a unit in a oondominium or a planned unit development, ~ Aorrower ahall peiform all of Bonower a obligations undeT the declaration or covenants creatingor governing the condominium or planned unit development. the by-laws and requlationa of the condominium or planned unit development, and constituent documente. If a condominium or planned unit developroent rider ia executed by Borrower and recorded together with thia Mortgage, the wvenants and ~ aqreementa of such rider shall be incorporated into and ahall amend and supplement thecovenants and agreements of thia Morigage as if the rider were a part hereof. - Yrotection of Lender's Security. If Borrower faile to perform the aovenanta and agreemente contained in thia Mortgage. or if any ' action or proceeding ie commenced which materially affecte I.ender'e interest in the Property, including, bnt not limited to, eminent domain, ~ ineolvency. oode enforcement, or arrangemente or proceedinga involving a banlwpt or dec~edent, then Lender at Lender's option,upon ~ notice to Borrower may make auch appearancea, dieburee auch eums and take such action as ia neceeeary to protect Lender'a interest, ~ including, but not limited to, diabureement of reaeoneble attorney'a feee and entry upon the Property to make repaits. If I.ender required ~ mortgage ineurance aa a rnndition of making the loan eecvred by thia Mortgage, Borrower ehall pay the premiums required to maintain ; euch insurance in eNect until such time as the reyuirnment for auch ineurance terminatee in accordance with Borrower a and Lender'e ~ written agreement or applicable I.aw. Borrower ahall pay the amount of aU mortgage inaurance premiume in the manner provided under ~ ; paragraph 2 hereoL I ~ My amo~nte dieburaed by Lender pereuant to thie paragraph with interest thereon, ahall become additional indebtedneea of ~ Borrower eecured by thie Mortgege. Unlese Borrower and [,ender agree to other terma of payment, auch amounte ehall be payable upon notice from Lender to Borrower requeeting payment thereof, and shall bear interest from the dete of diebureement at the rate payable from ~ time to time on outetanding principal under the Note unlese payment of interest at euch rate would be oontrary to applicable law, in which , event such amounta ehall bear intereet at the highest rate permiaeibte under applicable law. Nothing contained in this peragraph shall require Lender to incur any expenae or take any action hereunder. ~ ~ g„k, 311 ~~~:2~85 ~