Loading...
HomeMy WebLinkAbout2610 Borrower and Lender rnvenant and agtre ae fallows: 1. Payment o! PFiacipal snd Interes~ Borrower shall prompUy pay when due the principal of and intereat on the indehtecfnesa evidenced by the Note, prepayment and late cha~gee se provided in the Note, and the principal o[and intemet on any Ftiture Advancea aecured by this Mortgage. 2. Ptiutds for T~u[ea and Ineurance. Subject to applicable law or to a written waivec by l.ender, Borrower ehall pay to l.ender on the day monthly inatallments of principal and intereet are payable under the Note, until the Note ia paid in jull, a aum (he~ein "Ftinda") equal to one twelM of the yeady taxea end asaesementa which may attain priority over this Mortgage, und ground rents un the Property, i[any, plua one twelfth of yearly premium inatallmente to~ hazard ineurance, plua onetwelRh ofyearly premium installmente for mortgageinsurance, i[any, all ae reasonably estimated initially and from time to time by I.ender on the baeia of aeseaementa and billa and reasonable ea?imatea thereof. The ~nds ehall be held in an institution the depoaits or accounts of which are ineured or guaranteed by a Federal or State agency (including Le~der if i,e~d~ ia auch an institution). L.ender ahall apply the Fuads to pay said taxee, ssseaements, i~surance premiuma and ground nnta. Lender may not charge for so holding aad applying the Funde, analyzing esid account, or verifying and compiling said aseesament8 and bille, unleea Lender paye Borrower interest on the Funds and applicable law permita Lender to mnke auch a charge. Borrower and Lender may agree in writing at the time of execution of thia Mortgage that intereat on the ~nde ahaU be paid to Borrower, and unlese - such agreement ia made or applicable law requiree euch interest to be paid. I,en~.r shaA not be required to pay Sorrower any intereat or earninga on the F~,:.3s. Lender ehaU give to Borrower, without charge, an annual accounting of the Funde showing credita a~d debits to the Funde and the purpose for which cach debit to the ~nde was made.'t1~e Funda are pledged as additional eecurity for the aume eecured by thia Mortgage. If the amount of the ~nda held by Lender, together with the future monthly inatallmenta of Funda payable prior to the due dates of taxea, aeeeeamente, insurance premiuma and ground rents, ahall e:oeed the amount required to pay eaid taxea. aasesamenta. inaurance premiums and ground rente aa they fall due, auch excesa ahall be, at Hortower s option, either promptly repaid to Borrower nr credited to Borrower on monthly inetallmenta of Ftinda. If the amount o! the Funde held by Lender shall not be_aufficient to pay taxee, aesessmenta, insurance pr~miume and ground renta as they falt due, Borrower ahall pay to Lender any amount nec~seary to make up the deficiency within 30 days from the date notice ia mailed by L.ender to Borrower requesting paymEnt thereof. . Upon payment in full of ell sume eecured by thia Mortgage, I.ender rliall prompdy refund to Borrower any funds held by Ixnder. lf under paragraph 18 hereof the Property is sold or the Property ie oth~rwiee suquired by l.ender, Lender shAll apply, no later than immediately prior to the eale of the Property or its aoquiaition by Lender, any ~nda held by Lender at the time oiepplication as a credit against the suma secured by thia Mortgage. 3. Application of Paymente. Unleae applicable law providea otherwise, ali payments received by Lender under the Note and paragraphe 1 and 2 hereof shall be spplied by Lender firat in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Ad~ances. 4. Charges; Liens. Borrower shall pay all taxes, asser.sments and other chargea, fines and impositions attributable to the Property which may attain a priarity over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereo[or, ~s not paid in such manner, by Borrower making payment, when due, directly to the payee thereof Borrow er shall promptly furnish to I.ender all notices of amounts due under this paragraph, and in the event Eiorrower shall make payment directly, Borrow er shali promptly furnish W Lender receipta evidencing auch payments. Borrower shafl promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so lonq as Borrower ahall aqree in writing to the payment of the obligation secured by auch lien in a manner acceptable to Lender, or ahall in good faith contest such lien by, or defend eriforcement of such lien in, legat proceedings which operate to prevent the enforcement of the lien or forfeiture ot the Property or any part thereo[ 5. Hazard Ineurance. Borrower shall keep the improvemente now exiating or hereafter erected on the Property inaured againat loss by fire, hazarda included within the term "e:tended coverage; ' and auch other hazards as Lender may require and in such amounte and for such periods ss Lender may require; provided, that Lender shall not require such rnverage amount exceeding the minimum, as may be required by state or federal regulations governing aMiviti~ of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever ia the greater. The insurance carrier providing the insurance ahall be chosen by Borrower subject to appmval by l.ender, pmvided, that such approval shall not be unreaeonably withheld. All premiums on inaurance policies shall be paid in the manner pmvided under pa~agraph 'L hereotor, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier_ All inaurance policies and renewaia thereof ehall be in forn~ acceptable to Lender and shall include a atandard mortgage clauae in favor of and in form acceptable to Lender. I.ender shall have the right to hold the poiiciea and renewala thereof, and Borrower shall promptly furnish to i.ender all renewal noticea and all receipts of paid pcemiuma. In the event of losa, Borruwer shall give prompt notice to the insurance carrier and Lender. Lender may malce ptoof of loss if not made promptly by Borrower. ~ Unleas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to rextoration or repair of the Property i damaged, provided auch restoration or repair ie economically feasible and the security of this Mortgage ia not thereby impaired. If such i reatoration or repair ie not economically feasible or if the eecurity of this Mortgage wouid be impaired, the inaurance proceede ehall be applied E to the aume aecurnd by this Mortgage, with the e:cess, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to reapond to [.ender within 30 daya from the date notice ia mailed by Lender to Borrower that the inaurance carrier ofl'ers to setUe a claim for ~ inaurance benefita, I.ender is authorized to collect and apply the inaurance proceeds at I~nder's option either to restoration or rnpair of the ~ Property or the auma secured by thia Mortgage_ ~ Unless Lender snd Borrower otherwiae agree in writing, any such application of pra.~ecda to principal ahall not extend or poatpone the due date of the monthly inatallmenta referrcd to in paragrapha 1 and 2 hereof or change the amount of auch inatallmenta. If under paragraph 18 ~ hereof the Property ia acquired by I.ender, all right, title and intereat of Borrower in and to any inaurance policies and in and to the proceede thereof resulting from damage to Property prior to the sale or acquieition shall paae to Lender to the extent of the auma secured by this Mortgage immediately prior to euch aale or aoquieition. 6. Preaervation and Maintenance of Property; Leseeholde; Condominums; Planned Unit Developmente. Borrower shall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall rnmply with the provisions of any leaae if thie Mortgage ia on a leasehold. If thie Mortgage ia on a unit in a condominium or a planned unit development, Eiorrower shall perform all of Borrower's obligations under the declaration orcovenanta creatingor governing thecondominium or planned ~ unit development, the by-lawa and regulations of the condominium or pianned unit development, and rnnetituent documents. If a ~ rnndominium or planned unit development rider ia executed by Borrower and recorded together with thia Mortgage, the oovenante and ~ agreementa of euch rider shall be incorporated into and shall amend and aupplement the covenants and agreementa of this Mortgage as if the ; rider were a part hereof. ~ 7. Protection of Lender'. Security. If Borrower faila to perform the rnvenant8 and agreementa contained in this Mortgnge, or if any ~ action or proceeding is commenced which materially affecte Lender'e intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangemente or prooeedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon ; notice to Borrower may mai~e euch appearances, dieburee euch aums and take such action as ie neoessary to protect Lender's intereat~ ~ including, but not limited to, diebureement of reaeor~able attomey'e fees and entry upon the Property to make repairs. If Lender required ~ mortgage inaurance ae a condition of ineking the loan eecured by thia Mortgege, Borrower ahall a the remiuma p y p required to maintain ~ euch inaurance in effect until euch time aa the requirement for euch inaurance terminatea in accordance with Borrower's and Lender a ~ written agreement or applicable Iaw. Borrower ehall pay the amount of all mortgage insurance premiuma in the manner provided under paragraph 2 hereof. y My amounfe disburaed by Lender pereuant to thie paragraph 7, with interest thereon, ahall beoome additional indebtedneee of ~ Borrower secnred by this Mortgege. Unleae Borrower and Lender agree to other terma of payment, euch emounte ehall be payable upon notice from Lender to Borrower requeeting payment thereof, and shall bear intereat from the date of diabureement at the rate payable from ~ time to time on outetanding principal under the Note unlesa payment of interest at auch rate would be oontrary to applicable law, in which ~ event such amounte ahall bear intereat at the highest rate permieeible under applicable law. Nothing contained in this paragraph 7. ehall ~ require Lender to incur any e:penee or take any action hereunder. ~ 3 rt ~ . . ~11 ~ 2608 - . ~ ~