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HomeMy WebLinkAbout2614 Borrower and Lender oovenaat snd agree as tolbws: 1. Psv~eet ot Priacipa! snd Ittterea~ Borrower ahaU promptly pay when due the principal of and intereat on the indebtedaeas evidenced by the Note, pnpayment end late charges as provided in the Note, and the principal of and intereat on any ~ture Advances secured by thia Mort~age. 2. PLnds for T~es and I~suranee. Subject to applicable law or to a written waiver by Lende~, E3orrower shall pay to I,ender on the day monthly inetallmenta o[principal and intereat are payable under the Note, until the Note ia paid in full, a aum (he~ein "I~~nda") equal w one twelfth of the yearly taxea and asaeeamenta which may attain priority ove~ Ihia Morigage, and giround rents on the Property, if any, plus one~ twelRh of yearly premium inatallmeata for hazard inaurance, plua onetwelfth otyearly premium installments for mortgage insurance, if any, all as reaeonably estimated initially and firom time to tiR~e by Lender on the basis of assessments and bilis and reasunable extimates thereof. ~ The fitt?de shall be held in an institution the deposita or accounts of which are insured or guaranteed by a Federal or State agency {including Lender ii I.ender is auch an institution). Lender ahall apply the Funda to pay said taxea, assessmente, ineurance premiuma and grou~d rents. I.e~der may not charge for so holding and applying the Funda, anxlyzing said account, or verifying and compiling said ~ments and bills, unlees Lender peya Borrower intereat on the Ftinds and applicable law permits l.ender to make auch a charge. Borrowe~ and L.ender may agree in ~vriting at the time of execution of thia Mortgage that intereat on the Funda shall be paid to BoROwec, and unleas such agreement ia made os applicable law requires such intereet to be paid, Lender shaU not be required to pay Borrowe~ a~y intemat or eamings on the flu~de. I.ender ehall g~ve to Borrower, without charge, an aonual accounting otthe Funde showing credita and debits to the Funds and tht purpoae for which each debit to the Fl~nds was made. The Funda are pledged as additional security for the aume secured by this Mortgage. If the amount of the F1nda held by I.ender, together with the future monthly instatlmentsof Ftinda payable prior W theduedates oftaues, aasesamenls. inaurance premiuma and ground renta, ahall excred the amount required to pay said taxea, asseasmente, insurance premiums and ground rents as they fall due, auch excesa shal! be, at Bo~rower s option, either prompdy repaid to Borrower or credited to Borrower on monthly installmenta of ~nde. If the amount of the Funds held by l.ender shall not be sufficient to pay taxes, aseeasments, insurance premiume and ground rtnie ae they fall due, Borrower shall pay to l.ender any amount necessary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Borrov~er requesting payment thereof. Upon payment in full of aU euma secured by this Mortgage, I.ender ahall promptly refund to Borrower any funds held by Lender_ lf under paragraph 18 hereotthe Property is sold or the Property is othe~wise acyuired by Lender, I.ender shail apply, no later than immediately prior to the aale of the Property or its acquisition by l.ender, any Funds held by I.ender at the time af application as a credit against the suma secured by thie Mortgage. 3. Application ot Payments. Unless applicable law provides otherwise, all paymenls received by Lender under the Note and paragraphe 1 and 2 hereof ahaU be applied bv Lender finst in payment otamounta payable to l.ender by Borrower under paragraph'l hereof, then to interest payeble on the Note. then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Chargee; Liena. Borrowershall pay all taxes, assessments and utFierrharges, fines and impositions attributable tn the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner provided under paragraph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof_ Rorrower shall promptly [urnish to Lender all notices of amounts due under this paragraph, and in the event t3orrower shall make payment directly, Born,wer shall promptly furnish to I.ender receipts evidencing such payments. E3orrower shall prumpdy dischargr any lien which has priority over this Mortgage: pmvided, that Borrower shall not be required to discharge any such lien so IonA as &?rn~wershnll agree in writing to the p:iyment uf theobligation secured by such lien in a manner acceptable to Lender, or shall in good faith nmtrst such lien by, ur defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture uf the Propert~ ur any part thrreof. 5. Nazard Insurance. Borrower shalt keep the impmvemenis nov? existinK or here~fter erected on the Property insured against loss by fire, hazards included within the term "extended co~eraKe," and ~uch other hazards as Ixnder may req~ire and in such amounts and forsuch ' ' periods as I.ender may require; pmvided, that l.ender shall not reyuire that the amount of such rnveraQe exmed that amount of coverage required to pay the sums secured by this MortKa~e. ~ ' The insurance carrier pro~•idir.R the insurance shail tx• ch~~.en b~• liorruwrr subjcti•t tu appru~:~l bt• Ixnder, pro~•idt~l, that such approval shaU not be unreasonably withheld. All premiums nn insur.~n~-~• {~~lici~r .hall M~ paid in the• manner pru~•idktil undrr paraKraph L heYeof or, if not paid in such manner, by F3orrower makinK payment, w~hen due, directh• tn th~• incur.ince carri~•r. All insurance policies and renewals thereof shall be in form acceptuble tu I~ender and shall include a standard mortgaKeclause in favot of and in form acceptable to I.ender. l.ender shall have the riKht to hold the policies and renrwals there.,f, and Korrnwer shall pramptly furnish to i.endPr aU renewal notices and all receiptx of paid premiums. In the eveut of loss, Burn~wer shall Ki~•r prompt notice to the insurance carrier j and Lender. I.ender may make proof of loss if not made promptlt by BorroNer_ ~ Unless Lender and Rorrower otherwise aKree in writing, insurance proceecls shall be appliecl to reRtoration or repair of the Property ~ damaged, provided such restoration or repair is economically feasible an3 the serurity of this :~tortgage is not thereby impaired. If such ~ restoration or repair is not economically feasible or if the security of this Atortgage wauld t?e impaired, the insurance proceeds shall be applied ~ to the aums secured by this blortgage, with the excess, if any, paid to F3urrovrer_ If the Property is abandoned by Eiorrower, or if E3orrower faila to reapond to L.ender within :i0 days from the date notice is mailed by I.ender to Borrov?er that the inaurance carrier offers to settle a claim for s insurance benefits, I.ender is authorized to collect and :~pply the insurance pmceecls at I.ender's option either to restoration or repair ot the ~ Property or the sums secured by this Mort~taKe. Unlese I.ender and Borrower otherwise agree in K ritinK, any such application of pmceeds to principal shall not extend or postpone thedue date of the monthly installments referred to in paragraphs 1 and 'L hereof or chanKe thc amount of such installments. If under paragraph 18 hereof the Property is acquired by [.ender, all right, title and interest uf &?rroveer in and tu any insurance policies and in and to the proceeds thereof reaulting from damaQe to Property prior to the sale or an~u~sitiun shall pass to I.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Preeervation and Maintenance of Property; I.raseholds; Condominuma: Ylanned tJnit Uevelopmenta. I3orrowershall keep the Property in good rnpair and shall not rommit waste or permit impairment or deterioration of the Property and shall comply with the ~ provisiona of any lease if this DtortKage is on ~ leasehold. If this MortKaKe is on a unit in a condominium or a planned unit development, ~ F3orrower shall per[orm al) of Borrower's obligatiuns under the declar~liun or covenan45 creatinKor govern~ng the condominium or planned ~ unit development, the by-laws and reKulations of the condominium or planned unit development, and constituent documents. If a ~ condominium or planned unit development rider is executed by F3orrowrr :~nd reY•orded t~~ether wilh this Mortgage, the covenants and ~ aRreementsot~uchridershallt?eincurpuratedintuand,hall:~mendandsupplrmentthecu~•enantsandaKreemen~softhisMortKa~teasifthe rider were a part~hereof. m 7. Protection ot Lender'e Security. If Borrower fnila to perform the covenanta and agreemente contained in thie Mortgage, or if any ~ action or proceeding ie commenced which materially affects I.ender's intereet in the Property, including, but not limited to, eminent domain, a ineolvency, code entorecment, or arrangemente or proceedinga involving a bankrupt or decedent, then I.ender at Lender'e option,upoa k notice to Borrower may make euch appearancee, diaburee euch suma and take such action ae ie necessary to protect Lender'e intereet, ~ including, but not limited to, diebureement of reaeonable attomey's fees and entry upon the Property to make repaire. I[ Lender required ~ mortgage ineurance ae a condition of making the loan aecured by thie Mortgage, Borrower ahall pay the premiuma required to maintain ~ euch inaurance in ef[ect until euch time as the requirement for such ineurance terminates in accordance with Borrower'e and Lendet e ; written agreement or applicable Law. Borrower al~all pay the amount of all mortgage insurance premiuma in the manner provided under ~ paragraph 2 hereoL t Any amounla diebursed by Lender pereuant to thia paragraph 7, with intereat thereon, shall become additiona! indebtedneae of ~ Rorrower aecured by this Mortgage. Unleea Borrower and [.ender agree to other terma of payment, such amounte ahall be payable upon notice from Lender to Borrower requeating payment thereot, and ahall bear interest from the date of diebursement at the rate payable from ~ time to time on outatanding principal under the I~ote unlesa payment of intereat at such rate would be contrary to applicable law, in which ~ e~~ent such amounte ehall bear intereat at the higheat rate permiaeible under applicable law. Nothing contained in thia paragraph 7, ehall require L.ender to incur any eapense or take any action hereunder. ~ ~ 1 ~ ~ ~1 `4~=~6 s ~z a ~ ~ ~ .