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HomeMy WebLinkAbout2894 Borrower and I.ender rnvansat and a~ree a~ folbnn: 1. P~ymeat ot Principal ~nd Iatere~~ Borrower ahall prompdy pay when due the principal ot and i~teteat on the indebted~eas evide~ad by the Note. prepayment and late charga as provided in the Nota. and the principal of and intereet on any ~Lture Advances secund by this Mort~sge. 2, fitnds tor Tases and Ineurance. 3ubject to applicable law or to a written waiver by Lender, Borrower shall pay to l.ender on the day monthly installmenta of principal and interest are pa~yable under the Note. u~til the Note ia paid in fuU, a aum (herein "~nds") equal to one- twelRh of the yearly taues and aseeesments which may attain priori?y over this Mortgage. and ground renta on the Property, if any, plua oae- twelRh of yearly premium inatallmenta for hazard inaurance. plua onetwelRh of yearly premium inatallments for mortgage inaurance. if any. all as reasonably estimated initially and from time to time by Ixnder on the basis of aseesamenta and bills and reasonable eatimatea thereof. Ttie I~1~nda ehall be held in an institution the depoaits or accounta o! which are inaured or guaraotsed by a Federal or State agency ~ (including I.endez if Lender is such an inatitution). l.ender shall apply the Funda to pay said taxes, esaesaments, inaurance premiums and ` ground renLs. Lender mayr not charge fos so holding and applying the FLnds, analyzing aaid account, or verifying and compiling said aasessments and biUs, unl~a Lender pay~ Borrower intereet on the Fltnda and applicable law permita Lender to make auch a charge. Borrawer a nd l.end~ may agree in writinB et the time of e:ecution of thia Mortgage that intereet on the F~nde ahall be paid to Borrower. and unlsas auch aareement is made or applicable law requires such interest to be paid. I.ender shall not be required to pay Borrower any interest or earnings on tbe F~nda. Lender ahall give to Borrower. without charge, an annual accounting of the Funda showing credita and debits to the Funds and the purpose for which each debit to the ~nds wae made. The Funda are pledged as additional eecurity for the auma secured by this Mortgage. If the amount of the I~Lnda held by I.ender. together with the future monthly inatall ments of Funda payable prior to the due datea of t~es. assessments. insurance premiums and ground renta, ahall e:czed the amount required to pay said ta:ea, aasesaments, insurance premiums and ground nnts aa they fall due. such excess ahall be, at Borrower a option, either promptly repaid to Borrower br credited to Borrower on monthly installmenta of I~nds. If the amount of the Funda held by I.cnder ahafl'not-be euflRient to. pay tauee, asseeiaments, ineurance premiums and giround rents ae they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice ia mailed by l.ender to Borrower requesting ea~yment thereof. Upon payment in full of all sume eecured by this Mortgage, Lender ahall promptly refund to Borrower any [nnda held by Lender. If under paragraph 18 henwf the Property is sold or the Property is otherwiae acquired by Lend~, i.ender ahall apply, no latet than immediately prior to the aale of the Property or ite aoquisition by I.ender. any Ftinds heid by l~e+~der at the time of application as a credit against the sums secured by this Mortgage. ~ 3. Application of Paynaente. Unlesa applicable law pmvidea otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahaU be applied by I.ender first 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 Advances_ _ 4. Chergee; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground renls, if any, in the manner provided under paragraph 2 hereof or, : if not paid in such manner. by E3orrower making payment, when due, directly to the payee thereoL Borrower shall promptly furniah to I.ender ? all notices of amounts due under this pa~agraph, and in the event E3orrower shall make payment directly, Borrower shall promptly furniah to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided, that Borrower shall not be required to discharge any such lien so long as E3orrower shnll aRree in writing to the payment of the obligation secored by such lien in a manner aeceptable to Lender, or shali in good taith contest such lien by, ordefend enfi~rcement of such lien in, legal proceedings which operate to ptevent the enforcement of the lien or forfeiture of the Property or any part thereot. 5. Hezard Insurance. Borrower shali keep the impmvements now existing or hereafter erected on the Property insured against loasby fire, haz8rds included within the term "extended coverage," and such other hazards as l.ender may require and in such amounts and torsuch periods as Lender may requirn; provided, that Lender shall not requirn that the amount of such coverage exceed that amount of coverage required to pay the sums secnred by this Mortgage. The insurance carrier providinK the insuranm shall be chi~.sen t?y 1t~~rrow•er subject to appru~ al }~y 1 xnder, prvvided, that such approval shall not be unreasonably withheld. All prnmiums on insurance p~~licie. sh:ill be paid in ihe manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower makinR payment, wherr due, directl~ to the incurance carrier. All insurance policiex and renewals thereof shali be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acoeptable to Lender_ l.ender shall have the riRht to huld the policies and mnewals thereof, and Borrower shall prompdy furnish to " ; L.ender all renewal notices and all receipts of paid premiums. (n the event of loss, Borruwer shall give prompt notice to the inaurance carrier ; and Lender. Lender may make proof of loss if not made pmmptly by f3orrower_ ~ Unleas Lender and Borrower otherwise agree in writinq, insurance proceeds shali be applied to restoration or repair of the Property ~ damaged. provided auch restoration or repair is economically feasible and the security of this Mortgage is not thernby impaired. If such restoration or ~aepair is not economically feasible or if the security of this Mortgage would be impuired, the insurance proceeds shall be applied to the euma secured by this Morigage, with the excess, if any, paid to F3orrower_ If the ~'roperty is abandoned by Borrower, or if Borrower fails to reapond to L.ender within 30 days from the date notice is maited by I.ender to Borrower that the insurance carrier ofYers to setde a claim for ~ inaurance benefits, Lender is authorized to collect and apply the insurance proceeds at I.ender s option either to restoration or repair of the _ Property or the eums aecured by this MortgaRe_ ~ Ualeae Lender and Borrower oiherwise agree in writing, any such application of procreda to principal shall not extend or poatpone the due ~ date of the month~y installmenta referred to in paragraphs I and 2 l~ereof or change the amount of such installmenta. If under paragraph 18 ~ ~ hereof the Property is acquired by Lender, all right, title and interest o[ E3orrower in and to any inaurance policies and in and to the proceeda thereof reaulting ftom damage to Properly prior to the sale or acqu~sition shall pass to l.ender to the extent of the aums secnred by this 9 ~ Mortgage immediately prior to such sale or acquisition. ~ 6. Preservation and Maintenance of Property; ixaseholda; Condominums; Planned Unit Developmente. Borrowerahall keep the Property in good repair and shail not commit waste or permit impairment or deterioration of the Property and shall eomply with the ~ provisiona of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development, , I~orrower ahall perform all of Borrower's obligations under the declaration or covenants crrltinQor governing the condominium or planned unit development, the bylawe and requlatiuns of the condominiutn or planned unit development, and rnnatituent documents. If a c condominium or planned unit development rider is executed by I3orrower and recorded together with this Mortgage, the oovenants ~nd agreements of such rider shall be incorporated into and shall amend and supplement thecovenants and agreements otthis Mortgaqeaaifthe rider were a part hereof. k~ 7. Protection of I.eader'e 3ecurity. if Borrower faile to perform the oovenanta and agreemente contained in this Mortgage, or if any ~ action or procce~ing is commenced which materially affecte Lender s intereet in the Property, including, but not limited to, eminent domain, ineolvency. oode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at Lender's option,upon ~ notice to Borrower may mate auch appearances, dieburee such auma and take auch aMion ae ie neceeeary to protect Lender's intereat, ~ including, but not limited to, diebureement of reasonable attorney'e feee and entry upon the Property to malce repaire. If Lender required mortgage inaurance as a condition of making the loan secured by this Morlgage, Borrower ehall pay the pcemiume reqnired to maintain - ~ euch insurance in effect until euch time ae fhe requirement for auch ineurance terminatee in accordance with Borrower'a and Lendez s ~ written agreement or applicabk Law. Borrower ehall pay the amount of all mortgage inaurance premiuma in the manner provided under ~ ~ ~ paragtaph 2 hereof. i~ ~ My amounte diebursed by Lender persuant to thie paragraph 7, with intereat thereon, ehall beoome additional indebtedness of ~ F3orrower eecured by thie Mortgege. Unlesa Borrower and L.ender agree to other terma of payment, auch amounte ehall be payable upon notice from Lender to Borrower requeating payment thereof, and shell bear interest from the date of disbureement at the rate payable trom 4 time to time on outetanding principal under the Note unleae payment of interest at such rate would be rnntrary to applicable law, in which ~ event auch amounta ahall bear intereat at the highest rate permiaeible under applicable law. Nothing contained in thie paragraph shall ; require Lender to incur any expense or take any action hereunder. ~ ~rt)O i ~ ~ BaJix.,12 PaGE2,o~9 ' ~ ~ . ~ ~ . . _ _ v _ _ _ - - - - -