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HomeMy WebLinkAbout0963 BoROwer and [.ender covenant and agree as followa: 1. Payment ot Principet end Intereet. Borrower ahall prompUy pay when due the principal of and intereat on the indebtedneas evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advancca secured by this Mortgage. 2. ~nds for Ta:es and Insurance. Subject to applicable law or tu a wrilten waiver by IA~der, I3orrower shall pay to lxnde~ un the day monthly installmenta of principal and intereal are payable under the Note, until the Note is paid in full, a sum (herein unds") eyual to one twelfth of the yearly taxes and asseasmenta which may attain priority ove~ this I?lortgage, ~nd Kruund ren~s on the Property, if any, plus one twelfth of yearly premium installments fo~ hazard insurance, plus onetwelfth otyearly premium inst~illments !or mortgage insurance, if any, aill as masonably estimated initially and frum time to tiR~e by l.ender on the ba~is uf ns:,er.smen~ti nnd bills and re:~sonable estimates thereof. The Funda ahaU be held in an institution the deposita or accounts of which are insured or guaranteed by a Federal or State agency linciuding Lender if l.ender ia such an institution). I.ender shall apply the Funds to pay said taxes, assesxments, insurance premiums and ground renfs. Lender may not charge for eo holding and applying the Funds, analyzing $aid account, or verifying and compiling said agsesamente and billa, unlese I.ender paye Borrower interest on the Funds and applicable law permits I.ender to make such a cherge. Borrower and Lender may agree in writing at the time of execution of this Morigage that interest on thr Funds shall be paid to Borrower, and unleas auch agreement ia made or applicable law requires auch interest to be paid, [.ender ehall not be requimd to pay Borrower any interest or earninga on the ~Lnda. Lender ahall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funda and the purpose for which each debit to the Funds was made. The Funds am pledged as additional security for the sums secured by this Mortgage. lf the amount of the Funds held by L.ender, together with the future monthly installments of Funds payable prior to the due dates of taxea, asaeasments, insurance pmmiuma and ground rents, shall excxd the amount required to pay said taxes, assessments, insurance premiums and ground rrnta as they fall due, auch excess shali be, at Bo~Tnwer's option, either promptly mpaid to Borrower or credited to Borrower on monthly installments ot Funds. If the amount o[ the Funds held by I~ender shall not be sufficient to pay k3xes, assessments, insurance premiuma and ground renta as they faU due. Bor~ower shall pay to I.ender nny amount necessap• to make up the deficiency within 30 days .i•om the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in tull of all suma secured by this Mortgage, I.ender shall promptly mfund to E3orrower any funds held by Lender. I[under paragraph 18 hereof the Property is sold or the Property is otherwise xcquired by I~ender, l.ender shall apply, no later than immediately prior !o the sale of the Property or its acquisition by Lender, any Funds held by t.ende,r at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Paymenta. Lnless applicable law provides othenvise, all payments received by I.ender under the Note and oa~agrapha 1 and 2 hereot shall be applied by l.ender first in payment of amounts payable to [.ender by Borrower under paragraph 2 hereoC, then W interest payable on the Note, then to the principal of the Note, and lhen to interest and principal on any N uturn Advances. 4. Chargea; Liena. E3orrower shail pay all taxes, assessments and uther ~•harKes, fines and impositiuns attributable to the Yrope~ty which n~ay attain a priority over this I~tortRage, and leasehold payments or ~r~~w~d re~ts, if any, in the mannrr prm~ided under paragraph'l hereofor, if not paid in such manner, by Burrower makink pa~•ment, when due. dirrc-tly to the p:iyeti• thermC Burruwer shall promptly furnish to lxnder :il~ notices of amoun4s due under this para~;raph, and in the event Borrnwer shall maki• p:~ym~~nt din~c•tly, Burn~a•er sh:~ll prumptl_r• furnish to 't.t~nder receipts evidencing such pa}•ments. Kurrow•rr sh:ill prnmptly dischar}~~• any lien w•hich has pri~~rity u~•er this A1urt~;aKe; pro~~ided, that iiorrower shall not be reyuired todischarKe un~• such li~~n su lunK as fi~~rruw~er shali aKrcK• in writinK tu the p.iyment ~~f theubliK.ition secured by such lien in a manner acceptable tu Ixnder, or shall in K~NNi faith cunt~~st su~•h li~•n hc, urdefend enfurc~~me•nt of suc•h li~•n in, le~;al procecdings ~•hich operate to prevent the enforcement of the licn ur furfeitur~• of th~• PruEx~rh• nr :~m• part therEr~f. Nazard lnsurance. Korroa•er shall kerp the impruvrmt•nts noK• existi~K or hereafter erected on the Property insured against loss by tire, hazards included within the term "extrndrel ~overa~e." .+nd such uther haz.+rds as I.ender may reyuire.ind in such amounts and forsuch ueriods as [xnder may require; pro~•ided, that Ixndrr shall nnt n•yuiri• that the ~imuunt ~~f tiuch cYe~•era~F rxec~~c1 that amount of coverage reyuired to pay the sums secured by this MortK~~K~'- i ' The insurance camer providinK the insurann• .hall h~• chus~•n h~• L{~~rru~c~~r ~ubje~i•t U~ appr~n•al b~• L~•nde•r, pr~~~•ide~ci, that surh appro~•al E .hall not be unreaumablc «•ithheld. ~VI pn•mium: un insur:~n~•~~ p~~li~•ie:v .hall 1~• paid in th~~ mannt~r prua~id~ti) undi•r p.ir:~kraph 'L hrrcr~f ur. if ; r.~~t paid in such manner, by fi~~rruwer m:ikinK p:~~m~•nt. ~vL•~•n dui•, din•~~th• t~~ th~• im~ranct• carri~~r. j AU insurance policies and renrv.~ls thrreof shull ta• in furm acceptahte= t~~ 1 A~nder:ind shall inelude a standard m~~rtKaKe clause in favorof ; and in form acceptable to I.enderJ.c~nder shall have tht• ri~;ht to h~~id th~• puli~•it•~ and rent~~•als therenf, and Ii~~rrower sh:ell promptly furnish to i.ender all renewal notices and all rrceipts uf p.~id pn•miums. In th~~ t~vt~nt uf luss, Kurr~~w•er sh.?11 Ki~~f~ prumpt nntice G~ thc~ insuranre carrier k ~~nd [.ender. I.ender may make pr~~f of toss if nut mad~• promptl~• b~• liurruwer. Unless I.ender and f3~~rruwer o*herwist• aKnti• in wntinK. insurancr pnK~rrds shall he applic~cl tu rest~~ration or repair of the Pruperty ~ damaged, provided such restoration or repair iv c~~onumic-alh• ft•asiblt~ and thr sErurit~ ot this :~1ortKaKe i~ not thereby impaired_ If such ~ ~ rrstoration or repair is not economically fra~ihlr or if the ~ec-urity ~~f this D1nrtKaKe wuuld Fx~ i:npaired, the insurance proceeds shall t?e applied ; tu the sums secured by this 11ortKagr: N~th thc ex~•es~, if any, paid to li~~rruw~er. lf the I'ropert~ is ahanduned by Borruwer, or if E3orrower fails to r re~pond to I.ender within 30 days from thP date n~rtirn i:: mailFd h~~ I,ender t~i Rurruwer that the insurance carrier offers to settle a claim fur ~ insurance benefits. I.ender is authorized to collec•t and .?ppl~• th~• insur.~m•e pnK•~~e•ds at I~•nder's uption either to restoration or repair of the ~ Yroperty or the sums secured by this MortKa~e. ~ Unless l.ender and F3~rrower otherwise a~;rre in writinK, any such application uf proceeds to principal shall not extend or p:~stpone thedue ~ date of the monthly installments referred to in par:iKraphs 1 and'l ht~reuf or ch:inKe the amount of such in~tallments. If under paraQraph Itt ~~ereof the Property is acquired by [.rnder, all riKht, title and interest uf ItormNPr in and to an~ in~uran~e p~licies and in and Co the proceeds ~ !hereaf resulting from damaQe to Pmperty prior tu the sale or ~icyu~sitiun shall p:~ss to I,ender to the extent of the sums secured by this ` ~lurtgage immediately prior to such sale or acquisitinn. ~ 6. Preservation and MaintenanceofProperty; IRNRPhold~; Condominums: Ylanned Unit Uevclopments. BorroM•ershalt keep the Property in good repair and shall nut commit w•a~te ur prrm~t imp.+irm~•nt ur detrrioration of the Yroperty and shall rnmply with the x~ provisions uf any lease if this M1iortKaKe is un a lea~rhold. If this A1urtKaKc• is on unit in a rnnduminium or a planned ~nit de~~el~~pment, Kurrower shall prrform all of Fi~~rrower's obliKations under tht~ dec•laratiun ur cu~•t•nants ~•n :~tin~or Kovern~nK the condominium or planned ~ unit developmenl, the by-lav~s an~ reKulations o( the condiiminium ur planneci unit decelopment, and rnnstituent documents. If a ~ condominium or planned unit cievelopment rider is exeKVtec1 by Fk~rroH-e•r and rre•ord~d tokether with this MurtRaKe, the covenanls and s .iKreements of su~~h rider sh.ill ?re incurpurat~Yi int~~ and ~hall amF~nd and suppl~•m~~nt the~ c~ervc~nants and aKreements uf this blortKaQe as ifthe - nder were a part hereof. - 7. Protection of Lender'e Security. If I3orrower fails to perform the ccn•enantx and agreementa contained in this Mortgage, or if any action or proceeding ie commenced which materially affecte [.ender's interest in the I'roperty, including, but not limited to, eminent domain, ineolvency, code enforcement, or arrangementa or pmceedinQa involving a bankrupt or decedent, then l.ender at Lender'e option,upon ; notice to Borrower may make auch appearancee, diaburae euch auma and take auch action as ie neceasary to protect Lendei s intereat, = including, but not limited to, diabursement of reasunahle attorney's fees and entry upon the Property t~ make repaire. If L.ender required mortgage ineurance as a condition of making the loan secured by this Mortgage. Horrower Rhall pay the premiume required to maintain such ineurance in effect until such time as the requirement for auch inaurance terminatea in accordance v?~th Borrower'a and Lendei e written agreement or applicable Iaw. Borrower ahail pa~ lhe amuunt of all mortgaKe inaurance premiuma in the manner provided under _ paragraph 2 hereaf. • - . ~ Any amounta dieburaed by I.ender persuant tn this paraQraph 7, with intereat thereon, ehall F?ecome additional indebtedneae of - Korrower eecured by thie Mortgage. Unleas Borrower and I.ender agree U~ other terma of payment, auch amounte ehall be payable upon - notice from [.ender tn~ Borrower requeeting payment thereof, and shall bear interest fmm the date of disbureement at the rate payable from time to time on outstanding principal ander the Note unleas pavment of interest at sach rate would be rnntrary to applicable law, in ~uvhich event euch amounts ehall bear intereat at the hiqheat rate permissible under applicable law. Nothing contained in this paragraph 7, ahall require [.ender to incur any expense or teke any action hereunder. r3 x? y au~~K ~1~ eacE gs1 , _ .