Loading...
HomeMy WebLinkAbout2476 ~ Borrowee and Lendes oovenaat and agree a. follows: 1. Payment of Prlnetpal and Inteir~eat. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note. and the principal of and interest on any Future Advances secured by this Mortgsse. 2. Fltnda !or Tattaa sad Iasuraaoe. Subject to applicable law or to a written waiver by Leader, Borrower shall pay to Lender on the day monthly installments of principal and ingest are payable under the Note, until the Note is paid in full, a sum (herein "Funds' equal to one• twelfth of theyearly fazes and asseeamen4 which may attain priority over this Mortgage, and ground yenta on the Property. if any, plus ones. twelfth of yearly premium installments for hasanl insurance, plus one•tweltth otyearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and from time to time by Lendes on the basis of aeseaaments and bills and reasonable estimates thereof. The Fonds shall be held in an institution the deposits. or accounts of which are insured o: guaranteed by a Federal or State agency (including Lender it Lender is such an institution). Lender shall apply the Funds to pay said lazes, asseeamenta, insurance premiums and ground rests. Lender may aoE charge for ao holding and applying the Farads, analysing said account. or verifying and rnmpiiitsg said assessments and biW, unlea lender psys Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of ezecution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless ouch egneement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Fends, Lender shall give b Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpi,ae for which each debit to the Funds was made. The Funds arc pledged as additional security for the auras secured by thin Mortgage. If the amount of the Funds held by Lender. together with the future monthly inatallmenta of Funds payable prior to the due dat~ee of fazes, aeeessmenta, insurance premiums and ground rents, shall excraed the amount required to pay said to:ea, assessments, insurance premiums and grow~d rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited b Borrower on monthly installmenb of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay fazes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any Amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lander to Borrower requesting payment thereof. Upon payment in full ~ all sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property ie sold or the Property is otherwise acquired by Lender, Lender shall apply, no Later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgages 3. Application of Payments. Unleea applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender fast in payment of amounts payable to Lender 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 principal on any Future Advances. 4.Charges; Liens. Borrowershali pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over thi8 Mortgage. and leasehold payments or ground rents, itany, in the manner provided under paragraph Z hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to bender all noticES of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment ottheobligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. H Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards i eluded within the tens "extended coverage," and such other hazards as Lender may require and in such amounts and for such- periods as Len r may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay th uma secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subjeM to approval by [xnder; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the insurance carrier. All insurance policies and renewals thereofshall be in form acceptable to Lenderand shall include a standard mortgageclauae in favorof and in form acceptable to Lender. I.ertdershall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to ixnder all renewal notices and all receipts of paid premiums. In the event of loss, Borwwer shall give prompt notice to the insurance carrier and bender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender s option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior to each sale or acquisition. 6. Preservation and Maintenance of Property;Leaseholds; Condominuma; Planned Unit Developments. Borrower shall keep • the Property in good repair and shall not commit waste or prrmit impairment or deterioration of the Property and shall comply with the provisions of any tease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a rnndominium or a planned unit development, Borrower shall perfon» all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and rnnatituent documents. If a condominium or planned unit development rider is executed by Borrower. and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreementaof this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the rnvenante and agreements contained in this Mortgage. or if any action or proceeding is commenced which materially affects Lender a interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,npon notice to Borrower may make each appearances, disburse each sums and take such action ae ie necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and enemy upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until each time as the requirement for such insurance terminates in accordance with Bon-ower's and I.endds written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall become additional_indebtednees of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tenors of payment, such amounts shall be payable upon notice from Lender to Borrowtr requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate penmiaeible under applicable law. Nothing contained in this paragraph shall require [.ender to incur any expense or take any action hereunder. ~~~K314 PaCE2469 r. - 4 ~ - -