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HomeMy WebLinkAbout0546 . ~ - . - _ _ -w._ - ~ - - Borrows sad Iwnder covatant and agree as folbrrs: 1. Pa~eat of Principal sad Interest. Borrower shall promptly pay when due the principal of and intered on the indebtedneea evidenced by the Note, prepayraeat sad late charges as provided in the Note.and the principal of and iaterrest on any Pbtnre Advances secured by this Mortgage. Z. Elands for Taxes and Insurance. Subject to applicable law or to a written waiver by Leader. Borrower shall pay to Lender oa the day monthly instalments of principal and interest are payable under the Note, until the Note is paid is [Wl, a sum (herein "PLnds'7 equal to one• twelfth of the yearly tars and assessments which may attain priority over this Mortgage. and ground rents on the Properly, if any. piw ores- ' twsllW of yearly premium installments far hassrd insurance. Plus one~tweliW of yearly premium installments for mortgage insurance. itany, all a. reasonably estimated initialbr and floor time to time by Lender on the basis of assessments and bilb sad rmuonabk estimates thereof. The Flrnds shall be held in as institution tM deposib or aooounts of which are insured or guaranteed by a Federal or State agency (inducting Leader if Leader is such an institution?` Lender shall apply the Funds to pry said to:es. assessments, insurance Premiums and ground rents. Iwnder may not charge far so holding sad applying the Ftmds, anall/zing said account. or verifying and compiling said assessments and bills, unless Leader pays Borrower interest on the Fends and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Fends shall be paid to Borrower. and nnlea such sgrameat k made or appliabls law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Elands. Leader shall give to Borrower. without charge, an annual aoDOUnting of the Frauds showing credits and debits to the Finds and the pnrpws for which each debit to the Funds was made. The Funds are pledged as additional security for We sums secured by this Morlgage. If the amount of the Funds held by header. togeWer with the fature monthly iaatallmenta of Funds payable prior to the due dates of tares. assessments. insurance premiums and ground r+rots. shall exceed We amount required to pay said tares, aneesaotnts. insurance premirmas and ground rents eu they fall due. such eatoess shall be. at Borrower's option. abler PromPBY repaid to Borrower or credited to Borrower on ~ monthly installments of Funds. Tt the amount of the Funds held by Lender shall not be suit to pay taxes. assessments. insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount neoeseary to mate rep the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting Payment thereof: Upon payment in inli of all sums secured by this Mortgage.Lendershall promptly-refund to Borrower any funds held by Lender. hander paragraph 18 hereof the Property is sold or the Properly is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to We sale of the Property a its acgnisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured. by this Mortgage. 3. AppUcation of Payments. Ureters applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 a~ 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to intered payable on the Note, then to We principal of the Note, and then to interest and principal on any Future Advances. 4. Charles; Liras. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority ova this Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making Payment, when due. directly to the payee thereof: Borrower shall promptly fnruish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender reoapta evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. West Borrows shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of We obligation secured by such lien in a manner acceptable to Lender. or shall in good faiW contest such lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent We enforcement of the lira or forfeiture of the Property or any part Wereof. 5.- Ha~~d Insurance. Borrower shall keep the improvements now existing or hereafter er~e~~ted on the Property insured against loss by ~ fire, hazards included within We term "extended coverage," and such other hazards as Lender may require and in each amounts and for such periods as Lender may require; provided. West Lender shall not require Wat We amount of such odverage exceed Wat amount of coverage required to pay the sums secured by Wis Mortgage. The insurance carrier providing tar insurance shall be chosen by Borrower subject to approval by [.ender, 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 We insurance carrier. All insurance policies and renewals Wereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals Wereof, and Borrower shall promptly furnish to iender all renewal notices and all receipts of paid premiums. In the event of fora, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.- Unless Lender and Borrower oWerwise 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 We security of Win Mortgage is not Wereby impaired. If such y restoration or repair is not economically feasible or if the security of Wis Mortgage would be impaired, We insurance proceeds shall be applied to the snais secured by Win Mortgage, wild W e excess. if any, paid to Borrower. If the Property is abandoned by Borrower. or if Borrower fails to ~ respond to Lender wiWin 30 days from We date notice is mailed by Lender to Borrower that We insurance carrier offers to settle a claim for ~ insurance benefits, Lender is authorized to collect and apply We insurance proceeds at Lenders option either to restoration or repair of the Property or We soma secured by Wis Mortgage. Ureters Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of We monWly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If undo 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 peas to Lender to We a:tent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation smd Maintenance otProperty; Leaseholds; Condominums; Planned Unit Developments. Borrowershall teep the Properly in good repair and shall not commit waste or permit impairment or deterioration of We'Properly and shall comply with We provisions of any lease if Wia Mortgage is on a leasehold. If Win Mortgage is on a unit in a condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or rnvenants creatingor governing We condominium or planned unit development. We by-laws and regulations of We condominium or planned unit development. and constituent docaments. U a condominium or planned unit development rider is executed by Borrower and recorded together wild this Mortgage. the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower faib to perform We covenants and agreements contained in this Mortgage. err if any action or proceeding is oommenoed which materially affects bender s interest is the Property. including, but not limited to, eminent domain, insolvency. node enforcement, ce arrangements or proceedings involving a bankrupt ~ deeedeat, Wen Lender at Lender's option,apon notice to Borrower may make such appearances. disburse such sums and fate ouch action as is neoeseary to protect Lender's interest. including, but not limited to. dubaneaner?t of reasonable attorney's fees and entry upon the Property to mate repairs- U Leader required mortgage insurance as a condition of making the loan secured by Wis Mortgage. Borrower shall pay ~ Premiums required to maintain such insurance in effect until such time as We requirement for ouch insurance terminates in accordance wild Borrower's and Lendds written agreement a applicable Law. Borrower shall pay We amount of all mortgage inswance premiums in We manner provided under Paragraph 2 hereof. Any amounts disbursed .by Lender persuant to this paragraph 7, wild interest Wereoa. shall become additional indebtednea of Borrower secured by this Mortgage. Unless Borrower and Lends: agree to older terms of payment, such amounts shall be payable neon notice from Leader to Borrower requestin8 payment thereof, and shall bear interest from the date of dubarsement at We rate payable from time to time on outstanding principal undo the Note unless payment o[ interest at sack rate would be contrary to applicable law, in which event such amounts shell bear interest at the highest rate permissible ands applicable law. Nothing contained in this paragraph 7. shall require Lender to incur any expense or take any action hereunder. ~ • ' aooK~~-5 PaGE 545