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HomeMy WebLinkAbout0919 Borrower and Lender oovenaat and agree u folbws: I. Payment of Principal sad Interest. Borrows shall promptly Pay when doe the priadpal o[ and iatetesR oa the iadebledo~ess evidenced by the Note. Prepayment and late charges u provided is the Note, and the Principal o[aad interest oa say I~atare Adranoes secsred by this Mortgage. Z. Faads for Taxes and Insurance. Subject to applicable law or to a written waiver by Leads, Borevwa shall Pay to I.ardaoa thedq monthly instalLnents of principal and interest are payable under the Note, until the Note is paid is full. a sum (tracts "Fends") egaal to oae- twelRh ofthe yearly fazes and assessments which may attain priority over this Mortgage. sad ground rents as the Property. if any. Pies ooe• twelfth of yearly premium installments for hasard insurance. plus one•twelRlr ofyearly praainm irrstallnaeats for mortgage iastsraaoe; if say. all u reasonably estimated initially and from time to time by Lends on the basis of assessrrreats sad biW sad reasonable estimates thereof. The Funds shall be held in an institution the deposits or aooounta of which are iasared or guaranteed by a Federal a State agesey (including Lender if Lender k sack an inutitution). Lender shall apply the Funds to pay said taus, asseameob. iaauaaoc peemisaas sad ground rents. Lender may not drarge for so holding and applying the Faads, analyzing said aooount, a v~erifyitrg and oompifios aid assessments and biW. unless Lender pays Borrower interest on the Faads and applicable law permits Lends tomakesu~h arharge. Borrower anti Lender may agree is writing at the time of ezecutioa of this Mortgage that intered oa the Funds shall be Paid b Borrawe~ and anless such agreement is made or applicable law requires such interest to be paid. Leader shall ant be required to psu? Borrower say interest oz earnings on the Funds. Lender shall give to Borrower. without charge. an annual aooouating of the Fonds shoMriag credits sad debits to the Funds sad the purpose for which each debit to the I~tnds was made. The Funds are pledged u additional security forthe assns secuered by this Mortgage. If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable poor tothe duedates of taus. assesanaeats, insurance premiums and ground rents. shag exceed the amount required to pay aid fazes. aasesseaents, inoraaoe pry acrd ground rents u they faA due. such exoees shall be, at Borrower's option. either promptly repaid b Barawer or credited to Bottowaen monthly installments of Fends. If the amount of the Funds held by Leader shall ant be salt to pay taus. asseasarmts. inaQaaae premiums and ground rents u they fall tiro, Borrower shall pay to Lender any amount rreoewry to make.rrP the de5cieanr within 30days from the date notice is mailed by Lender to Borrower requesting payment thereof Upon payment in frill of all sums secured by this Mortgage. Lender shall pr~PBY refund to Borrower say foods bead by Leader. Tf ender Paragraph 18 hereof the Property is sold or the Property is otherv~-ise acquired by Lender. Leader shall apply. ao later than iramediatdy prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application u a c:ediRaprimt tbesmas secQed by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Larder ands the Note and Paro6mPbe 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Leader by Borrower atrder paragraph 2 bereo~ then to interest payable on the Note, then to the principal of the Note, and then to interest and printipal oa say Fatare Advances. 4. Charges: Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attribntabie to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any, in the manner provided ender paragraph 2haeof err, if not paid in such manner, by Borrower making payment. when due, directly to the payee thereof. Borrowershall promptly farnishto Lards 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 ovsthis Mortgage; prcwiderl,tbart Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment ottee obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement ofsnch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof 5. Hazard Insurance. Borrower shall keep the improvements now ezisting or hereaRer erected on the Property insured againstbasby fire, hazards included within the term "eztended coverage," and such other hazards as Lender may require and in such amounts and forsaeh periods as Lender may require; provided, that Lender shall not require that the amount of anch coverage exceed that amomt of oovaage required to pay the soma secured by this Mortgage. The insurance carver providing the insurance shall be chosen by Borrower subject to approval by lender, 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 pay meet, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to lender and shall includes standard mortgagedaaseia favard and in form acceptable to Lender. Lender shall h eve the right to hold the policies and renewals thereof, and Harrower shall promptly famish to 'k i.ends all renewalnotices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. f 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 ss~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall beapPlied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrowa,orif Borrower fait 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 rnllect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the soma secured by this Mortgage. _ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to p~rincipsl anal! not eztead or postpone thedae date of the monthly installments referred to in paragraphs 1 and 2 hereof or change-the amount of sndr installments. If antler paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance polities and is and to the proceeds thereof resulting frrom damage to Properly prior to the sale or acquisition shall pass to Lender to the extent of the emus secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation acrd Maintenance of Property: Leaseholds; Condomiaums; Planned Unit Developseats. Barrawerahall keep the Property in good repair and shall not commit waste or permit impairment or deterioration o! the Property and shaD oompiy with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a oondomininm or a planned snit dtvebpmeat, Borrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governing the oondomininm a planned unit development, the by-laws and regulations of the condominium or planned unit development, and eonstitoeat dowmeats. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the ooveaants and agreements of such rider shall be incorporated into and shall amend and supplement thecovenants andagreernerrtsotthisMortgageasiftbe rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this 1Loetgage, a if essay action or proceeding is commenced which materially affects Lender's interest in the Property. induding, but not limited to, eminent domain, insolvency, code enforeanent, or atzangemarts or proceedings involving a bankrupt or decedent. thm Deader ~ Lmder's optisa,>ipon notice b Borrower may make such appearances, disburse such gums and take anch action a is necessary to protect Leodes'a interest, including, but not limited to, disbursement of reasonable attorney's fees and entry aeon flu Property to make repairs. if Leader req~ed 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 such time as the requirement for anch insurance terminates in aooordanee with Borrower's and Le:,dda written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance prerninnu in the manna prodded nudes paragraph 2 hereof. Any amounts disbursed by Lender pereuant to this paragraph 7. wiW interest thereon. shall become additional indebtedness d Borrows secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, ouch amoanb shall be payable apoo notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal ands the Note unless payment of interest at anch rate would be contrary to applicable law. m which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph ahaD require Lender to incur any expense or take any action hereands. _ 3n,x315 e~cE 917 .