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HomeMy WebLinkAbout2030 . y_:._ t t Borrower and Lender covenant tad agree as follows: 1. Payraeat of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on We indebtednep evidenced by the None. prepayment sad late charges as provided is the Note, and the principa) of sad interest on any Future Advances secured by this Mortgage. Fluids for Tares sad Iasuraaoe. Subject to applicable law or to a written waiver by Leader, Borrower shall pry to Lender on the day monthly installm~ts of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Phnda"~ equal to once twelfth of the yearly taxes and aaaeraments which may attain priority over this Mortgage. and ground rents ontheProperty, ifany, plw ona- 1we11W of yeulypremium installments for hasard insurance, plw one•twdM of yearly premium installments for mortgage insurance, iiany, all as reasonably estimated initially sad from time to time by Leader oa the basis of assessments and bills and reasonable estimates thereof. The i'?titnds shill be held in as institution the deposits or aeoouats of which are insured or gwranteed by a Federal or State agency '~includiag Lender if Leader is such an institution). Lw,der shall apply the Fonda to pay said taxes, esacesmenta, insurance premiums and ground rents. Leader may not charge for so holding and applying the Funds, analysing said account, or vorifyirtg and compiling said assessments end biW, unless Lender pays Borrower interest on the F1mds and applicable law permits bender to make such a charge. Borrower and Leader may agree in writing at the time of execution of this Mortgage that interest on the Fuada shall be paid to Borrrower, and unless such agreement is made or applicable lsw requires such interesl to be paid, Lender shall sot be required to pry Borrower any interest or earnings on the Ptitads. Leader shall give b Borrower, without charge, an annual aoDOUnting of the Funds showing credits and debits to the Funds and the purpwe for which each debit to We Funds was made. The Funds are pledged as additional eecarity for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the futare monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shall eaezed the amount required to pay said taxes, asseeamenta, insurance premiums and ground rents as they faU der, such excess ahaU be. at Borrower's option, either promptly repaid to Borrower or credited to Borroweron monthly inatalhnents of Funds. U the amount of the Fonds held by Lender shall sot be sufficient to pay taxes, assessments, insurence preminma and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from We date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in foil of cell sums secured by this Mortgage. Lender ahaU promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later Wan immediately prior to the sale of We Property or its aogniaition by lender, any Funds held by Lender at the time of application as a credit against the sums secured by thin Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under We Note and paragraphs 1 and 2 here shall be applied by Lender first 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 We Note, and Wen to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over Wia Mortgage, and leasehold paymen is 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 furnish 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 receipts evidencing sud? 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 Borrowershall agree in writing to the payment of the obligation 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 to prevent We enforcement of the lien or forfeiture of the Property or any part thereof. E 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against lose by fire, hazards included within We term "extended rnverage," and such other hazards as Lender may require and in such amounts and for such periods ae Lender may require: provided, that Lender shall not require that We amount of such coverage exceed Wat amount of coverage required to pay We sums secured by this Mortgage. The insurance carrier 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 payment, when due, directly to the insurance carrier. AU insurance policies and renewals thereof 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 thereof, and Borrower shall promptly furnish to i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to We insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. i Unless Lender and $orrower otherwise agree in writing, insurance pra~eeds shall be applied to restoration or repair of We Property damaged, provided tuck 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, We insurance proceeds shall be applied to We soma secured by this Mortgage. with the excess, if any, paid to Borrower. If the Property is abandoned by $orrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower Wat the insurance carrier offers to setae a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lendei a option either to restoration or repair of the Property or We sums secured by Wia Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or)3watpone Wedue date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. U under paragraph 18 hereof We 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 We sale or acquisition shall pass to Lender to the extent of the sums secured by Wis Mortgage immediately prior to each sale or acquisition. 6. Preservation end Maiatenaace of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with We provisions of say lease if this Mortgage is on a leasehold. If this 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 covenants creatingor governing We condominium or planned unit development, We by-laws and regulations of the condominium or planned unit development, and oonatituent documents. If a rnndominium or planned unit development rider is executed by Borrower and recorded togeWer wild this Mortgage, We covenants and agreements of such rider shall be incorporated into and shalt amend and supplement the covenants and agreementsof this Mortgageasifthe rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform We covenants and agreements contained in this Mortgage, or if any action or proceeding is oomrnenoed which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, Wen Lender at Lender's option,npoa notice to Borrower may make sorb appearances, disburse such sums and take such action as is necessary to prated Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry npoa We Property to make repairs. If Lends required mortgage insurance as a condition of making the loan secured by Wia Mortgage, Borrower shall pay We premiums required to maintain such insurance in effect until tuck time as We requirement for such insurance terminates in accordance wild Borrower's and Lender's written agreement or applicable I.aw. Borrower shall pay We amount of all mortgage insurance premiums in We manner provided under Paragraph 2 hereof. My amounts disbursed by Lender perauant to Wia paragraph 7, wild interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Ualesa Borrower and Lender agree to older terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from We date of disbursement at the rate payable fi:om time to time on outstanding principal under We Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at We highest rate permissible under applicable law. Nothing rnntained in Wia paragraph shall require Lender to incur any expense or take any action hereunder. . ~ a~~K315 PAcE20~7 ' f