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HomeMy WebLinkAbout0209 , ~ ~ • `e' Borrower sad Landes ooveaant and agree as tolbws: 1. Paysent of Peiadpal and Interest. Borrows: shall promptly pay when due the principal of sad interest on the iadebtedesess evMhtosd by the Note, prepayment and late charges as provided is the Note, sad the principal of and iatarest on aqy Ftisture Advances secured by this lltoetgage. 21P~nda for Ta:ea and Iaaar~os. SubJed to applicable law or b a written waive: by Lender, Borrower shall pe~y to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid is full, a sum (herein "Fnada'~ equal to one. twelRh of the yearly taxes sad aaesemusts whids may attain priority over this Mortgage, and ground rents on the Property. if say, pew oae• twelRh of yearly premium indatleneesb for hawed insurance, Plus oae•twelRh of yearl y premium installments for mortgage insurance, if aqy. ' all as reasoaaply estrmatea enrtwty ono iroan tame io iiwa iy La.lw~ wi usu tresses of ~xs-:u~:d w:3' a-id rtes.-~abk -vts~^~•••:kr~,f= The Funds shall b lull in an inetitutioa the deposits or accounts of which are insured or guaranteed by a Federal or State agengr - (iadnding Iwader if Lender is ends an inetitutioa). Leader shall apply the Funds to pay said taxes. asseeaaaenis. insurance premiums and ground rants. Lender may not deaegs for a holding and applying the Plsrsds, analysing said account, or veri>;yiesg sad compiling said asseseraeats sad bill, unless Lander pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Leader ~1Y agree is writing at the tinge of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless each agreeersaat is made or applichble law regnires such ingest to be paid, Lender shall not be required to Pay Borrower any inteeeet or earnings on the l?lmds. Lender shall gives to Borrower. without charge; an annual accounting of the Pleads showing credits and debits to the Funds and the purpose for which esch debit to We Funds was eaade. The Pleads are pledged as additional security for the soma secured by this Uthe amount of the lilrnds held by Lender, together with the future monthly inatallmerita of Fonda payable prior to the due dates of taxes„ _ assessments, iesaaeeace premriums sad ground Hats, shall ezoaed the amount regnieed to pay said fazes, easessrnents, insurance preeainms and ge+onnd rents as they'fall due. arch excess aball be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shat; not be sufficient to pay tares, aasessmeata, insurance pe+eminms sad geonnd rents as they fat! due. Borrower shall pay to Lender any amount necessary to make np the deficiency withir? 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. - _ tt~ ~ _„~t in iii cif nil ~tr,w second by this Mortgage. Leader shall penmptly refund to Borrower any funds held by lender. If Hader paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall a ~ to the sale of the Property or eta soquisitioa by Lender, any Fends held b Lender at the time of PPIy. no eater than smmedrately by rhea M~B~ Y application as a cxedit against the soma eecnred 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Leader under the Note and paragraphs 1 and Z hereof shall be applied by bender 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 the Note, and then to interest and principal on any Ftistnre Advances. 4. Charges; liie~ns. Borrower shall pay all taxes, asaessmenta and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, is the manner provided under paragraph Z hereofor, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrowerahall 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 reoapta 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 of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, ordefend enforcement of such 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.existing or hereafter erected on the Property insured against loan by fire, hasarde included within the term "extended coverage," and such other hazards as Lender may require and in each amounts and fo:such { periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage regnired to pay the soma secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that s~~ch 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 thereof shall be in form acceptable b Lender and shag include a standard mortgage clsuae in favor of~ and is form acceptable b Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to mender all renewal notices and all receipts of paid premiums. In the event of lose, 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 otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided each restoration or repasr 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 setae s 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 same secured by this Mortgage. - Ualess Lender and Borrower otherwise agree in writing, any such application of peooeeda to prinapal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and Z 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 reanlting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums eecnsed by this Mortgage immediately prior to such sale or acquisition. 6. Preaervat3on and Maintenance of Property; Leaseholds; Condominume; Planned Unit Developments. I3orrowershall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply wiW the ' provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit developm~t, Borrower shall perform 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 constituent tiocwnenta. If a oondomininm 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 agreements of this Mortgage as if the rider were a part hereof. 7. Protection of i.ender's $ecurity. V Borrows fails to perform the oaveaants and agreements contained in this Mortgage, or if any action or proceeding is oommenoed which materially affects Lender a interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or procxedinga involving a bankrupt or decedent, tisen Leader at Lender's option.npon notice to Borrower may make sack appearances, disburse arch same and take such action as is necessary to protect I.eader'~ interest, indndiag, bat not limited to, disbursement of reasonable attorney's fees sad entry upon the Property to make repair. If Lender required mortgage insurance as a condition of making We 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 Borrower's and Leach's written agreement or applicable I.aw. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided Hader paragraph Z hereof. Any amounts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Leader to Borrower requesting payment thereof, and shall bear interest from .2se date of disbursement at the rate payable Isom time to time on outstanding principal under the Note unless payment of interest at suds rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Lender b incur any ezpense or take any action hereunder. - 800K 316 P4GE ~(~Q