Loading...
HomeMy WebLinkAbout1754 j L ` Borrower and Lender covenant and agree as folbws: 1. Payment of Prlneipwl and Interest. Borrower shall promptly PaY when due the principal of and interest on the indebtedness evidenced by the Note, prepayment anti late charges as provided in the Note, and the principal of and interest on any Future Advances second by this Maetgage. 4. Fonda for T'attes and Irtsnranoe. 3ubjed to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of p%:.:-::,-.: and interest an payable under the Note. until the Note is paid in full, a sum (herein "Funds' equal to ons- twelRh of Weyearly taxes and assessments which may attain priority over thin Mortgage. and ground rents on the Property, if any, plw ons• twelRh of yearly premium instalments for hasard insurance. plw one twelRh of yearly premium installments for mortgage innocence, if aWr, all as reasonably estimated initially and from time to time by Lender oa the basis of assessments and bills and reasonable estimates thereof. The Pantie shall be held in an inatitation the depodts or aeoounts of which are inaand or guaranteed by a Federal or State agency (indnding Leader ff Lender is each an itutitution). Lender shall apply the Funds to pay said tares, assessments, insurance premiums and ground rents. Leader may not drarge fm so holding and applying the Fends, anal)?zing said aeoount, or verifying end compiling said aasesem~tts end biW. unless Lenderpays Borrower interest on the Funds and applicable lees parmita Lender to puke such a charge. Borrower and Lender rosy ague in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. sad unless such agreement is made or applicable law requires arch interest ld be paid, Lender shall not be required to pay Borrower any interest or earnings oa the Ptimds. Lender shall give to Borrower. without dtarge, an anneal sooounting of We Fends showing credits and debits to the Funds and the purpose for whidti ~.:--k de!~! to the Ptimds wan made. Tire Fonda an pledged as additional sacnrity for the snma secured by thin Mortgage. lithe amount of the I~1nds held by Lender, together with the future monthly inatalhnenta of Fonda payable prior to the due dates of tares, assessments, inattrauce praoniums and ground Hats, shall exceed the amount r'egnired to pay said to:es, aaseaementa, insurance premiums and grotmd rests as they fall due, such azoesa shall be, at Borrower's option, eiWer promptly repaid to Borrower or credited to Borrower on monthly inutalments of Ptitnds. If the amount of the Funds held by Lender shall not be sufficient to pay fazes, assessments. insurance premi~mna and ground rents as they fall ties, Borrower shall pay to Lender any amount neoeaaary to make rep the deficiency within 30 days from the date notice is mailed by Lender to Borrows: requesting Upon payment in fall of all Bums secured by this Mortgage, I:6ndep ~ ra a~ promptly refund to Borrower any fends held by Lender. If ender paragraph 18 hereof the Property is sold or the Property is otherz?riief by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its aognirition by Lender, any Fnadsheldb~rftL~11~ of application as a credit against the sums secured by this Mortgage. _ - - r 4. y.;; 3. Application of Payments. Udesa applicable law proi~ides;~herwtse, e~, pgytpents received by Lender ender the Note and paragraphs 1 and 2 hereof shall be applied by Leader first in payment of sawnnf~e payidble to Leader by Borrower under paragraph 2 hereof, then to intered payable on the Note, then to the p:irtcipal of the Note, and then to interest and principal on any Peters Advances. 4. Charges; Liens. Borrower shall pay all fazes, asees@menta 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, in the manner providedunder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly fnrniah to Lender all notices of amooata tine Wade this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lends reoeipta 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, or defend 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: ti. Hasard Inauranoe. Borrovres shall keep the improvements now ezisting or hereafter erected on the Property in~?urwi against lobs by fin, hazards indnded within the term "eztended eoverage.° and such other hazards as Lender may require and in such amonats and for arch periods as Lender may require; provided, that Lender shall not require such coverage amount ezceeding the minimum, as may be required by state or federal regulations governing activities of Lender, or that amount of coverage required to pay the soma aecnred by this Mortgage, whichever is the greater. 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. ~ All insurance policies and renewals thereof shall be in form aeceptable to Lender and shall include a stasuard mortgage cisuse is favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly farniah to ~ i.ender all renewal notices and all receipts of paid premiums. In the event of lass, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Leader 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 thin Mortgage is not thereby impaired. If such restoration or repair ie not economically feasible or if the aecarity of this Mortgage world be impaired, the insurance proceeds shall be applied to the acme secured by this Mortgage. with the excess, if any. Paid to Borrower. Ifthe Properly 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 b eeWe a claim for insurance benefits, Lender is authorized to collect and apply the ins~ance proceeds at Lender's option either to restoration or repair of the Property or the sus secured by thin Mortgage. Unleea Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or doings the amount of such installments. If ender paragraph 18 hereof the Property is aegnired by Lender. all righk 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 os aognisition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior to and? sale or eogni,sition. - 6. Preservation and llfaintenance of Property; Leaseholds; Condomint?me; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deteriorat;on of the Properly and shall comply with 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 snit development, horn a shall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned ulait evelopment, the by-laws and regulations of the oondomininm or planned unit development, sad oonstitnent docamenta. If a oo~d nininm or planned unit development rider is e:ecnted by Borrows and recorded together with this Mortgage, the oovenante and sgreemeate of ouch 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 Secnrlty. If Borrower fails to perform the eoveaants and agreements eoatsined in thin Mortgage. or if any adios or proceeding is oommenoed which materially affects Lender's interest in the Property, indading, bet not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or deoedeot, than Linder at-Leader's optionnpon notice to Bosrower may make such appearances, disburse arch seine and take each action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repair. If Lender required mortgage insurance w a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in aged until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement aT applicable Lew. Borrower shall pay the amoaat of all mortgage inanrance premiums in the manner provided Hader paragraph 2 hereof. Any amounts disbursed by Lends: persuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrows 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 the date of disbursement at the rate payable from time to time on ontatat?ding principal under the Note unless payment of interest at sack rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible ender applicable law. Nothia6 ~ this paragraph 7, shall require Lender to incur any ezpenae or take any action hereunder. ao~x3~.6 p~E1~4