HomeMy WebLinkAbout2336 - ,._r -
_-v . - _ - . _ _ _ _ - _ _ _ _ _ -
Bortawar and Leader covenant sad agree as folbrn:
1. Pgnaent of Principal sad Iniereat. Borrower shall promptiy pay when due the principal of sect interest oa the indebtednep
svideaoed by tM Nots, prapsymsat and tats charges as provided ir< the Note, and the priadpal of and intenstoa any Fata» Advanors secured
by this Martgage.
2. Iltiada fhr Ta:ea sad Iawreurea. Sn4~eet to applicable law err to a written waiver by Lender. Borrower shall pay to Leader on the day
monthly iaslallotents o~i principal sect iateewt are payable undo the Not0. until the Note is paid in full, a sum (herein "Funds'? equal to one•
twelNt ~ttM ye~rb? faze sect asreesmena Which may attain priority over this Mortgage, and ground rents oa the Property. if any. pins one
twelfth of yearly premium iastaliments fa hazard inausanos. plus oastweltth of yearly pramtum inetalinuats for mortgage insurance, itany.
all v reasonably estimated initialler and from tune to time by Leader oa the basis o[ assessrbeats and bill east reasonable estimates thereof.
` 'lbs 1?Lnds shall ba bald in an institution tM deposits ar aoooants of which an insured or guaranteed by a Federal or State agency
(iadnding Lender if Leader is such an iastitationl. Lander shall apply the Fends to pay said lases, assessments, iasuranos premiums and
grand rests. Lendec may not charge for w hokliag and applying the Funds. ana~jrsing said account, or verifying and compiling said
' assessments and belle. unless Lender pays Harrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower
sad Lender may sane in writing at the tune of execution of this Mortgage that interest on the Fends shall be paid to Harrower. and anless ,
each agraem4nt is made or applicable law rgnirea such interest to be paid, Lender shall not be required b pay Borrower any interest ar
earning on the Fends. Lender shall give to Harrower. without charge, an annual aooouatiag of the Fends e1a~g credits and debits to We
Fends and the purpose for which each debit to the Easels was made. The Fends are pledged as additional security far the sums secured by this .
Tf the amount of the Fends held by Leader. tagether wiW the future monthly installments of Fends payable priar to the due dates of fazes,
assessments. insn:anoe premiums and ground rests, shall exceed the amount required to pay said fazes, assessments, insurance premiums
and ground rents v they fall due. such recess shall bs, at Borrower's option, either promptly repaid to Borrower os credited to Borrower on
monthly installment of Fends. U the amount of the Fends held by Lender shall not be safficiwtt to pay lases, asseusments, insurance
premiums and groand rents as they fall due, Borrower shall pay b Lender say amount necessary to make up the deficiency within 30 days
from the dale notice is mailed by Lender to Borrower requesting pd~rment thereoL
Upon payment in ibll o[aU sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If ender
paragraph 18 hereof the Property is sold or the Property is othe~r~e~ by. Leader. Lender shall apply. no later than immediately prior
to the sale of the Property ar its_ aognidtion by Lender, any Fends hield~ ~ at the time of application ere a credit againetthe sums secured
by this Mortgage. ~ ; .
3. Application of Pprments. Unless applicable law provider oLhe~nss,_all payments received by Lender under the Note and
paragraphs 1 and 2 hereof shall bs applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hheeof,
then b interest payable oa the Note. then to the principal of the Note, and then to interest and principal on any Future Advances.
4. Charges; Liens Borrower shale pay all lases, assessments and other charges, fines and impositions attributable to the Property which
may attain a priority over this Mortgage, and leasehold payments ar ground rents„ if any. in the manner provided ender paragraph 2 hereof or,
if not paid in such manner. by Borrows making payment. when due, directly to the payee thereof. Borrower shall promptly furnish to Leader
all notices of amount due ender this paragraph, and is the event Borrower shall make payment directly, Borrower shall promptly furnish to
Lender receipt evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; Provided; that
Borrower shall not be regnired to discharge any such lien so long as Borrows shall agree in writing to the payment of the obligation secured by
such lien in a manner aooeptable b Lender, ar shall in good faith contest such lien by. or defend eaforoement of such lien in, legal proceedir~
which operate to present the enforcameat of the lien ar forfeiture of the Property ar any part thereof.
!i. Hazard In,wranee. Borrower shall keep the improvements now existing ar hereafter erected on the Property insured against 1 by
fire, hazards inducted within the term "extended coverage." and such other hazards as Leader may require and in such amounts and far s
periods as Leer may regnire; provided, that Lender shall not regttire such coverage amount exceeding the minimum, as may be req by
state err federal regulations governing activities of Leader. ar that amount of coverage r~egnired b pay the same secured by Chia M
whichever is the greater.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such aggro
shell not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof . 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 sooeptable to Lender and shall include a standard mortgage dauae in favor of
and in form sooeplable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to
lender all renewal notices and all receipts of paid premiums. In the event of loos, Harrower 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 arch restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If each
restoration ar repair is not economically feasible or if the security of this Mortgage woald be impaired, the insurance proceeds shall be applied
to the sums eecared by this Mortgage, with the ezeess, if any. paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower fail 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 deem for
insarance benefit, Leader is anthorir~ed to collect end apply the insurance proceeds at Lenders option either to nstaration or repair of the
Properky ar the wma secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any each application of proceeds to principal shall not extend ar postpone the due
date of the monthly inatallma?t referred to in paragraphs 1 and 2 hereof ar duwge the amount of such inatllment. if ender paragraph 18
hereof the Property is acquired by Deader, all right, title and interest of Bo:TOVrer in and to any insurance policies and in and to the proceeds
thereof resulting from damage to Property prior to the sale or aoquiritian shall pass to leader to the eodeat of the sums secured by Ibis
Mortgage immediately prior to such sorb ar aognisition. - .
6. Preservation and Maintenance olProperrter, Lesaeholds; Condominums; Planned Unit Developments. Borrower shall keep
the Property in good repaitr and shall not commit waste ar permit impairment ar deterioration of the Property and shall comply with the
provisions o[ say lease if this Mortgage is on a leasehold. If this Mortgage is on a snit in a condominium or a planned unit development,
Borrower shall perform all of Borrower's obligations ender the declaration or covenants creatingor governing the condominium or planned
unit development, the by-laws and reg~ilatione of the condominium or planned unit development, and oonstitneat documents. If a
condominium ar planned unit development rider is e:ecnted by Borrows and recorded together with this Mortgage. the covenants and
agreements of such rider shall be incorporated inb and shall amend and supplement the covenants and agreements of this Mortgage as if the
rider were a part hereoL
7. Protection of Lender's Seeariter. If Borrower fail to perform the covenants and agreements contained in thin Mortgage. ar if any
action or proceeding is oommeaoed which materially agecta Lender's interest is the Property, indading, but not limited to, eminent domain,
insolveagr, code eaforae:neat, ar~ arrangements ar proosedings iavdving a baabrrupt ar decedent, them Leader at Leader's option,npon
notice to Borrower may make such. appearances, disbarse such sums and tales such action 8. is necessary to protect L~dar's interest,
inducting, bat not limited to, dubnrsemeat of reasonable attorney's fees and entry apon the Property to make repairs. If Landes iegoired
martgage inaaranoe as a condition of making the loan scarred by this Moalgage, Borrower shall pay the premiums required to maintain
wadi inraranos is egect-until each time as the requirement for each insurance terminates in accordance with Borrowers and Lender's
written agreement or applicable Law. Borrower shall pay the amount of aD mortgage insurance premiums in the manner provided undo
pan~graph 2 hereof.
Any amount disbarred by lender persaant to this paragraph 7, with interest thereon, shall became additional indebtedness of
Borrower secured try this Mortgage. Unless Borrower and I.rade: agree to older terms of peymeat, such amounts shall be payable epos
notice from Leader to Borrower requesting payment thereof, and shall bear interest from the date of dubnraemeat at the rate payable from
time to time on ontdanding principal under the Not nnlesr paymsa~ of interest at such rate would be oontrasy to applicable law, in which
event such amounts shall bear interest at the highest rate permisdble nndrr applicabb law. Nothing contained in this paragraph 7, shall
require Leader to incur any repress ar take any action heeennder. ~ ~ a ~ s
t
BO~X~~ ~'A6E~~e)JV .
F