HomeMy WebLinkAbout2340 Borrower std Leader ooveaant and agr+s as follows:
1. Piy~aent of Prlnoipsl and tatetrwt. 8oeenwm dull promptly pay when dw the prindpal of and inured oa the indebtedness
evidenced by the Nola, prepayment anti late charge as providd in the Note, anti the principal of ind interest on any Futw~s Advances securd
by this it[oelgags.
9. ltinds for Terser and Iaestranos. Bubjed to applicable law or to a writtar waiver by Lender, Borrower shall pay to Lender oa the day
monthly installments of pdacipal and intered are payable widerthe Note, until the Note is paid is fbU. a sum (herein "Fuads'~ equal to over
• twelRb of the yearly lass and aasesemenis which may attain priority over thin Mortgage. sad ground rents on the Property, if say, pins oaa•
lwsMh of yearly premium indalhmenb for heard insurance, plw one•twelRh of year~jr Premium installments for mortgage iruurance, Uany.
X11 a reasonably estimated initialbr and from time to time by Leader on the bast of assessments and bilb and reasonable atinuta thereof
The Fnr?ds shall be held in as iuetitntion the deposits or aononnts of which are insured or guaraataed by a Federd or Slats agency
(indading Leader if Lender is ends as insti:ettiou). Larder shall s y the Eustis to
ground rents. ier?de: m sot ~ poU? said taxer, assaaments, ituurancs premiums and -I~
aaessmeatr and bills, sties Lender ~o holding and appllring the Enacts, analysing said account, or vwifiying and compiling said
pays Boerower interest on the Fends and applicable law permits Lender to makesnch a charge. Baeraws:
sad I,ertder ratty agree in writing at tAe time of ezecution of this Mortgage that intered on the Fonda shall be paid to Borrower. and unless
sne6 agreement is made or appiia~ble law requires arch lateral b be paid. Lender shall not bs eegnired to pay Borrower any interest or
earnings oa the Fends. Lender shall give to Borrower. without charge. an annual acoouatiag of the Funds showing credits and debi4 to the
Funds sad the purpose for whidt each debit to the Funds was made. The Funds are pledged as additional security for the ewes secured by this
Mortgage. .
Lithe amount of the Phnds bald by Larder,together with the future monthly installments of Funds payable prior to Wes due data of taxes,
assean?eats, in~mranoe pzeaainms and ground rents, shell exceed the amount regnired to pay said taxes, aasssments, inuurance pr~emiwns -
and grauad rents as they fall dw, arch ezoees shall be, at Botrowes+s option. either promptly repaid b Borrower or credited to Borrows! oa
monthly installments ~ Fends, Tt the amount of the Funds held by Lender shall not be sufficient to pay taxes. aaasmeats, insurance
premiums and ground rents as they fall dw, Borrower shall pay to Lender any amouint necessary to make rep the deficiency within 30 days
from the date rwtice is mailed by Calder to Borrows requesting payment thereof. ~
Upon petymeat in roll Ball arms secured by this Mortgage. Fender shall promptly refund to Borr»wer any funds held by Lends. Tf render '
paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply. no later than immediately prior
to the sale of the Property or its aoquidtion by Lender, any !finds held by Lender at the time.of application as a credit against the sums secured
by this Mortgage. !
3. Applksattoa of Payments. Unless applicable law provides otherwise, all payment reodved by Leader under the Note and
paragraphs 1 and 2 hereof shall bs applied by Leader first in payment of amounts payable to Fender by Borrower unt~r paragraph 2 hereof
then to interest pegrable on the Note, then to the principal of the Note, and theft to interest and principal on any Future Advances.
4. Charges: L~ieers. Borrower shall pay all fazes, aeaesaments and othercharges, fines and impositions attributable to the Property which
may attain a priority ova'this Mortgage, and leasehold payments or ground rents. if any. in the manner provided under paragraph 2 hereof or,
if not paid in sndr manner, by Borrower making payment, when due. direMly to the payee thereof. Borrowerahall promptly fumishto Larder
all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly famish b
Lends: seoeipta evidencing arch 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 tier in, legal proceedings
which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
3. Hazard Insurance. Borrower shall keep the improvements now existing or hereaRer erected on the Property inanred against loss by
fire, hazards included within the term "extended coverage." and such other hazards as Leader may require and in ouch amounts and fotsuch
periods ere Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage
required to pay the arms 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, direMly to the insurance carrier.
All insurance polities and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause 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 famish to
lender all renewal notices 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.
Uriless Lender 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 such
resbration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insuranceprooeeds 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 often to settle a claim for
inenzaace 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 arms secured by this Mortgage.
Unless I.endez and Borrower otherwise agree in writing, any such application of proceeds to principal shall notextend or postpone the dne
date of the monthly installments referred to in paragraphs 1 and 2 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 resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the eztent of the Bums eecnred by this
Mortgage immediately prior to arch Bale or acquisition,
6. Preservation and 3lainteaance 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 We Property 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 unit development,
Borrower shall perform all of Borrower's obligations under the declaration or cvvenants creatingor governing the condominium or planned
unit development, fire by-laws and regulations of the rnndominium or planned unit development, and tonatitnerrt documents. If a
condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and
agreements of each rider shall be inrnrporated into and shall amend and supplement the covenants and agreements of this Mortgage self the
rider were a part hereof.
7. Protection of Leader's Security. It Borrower fails to perform the oovensats and agreements contained in this Mortgage, or if any
action or proceeding is commented which materially affects Lender's interest is the Plroperty, indudirrg, but not limited to, eminent domain,
insolvency. Dade enforcement, or arrangements or proceedings involving a bankrupt a decedent, then I,snder at Leader's optioa,npoa
notice to Borrower may make sack appearances. disburse sndr snaps and take arch action w is necessary to protect Laaisr'~ interest,
indnding, bat not limited to, disbursement of reasonable attorney's fee and entry upon the Property to make repair. If Leader required
mortgage iruuranot as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums requirtd to maintain
such insurance in egad until such lima as the requirement for such insurance terminates in accordance with Borrower's and Leade:•s
written agreement err applicable Law. Borrower shall pay the amount of all mortgage insurance preminmr in the manna provided render
paragraph 2 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 Lander agree to other terms of payment, such amounts shall be payable upon
rwtice from L~errder to Borrower requesting payment thereof, sad shall bear interest from the date of disbursement at the rate payable from
time to time on outstanding principal under the Note unless payment of intered at such rate world be eoatrary to applicable law, is which
event wch amounts shah bear interest at the highest rate permisabte under applicable law. Nothing oontainiid iA this paragraph 7, shall
regnire Leader to incur any apense os take any action hereunder.
. Bfl~3~s P~~~o