Loading...
HomeMy WebLinkAbout1913 . „ ~ . ~ ~ a ~ ~ t Fwrrower and Lender covenant acct agree as follovrs: 1. Payment of Principal and Interest. Borrower shall promptly pry when due We principal of acct interest on the indebtedness evidenced by the Note, prepayment and late d~arges as provided in the Note, and We principal of and iaterestoa any Fntnre Advaness secured by this Mortgage. Z. Fends for Tries and Insurance. 8ubjed to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day mougthly installments of principal and interest are payable Hader the Nots, until the Note is paid in full, a seen (herein "Pbnds'~ equal to oae- twelfth of the yearly to:es and assessments which may attain priority over this Mortgage. and ground recta on the Pmpe~rty, if aqy. plus oae- twelfth ofyear~ypremium installments for hazard inauraaoe, plea one~twelfth of yearly pranium installments for mortgage insuranoeL if any, all as reasonably estimated initially and ltan time to time by Lender oa the basin of assessments and bills and reasonable estimates thereof '1Le Fends shall be bald in as institution We deposits or accounts of which are insured or guaranteed by a Federal or State agenq (indading Lender if Lender is sack an institution). Lendeur shall apply the Fonda to pay said fazes, asseesnnents, insouraaoe preuainms and ground-rents. Ieada may not diasge far so holding and applying the Fends. analysing said account, or verifying and compiling said assessments and bills, naless Lender pays Borrows interest on the Fends and applicable law permits Fender to make such a charge. Borrower and Lender may agree in writing at the time of ezecution of this Mortgage that interest on the Fends shall be paid to Borrower. and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not bs required to pay Borrower any interest err _ earnings on the Fends. Lender shall give to Borrower. without charge, an anneal eooonnting of the Fends showing cndita and debits to the Funds and the purpose for which each debit to the Fends was made. The Funds are pledged as additional secnrigr for the arms secured by this Mortgage. ~ . If the amount of the Fends held by Leader, together with the future monthly installments of Fends payable priortothe doedates of~azes, assessments. inamance premiums and ground vents. shall ezoeed the amount required to pay said taus, as~ssments, insurance premiums and ground rents as they fall doe, such ezoess shall be, at Borrower's option, either promptly repaid b Borrower or credited to Borrower on monthly installments of Fends. If the amount of the Fends held by Lender shall not be sufficient to pay fazes, asseeamenta. insurance premiere and ground rents as they fall doe. Borrower shall pay b Lender any amount necessary to make ~ :he deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon paymeat~ia fell of all same aeeured by this Mortgage. bender shall Promptly refund to Borrower any fonds held by Leader. Uender 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 orits aegaisition by Lender, any Fnndsheld by Lender atthetime of application as acreditagainstthesame secured by this Mortgage. - - - - 3. Application - of Payments. Unless applicable law provides otherwise, aII payments reodved by Lender Hader the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrows: 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 Future Advances. 4. Charges; Liens. Boarrowsahall pay all tares, assessments and other charges, Sees 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 provided under paragraph 2 hereofor, if not paid in such manner. by Borrower making payment. when doe, directly to the payee thereof Borrower shall promptly fuuruiiah to Leader all notices of amounts due Wads this Paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender reoeipte evidencing arch payment8. 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 manna aeoeptable to Lender. or shall is 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 5. Hazard Insaranoe. Borrows shall keep the improvements now e:irting or hereafter erected on the Property inanred against loos by fire, hazards indnded within the term "eztended coverage," and each other hazards as Leads rosy require and in arch amounts and far arch periods as Lender may require; Provided, that Lender shall not require such oovsage amount ezoeeding the minimum, as may beregnired by state or federal regalationa governing activities of Leader, or that amount of oovaage required to pay the soma secured by this Mortgage, whichever is We greats. - The insurance carries providing the inaorance shall be chosen by Borrows subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiama on insurance policies shall be paid in the manna provided ands paragraph 2 hereof or, if not paid in such manner, by Borrows making payment, when due, directly to the insurance carries. - All ineurancepolicies and renewals thereof shall be in form aeoeptable to Lends and shall indnde a standard mortgage douse in favor of and in form aooeptable to Lends. lender shall have the right to hold the poliQes and renewals thereof, and Borrows shall promptly furnish to ienda all renewal notices and all reoeipta of paid premiums. Ia the event of loan, Borrows shall give prompt notice to the insurance carrier f and lends. lends may make proof of loss if not made promptly by Borrows. Unless Leader and Borrower otherwise agree in writing, in~nrance prooeede shall be applied to restoration or repair of the Property damaged, provided each restoration or repair is economically feasible and the aec~uity 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 same secured by this Mortgage. with the e:eese, if any, Paid to Borrower. If the Property is abandoned by Borrows. orif Borrows fails to respond to Lends within 30 days from the date notice ie mailed by Lends to Borrower that the insurance carrier offers to aeWe a daim for insurance benefits. lends is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propsty or the sums secured by this Mortgage. Unleae Lends and Borrows otherwise agree in writing. any each application of proeeeda to principal shall not eztend or postpone the doe date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of arch installments. Lf Hader paragraph 18 hereof the Property is aognired by I.ender, all right, title sad interest of Borrows in and to any insurance policies and in and to the proceeds thereof reenlting from damage to Property prior to the sale or aequiaition shall peen to bends to the eztent of the sums secured by this Mortgage immediately prior to such Bale or aogniaition. - 6. Preservation and Maintenance of Property;Leaseholds; Condominums; Planned Unit Developments. Borrows shall keep the Property in good repair and shall not commit waste or permit impsirment 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 s planned unit development, Borrows shall perform all of Borrower's obligations nods the dedaration or covenants c:eatingor governing the oondomininm or planned unit development, the by-laws and regulations of the condominium or planned unit development, and conatitnent documents. If a oondomininm or planned unit development rids is ezecated by Borrows and recorded togeths with this Mortgage, the eoveaants_aad agreements of such rids shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rids were a pert hereof. 7. Protection of Lender's Security. If Borrows fails to perform the oovsaants and agreements contained in this Mortgage, or if anq action or proceeding is commenced which materially affects Leader's interest in the Property, inducting, bat not limited to, eminent domain. insolvency, code enforoemeat~ or arrangements os proceedings involving a bankrupt or decedent, then Lender at Leade:•s optionnpon notice to Borrows may make each appearances. disburse such arms and take such action as is rucessary to protect I.ends's inteureed, indnding, but not limited to, dubureement of reasonable attourney's fees and entry open the Proppty to make repairs. If Leader segaired mortgage insurance e a condition of making the loan secured by this Mortgage, Borrows shall pay the premiums required to maintain each insurance in aged until each time as the requirement for such inanranoe terminates in aceardanoe with Borrower's and header's - written agreement err applicable Law. Borrows shall pay the amount of all mortgage insurance premiums is the manna provided Hader panuigraph 2 hereof. Any amounts disbursed by Leads pennant to this Paragraph 7. with interest thereon, shall become additional indebtedness of Borrows secured by this Mortgage. Unless Borrower and Leads agree to other terms of payment, arch amounts shall be payable upon notice from Leads to Borrows requesting Payment thereof and shall bear interest from the date of disbursement at the rate payable irem time to time on outstanding principal ands the Note unless payment of interest at such rate world be contrary to applicable law. in which event such amounts shall bear interest at the highest rate permissible ands applicable law. Nothing contained is thin paragraph shall r+egmre Lends to incur any expense or take any action hereunder. BUDK3~.7 P~E1910 ~ - -