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HomeMy WebLinkAbout2018 Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Burn?wer shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Nute, and the principal of and interest on any F uture Advances secured by this Mortgage. 2. t'tirnds for Ta:es and Insurance. Subject W applicable low or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest are p:+yable under the Note, until the Note is paid in full, a sum (herein "Funds")equal to one twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground renter on the I'ruperty, if any, plus ones twelfth of yearly premium installments for hazard insurance, plusonetwelfth ofyearly premium installments for murtgageinsur.+nce, iCany, all as reasonably estimated initially and from time to time by Lender on the basis of:+saessmentx and bills and reasonable estimates thereof. The Flrnda shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency yincluding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for eo holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Fonda and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, !.ender shall nol be required to pay Borrower any interest or earnings on the Fonda. !.ender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Fonda held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, Tither promptly repaid to Borrower or credited to Borrower on monthly installments of Fonda. If the amount of the Funds held by !.ender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to !.ender any amount necessary to make up the deficiency within :;n days from the date notice is mailed by bender to I;orrower requesting payment theret?f_ Upon payment in full of all sums secured by this Mortgage, Fender shall promptly refund to Borrower any funds held by [.ender. Itunder paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, ne? later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by bender at the time of application as a credit ag:+inst the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all p:+vments received by bender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment bf amounts payable to Lender by Burrower under paragraph 'L 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. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any , in the manner provided under paragraph'! hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee therc~?f. Burrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event &?rrower shall make payment directh•, Kurmvicer shall promptly furnish to bender receipts evidencing such payments. Borrower shall prompth• discharge any lien which has priority over this Murtt;age; provided, that Borrower shall not be required to discharge any such lien so long :+s Bt?rrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to (.ender, or shall in good faith contest such lien hy, ordefend enfi,rcement of such hen in,1+•t;al pnx•e•edings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. hazard Insurance. l3orruwcr oho!! kcca the improvements Hove existing or hereafter Prw•tp.l nn tht• 1'ropertv insured a~tainst 1?„s by fire, hazards included within the term "extended coverage," and such other hazards as !.ender may require and in such amounts and for such periods as !.ender may require; provided, that Lender shall not require such coverage amount exceeding the minimum, as may be required by state or federal regulations governing activities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. The insurance carrier providing the insurance shall be chosen by Kum,v?•er subject to approval by Le•nrler, pmvidtyl, that such approval shall not be unreasonably withheld- All premiums un insurance p,dicirs shall be paid in the manner pruvid+til under paragraph henr?f or, if i not paid in such manner, by Itorrower making payment, when due, diretth• to the insurance carrier- ! . -'-•.-----t_t._nL_;_ t~_ _........t..f,1...~t.,...t..~M...lol.oll:nnl.~.loocton.tarrimnrto:wnrla~iap~nfa~~nrof All+t?riura(ii'C ~ii?iic+CB ii iu ici~cwa:i;t[tt[tv:s;?o::.,.....w..,,.::.:.~y..:~:z--=~.=+--:--=->_==-======--==°---•°•--~---- - and in form acceptable to Lender. I,endershall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish u? +.ender all renewal notices and all receipts of paid premiums- In the event of loss, Born?wer shall give prompt notice to the insurance carver 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 such restoration ar repair is economically feasible and the security of this Mortgage is not thereby impaired- If such f 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 re3pond to !.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at [,ender's option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue 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 extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property;Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or pet•mit impairment or deterioration of the 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 condorinium or a planned unit development, F3orrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governing thecondominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Alortgage, the rnvenants and agreements of such rider shal l 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 Security. If Borrower fails to perform the eovenante and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make each appearances, disburse such sums and take each aMion as ie necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required ~ mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain f; such insurance in effect until such time as the requirement for ouch insurance terminates in accordance with Borrower's and Lender's written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall bernme additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment, such amounts Shall be payable upon ~ notice from Lender to Borrower requesting payment thereof, and 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 interest at such rate would be rnntrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in thin paragraph 7, shall require (,ender to incur any expense or take any action hereunder. z,;`~x~19 P,~E Zt~