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HomeMy WebLinkAbout2027 Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Burrower 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 Note, and the principal of and interest on any Future Advanceasecured by this Mortgage. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable 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 rents on the I'roperiy, if any, plus one- twelfth ofyearly premium installments for hazard insurance, plus one•twelRh of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and froth time to time by Ixnder on the tl:?sis of assessments :?nd bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency (including Lender it 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 so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds 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 F unds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual artY,unting 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 Funds held by bender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall excretl 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, either promptly repaid to Borrower or credited to Borroweron monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within :i0 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acyuired by Lender, (.ender shall apply, no later than immettiately prior to the sale of the Property or its acquisition by (.ender, any Funds held by bender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides t+therw•ise, al! payments received by Lender under the Note and paragraphs I and l hereof shall be applied by Lender first in payment of amounts payable to (.ender by Borrower 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. Borrower shall pay ;111 taxes, asussments and other charges. fines and imp+sitions attributable to the Property which may attain a priority over this i<tortgage, and leasehold payments ur Kn,und rt•nts, if any in the manner pnn•idtti under paragraph 2 hereof or, i f not paid in such manner, by Borrower making payment, when due, dirt•ctly h, the part•t• thenc,f. Borrower shall pn,mplh• furnish to Lender all notices of amounts due under this p:+r.+gr:aph, and in the event Borruw•er shall make pacmt•nt dirt•t•tly. Kurrower shall promptly furnish to i.ender receipts ea•ident•ing such payments. li:,rn,aa•er shall promptly discharge any lit•n w•hic•h has priurih• over this Mortgage; provided, that tiorruwer shall not he required tudischarge any such lien su lank as Burrower shall :+grt•t• in writing to the parmt•nt of theubligatiun secu.-ed by . ~rh llen 1n a tltanner acc•t•ptahle to 1.+•nder, or shall in gc,+rd G+ith contest such lien hy. or defend enG,n•ement of such lien in, legal proceedings .which operate to prevent the enforcement of the lien nr forfeitun• of the 1'rui,t•rh• or any part then¦,f. Nazard lnsurancc. Korn,wer shall ket•p the impn,vements now t•xisting ur hereafter ert•t•tt•d on the Property insund against loss by fire, hazards included within the term "extend+•d overage." and such other haz:uds as I xnder may require and in such amounts and for such periclds as Lender may nquire; pn,vid?•ci• that I.c•nder shall not n•ctuire that the amount of such rnver,?ge exrt•t•d that amount of coverage rc•ctuired to pay the sums stc•urtd by this Mortgage, The insurance camt•r pn,a•iding the insur:u+ce shall be chosen by Burroaer wtrjer•t to approval by I.e•nder; pnwidwl. that such appnn•al ~..~t _ „~r,.._et.1.• y.~:r t, 1,..tri 111 n~P,T1t,lOLG ,~t1 Ifl J:Ur:I nl'1' policies shall t,c• paid in the manner provich•cl w?dc•r paragraph hen•cdur. if nut paid in such manner, be Borrower making p:n-nu•nt, avhen du+•, dimctiy to the insurance carrier. All insurance policies and n•newals there+,f shat! F,e• in form accep4ahle to Lender and shall include a standard mortgageclause in favor of and in form acceptable to Lender. ! xndt•r shall have tht• right to hold thc• pulicies:?nd renewals cheesed, and Borrower shat{ promptly furnish to t.t•nder all renewal notices and all rtreipts of paid pn•miums. In the t•a•erit of loss, Borrower shall give prompt notice to the insurance carrier and Lender. bender may make pnwd of loss if nut madt• promptly try Borrower. Unless (.ender and Ikrrrower otherwise agrt•e• in writing. insurtnc-e pn,c•t•tvls shall M• applied to restoration or repair of the Property damaged, pnn-idtd such restoration nr n•pair is trunumicalh• &•asihle and the st•t•urity of this Mortgage is nut thereby impaired. If such restoration or repair is nut ecunomic•ally feasible or of the st•t•urity of this Mortg:+ge would t,e impaired, the insurance proceeds shall tle applied u, the sums secured by this Mortgage, with the excel::. if any, paid to ItC,aruw•er. Ifthe Prv,pt•rty is abandoned by Borrower, or if Burrower tailsto re,pond to Lender within :3<t days from the date holies i. mailed by Lender to Rorn,wer that the insurance carver offers to settle a claim for insurance benefits, (.ender is authorin•ci to colhr•t :+nd apph• the insurance pn,ct•t•ds at I,a•nder's option either to restoration or repair of the • Property or the sums secured by this Murtg:?ge- Unless Lender and 13c,rrower otheraa•ist• agrt•t• in writinK• any such applic•aliun of pnx•eeds to principal shall not extend or postpone thedue date of the monthl_r• installments referrtd to in paragraphs 1 and hereof or change the amount of such installments. If under paragraph 1K hereof the Property is acquirt•d by Under, all right, title and interest of Born,w•er in and to any insurance policies and in and to the prcxeeds thereof resulting from damage to Property prior to the sate ur acqursition shall pass to (.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance otProperty; Ixase•hulds; Conduminums; {'tanned Unit Developments. Borrowershall keep the Property in ga,d repair and shall nut commit waste or permit impairment or d+•terior.?tion of the Property and shall rnmply with the provisions of any lease if this Mortgage is nn a teasehutd. If this ~tortgoge is on a unit in a eondominium or a planned unit development, li„rrower shall perform all of Borrower's ubligatiom under the dt•c•lar.?tion or covenants creatingor governing the condominium or planned unit development, the by-laws and regulations of the, condominium ur planntrl unit development, and constituent document. If a ~ undominium or planned unit development rider is executed I+y lic,rn,wer and rt•c•urdtd together with this Mortgage, the rnvenants and agrt•t•ments of such rider shat I tee incorporated into and sha li amend and supplement the, c•uvenants and aKreemenls of this Mortgage as if the rider were a part hereof. 7. ProteMion of Lender's Security. If Borrower fails tA? perform the tv,venants and agreement contained in this Mortgage, or if any action or proceeding is commenced which materially affects I,ender•a interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or artangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make such appearances, disburse such sums and take such 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 repairs. If [.ender required mortgage insurance as a condition of making the loan secured by this Mortgage. Iiorn,wer shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and [xndei s w•ntten agreement or applicable taw. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by bender persuant to this paragraph with interest thert•vn• shall become additional indebtedness of Borrower secured by this Mortgage. Unless Florrower and Lender agree m other terms of payment, such amounts shall be payable upon notice from Ixnder ttl 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 Ncrle unless payment of interest at such rate would F,e contrary to applicable taw, in which event such amounts shall bear interest at the highest rate perrraiasible under applicable law. Nothing contained in this paragraph 7, shall require Ixnder G. incur any expense of take any action hereunder. d ~~9 PlGE2O~,~