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HomeMy WebLinkAbout2629 Borrower and Lender covenant anti agree a. ioibws: 1. Payment of Prlacipal and Interest Borrower shall promptly pay when doe the priadpal d and mterert as the indtbledness evidenced by the Note, Prepayment and late charges as Provided in the Note, and the principal d and wt+eeestoa say Fetsae Advances secea+d by this Mortgage. 2. Funds fos Taws and Insurance. Stitbjed to applicable law a to a written waiver by Lauder, Borrower shall pay w Lade: an the day monthly inatalLnents of principal and interest are payable under the Note. entil the Note is paid is fall, a sum (lraria "Fonds') egeal to sari twelfth of the yearly to:es and assessma?ts which may attain priority over this Mortaa~e, sad Rmund rents m the Property. if say. pies me- .welfth ofyearly premium installments for harard insurance, Plus oaetwdRh of yearly premium installments for mortsagr in:Sanc~ if aaty, all as reasonably estimated initially and from time to time by Lender on the basis d asseaaneats and bilk and nasooabie thereof The Funds steal! be heW in an institution the deposits a aotuormts of whidr are iasered a guaranteed by a Federal or State agency (including Lender if Lender is arch an institution). Larder shall apply the Fonds to pay said taus, ass eats. insaraa~oe preAias area ground rents. Lender may not charge for so kidding and applying the Fntds, aoaly:ing said aceoaat, a verifying and e~osp~ng said assessments and bills, unless Lader pays Borrower interest on the Finds and applicable law permits Larder to make each a charge. Borrower and Lender may agree in writing at the time of ezecetion of this Mortgagr that interest ou fhe Fonds shall be paid Tvo Borrower, sad salsas such agreement is made or applicable law requires such interest to be paid, Larder shall red be eegaired to pay Bor:owce any interest or earnings on the Funds. Larder shall give to Borrower. withorrt charge. an annual acootmting tithe Fands:howing t:edita and debits to t>,e Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional seearity for the s®s sece=ed b?this Mortgage. If the amount of We Funds heW by Lender, together with the future monthly installments dFends payable prior w thedaedates dtatmr~ assessments, insurance premiums and ground rents, shall e:caed the amount required fo pay said taus, assdsments, insuatroe prrssssras and ground rents as they fall due, such e:eess shall be, at Borrower a option, either promptly repaid to Borrows' or meted to Banowr;m monthly installments of Funds. U the amount of the Fnnda 6dd by Lender shall not be seffiaent to pay taus, assessments` insaaaoe premiums and ground rents as they fall tine, Borrower shall pay to Lender any sincerer neoesaary to make ap the ~T within 3l1 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 Qprrrrwer any fends heW br Lade: Vender Paragraph 18 hereof We Property is sold or the Property is otherwise acgnimt by lender, Lender t~1ral3 fly, no later than ieraediatdy prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time dappGstion s: a aedit against the saasssec~ed by this Mortgage. - • . 3. Application of Payments. Unless applicable law provides otherwise, all payments received by'Lader ender the Nate and paragraphs 1 and 2 hereof shall be applied by Lender first in payment d amounts payable to Lender by Bert~swsramder paragraph 2 haer~ then to interest payable on the Note, then to the principal of the Note, and thin to interest and priindpa~ ow any. Furore Adtraaces. 4. Charges: Liens. Borrower shall pay all tares, assessments and other charges, fines and impositions attn'batabietothe Property shich may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner prodded under paragraph 2 bereofoc if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall prvmpth furnish to Leader all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish W [.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority m-er this l?Iartgag~ prm-idcd that Borrower shall not be required to discharge any such lien so long as Borrower shall ague in writing to the pa~-ment of the obligation set'red bs such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enfomeinent of wch lien in.legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or and part ther+eoi 5. Hazard Insurance. Borrower shall keep the improvements now a:istirrg or herraRer erex~ed ao the Property insured against loss be fi re, hazards included within the term "e:tended coverage," and such other hazards as Lender may require sad is such amounts and forsach periods as Lender may require; provided, that Lender shall not require that the amount of sock coverage escetd that amount dovvlra~e required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall he chosen M Knn*ov?-er subject to appro~-al )n Lender pro~•idcd. that sock apprasal shall not be unreasonably withheld. All premiums on insurance p~~liciec shall be paid in the manner pro~-ided under paragraph 2 hrreolor. d not paid in such manner, b~ Borrower making pa~•ment, when due. dirrctlc to the insurance canier_ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgagedanse in favord t and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals there.~f. and Borms~ shall promptly furnish to l i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt naticx to the insurance c~rriez and Lender. Lender may make proof of loss if not made promptly b~ Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or tepak d the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not therebc impaired- If such restoration or repair is not economically feasible or if the security of this Mortgagewoald beimpaired,theinseranceproeeedsshaDbeappbed to the sums secured by this Mortgage, with the excess, if any , paid to Borrower_ If the Property is abandoned bs Borrosw, or d Borrower fails to t respond to Lender within 30 days from the date notice is mailed by Lender to Borrower tl?at the insurance carrier oBers to settle a claim for insurance benefits, Lender is authorized to collect and apple the insurance proceeds at Lender's option either to restoration or repair tithe Property or the sums secured by this Mortgage_ Unless Lender and Borrower otherwise agree in writing, any such application of piviceeds to prinapal shall not a:tend or postponethed~e date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the sincerer of sock installments_ If ender paragraph IS hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to ant insarairee policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall pass to [.eider to the rxtent d the soma t+eeerad brv this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property: Leaseholds; Condominuansr Planned Unit Developsseats. Borrow•e:sball keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Proptartr std shall ~Pk with the provisions of any lease if this Mortgage is on a leasehold. If this A~oitgage is on a unit in a condominium or a planned snit de~Ylopmenfr Borrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governrirg the oondomini®or planned snit development, the by-laws and regulations of the condominium or planned unit development. aid constituent doc~eata U a is condominium or planned unit development rider is ezeruted by Borrower and recorded together with this Mortgage, the eovarsats a~ agreements of such rider shall be incorporated into and shall amend and supplement theeocrnants and agieeiomtadthis Mortgageasifthe rider were a part hereof. ~ 7. Protection of Lender's Security. If Borrower fails to perform the oovenanta and agreements contained in this Mortgage, err if say action or proceeding is commenced which materially affects I.ettde•r'a interest in the Property, indoding, bet not limited to, ~dossam, insolvency, code enforcement, or arrangements or proceedings involving a bankrnpi or decedent, then Lender at Ladeis aphonepm notice to Borrower may make such appearances, disburse sech sums and take such action as is necessary to prates! I.ende:~s mteesf, s _ including, but not limited to, disbursement of reasonable attorney's fees std entry upon the Property to make repairs- If I~ade: roq~ed _ mortgage insurance as a rnndition of making the loan secured by this Mortgage, Borrower shall pay the pnmiams tegaued to maiatam such insurance in effect until such time as the requirement for such insurance Lermitrates in aocordaace with Barvwer's and Lmdds written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance pr+eminms in the manna: prarrided ender paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph 7, with interest thereon. shall become additional indebtedness d Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable ttpso notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable ti+asl time to time on outstanding principal under the Note unless payment d interest at such rate would be eontrars w applicable law. is which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall _ require Lender to incur any expense or take any action hereunder. - ~ _ ~ ~ a `~2(l Pict 2fi25 ,