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HomeMy WebLinkAbout2150 ~ r Borrower and Lender rnvenant and agree as follows: 1. Payment of Principal and Interest. Borrower 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 F uture Advances secured by this Mortgage. 2. Ftutds [or Trues and Insurance. Subject to applicable law or to a written waiver by Lender, BoROwer shall pay to !.ender 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 Property, if any, plus one- twelfth ofyearly premium installments for hazard insurance, plus onetwelfth of yearly premium installments for mortgage insurance, itany, all ae reasonably estimated initially and from time to tiros by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guarantRed by a Federal or State agency (including Lender if !.ender 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 !.ender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Fonda 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 accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Fonda was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, - aeaesaments, 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 a option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Fonda held by Fender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents ae they fall due, Borrower shall pay to Fender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by [.ender to Borrower requesting payment thereof. Upon payment in full of all soma secured by this Mortgage, Lender shall promptly refund to Borrower any lands held by Lender. if under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, !.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 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. Bornowershall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehf?ld payments or Kround rents, if any, in the manner provide(! under paragraph'! hereof or, if not paid in such manner, by BoROwer making payment, when due, diryf•tly to the payfr thereof. Borrower shall promptly furnish to !.ender all notices of amounts due under this paragraph. and in the event Rom+wer shall make payment dirfrtly, Bormw•er shall promptly furnish to bender rereipls evidencrng such payments5. Borrower shaii promptly disch:uKy:u+y lien which has priority overthis R1ortKage;provided, that E;orruwer shall not be required to discharge any such lien so long as liuRUwer sh:+ll :+Krf•y in writing to the payment of the obligation secured by such lien in a manner acceptable to (xnder, or shall in g+>,KI faith (-unrest such lien hy, ur defend enfi+rf•f•ment of such lien in, If•Kal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Prupf•rh• or am• part thereof. 5- Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fi re, hazards included within the term "extended coverage." and such other hazards as 1 xnder may reyuire and in such amounts and for such periods as [.ender may require; providfd, that Lender shall not require that the amount of such rnvyrage exceed that amount of coverage required to pay the sums secured by this :1lortgaKe. The insurance carver pn»•idinK the insurance shall IN• chusf•n be BnR/~Wer subj+Y•t to approval by I.yndrr- pnwidfd, that such approval shall not be unreascmabh• withheld. All premiums un insur:nce t?uhcu•s .hall tx• paid in the m;u+nyr pnwid+•d under paragraph hereof or, if l nut paid in such manner, by lir~ROw•er makinK payment- when day, dinvtly to the insurance carrier. All insurance policies and renewals thereof shall 1?y in form acceptable Gr l.f•nder and shall include a standard mortgage clause in favor of and in form acceptable to Lender. (.ender shall have the right to hold the p+dicies and renewals there~+f, and Borrower shall promptly furnish t0 f +,ender all renewal notices and all receipts of paid premiums. In the yveut otloss, Burrower shall Kive prompt notice tQ the insurance carrier and !.ender. [.ender may make pnwf of loss if not made promptly by Borrower. Unless [.ender and BoROwer otherwise agree in writing, insurance pn+f•yeds sh:+11 be applied to restoration or repair of the Property damaged, provided such restor+tiun or repair is ef•unomically feasible and the sfrurity of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasibly or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied E to the sums secured by this Mortgage, Kith the f•xcess. if any, paid to 13um+wer. if the I'ruperiy is abandoned by BoROwer, or if Borrower fails to respond to !.ender within a0 days from the date notirr is rosily(! by bender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, !,ender is authorizfd to collf•+•t and apply the insurance pnnfrds at Lenders option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless [.ender and Borrower otherwise agree in writinK, any such application of pnx-eeds to principal shall not extend or postpone thedue date of the monthly installmentsv refeRed to in paragraphs 1 and'L hereof or change the amount of such installments. If under paragraph IR hereof the Property is acquired by !.ender, 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 U? the s:+le or acgwsitiun 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 of Property: Lea!reholds; ('ondominums; Planned Unit Developments. Borrowershall keep the Property in good repair and shall not commit waste ur Ix•rmit impairment or deterioration of the Property and shall comply with the aruvisions of any tease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Kurrower shall perform all of BoROwer's obligations under the declaration un-oven:+nts rn•atingor KovernrnK the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents- If a :-ondominium or planned unit development rider is exff•uted by p11RI1N•er and re(•orded together with thin Mortgage, the covenants and ,+Krermentsof such rider shall be i_ncurporatf•d into and shall amend and supplement thyf•nvenantsand agn•ement_sof this Mortgageasifthe ~ rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding ie commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, rnde enforcement, or arrangements or proceedings involving a bankrupt or decedent, then !.ender at Lender's option,upon notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to protRCt !.ender a 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 111origage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminate~e in accordance with Borrowei 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 [.ender persuant tf? this par:tgiaph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage- Unless Borrower and bender agree to other terms of payment, such amounts shall be payable upon - notice from !.ender to Borrower requesting payment therm(, and shall bear irrt.^!eat fn,m the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment f+f interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing cont:ined in this paragraph 7, shall require Lender to incur any expense or take any action hereunder. aririr~ v~r.F~~ 1~.`~