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HomeMy WebLinkAbout2119 r. ; ~ UNt~ouw ~OVBNAHiTa. Borrower and Lender covenant and agree a: follows: 4 ><tgwerat ~t hinelNl stiff lderwt. Borrower shall promptly pay when due the principal of and interest on the indebtedrtps evidenced by the Nora. prepayment and late charges as provided in the Note, and the principal of std interest o+t soy Future Advances secured by this Mortgage. lhtai [er Tazaa ttrttl Irtwra~ee. Subject to applicahk law .~t to a written waiver by Lender. BotTOwer shall pay to Linder on the day monthly installments of principal and interest aCe payable under the Note, until the Note is paid in full, a atmn (herein "Fttnds'~ equal to one-twelfth of the yearly taz~~. and assessments which may attain priority over this Mortgage, and ground rents oa the Property. if any, plus one-twelfth of yearly Premium instsllments for hazard inwrantx. plus Otte-twelfth of yearly premium installments for mortgage inst+rancc, it any, all as reasonably estimated initially and from time to tune by Lender on the buffs of assescmcnts and hills and reasonable estimates thereof. 1Le Funds shall be held in an institution the deposits or accounts of which are insured or gwranteed by a Federal of state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. iasuraace premiums and ground tents. 1_ender may not charge for so holding and applying the Frtnds, analyzing said account, or verifying.and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Fender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interat on the Funds 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 interat or earnings an the Funds. Lender shag 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 u additional security for the sums secured by this Mortgage. Yf the amount of the Funds 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, armaments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds bald by Lstider shall not be sulficieat to pay. taxes. assessments, insurance premiums and ground rents- u they fall due, Borrower :ball pay to Lender any amount necessary to make up the deficiency within 30 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 untkr paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall spply, tw later than immediately prior to the sale ~of the Property or its acquisition by Lender, any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payeoeats. Unless appliable law provides otherwiK, all payments received by Lender under the Note and puagraphs 1 and 2 hereof shall be applied by Lender [first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the priticipai •of the Note, and then to interest and principal on any Future Advances. i. Charges; Lkos. Borrower shall pay all taxes, assessments and other charges, floes and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments of ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when dtte, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. 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 manner acceptable to Lender, or shall in 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 pan thereof_ S. Hazard Inwraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may requirt and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the st+ms secured Eby this Mortgage. 'ilte insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and $orrower shall promptly furnish to Lender all renews! notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof o[ loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shat! be applied to restoration or repair of the Properly damaged, provided such restoration or repair is economically feasible and the security 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 sums secured by this Mortgage. with tht excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender 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 Lender's option either to restoration or repair of the Propen~• or to 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 the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount o[ such installments. If under paragraph 18 hereof the Property is acquired by Lender, all tight, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shalt pass to Lender to the extent of the sums secured by this bortgage immediately prior to such sale or acquisition. 6. Preservation and Naiatenance of Property; Leaseholds; Condominiums; Planned Bait Developments. Borrower shall keep the Property in good repair and shall not comrpit y+~•aste or permit impairment or deterioration of the Property and shall comply with the provisions of any tease if thu Mortgage +s bn a leasehold. 1f this Mortgage is on a unit in a condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned r+nit development rider is executed by Borrower and recorded together w nh this Mortgage, the covenants and agreements of such rider shall 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 I,eoder's Security. If Borrower fads to perform the covenants and agreements contained in this Mortgage, or if any action ur proceeding +s cummence+t which materially affects ).ender': interest in the Property, including, but not I+m+ted to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involc+ng 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 ac is necessary to protect Lender's interest, including. but not lim+ted to, disbursement of reasonable aUorney's fees and entry upon the Property to make repairs. !f Lender required mortgage insurance as a cond+tion of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance term+nates +n :+ccordance with Borrower's and 6f10~1I c~~'N~ P4CE ~ - ' .