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HomeMy WebLinkAbout1352 - j t . a Borrower scut hander oovenaat and agree as follows: ' 1. Paysseat of Prlnclpal sad Interest. Borrower shall promptly pay when due the principal of and interest on the indeftodness e~idenaad by the Note, prepayment sad late dtarge®as provided in the Note. an+t the principal of and interest ou any Future Advances secured by this Mortgage. 2 Funds for Taxes and Inauranos. Subject to applicable law or to a written waiver by L.ender, Borrower shall pay to Lender on the day E monthly instalbents of principal and interest are payable under the Nute. until tht Note is paid in full. a sum (herein "I~Lnds'7 equal to orie- ' ! welfih oithe yearly tares and assessments which may attain priority giver thin Mortgage. and ground rents on the Property. if any. Plus oae- twt?IRh ofyearlypremium installments for hazard insurance. plusone•tweltth ofyearlypremium installments for mcuigage insurance. if any, all as reasonably estimated iaitiaUy and from time to time by Lender on the basis of asaeeaments and bills and reasonable eslunates thereof 'I7re Ptirnds shall be held in an institution the deposits or aooounta of which are insured or guaranteed by a Federal or State agency (including Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxes, aaseastnenta, insurance premiums and Eround rents. Lender may rat charge for.sa holding and applying the Funds. analysing said account. or verifying and compiling said ~ aasessmeYrts and bills, unlew I.errder pays Borrower interest on the Funds and applicable law permits Lender w make such a charge. Borrower and Leodar may agree is writing at the time of execution of this Mortgage that interest on the Funds shall be paid w Borrower, and unless such .~.eement is made or applicable law requires such interest to be paid. Lends shall not be required to pay Borrower any interest oz ! earnings Der the PLmda. Lender shalt give to Borrower, without charge. an annual aooounting of the F~tda showing credits and debits to We . c'tirrrda and the purpose for which each debit fo the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. - If the amount of the Fends held by Lender. together with the future monthly installments of Funds payable prior to the due dates of to:es, aaseasanenta, i:tauranoe premiums and ground rents. shall exo2ed the amount required to pay said lacers, assessments. insurance premiums and ground Tents as they fall due. such a:oesa shall be. at Borrower's option, either promptly repaid to Borrower or credited to $orroweron monthly installments of Funds. If the amount of We Funds held by Lender shall not be auf6cient to pay te=es, aeseasrneata, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the defieieacy within 30 days ~ from the date notice is mailed by Lender to Borrower requeaiirig payment thereof. ~ i Upon payment in full of all sums secured by this Mortgage. Lendei shall promptly refund to Borrower any funds held by Lender: If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior - tothe sale oftheProperty or itaacquisition by Lender. say Funds held by Lender at the time of application as a credit against the soma secured by this Mortgage. i 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 fast in payment of amounts payable to Lender 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 fixture Advances 4. Charges; Liens. Borrower shall pay all tatiea, assessments and other charges, fines and impositions attributable to the Property which r•.iay attain a priority over this Mortgage. and leasehold payments orground retrts, ifany, in themanner provided under paragraph 2hereofor, if not paid in such manner. by Borrower making pament, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due ender this paragraph, 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 berequind to discharge any such lien so (Degas Borrowershall agree in writing to the paymentof theobligation secured by such lien in a manner acceptable to Lender, or shall in good faith rnntest such lien by, or defend enforcementof such lien in, legal proceedings whidt operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. _ 5. Hazard Insuraarce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loos by fire, hazards included within the ternt "extended rnverage,"and such other haiards as Lender may require and in such amounts and for each periods as Lender may require; provided, that Lender shall not require that. the amount of such coverage a:teed that amouirt of coverage required to pay the sums secured by this Mortgage. - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by ]xnder;provided, that such approval shall not oe unreasonably withheld. All premiums on insurance policies shall he paid in the manner provided under paragraph 2 hereof or, if ; not paid in each manner, by Borrower making payment, when due, directly to the insurance carrier. ' All insurance policies and renewals thereof sl.all be in form acceptable to Lenderand shat! include a standard mortgage clause in favorof and in form acceptable to Lender. Leader shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to if_nder all renewal 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 of loss if not made promptly by Borrower. Unless Lender and Borrower othervse agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration er repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economi.~ally 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, ifany, 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 inannsn~:e benefits, Lender is authorized to collect and apply the insurance proceeds at Lender s option either to restoration or *epair of the, Property or the sums secured by this Mortgage. ~ 1 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 l and 2 hereof or change the amountof such ins•allments. If under paragraph 18 hereof the Property is acquired by Lender, all right, titleand interest of Borrowerin and to any insuranc~t policies and in and to the proceeds - ~ thereof resulting from damage to Property prior to the sale or acquisition shalt-pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. o. Preservation and 11laiateaance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. [f 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 creatingor governing the rnndominium 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 rernrded together with this Mortgage, the covenants and { agreements of such rider shall be incorporated imto and shall amend and supplement the covenants and agteementsolthisMortgageasifthe = rider were a part hereof. - 7. Prot~xtion of Lendez's Security. if Borrower fails to perform the oovenanta and agrcementa contained in this Mortgage, or if arty action or proceeding is commenced which materially affects Lemder'e interest. in the Property. including, but not limited to, eminent domain, insolvency, Dade enforcement, or arrangements or proceedings involving a bankrupt or decedent, Thar Lender at Lender's option,apon notice to Borrower may make such appearances, disburse such aims 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 Leads required i mortgage insurance as a rnadition of making the loan secured by this Mortgage, Borrower shall pay the premiums required !o taaintaia such insurance in effect until such time as the requirement for each insurance terminates in accordance with Borrower's and Larder's written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under Paragraph 2 hereof. My amounts disbursed by Lender persuant to rule paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, ouch amoun'e shall be payable upon notice fry Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable fiom time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, is whidi event rush amounts shall bear interest at the highest rate pennissibie under applicable law. Nothing contained is this paragraph 7, shall require Leader to incur any expense or take any action lierenndtr. i cc~~ Bpfp1~KJ+G~ P1~GE~thJ~ -