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HomeMy WebLinkAbout2782 _ ~ f • ~ Borrower and Leader osvenaat sad ages a• fdiows: i 1. Payment of Prlneipal and WtereeR. Borrower shall promptly pay when dw the principal of and interest on the indebtednea evidenced by the Note, prepaytwtnt sad late charges as provided iq the Note, and the principal of sad interaston aqy Future Advances secured - 4. Feutda for Tares sad Iosnraaos. Subject to applicable lacer or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly irutal5nonts of principal and interest are payable under the Note. until the Note is paid in A?Il. a sum (herein "I~nds'7 equal to one• _ twelRh of the yearly taxes sad assessments which may attain priority over this Mortgage. andground yenta onthe l'ropetty, ifany, plw one- i twelfth of Yearly premium installments for hazard inauranoa, plw oae•twelRh of yearly premium inatalhnents [or mortgage insurance, if any. cell a. reasonably estimated initially and from time to time by Leader on the basis of assessments and bilb and reawnable estimates thereof - 'ILe Fords shall be held is an institution the deposits or aooonnts of which are insured or guaranteed by a Federal or State agency ' (inducting Lender if Lender is such am institution. Leader shall apply the Funds to pay said taxes, assessments. iruuranoe premiums and ground rests. Lender may rwt duu~ge far so holding and applying the Fonds. analyzing said aooonnt, or verifying and a+mpiling said aesesanents and biW, unless Lender pays Borrower interest on We Funds and applicable Lw permits Lendw to make such a charge. Borrower sad lender rosy agree is writing at the time of execution of this Mortgage that interest on the Faads shall be paid to Borrower, and unka such agreanent is made or appli<able law regnit+es wch interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Fends. Leader shall give to Borrower. without charge, an annual aeoounting of the Farads showing credits and debits h the Funds and the purpose for which each debit to the Ptimds was made. The Funds are pledged as additional security for the sums eecared bythis - - Iftheamount ofthe Funds held by Lender, together with the future monthly installments of Ftinds payable prior to the dw dates of fazes, assessments, insurance premiums and ground yenta, shall a:aced the amount regniral to pay said taxes; asseswnenta, insurance premiums and gramd rents as they fall dw. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly imstalhnents of Fonds. If the amount of the Fends held by Lender shall not be suffiaent to pay taxes, asaessanents. insurance premiums and ground rents ea they fall due. Borrower shall pay to Lender any amount necessary to make rap We deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting Payment thereof. ~ - Upon payment in roll of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any funds held by Lender. Tf Hader paragraph 18 hereof We Property is sold or the Property is otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property ce its acquisition by Lender. any Funds held by Lender at the time of application ae a credit against the sums secured by this Mortgage.- - - 3. Application of Payments. Unless applicable law provides otherwise, all payments received by .Lender under We Note and paragraplu 1 and 2 hereof shall be applied by lender first in payment of amounts payable to Lender by Borrower ender paragraph 2 hereof, then to interest payable oa the Note, then b the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taea, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgages and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, 1 if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly famish to I.ender ~ all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly famish 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 pn~vent the enforcement of the lien or forfeiture of the Property or any part thereof. ' 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereaRer erected on the Property insured against loss by i fiM hazards inducted within the term "extended coverage." and each other hazards as Lender may require and in ouch amounts and for such periods as Lender may require: prot-ided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums scared by this Mortgage_ _ r The insurance came: 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 ~ and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i,ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier i ~ and Lender. Lender may make proof of lases if not made promptly by Borrower. ` I Unkaa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of We Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is nqt thereby impaired. If sac6 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 cams secured by this Mortgage, with the 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 opera 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 Property or the soma 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 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is aognired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting tom damage to Property prior to the sale or acquisition shall pass to Lender to the exten! of the sums secured by this Mortgage immediately prior to such sale or acquisition. - - 6. Pieservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit L>evelopmente. Borrowerahall keep t,'~e Property in good repair and shall not commit waste or permit impairment or deterioration of the Property sad shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium "or a Planned unit development, Borrower shall perform all of Borrower e obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-taws and regulations of fife cn*u1...ninium or planned unit development, and constituent doc-.unenta. If a rnndominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be inrnrporated into and shall amend and supplement the covenants and a_ greemwts of this Mortgage as if the rider were a part hereof. 7. Protection of Lender`s Security. If Borrower fails to perform the covenants and sgreements contained in this Mortgage, ar if any_ ~ action or proceeding is commenced which materially affects Lender's interest in the Property. inducting, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lender's option,npon notice to Borrower may make arch appearances. disburse such sums and take such action as is necessary to protect Leader's interest„ inducting, bat not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender regrind mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such inunrance in eked until each time as the requirement for such insurance. terminates in aeoordance with Borrower s and Lenders written agreement or applicable Law: Borrower shall pay the amount of all mortgage insurance premiums in the manner provided ender paragraph 2 hereof - Any amounts disbursed by lender persuant to this paragraph 7, with interest thereon, shall became additional indebtedness of Borrower secured by this Mortgage. Udess Borrower and Lender agree to older terms of payment, such amounts shall be payable upon notice from Lender to 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 Note unless payment of interest at such rate world be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under spplicabk law. Nothing contained in this paragraph 7, shall - require Lender to incur any expense or take any action hereunder. - 8324 ~~2778 - 1 - - ~ ~ ~ ` ~ -