Loading...
HomeMy WebLinkAbout0489 _ c-_ ~ tom, - ~ - r.. :d . A llrtrrow Oovstuxrtn. Borrower and Lender ooveaaut aad,agcee as foliopvs: 1. lgttsertt et~ - atM Borroower shall prgnptly pay when: due the Priq~al. of and interest ao the iadebtadtrea eYidaroed by tote Note. pnpftyateot and late charges;as provided ~n the Note, sad the princtpal of and int~t err ~ m Advanee~s set:unsd blr'thls Ir(ortgegs.~ . Dp~+oiaelc tib~ Pay Z.' il~errie for Ylsaoee atrd'larttaNwoe. 9nbject to applicable law or to a written waiver by Leader. to header oa the day monthly imtallaaenb of principal and interest are payable under the Note. unW the Note is pdd is futl, a amt (herein "Fuade'9 equal to oae~tweifth of the yearly taxes and asstwtreab which may attain priority over this Moctgttge, and ground rmtt ot1 fire Property. if swy. plrts ouatwelttb Vf y0ati7? premium atwlieseab fa,hatsrd iaauanoe, piw oatrtwelfth of yeariyFt+ptgiuat installments for mortgage inarrauoe, if any. all es r~tonaWy,esttmsted it~tialty. and ~ time to time by Lender oo tbo basis Qf aseesstnettts and bilk and reawaabk estitaates thet~f. ' The P~ sluA be held in as institution the deposib br acoottnb of wbidi errs instued or guaranteed by a Federal or state agatrey (inchtditrg Leadei if Letrder d such an imtittnioti). I,etrder shall applli the Ftwds to pay aid taxes, aseessnteab, i~tstrraaoo premiuaa sod gt+ouod tnnb. Leader may not charge for so holding sad applying the Futrds, analyzing aid account, or verifying and compiling said apesanteab and bills. oaks: Lender pays Borrower interest oa the Ponds and applicable kw permib Fender to make such a charge.. Borroaer and Leader may agree in writing at the time of exetartiar of this Morlpge that interest on the Funds :ball be Paid to Horrowes~. and unless such agreement it made or applicable law requiee~ such interest to be paid. Lender shall not be required to pay Borrower any interest oz earnings on the Funds. Lends shall give to Borrower, without charges, ao annual accounting of the Funds showing Credib sad debib to the Funds sad the f purpose for which eadr debit to the Funds was made. 1Le Funds are. Pledged as additional securiiy for the sums secured ~ by this Mortgage. ` TE the amount of the Funds heW by I.ender, together. with the forum monthly irutallmenb of Funds payable prior to the due dates of taxes, assessmenb, insurance premiums and ground rent, shall exceed the amount required to pay aid taxes, asseswaenb, iwuraaoe premiums and ground real: as .they. fall due, such excess shall be,' at Borrower's option. either promptly repaid to Borrower or credited to Borrower oa monthly iastalhnents of Funds. If the amount of tha Funds baW by Lender :hall sot be atfllaient to pay taxes, gents, insurance premiums and ground renb as they fall due. Borrower shall pay to Leader say amount necessary to make up the deftciency within 30 days from the date rtotice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all arms secured by this Mortgage, Lender shall promptly refund to Borrower any Funds bald by Lender. If uada paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Leader. Lender shall apply, no Inter than irnarodiately prior to the sale of tlra Property or its acquisitioo~ by leader, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. et Unless applicable law provides otherwise. all paymenb received by Lender under the Nora and paragraphs 1 and 2 hereof shall be applied by Leader. ftrst in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payabi~ ou the Note, then to-the principal of the Note, and then W interest and principal on any Future Advances. 1. Charger, Liean. Borrower shall pay all taxes, assessments and other charges, Roes and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold paytnenb or ground rent, if any. in the manner provided grader paragraph 2 hereof or. if not -paid in such manner,- by Borrower making Payment. when due, directly to tba Payee tlxreof. Boa+o~ver shall Promptly furnish to Lender all notices of amounb dues under this paragraph, sad in the event Borrower :ball make payment directly, Borrower shall Promptly furnish to Lender recdpts evidencing such payments. Borrower shall promptly discharge say lino which has priority over this Mortgage; provided. that Borrower shall not be required to discharge say such lien so bog as Borrower shall agree in writing to tba payment of the obligation secured by F such lien in a rnanrta acceptablt: to Lender, or shall in good faith contest such lien by, or defend enfornment of such lies is legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Aas:rd Iaarrarca Borrower shall keep the improvements now existing or hereafter erected on the Property inwred against loss by ftre. hazards included within the teem "extended coverage", and such other hazards as Lender may require sad in such amounts and for wch period: 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 sums secured by this Mortgage. The inwranoe 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 inwrance policies shall be paid in the manna provided under. pauagraph 2 hereof or, if .not paid is such manner, by Borrower making Payment, when due, directly to the i insunace carrier. All insurance policies and renewals thereof shall be in form aceeptabk to Lender and shall include a standard mortgage f dame in favor of sad in form acoeptabk to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender 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 sad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property 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 the excxss, if say. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Deader within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for imuranee beoe$b, Fender is autborizad to rolled sad apply the insurance ptbcecds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Udess Lender sad 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 instalments. If under paragraph t8 hereof the Property is acquired by Leader, all right, title and interest of BorroMer in and to any insurance policies and is and to tba proceeds thereof resulting from damage to the Property prior so the sale or aoquiution shall pass to I~endar to the extent of the sums secured by this Mortgage immediately prior to such sab or acquisitioa. f. leeservatioa sad Msititeaasce of Properly; I.taec6ddr CondotaW~ Pleased Utsit Derelopmerb. 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 say kale 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's obligations under the declaration or ooveou?b creating or goveraiag 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 unit devdoprneat rider is executed by Borrower and recorded together with this Mortgage, the coveaanb and agreemenb of such rider shall be incorporated into and shall amend and supplement the covenants and agreement: of this Mortgage as if the rider were a part hereof. - 7. lrotacdoe of Leaders Security. If Borrower fails to perform the covenants and agreemenb contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. including, but not limited to, eminent domain. insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon aotioe to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reawnabk attorney's fees and entry upon the Property to make rropaira. If Lender required mortgage insurance as a condition of making the loan second by this Mortgage, Borrower :hall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borcmvars and ~ ~ i ~ 8001(ti~ PAGE