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HomeMy WebLinkAbout2884 _ ~ + ~ s . . • ~ ~ t Borrower and Leader ooveaaat and agew u fdbwa: 1. Prlrwst of P1 earl Iatsrvst. Boer+ower shall promptl,? Pay when due the peindpal of and inteeed on tbs irdebtedrress wideeroed by the Nos. perPayment sad 4ts drasgss uprovided is the Note, sad the principal eland iaterestoa any Fntun Advanoa seenrsd ~ p~ ~ a;=d l~b~ aPglies~ Iww err to w written waiverby Lender, Borrower shall pay to Lender on the day monthU? irutalloesnts of prindpal and iateewt are payable under the Nate, until the Note is paid in fall. a sum (herein "Fnnda'~ equal to oar twtlRh of the yearbr taxes and assess>,oents whidr may attain priority over this Mortgage: and ground eerrts on the Properly, if arty, Phis oar twelfth of yearly peeminm inedallmeats for hssard insnsance. plus oartwdltb ofyearly premium installments for awrtgage iaanranos. Uany, all u easoaablry estimated iaitialb? and loom time to time by Leader on the beers of taessmenta and bilb and reasoaabk estimates thereof. _ TM Fbnds shall be bdd is as iastitntioa the deposits or aooonats of which are iruured a guaranteed by a Federal or State ageaq (iirclading Lsadee it Leader k wch as inetitntioa}. Lender shall apply the Pearls to pay said taus, aueesaneats. iruuranoe premiums and ground rents. Leader mq not Burgs fa a holding and applying the Funds, analyzing said account, or verii?ying sad compiling said assessments and bills, unless header pays Borrowe:interest on the Funds and applicable law permits bender to make each a charge.Borrower and Leaders may agree in writing at the time of execution of this Mortgage that interest on the Fends shall be paid to Borrower. sad unless such ageeemart is made or apptip~ble law regniras such interest to bs paid. Leader shall not be regnired to pegy Borrower say interest err earning on the Funds. Lender shall give to Bourrower. wildcat charge, an annul aooounting of the Fends showing credits and debits to the Farads and the pnrposs for which each debit to the Funds wu made.llre Funds are pledged as additional security for the sums secured by this Morigsge. Itthe amount of the Funds bekl by I.ender, togatl?er wild the future monthly installments of Fends payable prior to the due dates of t4xes. aseepments. ins~aanee preminnu and ground rents. shall caused the amount required to pay said taxes, aaseesmenb, insurance premiums and ground vents u they fall due, loch excess shall be. at Bonowefs option. either promptly repaid to Borrower or credited to Borrower on mOOLDIy laerallmerlta as t'anae. If tae amount of i6e r~nus urr1 0 - iwuwvi rsuau a,.,.:;a e::;;,:.:cii: w .o..~. oats, laenrance premiums and ground rents u they fall due, Borrower shall pay to Lends say amount neceuary to make up the deficienq within 30 days from the dots notice is mailed by Le:nde: to Borrower requesting payment thereof. Upon psymeat is fall Ball woes secured by this Mortgage. Lender shall promptly refund to Borrows=any funds held by Lender. If Hader paragraph 18 hereof the Properly is sold err the Property is otherwise acquired by Lender. Lender shall apply. no later than immediately prior f to the sale of the Property or its acquisition by Lender, any Fends held by Lender at the time of application u 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 beast shall be applied by Lender feat in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on We Note. then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all fazes. aaeeasmenta and other charges. fines and impositions attributable to the Properly which may attain a priority over this Mortgage. and leasehold payments or ground rents. if any, in the manner provided under paragraph 2 hereof or, if not paid in each manner, by Borrower making payment, 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.receiptsevidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required b 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 wntest 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 part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now ezisting or hereafter erected on the Property insured against lass by fire, hazards included within the teen "e:tRnded coverage." and such other hazards as Lender may require and in anch amounts and for such periods as Lender may regain; 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 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 s;nch 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 b Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly fnrniah to i.ender all renewal notices and all receipts of paid premiums. In the event of toss, Borrower shall give prompt notice to the insunrnce carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agrce in writing, insurance proceeds shall be applied to restoration or repair of the Property j damaged, provided such restoration or repair is ernnomically feasible and the security of this Mortgage is not thereby impaired. If such i restoration or repair is not ernnaanically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the rams 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 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 Property or the rams secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend err 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 acquired by Lends, all right. title and interest of Borrower in and to any insurance poli©ea and in and to the proceeds thereof reanlting from damage to Property prior to the sale or acquisition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservatlon and Maintenance of Property; Leaseholds; Condominnma; Planned Unit Developments. Borrower shall keep the Property is good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of say lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a wndomininm or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development. and eonatitnent documents. If a rnndominium or planned unit development rider is ezecuted by Borrower and recorded together with 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. Prottdion of Larder's Security. if Ba~rrower fails to perform the covenants and agreements contained in this Mortgage. a if any action or proceeding is commenced which materially affects Lender's interest in the Property. including, bat not limited to, eminent domain, insolvency, oodti.enforeemant, ~ arrangements or proceedings involving a bankrupt or decedent. then Lender at Lender's option,apoa notice to Borrower may make each appearances. disburse each sums and take such action as is necessary to p[oted Lender's interest. including, bat not limited to, disbursement of reuoasble attorney's tees and entry epos the Property to make eepain. Tf Leaderrequired - mortgsge insurance u a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums tegnired to maintain such Insurance is eHed until such time u the requirement for such insurance terminates in aocordanoe with Borrower's and Lender's written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided seder Paragraph 2 hereof. Any amounts disbursed by Lender peranant to this paragraph 7, with interest thereon, shall become additional indebtedness of Bon~ower secured by this Mortgage. Unless Borrower and Lender agree to other teens of payment, sack smoants shall be payable upon notice from Lender to Borrower requesting payment drereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal ender the Note unless payment of interest at such rate would be contrary to applicable law, in which event such- amounts shall bear interest at the highest rate permissible ender applicable law. Nothing contained in this paragraph 7, shall require Lender to incur any ezpense or take any action hereunder. BJ(.5 PA6E~,p ~V