Loading...
HomeMy WebLinkAbout2888 • . gg~: - • ::L. r _ ~ Barowar and Cordes oovatant and agree as idbws: 1: Payosnt of Peletsipal sad Iaterert. Hoetowes shall peempt),r pay what dos tbs psincipal o[ and interest oa the ietdebtedneas evidatasd by the Nets, perpe?yettent and cats dtarges v provided in tM Nola, sad the iKineipal of and iaterealon any Future Advaaees secured ~ Ptienda ort T'asea sad Inauraaos. $ubjad to applicable law a to a written waiver by Lender, Borrower shall pay to Leades on the day monthly ir?stulbnwts of p:iadpal and interest are payable Hadar the Note, until the Note ie paid in full, a sum (herein °Fltnda") equal to ono twelfth of the yearly tacos and assessments whidt may attain prarity over this AAent~~, and growtd renb on the Property. itany. plea oae• t twelRh of yearly premium installments for hasardinsuratce. plw onstweiNt of yearly premium iastalhneats for mortgage insurance. if any, ' all cq reasonably estimated irtitiaUy and tkom bore to tame by Larder oa the basis of aaepments and biW and reaaortabk estimates thereof. r Ths Funds shall. bs held in an institution the deposits a aooounts of which ors insured or guaranteed by a Federal or State agency rmdading Landes it bonder i. each an in.titation). Leader shoo apply the Funds co pay said rasa. aa.ewmeats. insurance premiums and ground rents. Landes may not dtargs far so holdirtg and applying the Funds, anal)ning said account, or verifying and oompiUng said assessatenb and biib, nnlen Leader pays Boerowes iatesest on the Funds and applicable law permits Landes to make swdt a charge. Boseowes and Landes may agree in writing at the time of esecntion of this Mortgage that interest on the Farads shall be paid to Borrower, and unless such ageeement is made es applidcbls law requires such interest to be paid. Candor shall not be required to pay Borrower any interest ce earnings on tM I+ltnds. Landes shall give to Borrower. without dtarge, an annual aooouating of the Fwtds showing credits and debits to the Fiords and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security forthe sums secuured by this ~ ~ antonnt of the Pbnds held by Leader. together wiW the future monthly ituWlmenta of Funds payable prior tothe dta dates of toss. ' asseeseeenb. ineraanoe prasinms and ground tarts. shall esoaed the amount required to pay said lases, asa~nenta. insurance premiums and ground rents as they fall due. sock ezoees shall be. at Borrowda option, eiWer promptly repaid to Borrower err credited to Borroweron j monthly installments of Funds. U the amount of the Funds held by Leader shall rat be sufficient to pay tales. assessaaenla. insuretnoe premiums sad ground rash as they fall due. Borrower shall pay to Leads any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leads to Borrower requesting Payment thereof Upon payment in lia11 of all soma secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lertds. If under ~ paragraph 18 hereof the Property is Bold ~ the Property is otherwise acquired by Lends, Lender shall apply. no later than immediately pr:~ to the oak of the Property er its aogniaition o3 i:~ds, any Fnnda held by Lender at the time of application as a credit agedast the soma by this Morfiage. 3. Application of Payosenta. Unless applicable law provides otherwise, all payments received by Lender ands the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrows 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 say Future Advances. 4. CharKea; Liens. Borrower shall pay all lases. assessments and other charges, fines and impositions attributable to the Properly which may attain a priority ova this Mortgage. and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or; if not paid in such manna. by Borrower making payment, when doe. dirECtly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under 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 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 manna acceptable to Lender, or shall in good faith rnnteat such lien by, or defend enforcement of such lien in, legal proc~iinga which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrows shall keep the improvements now existing or hereafter erected on the Property insured against loos by fire, hazards iaduded within the tam "extended covsage," and such other hazards as Lender may require and in such amounts and for arch periods as Lends may require; provided, that Lends shall not require that the amount of such coverage succeed that amount of coverage ~ required to pay the soma secured by this Mortgage. The insurance carris providing the insurance shall be chosen by Borrows 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 ands paragraph 2 hereof or, if ~i not paid in such manna. by Borrows making payment. when due, directly to the insurance carrier. ;ra::rance policies and renewals thseof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of ~ and in form aeoeptabk to Lender.Lender shall have the right to hold the policies and renewals thereof, and Borrows shall promptly furnish to i.ends ell renewal notices and all reeeipta of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance cams ` and Lender. Lends may make proof of lass if not made promptly by Borrows. ~ Unless Lends and Borrows otherwise agree in writing, inssurance 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 thseby impaired. If ouch restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proeeeda shall be applied ' to the sums secured by this Mortgage. with the excess, if any, paid to Borrows. If the Property is abandoned by Borrows, or if Borrows fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrows that the insurance cams offers to eeWe a claim for insurance benefits, Lends is authorized to collect and apply the insurance proceeds at Lender a option eiths to restoration or repair of the Property or We sums eecared by this Mortgage. - Unlees Lends and Borrows otherwise agree in writing, any such application otproceeda to principal shall not estend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hseof or change the amount of such installments. If ands paragraph 18 hereof the Property is acquired by Lends, all right, title and interest ~f L c+rrnwer in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the soma secured by tl-,ie Mortgage immediately prior to such sale or aegai~tion. 6. Preaervatioa and Haintenanoe of Property; Leaseholds; Condominums; Planned Uait Developments. Borrows 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. If this Mortgage is on a unit in a condominium or a planned unit development, Borrows shall perform all of Borrows's obligations ands the declaration or rnvenants creatingor gowning-the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and eonatituent documents. If a condominium or planned unit development rids is executed by Borrows and recorded together with this Mortgage. the covenants and agreements of such rids shall be inrnrporated into and shall amend and supplement the covenants and agreements of this Mortgage as lithe rider were a part hereof. 7. Protection of Lender's Security. If Borrows fails to perform We covenants and agreements contained in this Mortgage, or if aqy action or proceeding is eommenoed which materially affects I.ends'e interest in the Property. inducting. but not limited to, eminent domain, insolvency, code enforcement, ~ arrangemeata or proceedings involving a baakrnpt or deoedmt, Wea Lends at Laude's optionnpon notice to Borrows may make such appearances. disburse such sums and take such action e. is necessary to prated I.endds interest, indnding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Leads required mortgage inaarance sa a ooadition of making the loan secured by this Mortgage. Borrows shall pay the premiums required to maintain such insurance in rffed until such time as the requirement for such insurance tsmiaates in accordance with Borrowds and Leadds written agreement or applicable Law. Borrows shall pay the amount of all mortgage insurance premiums in the manna provided Wads Paragraph 2 hseof. Any amounts disbursed by Lends persuant to Chia paragraph 7, with interest thereon, shall become additional indebtedness of Borrows secured by this Mortgage. Unless Borrows and Lender agree to oths tams of payment, such amounts shall be payable upon notice from Lends to Borrows requesting payment thereof, and shall bear interest from the date of dis~uraement at the rate payable from time to time on outstanding principal ands the Note unless payment of interest at ouch rate would be ooatrary to applicable law, in which event lush amounts shall bear interest at the highest rate permissible ands applicable law. Nothing contained is this paragraph 7, shall require Lertds to incur any expense or take any action hsennds. ' 8325 P~~2 - .