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HomeMy WebLinkAbout2762 Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and latechargea as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Fttnde for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Burrower shall pay to ~xnder on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum Therein "Funds"1 equal to one. twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the I'ruperiy, itany, plus one twelfth ofyearly premium installments for hazard insurance, plus one-twelfth ofyearly premium installments for mortgage insurance, if any, yll as reasonably estimated initially and from time to tiros by lender on the basis of assessments and bills and reasonable.estimates thereof. The Fonda shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency tincluding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and r{round rents. Lender may not charge for so holding and applying the Funds, analyzing said account, t+r verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the F unds and applicable law permits Lender to make such a charge. Borrower and bender may agree in writing at the time of execution of this Mortgage that interest on the Funds shalt he paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Ixnder shall nut be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits tti the Funds and the purpose for which each debit to the F unds was made. The Funds arc pledged as additional security furthe sums secured by this :~1ortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall excaed the amount required to pay said taxes, assessments, insurance premiums • :?nd ground rents as they fall due, such excess shall be, at BotTOwer's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not he sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall prutnptly refund to Borrower any funds held by Lender. If under p:?ragraph i8 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, nu later than immediately prior t„ the sale of the Property or its acquisition by (.ender, any Funds held by Lender at the time of application as n credit against the sums secured by this Mortgage. • 3. Application of Payments. Unless applicable law provides otherwise, alt payments received by !.ender under the Note and _ paragraphs I and 2 hereof shall be applied by lender first in payment of amounts payable to Lender by F3orruwer under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, :?nd then to interest and principal on any Future Advanrns. - -1.Charges: Liens. Borrowershal! pay all taxt•s, assessments and utherchar{;es, fines and im{,ositiuns attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, i f any, in t he manner provided under paragraph) hermf or, if nut paid in such manner, by Borrower m:?king payment, aa•hen due, din•t•tly to the paytr• therxrd. Burrower shall pn,mptly furnish to Ixnder atl notices of amounts due under this para?;r.?ph, and in the ea•ent Kurruw•er sh;,ll make payment dire•t•th•, Born,wer shall promptly furnish to i.ender receipts evidencing such payments. 13+,rruwer shall prumpth• discharge any lien which has priurih• over this ~1urtgage: prua•ided, that Berruwer shall not be required to dischargt• any wch lien so loaf; as Born,w•t•rsh:+11 agret• in writing to th?• p:n•n?ent of theubliKatiun secured by ~u, h lien in a manner acceptable to !w•nder, or shall in f;u„tl Luth cont+^a such li?•n b~•, urdtdend enfurcenu•nt+,f such lien in. lef;al pnx•eedings «hich operate to prevent the enforcement of the lien nr G,rfeitun•..f the I'rv,p?•rt}- „r any part thert~~f. 5. Hazard Insurance. Kurruwer shall ktt•p the impn,a•enx•nts now existinf: ur hen.?ftt•r ert•c•ted on the I'ruperiy insured against loss by tire. hazards included within the term "t:Ktenderl cuveraf;e.•' and wch utht•r hazards as Iw•ndt•r may n•t{uirt• and in such amounts and forsuch ~.+•ri~,ds as (,ender may nit{uire: pruvidtrl. that Lend+•r sh:?Il not n•yuire that the :?mount of wch t•tn•erage excet•t1 that amount of coa•erage r,•yuin•d to pay the sums serun•d ha• this :1lortf;aKe. The insurance c:?rrier providinf; the. insurance sh:dl he ch,c.+•n by Iturrewer sub~+•+•t tu;+{,pn,val by Lend+•r. pn,vul+•t1. that wch approval shall not be unrrasunabl~• withheld. r111 premiwns un insurance pehcies .hail Iw• p:ud in the m:uin?•r pruvid?•tl under p:+~;?itraph Y hens,f or, if net paid in such manner. by li„rn,acer rnakiny payrnent• aatmn due, directh a, the inwr:?nce carrier. All insurance policies and renewals thenydshall Ix• in form :a•ceptabte to Le•nderand shall include a standard morigageclause in favor of :,nd in form acceptable to bender. Lendershall have the riKht b, hold the {Ndicies and n•rn•avals thenti,f. and Bom•wer shall promptly furnish to _ i under all renewal notices and all receipts of p:+id pn•miums. In the event.,f loss, liurr,wer shall Kiv?• prompt notice t<, the insurance carrier and [.ender. Lender may make pn~,f of loss if nut madt• ;,n,mpth• hy- Borruw•er. Unless [.ender and li„rn,wer otherwise agree in w•ritinf;, insurance pna-r•a•ds shall bt• applied to resl+,rati+m or repair of the Property ri:+maged, provided such restoration ur repair is econun+icalh• feasible and the. ser•urit}• of this !Mortgage is not thereby impaired. If such resu,ration or repair is not et•unnmirallc feasiht?• er if the sw•urih• of this ~1urt f;aKe would b?• impain•d, the insurance procttds shall be applied t., the sums secured by this A1oriKage, with th+• excess. if any. paid to Kurn,wer. Ifthe Property is xbanduned by Borrower, or if l;<,rrower fails to respond to [.ender within :30 days from the. date notict• is mailwi by l,t•nder to Burrower that the insur-.?nce carrier offers to settle a claim for insurance benefits, Lender is authuriz+•t1 to cnllt•t•t :+nd apph the insuranc+• pnK•?•?•ds at bender's option either to restoration or repair of the !'ruperty or the sums soured by this Uurif;af;e. Unless Lender and Borrower otherwise :i f; ree in w•ntin f;.:m}• wch a p{,licatiun of prot•etds to principal shall not extend or postpone thedue date of the monthly installments referred to in paragraphs I and'(hereuf or chanf;t• the amount of such installments. If under paragraph 1R hereof the Property is acquired by bender, all right. till+• and interest of Burrower in and to any insurance {,olicies and in and to the pn,ceeds thereof resulting from damage to Property prior to the sale nr acyu,sitiun shall pass to Lr•nde.r to the eaten! of the sums secured by this • ~lurigage immediately.prior to such sale or acyuisition. fi. Preservation and 1~aintenanceof Property: Leaseholds:('ondominums: Planned l?nit Developments. Rorroavershallkeep the Property in g+wd repair and shall nut commit waste. ur permit irnpairm?•nt nr deterior.?tion of the Pro{,erty and shall comply with the previsions of any lease if this ;11ortKaKP is un Ie•asehuld. If this ~lorigage is rns a unit in condominium oi• a planed unit development, Burrower shall perform all of Fie,rn,wer's obliKatiuns under the. dt•claratiun urcua•enants creaUngorgoa•ernrng the condominium or planned unit development, the by-laws and regulations of the condominium ur planee•si unit developmemt. and constituent documents. if a ~ undominium or planned unit development rider is ext•c•utt•d by ~orrow-e•r :+nd n•t•orded together with this Mortgage, the rnvenants and .+t; reemt•nts of wch rider shall l,t• incnr{mratrd into and shal I amend and supplenu•nt the cove•n:?nts and ;?gn•ements of this Mort f;a f!e as if the rirle•r were a part hereof. Protection of Lender's Security. If Korrawer fails u, perform the nmenants and agreements contained in this Mortgage, or if any action or proceeding ie 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 Lenders optibn,upon notice 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 reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Burrower shall pay the premiums required to maintain Poch insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable Law. Borrower ah:tll pay the amount of all mortfage insurance premiums in the manner provided under paragraph 'L hereof. Any amounts disbursed b_r• Fender persuant to this paraKraph with interest thereon, shall become additional indebtedness of Burrower secured by this Mortgage. Unless Forrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall }xar interest from the date of disbursement at the rate payable from hme to time un outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which ,.vent such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph shall require Lender U, incur any expense or take any action hereunder. $327 P~~E2?~0 • _ .