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HomeMy WebLinkAbout1145 Borrower and Lender osvenant asd agree u folbws: ' I. Psymeat of Peineipal sod Interest. Borrower shall prompdy pay when dw the principal of and interest oa the indebtedness evidenced by the Note, prepayment and late charges sa provided in the Note, and the principal of and interest on any Eltture Advances scented by this Mortgage. - - ` 2 firads for Tessa and Inansaace. Snbjed to applicable law or b a written waiver by Lender. 8oreower shall pyr to [.order oa the day monthly instalment of principal and interest an payable under the Note. until the Note v paid in fEra, a sum (herein "Fnrtdta'~ equal to oue- twelfth oithsyearly tares and assessments which may attain priority over this Mortgage, and ground rent on the Property. iiany, piw oae~ twelfth of yearly premium installmatt for haurd insurance. piw one•twelflh ofyeuly premium installment for mortgage insurance, Jany. all u reasonably estimated initially and from time to time by Lender on the buss of asseument and Mlle and reawetable ertimatas thereof The Funds shall be bold in an institution the deposit a< account of which an iruured or gwnnteed by a Federal or State agency finduding Lends if Lsrtda is sneh as institutionl. Linder shall apply the Funds to pay said taxes. assessments, inssrance premiums and ground renter. Leader may not charge for so holding and applying the Fonds, analysing said accosnt. or verifying and compiling said assessment and Mlle, unless Fender pays Borrower interest on the Fonder and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at We time of a:ecution of thin Mortgage that interest on the Funds shall be paid b Borrower. and unless such agreement is made or applicable law requires such softest to be paid, Lender shall not be required to pay Borrower any interest or carvings on the Flrnds. Lender shall give to Borrower, without charge, an annual accounting o[the Funds showingeredit and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged u additional security forthe sums secured by this Mort;ags. it the amount of the PLnds held by Lender, together with the future monthly installment of Funds payable prior to the due dates of taxes. assessments, insurance premiums and gronnd cent, shall e:c~ed the amount required to pay aid taxes, asscument, inaunnee premiums and gronnd trot u they fall due. such exeew shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly instalment of Fends. V the amount of the Fnrrds heW by Lender shall not be sufficient to pay taxes, assessment, insunnee pcemiuma and ground rent as they fall doe, 8orrowes shall pay to Lender any amount necessary to make up the deCuiency within 30 days from the date notice is mailed by Lander to Borrower requiting payment thereof. Upon p:ymevt in fdl o[aU soma secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. V node: paragraph IS hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no latathan immediately prior to the sale d the Property or it acquisition by Lender, any Funds held by Lewder at the time of applintion u a tzcdit against the sums secured by this Moartgages 3. Application of Payments. Unless applicable law provides otherwise, all payment received by Linda under the Note and paragrapher I and 2 heccof shall be applied by Lander first in payment of amount payable to Lender by Borrows nods paragnpb 2 hereofr then to olrest payable on the Note, then to the principal of the Note. sod then to interest and principal on any Fatnre Advances. 4. tL6arges; Liens. Borrows shalLpay all to:es, assessment and other charges, fines and impositions attributableto the Property which m ay attain a priority over this Mortgage, and leasehold payment or ground rents, if any, in the manner provided undo paragraph 2 hereof or, if not psud in snch arsons, by Borrows making payment, when due, directly to the payee thereof Borrowerahall promptly fnrnish to Lends all notices of amount due under this pangnph, and in the event Borrower shall make payment directly, Borrows shall promptly furnish to L.enderr+eceipt evidendng arch payment. Borrower shall promptly discharge any lien which has priority ova this Mortgage; provided. that Borrows shall not be required to discharge any such lien so long as Borrower ahali agree in writing to the paymentof theobligation secured by such lim in a manner acceptble to Lender, or shall in good faith contest such lien by, or defend enforcementofsuch Gen in,legal proceedings which operate to pntvent the enforcement of the lien or forfeiture of the Property or any part thereof. ' S. W~sar+d Insurance. Borrower shall keep the improvement now existing or hereafter erected on the Property insured againstlowby fire, haxssds iaclnded within the terra "e:landed coverage," and such other hazards as Lender may require and in and? amount and for such periods as Lords may requirr; provided, that Lends shall not require that the amount of such eovenge exceed that amount of coverage required tea pay the sums secured by this Mortgages The asorance carries providing the insurance shall be chaaen by Borrows subject to approval by Lender, provided, that such approval shall nd be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided ands pangraph 2 hereof or, if not paid is such manna, by Borrows making payment, when due, directly to the inaunnce carrier. At iauuuaace polices and renewals thereof shall be in form acceptble to Lender and shall include a standard mortgage clause in favoraf and in term aeoeptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrows shall promptly furnish to i.ender a>i renewal notices and all receipt of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and I~dez Lards may make proof of loser if not made promptly by Borrows. Llslesa Lender and Borrows otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided acct cestontion or repair is economically feasible and the security of this Mortgage is not thereby impaired. If sn~h res tocatioa a repair is not economically feasible or i[ the security of this Mortgage would be impaired, the insurance proceeds shall be applied co the su®s secured by this Mortgage, with the excess, if any, paid to Bocrowa. If the Property is abandoned by Borrower. or if Borrows fail l reapowd t~ Leader within 30 Jaya form the date notice is mailed by Lender to Borrows that the insurance carries ot[ers to settle a claim [or insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender'sioption either to restoration or repair of the Propa~ er the sums scented by this Mortgage. [Jaless Lender and Borrower otherwise agm in writing, any such application of proceeds to prindpal shall not e:tead err postpone the doe date of t>Ire monthly installment referred to in pangnphs 1 and 2 hereof or change the amount of such instalment_ Uands paragraph 18 herec[the Property is aegniced by Lender, all right, title and interest of Borrower in and to any insurance polices and in and to the proceeds thereat siting tram damage to Property prior w the sale or acquisition shall pans to Lends to the extent of the soma secured by this Mortga;e issmediatdy prior to such sale or acquisition. 6. !'rlser~rationandMaintenanceofPrnperty;Leaseholds;Condominums;PlannedUnitDevelopmeata.$orrowsshallkeep the Pe.pa~ty m good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the proviis~a ed any lease if this Mortgage is oa a leasehold_ If this Mortgage is on • unit in a oondomininm or a pLnmd snit devdopmeat. Borrower shaD perform all o[ Borrows i obligations nods the declaration or covenant Qeating or governing the condominium or planned unit ~uL the byLws and regulations of the condominium or planned snit development. and oonstitomt documents. If a oondoaamiam or planned snit deveb~-nmt rids is execsted by Borrower and recorded together with this Mortgage, the covenant and agrce:emea otsnch rider shall be iacorponted in W and shall amend and supplement the covenant and agremient of this Mortgage u if the rider west a part bereo[ 7_ Psotedber of Leader's Security. V Borrower fags t perform the covenant and agreement contained in this Mortgage, a if aqy action or proceeding is oommeaosd which materially affects Lenders intered in the Property. indnding, bat not limited t, eminent domain. insolvency. code mforcement, err arrsagemsnt or prooeedirtgs involving a bankrupt or decedent, then Lender at Lcnder'~ optionopoa notice to 8aaowe: maur make each appearances, disburse such sums sad take such action a. is necessary to protect I.endis'f iaferast, indoding, bat not 6mitsd t0. disbanement of reasonable attorney i tea sad ent~? upon the Property to make repairs. V Leader ngnird mortgage inaaranoe v a osndition of malting the ban securad by this Mortgage, Borrower shall pay the premiaesa required to maintain sndi insannoe ie~ efYed sdr7 loch time as the requirement for such insurance terminals in aooordanee with Bacrowds and Lmdera written agreement err applicable Law. Borrower shall pay the amount d aB mortgage insurance preminma in the manna provided aades paragraph ! bend - - Any amount disbursed by Landes perswnt to this paragraph 7. with interest thereon, shall become additional indebtedness d Borrower seared by this Mortgage: Unless Borrower and Lender agree b other terms of payment, ancb amount shaD be payable apoa notice from Lender to Borrower regnssting payment thereof and shall bear interest from the dal of disbunearent at the rat payable tram dine to time oa aststanding prindpal under the Note nnlw payment of interest at suds nl would be contrary to appGable law. in which event loch amount shall best interest at the highest nl permisaibk under appliubk law. Nothing contained in this paragraph Z. ahaD require Lends eo iacv any expense or take any action hereunder. ' I sons ~ P~~~