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HomeMy WebLinkAbout0061 _ . ~ •4I' . a Borrower sad Lendsr owroaaat sad agree as follows: . 1. Payraeat of tMrtt:tpal sad Iatetrest. Borrower shall protaptly pay whoa dn! ttte principal of sad interest on the indebtednesi evidsttosd by tM Nots, t sad 4te charges a. provided in the Note. and the principal of sad iatetest oa any Future Advagces secured by F~ f 7lrucaapriIaatttranoe. l3abjed to applicable law or to a written waiver liy Lender. Borrower shall pay to Leader on the day - monthly irtsfallments of principal aadintsrat are payable under the Note. ntttil the Note is paid in full. a sum (herein "Pltnds'~ equal to oae~ twelitlt of the yeaHy taxes and anesstaents which may attain priority over thin Mortgage, and ground yenta on the Property, if cry, Phu one t~?ellth of yearly-p~emiom installments fos hazard insurance. plw oaetwellth of yearly premium installments for mortgage insurance. if any. all as reasonably estims;ted ittitit~lly sad fi+om time b time by Lender on the basis of assessments and bilb and reasonable egtimatea thereof. The Figs shall b heW in an institution the depasib or accounts of which are insured or guaranteed by a Federal or State agency- j (indndiag Lertdsr it Leudsr is arch as institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums-and ' ground teats. Lendsr may not cbargs for p kidding and applying We Pltnds, aaa$rsing said account, or verifying and oompiUng said assessments sad bills; ttniesti Deader pays Borrower interest on the Funds and applicable law permits I.ende: b make snclt a durrge. Borrower and I.endsr may agree in writing at the time of execution of this Mortgage that interest oa the Funds shall be paid to Borrower. and unless ! sndt agreeaseat is made or applicabM law regnirea such interest to be paid. Leader shall not be required to pay Borrower say interest or ~ ,etmings at the Fonds. Leader shall give to Borrower. without durge, as annual aooountiag of the Funds showing credib and debits to the ' Fonds and the patposs for which sackdebit tothe Ftimds-wee made. The PLnds are pledged as additional security for the sums secured by this - -Itthe amount of the Funds heW by Leader. together with the future monthly installments of Funds payable prior to the due dates of fazes, j assessments, inseQanoe premiatru sad ground rents, shall exceed the amount required to pay said taxes, asses~anertts, insurance premiums and ground rears as they fall due, such exow shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower on moathl~t installments of.Pltads. If the amount of We Farads held by Lender'shaU not be sufficient to pay fazes. assessments. insuraaor _ pnmiutos sad ground rents au they fal>sdae. Borrower shall pay b Leader any amount necessary to make up the deficiency within 30 days ' from the date notice is trailed by Lender to Borrower requesting payment thereof. Upon pr~ymentin full atoll sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lendei. If under f paragraph l8 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply, no later than immediately prior - j to the aJe of the Property err its elagnisition by I.ender, any Funds held by Lender at the time of appUcatioa,as a credit against the sums second by this Mortgage- - _ - ( 3. Application of Paytasents. Unless applicable law provides otherwise. all payments reeaved by Lender under the Note sad paragraplu 1 and 2 hereof s1u11 be applied by leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, ' then to tetanal payable on the Note. then b the principal of the Note,-and then to interest and principal on any Fntun Advances. 4. Charges; Liens. Borrowerahall pay all taxes, assessments and other charges, fines and impoeitiona attributable to the Property 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 such manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly famish to Lender - all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly fniniah to - Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that - Borrower nhaU not be required to discharge any such lien so long as Borrower shall agree in writing to the payment otthe obligation secured by such list in a manner aeaeptabk to Lender. or shall in good faith rnnteat such lien by, ordefend enforcement ofauch lien in,legal proceedings • " ! which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.. i 5. Hazard Inwrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against lava by fire, hazards induded within the term "extended coverage," and such other hazards as Lender may require and in ouch amounts and forsuch - periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of rnverage required to pay the sums secured by this Mortgage. - - - - - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Ixnder, provided, thatsuchapproval - 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-arch manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance pdicies and renewals thereotshall be in Corm acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable 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 eheinaurance carrier and Lender. Lender may make proof of lass it not made promptly by Borrower. _ - Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ofthe Property damaged, provided such restoration or repair is ernnomicaUy 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 second by this Mortgage,with the excess, itany. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faib 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 - insnrainee benefits, Lender is authorized to rnllect and apply the insurance procerdast Lender a option either to restoration or repair of the - Property or the sums secured by this Mortgage. Unless Lender and 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 installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower 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 pees to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ - 6. Pnaervation and Maintenance of Property: Leaseholds; t^,ondominums:Planned Unit Developments. Barrowprshall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the- proviaiona at any lease it this Mortgage is on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or rnvenanta creatingor governing the condominium or planned ~ = unit development, the by-laws and regulations of the rnndominium or planned unit development, and oonstitnent documents. If a condominium or planned unit development rider is e:eruted by Borrower and recorded together with this Mortgage, the covenants and s agreements of such rider shall be incorporated into and shall amend and supplement the rnvenants and agreements of this Mortgage as if the ~ ; rider were a part hereof. ~ ^ 7. Protection of Lender's Security. If Borrower fails to perfa~rm the covenants and agreements contained in this Mortgage. or if any ! ? action or proceeding iteommenoed which materially affects Lender • interest in the Property, including, out not limited to, eminent domain. opbionapon insolvency. code enforoemerrt, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Ia»ders ~ notice to Borrower may make such appearances. disburse such sums and take sndt action as is necessary to protect header's interest. indnding, but not limited to, diabarsemertt of reasonable attorney's tees sad entry upon the Property to make repairs. If Leader repaired F mortgage iasnranee as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums regnirnd to maintain such insurance in effect until such time as the requirement for such insurance terminates in. accordance with Borrower's and Leader's written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. - Any amounts disbursed by Lender pennant to this paragraph 7, with interest thereon, shall become additional indebtedness of - ' Borrows secured by this Mortgages Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon noticefrom Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under 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 under applicable law. Nothing contained in thin paragraph shall p require Lender to incur any expense or take any action hereunder. _ f ~ • X339 ~P~ 61~ n -