Loading...
HomeMy WebLinkAbout0943 Borrower and I~sader oovsaaat and agree a• folbws: 1. Penaaut of Principal sad Interest. Bwrower shall promptly pay when des tM prindlal of and interest on the indebtedness widatcad by the Note, ptrpaymwt sad late charges a. provided in the Note, and the principal otand iatereston any FLtun Advaaoes secured by this 11lartgage. Z. Ftiuads for Ta:ea sad lauuranos. $ubjed to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly inatallmsats of priadpal sad interest are payable under the Note. until the Note L paid in bill. a sum (herein "Funds") equal to oa? ay priority over this Mo twelM of the yearly taxes and assessments which m attain rtgage, and ground rents on the Property. if any. plw one. twadlth otysarly preatium inetallmenta for hasard insurance, plw onstwelfth of yearly premium insW lments for mortgage inawanes, if any, all as reasonably estimated initially and 11rom time to time by Lender on the basis of assessments and bills and reasonable estimates thereof 'Ibe P1mds shall be held in an iastitutioa the deposits os aoeonats of which an inaueed or gwranteed by a Federal or State ageary (indndiag Leader if Lender i, ouch an iaslitntionl. Lends shall apply the Funds to pay said taxes, assessments, insurance premiums and groaad mats. Lender may sot dtaege for so holding and applying the Funds, analysing said account, or ved assessments and bills. wiles Lender pays Borrower interest on the Fends and a livable law fY~i and said atwi ~U? K~ ~ ~ PP Permits Lender to make such a charge. Borrower tang at the time apt execution of this Mortgage that interest on the Ponds shall be paid to Borrower, and unless antdt agresamatt i. made or applicable law regnires anch interest to be Purl. Lender shall not be regnieed to pay Borrower any iatersat or saraiap on the Ponds. Lender shall giw to Borrower. without dutrge, sa annual aeoountiag of the fiends showing credits and dsbib to the Ponds and the pnspose for which each debit to the fitnds M?aa made.llte Funds ors pledged u additional severity [orthe sums securd by this Itthe amount of the Ponds held by Lender, together with the future monthly inataUmenta of Ftiutds payable prior to the des dates of taxes, assessnaestts. insnraaos preminnu and ground setts, shall exaaed the amount required to pay said taus. aesessmeats, iasuranos premituns and ground rests as they fall des, andt excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly irutallmenta of Ponds. If the amount of the Ftmds held by Lender shall not be snffident to pay taxes. assessments, inunrance preminars and gronad rents u thgr fall due, Borrower shall pay to Lender any amount necessary to make rap the delidency within 30 days from the date notice i• maild by Lender to Borrower requesting Payment thereof. Upon paymart in Mll of all anms secured by this Mortgage. Lender shall P~PUY reined to Borrower any funds held by Lender. If Hadar paragraph 18 hereof tM Property i, sold or the Property is otherwise acquired by Larder, Leads shall apply, no Lter than immediately prior to the saM of the Properly carts aoquidtion by Leader,any Fonds held by Lender at the time of applid?tion as a credit agairut the sums secwed by this Mortgage. S. Applkatioa of Payments. Unlew applicable law provides otherwise. all payments received by Larder carder the Note and paragraphs 1 sad Z bvtea~t shall be applied by Lender Brat in payment of amounts payable to Lender by Borrows under paragraph Z heeeo~ then 1o intsrset pawabb on the Note. then to the prindpal of the Note, and then to interest and principal on any Fhtw+e Advaaoss. Charges; Lints. Borrower shall pay all taxes, assessments and oche:charges, lines and impositions attributable to the Property which may attain a priority over this Mortgage, end leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in anch menace, by Borrows making payment, when due, directly to the payee thereof. Borrower shaUpromptly fnraish toLender all notices of •mowrts duq under this paragraph. and in the event Borrower shalt make payment directly. Borrower shall promPUY inrniah to Leader receipts evidendng such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not bs required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such Uen is a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in. legal prooesdings whidr operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. b. Reseed Inanranee. Borrower shall keep the improvements now existing or bereaRer erected on the Property insured against low by lire, hasards included within the term "eztended coverage; 'and such other hasards as I.cnder may require and in such amounts and tar such periods eu Lender may require; provided, that Lender shall not require that the amount of such coverage exeesd that amount of coverage required to pay We sums secured by this Mortgage. 1Ls insurance cagier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not bs unreasonably withheld. AU premiums on insurance policies chap be paid in the manner provided under paragraph 2 hereof or. if not paid is such manner, by Borrower making payment, when due, directly to the insurance carrier. AU iruuranos poUdes and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to bender.Lender shall hsve the right to hold the polides and renewals thereof, and Borrower shall promptly furnish to i.ender all rarewal notices and all r~cceipta of paid premiums. In the event of low. Borrower shall give prompt notice to the iwuranoe carries and Lsoder. Lender may make proof of low if not made promptly by Borrower. Unless lender and Borrower otherwise agree in writing, inswance procee~w shall be applied to restoration or repair of the Property damaged, providd such restoration or repair is economically fNsible and the~security of this Mortgage is nest thereby impsi:ed. If such restoration err repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower. or if Borcowa fails to respond to Iwnder within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ogee to settle a claim for irunranos berrellta, Lender is authorised to collect and apply the insurance proceeds at Lender's option either to restoration or repair d the Properbr or the sums severed by this Mortgage. _ Unleq Lender and Borrower otherwise agree in writing, any such application of proceeds to prindpel shall not extend or postpone the des date of the monthly installments referred to in paragraphs I 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 inswance polities and in and to the proceeds thereof resdting from damage b Property prior to the sale or acquisition shall peso to Lender to the extent of the sumo secured by thu Mortgage immediately prior to such sale or acquisition. 6. Preservation and 1[aintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrows shall keep the Property is good repair and shall not commit waste or permit impairment or deterioration of We Property and shall comply with the providons 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, 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 constituent docwneate. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenanta and agreements of such rider shall be inrnrporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a pad hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Morlgags, or if say action or proasding is commsaod which materially affects Lender's interest is the Property, induding, but not limited to, aniaent domain. insolvency, Dods arforosment, err arrangements or proceedings involving a bankrupt or decedent, then Leader at Lender's option,npon notion to Borrower may make sndr appearances, disburse such sumo and take such action as is necessary to protect Larder's inteceaf, indnding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Properly to make repairs. Tt Leader rsgnird mortgage inawaaa a! a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such inaaraacs in effiet until anch time e. the requirement for such insurance terminates in aoeordance with Borrower's and Larder's written amt or app4cabk Iew. Borrower shall pay the amount of all mortgage inswance premiums in the manner provided nndse paragraph Z hereof. Any amou~pts disbursed by Lender pennant to this paragraph with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Uatew Borrower and Lends agree to other teraos of payment. such amounts shall be payable upon notice from Lender to Borrower requiting payment thereof, and shall bear interest from the date of disbursement at the rate payable trots time to time on outstanding principal under the Note unlew payment of interest at such rate would be aonbrary to applicable law, in which event aneh amounts shall bear interest at the highest rate permissible under applicable law. Nothing ooatained is this paragraph 7, shall require Leader to incur any expense or take say action hereunder. ~~4II p~ 943 . . t