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HomeMy WebLinkAbout1194 s i Bornwtr and Iendtr oovtnaat and agave as folbws: 1. Payment of Prtacipal and Interest. Borrower chap promptly pay when dw Ws prindlal o[ and intered on tht indebtednew eridencad by the Note, grepnymeat and later charges as ptovlded in the Note. and the prindpal of and Interest on any F1~ture Advances sscur8d ' by this Mortgage. ' Z. Fonda for Trues aced Insuranes. Subject b apppcable law or to a written waiver by Lender. Borrower shall psy to [.ender on the day monthly installmNnts of prindpal and interest are payable under the Note. until the Note is paid in full, a sum (herein "Funds'? equal to ens twelfth of the yearly touts and assessments which may attain priority over this Mortgage, and ground rents on the Property. If any. plw oat• twelRh of yearly premium innallmenb fa hasard insurance, plw one•twelRh of yearly premium installments for mortgage insurance. uany. .all v reasonably estimated initially and from tint to time by Lender on the basis of assessmenb and Mlle and reasonable estimates thereof. Tht F1?nds shall b htW in as institution the deposib ar acoounb of which are insured or guaranteed by a Federal or State agengr (inducting Lender it Ltndtr is such an institudon). I.ardes shall apply the Fonds to gay said taxes. assesamenb, insurance premiuau and ground nab. Ltndt: may not diargs far a0 holding and applying the Pander, ana)ning said account, or verifying and compiling said assessmwb and bills, nnltss Lsndtr pays Borrowtr interest on the Fonds and applicable law permits Lender to make such a charge. Borrowtr sad Lander may ogres is writing at tM tiros of execution of this Mortgage that interest on the Fonds chap be paid to Borrower, and udess such egresmeat i. made or appluxble law requires such interest to be paid. Lender shall not ba required to pay Borrower any iatertst oe earnings on the Fonds. Lsndtr shall give to Borrower. without duu~ge. an annual aooouating of the Funds showing credib and debib to the Funds and tM purpose for which each debit to the Fluids row made. The Funds an pledged as additional security for the sums secured by this I1io aaaunt of tht Fonds held by Lender. together with the future monthly installments of Fonds payable prior to the due dates of taxes, assessments, insaranos premiums and ground rents, shall exored the amount required to pay said taxes, aasetsmenb, insurance premiuau and ground tenb w they fop due. such ezoess chap be, at Borrower's option. either promptly repaid to Borrower or aedited to Borrower on monthly instapmenb of Frmds. If the amount of the Funds held by Lender chap not be sutfident to pry taxes, assessments, insurance premimu and ground renb u thty fall dw. Borrower shall pay to Lender any amount necessary to make rep the de5deacy within 30 days from the dab notice i. mailed by Lender to Borrower requesting paymtnt thereof. Upon payment in frill o[ all sums secured by this Mortgs~e, Lender shall promptly refund to Borrower any funds held by Lender. U~ader paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lander, Lends shop apply, no later than immedratelyprior to We sale of the Property ere ib aognisition by Lender. say Funds held by Lender at the time of application a. a credit against the suau secured by this Mortgage. S. Applkadon of Payments. Unless apppcable law provides otherwise, all paymenb reanved by lender under the Note and pangraplu 1 and 2 htnot chap be applied by I.ender ffnt in payment of amounb payable to Lender by Borrower under para~aph Z hereof, then to inbrest payable oa the Note. then to the prindpal of the Note. and then to interest and prindpal on say Future Advances. 4. Charges; Lieos. Borrower shag pay all taxes, assessments and other charges, Tina and impwitioru attributable to the Peoperty which rosy attain a priority over this Mortgage. and leasehold paymenb or ground rents, if any, in the manner provided under paragraph 2 hereof az. if not paid in such manner, by Borrower making payment. what due. 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 ahali promptly furnish to Lender reoeipb evidencing such payment. 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 shag agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Larder. or shall in good faith contest such lien by. or defend enforcement of such lien in, regal proceedings which operate to prevent the enforcement of the lien or for[eiture of the Property or any part thereof. 6. Ha:ard Insurance. Borrower shall keep the improvements now e>USting or bereaRer erected on the Property insured against loss by fine, hazards iaduded within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods a. Leader may regain; provided. that Lender shall not require ghat the amount of such oovrrage exceed that amount of coverage required to pay the sums secured by this Mortgage. . The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shell not bs unreasonably withheld. All premiums on insurance policieaahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. AU insuraaos popdes and rmewale thereof shall be in form acceptable to Lender and shall include a standard mortgage douse in favor d and in form acceptable to Lender. Lender shag have the right to hold the polities and renewals thereof, and Borrower shag promptly furnish to mender all renewal notices and all reeeipta of paid premiums. In the event of loss. Borrower shag give prompt notice to the insurance carrier and Lender. Leader may make proof of loss if not made promptly by Borrower. Udess Leader and Borrower otherwise agree in writing. insurance procee~ir shall be applied to restoration or repair of the Property damagtd, providd such restoration or repair is economically febaible and the?security of this Mortgage is not thereby impaired. If erect restoration a repair is not economically feadble or if the security of this Mortgage would be impaired, the insurance proceeds shall be appped to the sums secured by this Mortgage. with the excess. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to respond to Lender within 3l1 days from the date notice is mailed by Lender to Borrower that the insurance carrier offerr b settle a dorm far insurance beaeSb, Larder is auWorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Proptrty or the sums secured by Wis Mortgage. Udes~ Lender and Borrower otherwise agree in writing. any such application of proceeds to prindpal shall not extend err postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. U render paragraph 18 hereof the Property b 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 paw to Lender to the extent of the sums severed by thin I' Mortgage immediately prior to such sale or aoquiaition. ~ ' ~ 6. Preservation and Malntenaace otPro rt Leaseholds; Coadomiaums; Planned Unit iflevelo manta. Borrowershall k Pe y: P esP ~ the Property is good repair end shall sot commit waste or permit impairment or deterioration of the Property and shall comply wiW the provisions d any lease if this Mortgage is on a leatehold. If this Mortgage is on a unit in a oondomrinium or a planned unit development. Borrower shall per[orm all of Borrower's obligations under the declaration or covenants creatingor governing tht condominium or planned unit dtvelopment, the by-laws and regulations of the condominium or planned unit development. and ooasdtuent documen4. If a wndominium or planned unit deveMpment rider it executed by Borrower and recorded together with this Mortgage. the oovenaata and agreement of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage a. if the rider wen a part hereoL 7. Protection of Lender's f;etwrity. ii Borrows falls to perform the covenant end agreements contained in this Mortgage. a< if argr action or provding i• oomma?aid which materially affects Lender's interest in the.Propaty, including, but sot limited to. eminent domain, insolvsruy, nods snforosmint, err arraogemeab or proceedings involving a bankrupt err deced~rt, then Calder at Leader's option,upoa notice to Borrower may make sack appearances, disburse such sums and take such action as is necessary to protct Ltnder's iatsrest, inducting, bat not l~mitsd to, drsbnrstmmt of reasonable attorney's fees and entry upon the Property to make repair. Ii Leadtr rsgnird mortgage irunrana v a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain ~ such insararrp is tlYict until such time u the requirement for such insurance terminates in aecordanoe with Borrower's and Lardte's writtar agreement a applicable Law. Borrower shall pay the amount of all mortgage insuranee praaiums in the manner provided nndtr I paragraph 2 htnof. Any amonab disbursed by Leads: persuant to this paragraph 7, with interest thereon, shall became additional indebtedaew of l Borrower secured by this Mortgage. Unless Borrower and Lends agree to other terms of payment. such amounts shall be payable neon it notice hem Leader to Borrower requesting payment thereof, and shag bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unlees payment of intrest at such rate would be contrary to applicable law. in which I event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing eontained in this paragraph shall regain Larder to incur any expense or take any action hereunder. , . -s . 8342 ~~Ei194 ~~P_ r~ _ - n'r..~ v