Loading...
HomeMy WebLinkAbout0668 ' . Borrower and !.ender 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 latecharges ae provided in the Note, and the principal of and interest on any F uture Advances secured by this Mortgage. 2. Furtde for Taxes and Insurance. Subject to applicable law ur G? a written waiver by Lender, l3<?rruwerShall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Nate is paid in full,:+ xum Therein "Funds") cy++al to one- twelfth ofthe yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one` twelfth of yearly premium installments for hazard insurance, pluaone-twelflh~i yearly premium inslallmenta for mortgage insurance, if any, all :u;reasonably estimated initially and from time to tiRre by Iw•nder on the buss of .?ssrssments and hills and reasonable estimates thereof. The Funds shall be held in an institution the depc?eits or accounts of which are insured or guurtntecd by a Federal ur State agency (including !.ender if Lender is such an institution), Lender shall apply the Funds to pay said taxes, uasesaments, insurance premiums and ground rents. !.ender may not charge for so holding and applying the Fonda, s+nalyzinq s:+id account, or verifying and compiling said assessments and bills, unless [.ender pays Borrowerinterest onthe Fonda and applicable law permits !.ender to make such a charge. Borrower and !.ender may agree in writing at tl+e time of execution of this Mortgage that interest on the Fonda shall be paid W Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender Shull not 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 to the Funds and the purpose for which each debit to the Funds was made. The Fonda are pledged as additional security for the sums secured by this Mortgage. if the amount of the Funds held by !.ender, together with the future mor+thly inst:+llmen/s of Funds payable prior to tl+e due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said u+xes, assessments, insurance premiums and ground rents as they fall due, such exces.4 shall be, at Bo1TOWei s option, either promptly repaid to 13urn,wer or credited to Borrower on monthly installments of Fonda. If the amount of the Funds held by bender shall not I?e 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 ab days Crom the date notice is mailed by Ixnder tf? Borrower nequesting payment thermf. lJpon payment in full of all sums secured by this Mortgage, I gender shall promptly refund to Borrower any funds held by Lender. if under paragraph 18 hereotthe Property is sold or the Property is otherwise acyuircd l,y Lender, !.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application us a credit against the sums secured by this Morlgage- 3. Application of Payments. Unless applicable law provides otherwise, all payments received by !.ender under the Nute and p:+ragrapha 1 and 2 hereof shall be applied by Lender first in payment c,f amf?unts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nc?te, :+nd !hen to interest and princip:+l on any Future Advances. 4. Charges; Liens. Borrowershall pay all taxes, assessments and other chargf:ti, fines and rml,c?sitiuns attributable G, the 1'n,petty which may attain a priority over this Mortgage, and lcasehuld p:q•ments ur gn~und n•nts• if any, in the manner provided under par.+gr.+ph'l hereof or, :f not paid in such manner, by IlC?rrower making payment, when due, dir+vt)y to the payf•e• therer,f. Burn,wrrshall promptly furnish to Iw•nder :III notices of amount~t due under this pargraph, :rod in the event Borrower shall m:+ke payment dinr•tly, liorn,wer shall promptly furnish W Lender receipts evidencing such papmenu. l;t?rruwer shall prumpth discharge any lien which has priority over this Mortgage; provided, that Borrower shall not 1?e nyuired todisrharge any such lien su long as It,~rniwf•rshall agn•e• in writing to the payment of theubligation second by such lien in a manner acceptable to Lender, ur shall in grw?d f:+ith c ontr•tit such lien by, urdefend enfun•f•nu•nt of such lien in• le•gal pn,eeediugs which operate to prevent the enforcement of the lien or forfeitun• of the 1=rulx•rty or ar» l?:+rt the•n•of. 5. Hazard Insurance. Borrower shall keep the impn?rernrnts now existing or hemafler erected on thf• Property insured against loss by fire, hazards included within the term "extended e•cwerage." :?nd such other haz:+nls ar• Le•nder may rceguin•:+nd in such amounts and for such pe•rirxls Ixnder may require; provided, that Lender shall not n•yuin• th:+t the amount of such nwf•rage exf•f•ed that amount of coverage n•ctuind to pay the sums sf•c•urecl by this Mortgage- The insurance c:+rrier providing the insur._nrr shall I,f• chosen by Itorrowr•r nubjr•ct to appruc:d by I.f•nder• pn,vided• that such approval shall not he unre:~sonably withheld. All g?remiwns un imurance gH~hcif•a shall t?f• paid in th+• rn:u+ne~ pro. idrrl waist par,+graph'L hen~?f or, if mgt paid in such manner, 1?y Ii~~rrower making; paymf•nt. K•hr•n dur•• rlin•r•tl~• to thf• insur:?nr-r• r:+rrir•r. All insurance policies and renewals therer,f shall t,e in form acceptable to Lender and shall inr•lude a standanl murtgagc•dause in favorof and inform acceptable to bender. Lendershall have the right to hold the g,rdicies and renewals then•of. and Borrower shall promptly furnish G? :.ender all renewal notices and all nc-eipts of paid pn•miums. In the event of loss, Itorrowf•r,hallsive prompt notice, d? the insurance carrier :end !.ender. Lender may make pnw?f of loss if not made promptly b}• Borrower. Unless Lender and lif?m?wer utherw•iu• aster in writing;, insur:nce prrK•+-+ds shall tx• applied to n•stur.+tion or repair of the Property d:+maged, provided such restoration ur repair is ee•unumically fe:+sible and the security of this Mortgage is not thereby impaired. If such restoration or repair is nut economically fc•asihle ur if the sfcurity of this Mortgage would tx• impaired, the insurance prcx•eeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Itom?wer. if the 1'n,ix•rty is abandoned by Borrower,or if Rc?rmwer fails to respond to bender within all days from the date notice is mailed by 1 z•ndf•r to Burrower that the, insurance carrier offers to settle a claim for insurance benefilg, Lender is authorized to culh•c•t :+nd apph• the insurance, pn,••wds at Lender's option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Lender and Korn?wer otherwise agree in writing, any sur•h application of prcK•frds to principal shall nut extend or prstpone thedue date of the monthly insG+llments referred to in par.+graphs 1 and'L bere•c?f ur change the amount of such insti+llment+. If under paragraph 1K hereof the Property is acquirer! by Lender, all right, title :uul interest of Korrower in and U, any insurance policies and in and to the pn,ceeds thereof resulting from damage to Properly prior to the sale or acgwsitiun shalt patis G, Lender to the extent of the sums secured by this ~iorigage immediately prior to such sale or acquisition. 6_ Preservation and Maintenance of Property; Lt•ase•holda; Condominums;Planned Unit Uevelopmenta. I;,?rrowerahall keep the Property in goe?d repair and shall not commit watite u? permit impairment or deterioration of the Property and shall rnmply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is un a unit in a condominium or a planned unit development, tie?rrower shall perk,rm all of lir,rn?w•er•s obligations undf•r the dee•laratinn ur covenants creatingor guvermng the condominium or planned unit development, the by-laws and rf•gulalions of the condominium or plar:ned unit development, :+nd constituent documents. If a ~ undominium or planned unit develupme•nt rider is executed by fif?rn,wer anti recorded together with this Mortgage, the rnvenanta and aKrecmentsotsuehridPrshalll,cinr•orporatfdintoandshallamf•ndandsuppir•mr•ntthr•r•ovr•nantsandagn•rmentsofthisMortgageasifthe rider were a part herecrf_ ~ 7. Protection of Lendersr+ Security. If Borrower fails b? perforn+ the covenants and agreements rnntained in this Mortgage, or if any ~ action or proceeding is commenced which materially affects Fender'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 I.ender'e option,upon ' notice to Borrower may make such appearances, disburse such sums and take such action ae is necessary to protect Lender's interest, +ncluding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required z mortgage insurance as a condition of making the loan secured by this Mortgage, Burrower shall pay the premiums required to maintain such 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 Iaw_ Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under - paragraph 2 hereof. Any amounts disbursed by Lender peauant tc? this paragraph 7, with interest therec?n, shall become additional indebtedness of ~ Borrower secured by this Mortgage. Unless Borrower and Lender agree te? other terms of payment, such amounts shall be payable upon - notice from Lender to Borrower requesting payment thereof, and shall },ear interest form the date of disbursement at the rate payable from time to time on cwtatanding principal under the Note unless payment of interest at such rate would he rnntrary to applicable :aw, in which event such amounts shall bear inters»t at the highest rate permissible under applicable law. Nothing contained in this paragraph'., shall require Lender to incur any expense or take any action hereunder. au~K~43 ~~cE f~67 - •