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HomeMy WebLinkAbout0147 Borrower and Iwadsr ooveaaat and agrw u folbws: 1. Payment of Ptrlodpal sad Interest. Borrower shall promptly pay when dos the prind-al o! and interest on the indebtednea evidenced by tM Noes. prepayment and late charges u provided in the Note, and the peindpal of and interest on any Ftitture Advances secured by this Mortgage. . aR. Funds toe Tares and Irtsaraaoe. Subject to applicable law or to a written waiver by Lender. Borrower shall pay toLsaderoa We day monthly installments of priadpal and interest arc payable under the Note, until the Note b paid is full, a sum (herein "Funds'? equal to oa• twdlth of the ysar~y toss and asssameata which may attain priority over this Mortgage, and ground rents on the Property. if any, phu oas~ twelfth of yearly premium installments for hasard insurance, plw onsewel[th of yearly premium installments for mortgage iaaurana, if say, all u reasonably estimated initially and from time to time by Lender on the buffs of assewments and bilb and reasonable atuaata thereof. Ths Funds shall b held is an institution tI-s deposits or accounts of which are insured or gwranteed by a Federal or State agency (iaclndiag Lender if Lender ie such as iaatitution). Leader shall apply the Funds to pay said taxes. aasasmeats, insurance premiums and ground rests. Leader may not charge foe w holding sad applying the Fnnda. analysing said account. or verifying and oompiUag said taaseasnertts and biW, nnlea Leader pays Borrower interest oa the Funds and appUcable law permits Lender to make wch a charge. Borrower and Leader rosy ages in wdtiag at the tiros of execution of this Mortgage that interest on the Fnada shall be paid to Borrower. and artless such agreement b made or applicable law requires wch interest to be paid. Lender shall not be ragnired to pay Borrower any interest or earnings on the Fnads. Leader shall giw to Borrower, without charge. an annual aooountiag of the Funds ~lwwing credits and debits to the Funds sad the purpose for which each debit to the Funds Was made. The Funds are pledged as additional security for the soma secured by this _ Mortgage. Uthe amount olthe Pbnda held by Leader, together with the future monthly installments of Funds payable prior to the due dates of taxes, aasewmeats, iunraaoe premiumu and ground rents. shall exoxed the amount required to pay said taxes, assessments. insurance premiums and ground rsab u they fall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited b Borrower on monthly instalments of F1mds. U the amount of the Funds held by Lender shall not be suffident to pay tares, assessments, iasnraace premiums sad ground rents u they fall due, Borrower shall pay b Lender any amount necessary to make up the defidency within 30 days from the date rwtioa is mailed by Lender to Borrower requiting payment thereof - Uponpayment is fnU of all annu secured by this Mortgage. Lender shall promptly refund to Borrower say funds held by Leader. If under pangrapb 18 hereof the Property is soW or the Property is otherwise acquired by Lender, Lender shall apply. no later than immedutely prior to the sale of We Property or its acquisition by Lender. any Inds held by Lender at the tune of application 8. a credit against the sums secured by this Mortgage.- 3. AppUcatbn of Payments. Ualew appUcable law provides otherwise. all payments received by bender render the Nots and paragraphs 1 sad 2 hereof shall be appUed by Leader first ia.payment of amounts payable to Lender by Borrows under paragraph 2 hereof, then to interest payable oa the Note. then to the prindpal of the Note, and then to interest and prindpal on say Future Advaaca. 4. Charges; Liens. Borrower shall pay all taxes, assewmenb and other charges, fins and impwitions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rent, if any. in the manner provided under paragraph Z hereof or, if not paid in such manner. by Borrower making payment, when due. directly to the payee thereoL Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this MortgaQr,. provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ouch lien in a manner acceptable to Lender, or shall in good faith contest ouch lien by, ordefend enforcement of such lien in, legatproceedinga which operate to prevent the enforcement of the lien or-forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property iruured against loss by fire, hasarda included within the term "extended coverage," and such other hazards u Lender may require and in such amounts and torwch periods u Leader miay require; provided, that Lender shall not require that the amount of such coverage 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 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 wch manna, by Borrower making payment, when due, directly to the insurance carrier. , AU insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clauses is favor of and is form acceptable to Lendtir. Lender shall have the right to hold the policies and renewals thereof, and Borrows shall promptly fnrniab to i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the iunranp carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree•in writing. insurance procee~w shall be applied to resWration or repair of the Property damaged, provided such restoration or repair is economically fetaible and the~security of this Mortgage is not thereby impaired. If inch restoration or repair is not economically [easible or if the security of this Mortgage would be impaired, the insurance proceeds shall be appUed to the arms secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails 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 insurance beaefib, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the suau secured by this Mortgage. Unlace Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend or pwtpone thedw 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 tale or acquisition shall paw b Lender to tFie extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ - 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Ualt Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Propedy and shall comply with the - provisions 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 perfosm all of Borrower's obligations under the declaration or covenants creatingor governing the wadominium or planned unit development. the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreemenq of thin Mortgage u if the rider were a part hereof. - - 7. Protection of Lender's Security. U Borrows faib to perform the covenants and agreements contained is fhb Mortgage, or U argr action or proceeding b cmnmenoed which materially affects Lender's interest in the Property. including. but not Umited to, smiaent domain. insolvency, code enforcement, or arrangements or proceedings involving a bankntpt or deadest, then Lender at Lsndar'a optionapoo notice to Borrower may make such appearance. disburse ouch sums and take wch action u is necessary to protect Iwadse'a intsraet, indnding. but not limited to. disbursement of reasonable attorney's tea and entry upon the Property to make rrpain. It Lender rsgoired mortgage insurance s. a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain wch iruuraaoa in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Iwadse's written agreement or applicable Lsw. Borrower shall pay the amount of all mortgage insurance premiums in the manna providd render paragraph 2 hereof. Any amounts disbursed by Lender persuant to- this paragraph ?, with interest thereon, shall become additional indebtsduas of Borrower secured by this Mortgage. Unless Borrower and Lender agree eo other terms of payment. such amonnb shall be payabb upon notice from [.ender to Borrower requesting payment thereof, and shall bear interest from the data of disbursement at the rats payable fMm timie to time on outstanding principal under the Note nnlas payment of interest at such me world be contrary b applicable law, is which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothirtg•oontsdne~ ~ his paragraph 7. shall require Lender to incur any expense or take any action hereunder. X344 -,~ -147 Y, ~. -