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HomeMy WebLinkAbout0387•: ~ ~ . Borrower end Lender covenant and agree as follows: 1. Payment o[ Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and latecharges as provided in the Note, and the principal of and interest on any F afore Advanceasecured by this Mortgage. 2. Fonda tot Taxes and Insurance. Subject t0 applicable law nr G, a written waiver by Lender, liorn,wer shall pay to (xndrr on the day monthly installments of principal and interest are payable under the NMe, until the Note is paid in full, t+ sum Ihrrein "F unds''1 cqui+l to one twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the I'rclperty, if any, plus one twelfth of yearly premium installments for hazard insurance, plus one-twelfth ofye:+rly premium inst:+llmrnts Gtr murtg:+gr insurance, if any, all as reasonably estimated initially and fmm time to time by Lender on the basis of :+sscssments and bills and reusenablr cstimutex thereof. The M`unds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency including Lender if !.ender is such an institution). Lender sh:+ll apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Ixnder may not charge for ao holding and applying the Funds, analyzing said amount, c-r verifying and compiling said assessments and bills, unless Lender pays Bon*ower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and (.ender may agree in writing at the time of execution c-f this Mortgage that interest on the Funds shall tx paid W Borrower, and unless such agreement is made or applicable law requires ouch interest to be paid, Lender shall nut be required to pay Bormwer any interest or earnings on the Fonda. Lender shall give to Bormwer, without charge, an annual accounting of the Funds showing credits :+nd debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for thesums secured by this P.lortgage. If the amount of the Funds held by Lender, together with the future monthly inst:+Ilment:: of Funds pays+ble prior to the duedatrs of taxes, assessments, insurance premiums and gmund rents, shall exc~•ed the amount required to pay said taxes, assrssmrnla, insurance premiums and gmund rents as they fall due, such excess shall be, at liom-wer's option, either pmmptly repaid to IioROwer or credited to Rorroweron monthly inatalimenta of Funds. If the amount of the Funds held by !.ender shall not be sufficient to pay taxes, assessments, insurance premiums and gmund rents as they fall due, liorrowrr shall p:+y to lender any amount necessary to make up the deficiency within :i0 days from the date notice is mailed by Lender lu liorn,wer requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, !:ender xh:+ll pmmptly refund to BeROwer any funds held by bender. If under p:+ragraph 18 hereof the Property is sold or the I'mperty is otherwise acquired by !.ender, !.ender shall apply, no later than immediately prior to the sale cf the Pmperty or its acquisition by Lender, any Funds held by Lender at the limn of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by !.ender first in payment of amount.4 payat-le to Lender by lic-Rewer under paragraph'! hereof, then to interest payable on the Note, then to the princip:+l of the Nc,te, amt then to interest :+nd principal on any Future Advances. 4. Charges; Liens. Borrower sh;-11 pay all taxes, acu•ssments and other charges, fines and im{oc-sitiuns attributable to the I'roperiy which map attain a priority over this Mortgage, and leasehold payments or gmund rants, if any, in the manner pn» ided under paragraph'! hereof or, ,f nut paid in such manner, by lic-m,wer making payrnent• when due, dinr•tly to the payw• thenr-f. Burmwersh:+Il promptly furnish to Lender all notices of amounts due under this par.+graph, and in the event Burrower shall makf• payment din•c•th•, Burmwer shall promptly furnish to I .ruder receipts evidencing such payments. tierr+-wer shall prumpth• discharge any lien which h:+s {-riurih• over this Mortgage; provided, that Burrower shall not he reyuind todischarge any such lien so long as lium,wer shall agrfr in w•ritinK tuthe paynu•nt of theubligalion secured by :uc•h lien in a manner acceptable to l.e•nde•r, or shall in gl,ucl faith cuntf•st such lien bc, ordefend enfon•ernent utsuch lien in, Ic•{;al pnsredings K•hic•h operate tc- prevent the enforcement df the lien or furfeiturf• of the PrU{N•rl~' or am• part therfv,f. :-. Hazard Insurance. Borrower shall keep the impnn•ements now existing or hrn•:+fter erected un the Pn,prrty insured against loss by fire, hazards inc•ludcd within the term "extended c•cn•erlge,"and such other hazards as 1 xnder may rec{airs, and in such amounts and for such periods as Lender may rrc{uin•; pnn•idcd, that I.c•nder shall nut rc•c{uin• that the amount of such cY,a•er.+gf• exceed that amount of rnverage nquind to pay the sums se•c•urfd b}• this Mortgage. ,The Insurmer carver providing the insur:uu•f• .hall l,f• ch•,.en h~• Burrower whjfr•t le :q-prucal h.• Lender, provided. that such approval shall not be unreasonably withh+•Id. All pn•miums on Insur:uu•e {H~liri,~ .h:+ll Iw• paid in the manner proridf•f) under paragr.+ph'd he•nnf ur, if nut paid in such manner, b}• IA,RUN'lT making p:n•ment• when due, dlrw•th~ to the iiisur:mre carrier. All insurance policies and renewals there•I,f shall I,f• in firm acceptable to I ~•nder and shall include :+st:+ndanl mortgagc•clause in fagorof and in form acceptable to Lc•nder_ !.ender shall have the right b, hold the {ndicies and n•newals thereet, and Burrower shall promptly furnish U, ,ender all renewal notices and all n•c•eipts of paid pn•mium,. In the event of loss, Borrower shall give prompt notim G, the insurance r,+rrier and Lender. Lender may make prcwrf of toss if not mule promptly by- Iturnrwer. Unless Lender and IioROwrr olhere•ise agnr• in writing, insurmce pn,e•erds shall lw• applif•d to restoration or repair of the, 1'ruperty ,iamaged, provided such restoration ur repair is f•c•onomically feasible and the uv•urity of this Mortgage is not thereby impaired. If such n•stc-ration or repair i+ not economic :+Ily feasible or if the, w•c-urity of this Mortg:-gewould lx• impaind, the incur:+nm pn-ceedsshall t-eapplied a, the sums secured by this Mortgage, with the excess, if anc, p:ud d, Bom,wer. If the Pno{,e•rty is abandoned by liorn,wer, er if lic-m,w•er fails tco res{xond to (.ender within 311 days from the date noticf• is mailed b}• I,c•nder b, liorr+,wer that the insurance carver offers to settle a claim for insurance benefits, Lender is authuriifd to cullf•e•t and apply the imur.+nce pn,c•c•e•fls at I.e•nder's option Tither to rester.+tion or repair of the 1'mperty or the sums secured by this Mortgage. Unless Lender and liern,wer otherwisf• agree, in venting, any such application of pre,e•ecds to principal shall not extend or poslpcme thedue state of the monthly installments n•ferred G, in paragraphs I :+nd 'l hen•e,f or change the amount ofsuch insG-+Ilments_ If under paragraph 1K i,erf•uf lhr Property is acquired by i~c•nder, al! right, title and interest of Borrower in and to any insurance {,olicies and in and to the proceeds thereof resulting from damage to Property prior to the, sale ur :+cywsitivn sh:+11 pass to I~e•nder to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition: 6. Preservation and Maintenanc•rotProperty; l.e•usehulds;('ondominums; Planned Unit Drvclopmenta. IioROwershall keep the Property in g«,d repair and shall not commit waste or permit impairment er deterioration of the Property and shall n-mply with the provisions of any lease, if this Mortgage, is un a leasehold. If this Mortgage is on a unit in a comdominium ur a planned unit development, Borrower shall perform all of liurn,wer's obligations under the dw•laratiun er covenants creatingur governing the condominium or planned unit development, the by-laws and regulations of the condominium or pl:+nned unit development, and constituent documents. If a , ondeminium or planned unit develeprnent rider is exf•c•utfd by lie,rn,wf•r and recorded tugethe•r with this Mortgage, the covenants and :,gn•rmrnts of such rider shall Is• incor{,e,raterl intu:uul shall amend and supplenx•nt thecove•nants:+nd agn•e•mentsof this Mortgageas ifthe rUlf•i w'erP a part hereof. 7. Protection of Lender's Security. If BfoROwer fails to perform the rnvenantS and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or pn,ceedingS involving a bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to protect Lendei a interest, including, but not limited to, disbursement of reasonable attorney's fern and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan aecurtd by Chia Mortgage, BoROwer 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 i.endei a •xritten 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 perauant tc- this par:+graph 7, with interest thereon, shall become additional indebtedness of ItuROwer Secured by this Mortgage- IJnleaa Bem,wer and Lender agree tc- other tern+a o[ payment, such amounts shall be payable upon notice from Fender to liormwer requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable firom time to time on outstanding prncipal under the Note unleS.g payment of interest at such rate would he rnntrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require bender bo incur any expense or lake any action hereunder. B~ ~~ PaGf ~~ =z -- - _