Loading...
HomeMy WebLinkAbout0464Sorrowe~ and [.ender oovenant and agree as folbws: 1. Payment ot Priacipal a~d Iateres~ Borrower ahall promptly pay when due the principal of and intereat on the indebtedneas evidenced by the Note, prepaymer-t and late charges as pmvided in the Note, and the principal of and inte~eet on an~ F`~turc Advances eecured by this Mortgage. 2. ~nds for Taues and Ineurance. Subject to applicable law or to a written waiver by I.ender, &irrower shall pay to I.e~deron theday monlhly installments of principal and i~terest are payable unde~ the Note, until the Note ie paid io fuli, a sum (herein "Funds") equal to one- twe1N- of the yearly taxes and asaeeaments vrhich may attain priority over this Mortgage, and ground re~ts on the P~operty, if any, plus o~e twelfth of yearly premium installments for hazard inaura~ce, plus onetweltih ofyearly premium installme~ts fo~ moctgage insurance, if any, all ae reasonably eatimated initially and from time to lirr~e by l.ender on the basis of assessments And bilis and reasonable eslimateH thereof. The ~nds shaU be held in an inatitution the deposita or accounts ot which are inaured o~ guaranteed by a Federal or State age~cy ~includi~g Lender if l.ender is auch an inatitution). Lender shall apply the Funds to pay said taxea, asaesaments, inaurance premiums and ground rents. Lender may not charge for so holding and applying the Funda, analyzing said account, or verifying and compiling said asaeasmenta and bills. unlees L.ender pays Borrower intereat on the Funda and applicable law pe~mita Lender to make auch a charge. Borrower a nd Lender may agree in writing at the time of execution o[ this Mortgage that interest on the Funda shal) be paid to I3orrower. and unleea such agreement is made or applicable law requirea such intereat to be paid, I.ender shall not be requind to pay Borrower any inte~eat or rarninge on the ~nds. I.ender ehall give to Borrower, without charge, an annual accounting of the Funds showing credite and debits to the Funda and ihe purpoae for which each debit to the Runds was made.l'he Funds are pledged as additional8ecurity [or the sume secured by this Mortgage. If the amount of the Ftinda held by I.ende~, together with the future monthly instal lments of Funds payeble prior to the due datea of ta~cee. assesamente, inaurance premiuma and ground rents, ahall excxd the amounl required to pay said taxea, asaessments, insurunce premiuma and ground [ents se they fall due, auch exceses ahall be, at Bo~TOwer's option, eithe~ prompdy repaid to Bor~ower or credited to Borroweron monthly installments of I~nds. If the amount o( the Funda held by I.ender shall not be sufficient to pay taxee, asseasments, ina~uance premiums and ground rents as they fall due, Bormwer shall pay to Lender any amount necessary to make up the deficiency within 30days fmm the date notice ia mailed by I.ender to Borrower requesting payment thereof. Upon pay~nent in full of all euma secured by this Mortgage, I.ender shaU pmmptly refund to Borrower any funds held by Lender. I[unde~ paragraph 18 hereof the Property is aold or the Properiy is otherwise acquired by Lender, [.ender ahall apply, no later than immediately prior to the sale of the Property or its aequisition by I.ender, any Funds held by l.ender at the lime of application as a credit against the suma secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by l.ender under the Note and paragrapha 1 and 2 hereof ehall be applied by I.ender first io payment of amountx payable to l~ender by Borrovrer under paragraph 2 hereo[, then to interest payable on the Note, then to the principal ot the Note, and lhen to interest and principal on any Future Advances. 4. Chargea; Liens. Borrower shall pay all taxes,:issessments and uther charKes, fines and im{x-sitions atlributable to the Property which mAy attain a priority over lhis 111ortgage, and lea-sehold payments or ~,rn~und ren~s, i[:iny, in lhr manner provided under paragraph 2 hereofor, +f not paid in such manner, by Borrower making payment, when due, directly to the paycr thereof. Rorn,wer shall promptly furnish to I.ender .~ll notices of amounts due under this paraKraph, and in the e~ ent 13~irruvicer shall make payment direcUy, BormNer shall promptly furnish to I knder receipts evidencing such payment~ti_ F3orrower shall promptl~ di~charKi• .in} lien which h:~s priorily over this Mortgage; provided, that tiorrower shall not be required to discharKe any such lien so lun~; iiti I;(IROV-M tiFlall aKree in writinK to the payment of the obligation secured by such lien in a manner acceptable to I.ender, or shall in Kaxl faith c~~ntcwt such lien by, ordefend enfurcement nf such (ien in, lega! proceedings K hich operate to prevent the enforcement of the lirn ~~r fi~rfeiture of the 1'roprrty ur .~m~ part thereuf. ~. Hazard Inaurance. Borruwer shall keep the impmvements nov- existing or hereafter erected on the Pmperty inaured againat loss by fi re, haza~ds included within the term "extended cover:+Ke." and such uther hazards as l.rnder may require and in such amounts and forsuch Ek•riods as I.ender may require: pro~ ided, that l.ender shal) n~-t reyuire that the .imount of such coveraKe exceed that amuunt of coveraqe rcyuired to pay the sums secured b~ thic :11~~rtKaKr_ The insurance camer prucidinK the insuran~~c• shall }w• chu.~•n by l~~rr~~wer subjiY•t t~~ appro~•al by I w•nder, pro~ iderl, that such approval sh.i~l not be unr~asonabh w~ithheld. All premiumx un insur.+n~-e {M~li~~uy ~hall tx• paid in tht• mann~•r pnn~id~~1 under par..Kraph'L hermfor, if n~~t paid in such manner, b~• ~~rrower :n:+kinK p:+~•ment, w•hen dur. dinti•th• t~~ the insur:~nce carri~•r. All insurance policies and renewals thereo[shall be in form acceptable u~ I.e~nder and shall include a standard mortgage clause in favor of and in form acceptable to l.ender. l.endrr shall ha~•e the riKht tu hold the {Ndicies and reneMals therroC, and Borrower shall promptly furnish to ~ knder all renewal notices and all receipts uf paid premiums. In the r~ent uf luss, Iturn~wer shall Kire prompt notice to the insurance carrier .~nd [.ender. l.ender may make proof of los.~ if not made promptly M• Rorruwer. Unless I.ender and Borrower otherwise aKree in w•ritinK, insurana• proceeds shall t-e applied to resturation or repair of the Property damaged, provided such restoration ur repair is economically feasible and the serurity of this MortRage is not thernby impaired. If such rrstoration or repair is not econumically feasible or if the securit~ of this ~fortK~Ke w.~uld be impaired, the insurance proceeds shaU beapplied t~~ the aums secured by this biortKage, w~th the excess, if nm•, p.iid to &-rruwer. If the Propert~ is abandoned by Rorrower, or if E3orrower fails to respond to Lender within 30 days from the date notire is mailPd by (.ender tn E3orrower that th~ insurance carrier offers to settle a claim for insurance benefits. I.ender is authorizrd to collrct and apph• the insurance proceeds at I,ender's option either to restoration or repair of the F'roperty or the sums secured by this H1ortKaKe. Unleas Lender and B~rrower otherN ise agrer in writinK, any such applicatinn of pnx~eecls tu principal shall not extend or postpone thedue date of the monthly installments referred to in paraKrapfis 1 and `l hereti~f or chanKr the amount of such installments_ [f under paragraph 18 hereof the Property is acquired b~ [.ender, all right, tide and interest of Bnrmwerin and to any insurance policies and in a~d to the proceeds thereof resulting from damage to Property prior to lhe ~le ur acqu~sition shal) pass t~ I.ender to the extent of the aums secured by this ~lortgage immediately prior to such sale or acquisition. 6. Preeervation and Mainlenanceof Property:l.caseholds;('ondominuma;l'lanned Unit Developmenls. E3orrowershallkeep the Property in good repair and shall not commit vraste or permit impairment or deterioration ot the Property and shall comply with the pru~•isions of any lease if this Mortqage is on a leasehuld. If this MurtKaKr ic un a unit in a condominium or a planned unit development, ft„rrower shall perform all of F3orrower g obliKatiuns under the declaration or cu~enanGs crratinKor Roverninq the condominium or planned unit development, the by-laws and regulations of tltie condomin~um ur planned unit development, and constituent dceumenta. If a ~~~ndominium or pla~ned unit development rider is executed by I3orruvver and recorded t~ether with this Mortgage, the rnvenants and .~~reemenl.c of such rider shall 'tre incurporaled into and shall amend and supplrment the~•ovenants and aKreementsof this MortgaQe as ifthe rider were a part hereof. 7. Protection of Lender's Security. If Borrower faila to pertorm the rnvenante and agreementa contained in thia Mortgage, or itany a~tion or pra.~eeding is commenced which materially aftecte [.ender'e interest in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then Lender at Lender's option,npon notice to Borrower may make auch appearancee, dieburee euch euma and take auch action as ie neceasary to protect Lender's interest, ~ncluding, but not limited to, diebureement of reseonable attorney's feee and entry upon the Property to make repairs. If Lender required mortgage inaurance ae a condition of making the loan secured by this Mortgage, Horruwer ahall pay the premiume required to maintain euch ineurance in effect until auch time ae the requirement for auch insurance terminates in accordance with Borrower'e and Lender's w~ritten agreement or applicable Law. Borrower ahall pay the amount o( all mortgaqe ineurance premiume in the manner pmvided under paragraph 2 hereoL Any amounte diebureed by Lender pereuant to this paragraph 7, with intereet thereon, ehall become additional indebtedneea of Fiortower aecured by this Mortgage. Unleea Borrower and Lender agree to other terme of payment, auch amounte ahall be payable upon notice from I.ender to Borrower requesting payment thereo(, and ahall bear interest from the date of dieburaement at the rate payable from time to time on outstanding principal under the Note unlesa payment of intereet at such rate would be contrary to spplicable law, in which e~ent euch amounta ahall bear intereat at the highest rate permisaible under applicable law. Nothing contained in thie paregraph 7, shall require Lender to incur any expense or take any action hereunder. ~ ~~ ~ _.n .__ .: ~~~K 345 ~ecE 4~~ ; -~~~ ~::~-~