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HomeMy WebLinkAbout2398. ,~ . ~' ~ :. Uwnwn~t Covenerm. gomower snd Lender cove~snt and asta ss (ollows: 3. h~weM ot l~1~cIM1 ri I~hteut. Horrowe~ shall promptl~• pay when due the principal of and inteKSt on the indebtednea evideaced by the Note. prepayment and late chargec ac provided in the Nae, and the principal ot aed intercu on any Future Advances secured by this Mortaate. 2. lhhi tor ?~a u~i Iwea~ce. Subject to applic~ble law ar to a writtee waive~ by I.ende~. Bo~ro~-er shall pay to Lender on the day monthly i~stallments of principal and intcrcc~ arc ~ayabk under the Note. until the Note is paid in full. a sum (he~ei~ "Funds'7 equal to one-twelfth of the yearl~~ ~asc. aix! assessmen~s which may attain prioriry ove~ this Mo~a~e. and =mund rents on the Property, if any, plus one-tweltth ot yea~ly prcmium installments for hazatd insurance. plus oac-twelfth of yearly premium installmeo~s (or mortgage insura~cc. if any, all u reasonably estima~ed initially and fmm time to time by Lender on the buis af assescmcnts and hills and rca~onable atimata ihereot. 7tie Funds shall be held in an ins~itution the deposita or ~ccounts of which arc insured or guannteed by a Federal ot state ajency (includina Le~der if Lender is such an ins~itutionl. I.ender ahall apply the Funds to pay said taxa. auessments. i~auranoe premiums and ground rents. I.ende~ may not charge fo~ se~ holding and applying the Fundc. analyzing wid account. or verityin~ snd compling said assessments and bills, unless ~ender pays Borrower interat on the Funds and applicable law permits Ltnder to make such a charge. Borrowe~ and Lender may agree in writing at the time ot execution ot this Mortgaae tbat interat on the Funds shall be paid to Borrower, and unlas such agreement is made or applicable law requires such intercst to be paid. Lender stiall not be rcquired to pay Borrower any intercst or earnings on the Funds. Lender shall pve to Borrower. without charge, an annual accounting of the FuRds showing credits aod debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds arc plodged u additional security tor the sums secured by this Mortaaae. ~ If the amount of tha Funds heW by Lender, together with the tuture monthly installments of Funds payabk prior to t6e due data of tues, usessments. insurance premiums and ground rents, shall exceed the amount requircd to pay uid tua, assastaeets. insuance premiums and ground rents as they tatl due, such eacess shall be, at Borrower s option, either p[omptly rcpaid to Horrower or credited to Borrower on monthly installments of Funds. !f the amount of the Funds held by Lender shall not be sut6cieat to pay taxa, assessments, i~surance premiums and ground rents ss they [all due, Borro~ver sball pay to Lender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed by Lender W Borrower roquesting payment thereof. Upoa payment in full of all sums secured by this Mortgage, l_ender shall promptly rcfund to Borrower any F~nds held by Leader. If under paragraph 18 hercof the Property i~ sold or the Property ~s othervvisc acquircd by Lender, Lender shdl apply, no late~ than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv I.eadec at the time of application as a ctedit against the sums secured by this Mongage. 3. A~piic~tlo~ ot Paymeats. Unless applicable law provid-~ othervvix, all payments received by Lender under the Note aad paragnphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, ~hen to the principal of the Note, and then to interest and principal on any Future Advances. 4. Ch~r~es; Lkas. Borrower shall pay all taxe~, assessments and othcr charges. fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in ihe manaer p[ovided under paragraph 2 hereof or, i[ ~ot paid in such manner, by Berrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all noaces oi amounts due under this pangraph, aod in the event Bornower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promplly discharge any lien which hu priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in v-•ruing to the payment of the obligation securcd by such lien in a manner acoeptable to Lender, or shall in good faith contest such lien hy, or defend entorcement of such lien in, legal proceedings which operate to prcvent the enfurcement of the lien or torfeiwre of the Property or any part thercof. S. Huud lusunwce. Borrower shall kcep the ~mprovemcnts now~ ctisting or herea(ter erected on the Property insured against loss by fire, hazards included with~n the term "extended coverage", and such other hatards u Lender may require and in such amounts and for such periods as Lendcr may 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 Mort6aga 'I~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that weh approval shall not be unreuonably withheld. All premiumc on insurance pc~lic~es shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower makmg payment, when due, dircctly to th~ insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender anJ shall include a standard mortgage clause in favor of and in form acceptable to Lender_ Lender shall have the right to hold the policia and renewals thereof. and Borrower shall promptly furmsh to Lender all renew•al nouces and all receipts of paid prcmiumc. In the event of loss. Borrower shall g~ve prompi notice to ~he insurance carner and t_enJer_ I_ender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherw~se agrce in writ~ng. insurence proceeds shall be applied to restoration or repair of the Property damaged, prov~ded such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restorat~on or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be:+pplied to the sums secureJ by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Bor~ower, or it Borrower faila to respond to Lender within 30 days from the date notice is mailed by L.ender to Borrower that the insurance carrier ofi~rs to settle a claim for insurance benefits, L.ender is aut6orized to collect and apply the insurance proceeJs at Lender's opuon either to restoration or repau of the Propertv or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree m writing, any such application of proceeds to pnncipal shall not extend or postpone the due date of the mon~hly insiallmentt referred to in paragraph~ 1 and 2 hereof or change the amount of suc6 insWllmenls. If under paragraph 18 hereof the Prof.erty is acyuired by Lender, all right, title and interest ot Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th~ sale or acquisition shafl pass to Lender to the extent ot ~he sums secured by this btortgage immediately prior to such sale or acquisition. 6. Preservation and ~taioten~nce of Property; Leaseholds; Condominiums; Planned Uuit Developments. Borrowcr shall Ictep the Property in good repair and shall not com~pit yvastc or permu impa~rment or deterioration of the Property and shall comply with the provis~ons of any leax i( th~s Mortgage i~ un a leaschold. lf this Mortgage is on a unit in a condominium or a planned unit devclopment, Borrower shall perform all of Borrower's obligations under the declaratiun or coveoants creating or governing ~he condommium or planned unit development, ~he by-laws and regulations of the condominium or planoed unit develo~ment. and comtituent documcnr.. It a conJominium or planned unit development rider ~s executed by Borrower aod recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the cu.enants and agreements of this Mortgage as if ~he ri~er vvere a part tereof. 7. Protection o( I.enders Securfty. If 8orr.~wer f:uls ~~• ~xrl~~rm the covenants anJ agreements contained in this Mortgagr, or if any act~on or proceed~ng i. commenccJ wnich matcriall}~ afiert~ LenJer's mterest in Ihe Propert}~. includmg, but no~ I~mited to. eminent dumam. ~n~lvency. code en(orcement. or arrangements or proceedings invoh•~ng a bankrupt or decedest. ~hen Lender a~ I.enJer'~ op~-on, u~m not~ce to Borrow•er, ma~~ make such appearances, dishurse such sums and take such actiun ati ~s nece~sary to pmtect Lender's mtere;t. incluJing. bu~ nat lim~ted to, disbursement of reasonable auomey's tces-and emry u~m the Prepert}• to make repair~. I( I.cnJer rcyuircJ morlgage in~urance ac a condition o( makmg thc loan ~ccured bp this Afortgagc. B~~rrr.ucr sh.dl pay thc prcmiwnc requireJ to mainta~~ such insurance in e(iect unlil tuch time :li ~he reyuirement fc-r ~uch in,utan;c terminate~ in ae:ordance w~th Borrrv-er's and { ~' ~ . ~ 8fi)K~~~ Y~Gt~e ~7 ~ __~ ._ _ . : . ._ _~~:.__,::_ - ._ . ._.- --- - -- ~ ~.~