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HomeMy WebLinkAbout2675Fiorrowe~ end Irnde~ rnvenant aod ag~ee aa folbwa: 1. Paymeat ot Principal ond Interest. Borrower shali promptly pay wheo due the principa) o[ and interest on the indebiedness evidenced by the Note, prepayment and latechargea aa provided in the Note, and the principal of and intereat on any Fulure Advancee eecured by this Mo~tgage. 2. Eltnds for Tases and Insurance. Subject b applicuble law o~ to a wnttrn waive~ by l.ender, liurrower shal) pi-y to I.ende~ on the day munthly inetallments of principal and inte~eat are payable under ihe Note, until the Nute is paid i~ full, a sum Ihereio "M unds") equal to on~ tweltth of the yearly taxes and asseasments which may attain priority o~ er /hia Mortgage, and y~round rents un the f'ropecty, if any, plue o~r tw•e18h of yearly premium installments [or hazard inaurance, plua onetwelfth ofyearly prrmium installments fur mortgagr ine~urance, if any. al; ae reaeonsbiy estimated initially and from lime to time by i.ende~ on the basix of a.~seesments and bills and rr:-sunable estimates thereof. The Ftinds shall be held io an institutio~ the deposita o~ accounts of which are inaured or guaranleed by a Federa) or State agency lincluding l.ender if Lender is such an institution). l.ender ahall apply the Munda to pay said taxea, assesaments, iosurance premiume and Kround rents. Lender may not charge fo~ so holding and applying the Funda, analyzing said account, or verifying and compiling esid asaeasments and billa, unleas I.e~der pays Borrower intereat on the Funds aod applicable law permits l.ender to make such a charge. I3orrower and Lender may agree in writing at the time of execu/ion ot thia Mortgage that intereat on the Fundsshall be paid lo Borrower, and unlesa Auch agreement ia made o~ applicable law requirea such interest to be paid, I.ender shall not be required to pay Borrower any intereat or earninga on the ~nds. Leoder shall give to Borrower, without charge, an annual accouoting of the Funds ahowinq credita and debits to the Funda and the purpoae for which each debit to the F unds w:~x made. The M unds are pledged as additional securily for the aums xrcured by this Mortgage. If the amount of the t~'unda held by I.ender, together with the future munthiy installments of F unda payable priur to the due datea otta:es, asseasments, insurance premiums and grouod rents, shall excred the amuunt required to pay said taxes, asaessmente, insurance premiuma .-nd ground rents aa they fall due, such excesa shall be, at Ro~rower's option, either promptly repaid lo Borrower or credited to E3orroweron monthly inetallmente of Funds. 1[ the amount ot the Munds held by l.ender shall not be sufficient to pay taxes, assesaments, insurance premiums and ground rents as lhey fall due, Borrower ahall pay to I.ender any amuunt necrssary to make up the deficiency within 30 days from the date notice is mailed by Lender 1o Eiorn-wer requexting payment thereof. Upon payment in full of all suma secured by this MortRaKe. l.ender shall promptly refund to Borruv-er any funds held by I.ender. lf under paragraph 18 hereof the Property is sold or the Property is othervrise acyuired by I,ender, l~ender shail apply, no later than immediately prior to the sale of the Property or its sequiaition by l.ender, any F unds held by I.ender at the time of applicatiun as a credit against the sums secured by thie Mortgage. 3. Applieation o[ Payments. Unless applicable law pn,~ides otherwise, all payments received by I.ender under the Note and parag~aphs 1 and 2 hereof shall be applied by l.ender first in payment of amounts payable to I.ender by 13orruwer under paragraph 2 hereof, then to interest payable on the Note, then to the principal ot the Note, :~nd then to interest and principal on ~ny Future Advances. 4. Chargea: Liens. Borivwer shall pay all taxes, as~sm~•nts and oth~r rharKes. fin~w and impruitions attributable to the Ymperty which may attain a priority over this MortgaKe, and leasehold pa~ ments ur Kmund rent~, if any, in the manner pruvidrd under pxragraph 2 hereof or, ~f not paid in such manner, by Rorrower makinK pa~ ment, v-hen due, directly to the payrr there~~f. Rorn~wPr.hal! promptly furnish to lxnder all notices of amounGs due under this paraKraph, and m thc e~•cnt li~~rruwer shall makc~ payment directl~. Borrower shall promptly furnish lo I knder receipts evidencinq such payments. I~~rruwer shall promptly dis~~h.irK~•.~ny lien vvhi~•h has priurit}• ~~~•c•r this M11ortK.iQe: pruvided, lhat fiurrower shall not be required tu dischxrKe am• such lirn su lon~; :~s li~~rrow•er ~hall aKrrr in w•ritinK to th~~ p:+ymrnt of theubliK.~tion secured by ~uch lien in a manner acceptable to Ixnder, or shall in ~,~N~d f:~ith cuntr.t .uch lirn hy. urdrfend enfi~mrm~•nt of su~•h lirn in, l~~;al procetciings w hich operate to pre~~ent the en(orcement of the lirn or forfritun• of th~• I'm{~rrh• or am• part thcri~,f. i. Hazaed Insurance. Borrow•er shall kerp the impnn•ements nuw existing or here.iRer erectrd on thc• PropeRy insured against loss by fire, hazards included within the trrtn "rxtendrd co~•eraKe." and such uther hazards as I.ender ma~ reyuire and in such amounts and forsuch E~•riuds as l.ender may require: pru~•ided, that I.endrr shull nut reyuire that the amuuM ~~f +uch n-~•er:iKr excerd that amount of coverage r~K~uired lo pay the sums secured t~~• this ~1ortK.~K~•- The insurance carrirr pr~~~•idi~y; thr in.ur.~ni-t~ ~hal~ FN• chn.~•n b~• Knrn~~~•r wbjiY•t tu appr~n•:~i b~• 1~•nelrr, pro~•~dwf. that such :~pproval .hall not t-e unre.tsunabh• vcithheld. All prt~mium~ ~m insur.~ni•~• ~rdi~•ir. ~hall Iw• paid ~n thr mann~•r pr~~cid~~1 under paraKraph 2 her~~f or, if n~~t paid in such manner, b~• li~~rmwer mak~nK pay m~•nt, w~hrn du~•. ~1~rw•th~ t~~ th~• in~uran~•r cam~•r. All insurance policies and renew•a!s therro(shall tx~ in furm accrpt:~ble tu Iw~nder:ind shall irclude a standard murtKaKecl:~usein favorof and in form acceptable to l~ender. l.endersh:ill ha~•e tht• ri~;ht t~~ hnld tht• ~N~li~•ies and rrnrw•als thrre~d.:~nd R~~rruw•er shall pmmptly [umish k- i.ender aU renewal notices and all receipts of paid prc•miums. In the P\'PIII (~~ I~~titi, R~tif~~K'er shall ~i~•r prompt nuticr to the insurance carrier <~nd I.ender. I.ender may m:~ke pnr~f of locs if not m.ide pmmptly bc Fi~~rruw-rr. Cnless l.ender and &~rruwer ntherveiu• aKrre in rcntinK, insur:~ncr pnK-riY1s sh.~ll tw appliecl tu recturation or repair of the I'roperty damaged, pro~~ded such restnration ~~r repair is Er-unumically fe:isible and the strurity of thix ~tortK.iKe is not themby impaired. If such r~swration or repair is not economicalt~ frasible ~~r if thr ~ecuritp of this ~tortKaKr w•uuld t~ i:npaired, the insuranceproceeds shall beapplied to the sums secured by this A1ortKage, w~th thr rai•r.c, if an~, p.~id to }3~~rrow•rr. lf the Propertt is ahandoned by &~rrov-er, or if Rorrower fails to respond to Lender within :i~~ days frum thr date nnti~-e i~ m:+il~ by I.ender tu }ir~rruverr lhat the intiuranm carrier offers tu settle a claim for :nsurance benefits. I.ender is authorizc~l to collr~•t cind apph• thr insurance pnK-t~is at I.ender's uption either to restoration or repair uf the Property or the sums secured by this \tortKaKE•. Unless I.ender and E;orruwer othervrisr aKree in writinK, any such applicatirrn nf pme•er~1s lu principal shall not extend or postpone the due date of the monthly installments referred tu in paraKraphs 1 and'~ hPrtti~f or chanKe the amount of su~h installments_ If under paragraph 18 hereof the Property is acquired b~ [~ender, all right, tide and interest of It~~rrnwer in and to any insurance policies and in and to the proceeds thereof resulting from damaRe to Proprrt:r prior to the s:~le or acqmsitiun shall p.ics tn l,ender to the extent of the sums secured by thia ~1~Rgage immediately prior to such sale or acquisition. 6. Preservation and MaintenanceotProperty; lxaseholds;('ondominums; Yla~med Unit Uevelopmente. Borrowershall keep the Property in good repair and shall nut commit watite or prrmit imp:+irrnent ur deterioration nf the Praperty and shall comply w~th the pru.•isians of any lease if this ~1ortKage is on :+ leasehold. If this 41ortKaKr ~s nn :~ unit in a cundominium or a planned unit development, t3urrower shall perform all of I3orn~w•er's obliKations under the dcrlaratiun ~~r cu~en:~nts cn•aun~;or govermnK the condominium or planned unit decelopment, the by-laws and re~tulati~rns nf the conduminium or pl~nned unit devele-pment, and conatituent documents_ If a ~ undominium or planned unit de~•elopment rider ic rxei•uted b~ liorruwer and rrcordrd tuKether w-ith thix Mortgage, the covenanta and ,~Kreements of such rider shall Iw ine~~,rp~~ratcyl int~~ and shall amf•m1 and supplemf~nt thrcn~•enants:~nd.iKrermenlsuf this:~lortKaKeasifthe nder veere a part hereuf. 7. Protection of Lender's Security. if E3orrower faila to perfortn the rnvenante and agreements rnntained in thie Mortgage, or if any action ~-r proceeding ie commenced which matenally at[ecte l~ender'a interest in the I'roperty, includinq, but not limited to, eminent domain, ~nsolvency, onde entorcement, or arrangemente or proceedinga involving a bankrupt or decedent, then l.ender at Lender'e option,upon notice to Borrower may make auch appearances, disburee euch aume and take auch aMion as ie neceesary to protect Lender's intereet, ~ncluding, but not limited to, diebureement of reasonable attorney's feee and entry upun the Property to make repaire. If Lender required mortgage inaurance ae a condition of making the loan secured by thiA Mortqage, f3orrower shall pay the premiume required to maintain euch ineurance in effect until such time as the requirement for Buch insurance terminates in accordance with E3orrower'e and Lender s written agreement or applicable Iaw. Borrower ehall pay the amount of all mortKage insuran~e premiuma in the manner provided under paragraph 2 hereof. Any amounte diebureed by I.ender persuant tn thie par:i~aph ?, with intereat thereon, ahall F-ecome additional indebtedneae of Fiorrower eecured by thie Mortgage_ l3nlese Horruwer and I.ender aKree w other terme of payment, such amounte ehall be payable upon notice from I.ender to Borrower requesting payment thereof, and ahall F-ear intereat fn,m the date of diabursement at the rate payable from t~me to time un outetanding principal under the Note unlesa payment nf interent at such rate would be contrary to applicable law, in which event such am~~unte ehall bear interest at the higheat rate permisaiblP under applicat~te law. Nothing containedin this paragraph 7, shall require I.ender tu incur any expenee or take any eclion hereunder. B~t~iK 34c7 PaGfz6 j4 t"