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HomeMy WebLinkAbout0336Eiorrower and I,ende~ rnve~ant and agree as toUows: 1. Payment o[ Principal and [~teceet. Borrower ahall promptly pay whe~ due the principal of and interext on the i~debtedneas evidenced by the Note, prepnyment aad late charges ae pmvided in the Note, and the principal of and interest on any Futurc Advancea secured by this Mortgage. 2. Flurds forTaxea and Inaurancc. Subject to Applicuble law or to n writlen wuiver by I.ender, liorrower st~all pay ta l.euderon the day monthly i~etallmenta of principal and intereat are payable unde~ the Note, uMil the Note ia paid in full, a sum (iierein "M unds") equal to one~ twelRh of the yearly taxes and assessments which muy s~ttain priority ove~ this Morlg~ge, ~nd ~und renls on the I'roperly, if any, plua one~ twelfth of yearly premium installme~ts for hazard inaurance, plus unrtwelfth of yearly premium installmenta [ur murtgnge insurance, if nny, all ae masonably eatimated i~itially and from time to tiR~e hy l.ender on the busis ot Assessments and bilis nnd rr:ison~ble estimutes /hereo[. The ~nds shall be held in a~ institution the depoaita or accounts o[ which are insured or guaranteed by a Federal or State ugency lincluding Le~der if I.e~de~ ia auch an inetitution). I.ender shall apply the M unds to puy xaid taxes, Assessmrnta, insurunce premiume and Kround rente. I.ender may not charge for ao holding a~d applying the Funda~ n~alyzing st-id aecount, or verifying and compiling said asaesamenta and bills, unleas I.eoder pays Borrower interest on the F unds And applicable law permita I~ender to make auch a charqe. I3orrower and Lender may ag~ee in writing at the time of execution of this Mortgage that interest on the F unds shall be paid to I3orrower, and unlesa such agreement is made or applicable law requires e~uch interest to be puid, I.ender shall not be required to pay F3orrower any interest or earnings on the Funds. l.ender ehall give to Borrower, without charge, an Annuttl acruunting of the Funds showing c~edits und debita to the Funde and the purpose for which each debit to the Fli~da vras made. The Funds are pledged as additional security for thesums secured by thie Mortgage. If the amount of the F~nda held by Lender, together with the future monthly ins~~llments otFunds payable prior to the duedates of taxea, asseasmenta, insurance premiums and ground rents, shall excred the :~mount required to pay said taxes, asaessment$, insurance premiums and ground renls as they fall due, such excess shall be, at I3o~TOwer's option, either promptly repaid lo I3orrower or credited to E3orruweron monthly installments of ~nds. It the amount of the Funds held by l.ender shall not 6e sufficient to pay tuxes, assessments, insurance premiuma and ground rents as they fall due, Borrower shull pAy to l.ender uny am~~unt necrssary to make up the deficiency within 30days from the date notice is mailed by Ixnder to E~rrower requesting paymeot thereof. Upon payment in full of all suma secured by this Mortgage, l.ender shali promptly rnfund to Korrower any funds helil by Ixnder. l[under paragraph IS hereof the Property is sold or the E'roperty is.otherwise acquircd by l.ender, l.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by l.ender at the time of application us a credit againsl thesums secured by this Mortgage. 3. Applieation of Paymente. Unless applicable law pmvides othervvise, all puyments received by l.ender under the Note and paragraphs 2 and 2 hereof shal) be applied by I.ender finst in payment of amoun~c puyable to I.ender by Borruwer under paragraph 2 hereo[, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on Any Future Advances. 4. Charges: Liens. Korrnwer shall pa~ all l.~xes, asses.smcnts :+nd uther charKes, finc~ :ind impositions :~Itributable to the !'roperty which m:iy attain a priority over this Mortgage, and leasehuld payments or Kn-und remts, if am , in the manner pnn•id~K1 under paruKraph'L hereofor, ~f not paid in such manner, by Bormwer making payment, ~ hen due, directh• to the pay~r thenr~f. Rurmveershail promplly furnish to I.ender all notice~ of amounls due under this paraKraph.:+nd in the e~•enl li~~rrow~er shall make paymi•nt dinK•tlp, Rorrower shall promptly furnish to f.i•nder receipl.S e~ idencing such pa~•ments. fi~~rruwer shall promptl~• disch:~rK~• any lien which has priorit~ over thiti 11ortK.~Ke; pmvided, that Fiorruwer shall nol be required to discharge:m~• wi~h lien so IonK:IS I{~~RUN Pr shall :~Krt~• in writinK to th~• paym~~nt uf th~• ubli~ation secured by wch lien in a manner acceptable tu (xnder, or shall in ~;~NHI faith ~ti~ntrst wch li~•n by, urdefend enfun•~~m~•nt of su~•h lien in, l~y;al proceedings .,~hich operate to prevent the enforcement of the lien ur furfi~itun~ of th~• 1'ru~x•rty ur .~ny part then~~f. 5. Hazard Insurance. Korrower ~hall krep the impru~•emrntc now existinK or hereafter erectc~ on the Propert}• insured against loss by Fi ~ e, hazards induded within the term "extend~vl cover.-Kr," und such oth~r hazards as I a~nder m.~y rtr~uire und in such amuunts and for such Ex~riods as t.ender may require; provid~~1, that I.ender shall n~it myuim that the amuunt uf such r-veraKe exc~~ that amount of coverage r~~c~uirecl to pay the sums secvred b~• thi~ M~-rtKaKe. The insurance carrier pro~•idink thr in.ur:~n~~• sh:~ll ta• ~•h~~s~•n 1~~• It~~rr~~«•~•r subj~Y•t t~~ :~ppruval b~• 1 a•ml~•r: pn~~•id~yi. t~5:~t such :ippruval shall not be unrea+s~~nablp withhi~ld. AU premium~ un ~nsur7O1'P ~H~III'II•..h:~ll IN• p:iiil in th~• r.iann~•r pn~~•idwl und~•r parnKraph 2 hrn~-f or, if nnt paid in such manner, by liurruw•er m:~kin~; p:n•mt•nt. ~~•h~•n du~•. ~linr•th• t~~ th~~ ~n.ur.~nce i~:~rri~•r. All insurance policies and reneveals thenti-f ~hall F-e in furm a~Y•eptabl~•tu IA•nderand shall include:~stand:~rd m~rtQaKecl:~usein favorof ,ind in form acceptable to I.ender. l.end~~rshall have th~• ri~;ht to h~dd the µ~li~•i.~s and n•n~•w•als therr+~f, and li~~rruwershall promptly furnish to i.c•~der all renewal notices and all receipts of paid pn•miumc. ~In thr ~•~•eut of loss, lt~~rmwer shall Ki~•r prumpt nutice to the insuranm carrier und l.ender. I.ender may make prrx~f of luss if nut madr prompth• b~- Rorn~wer. Unless I.ender and &~rrower otherv~ise aKree in writin~;, insurance pr~x•et~ds shall tx• appliiKl lu restoration or repair of the Property damaged, provided such restnration or rrpair is ~runumicallc fe:~.itde~ :ind the s~~~unty of this :11ortKage is not thrreby impaired. If such rc~storalion or repair is not ernnu:nir.iUy f~~asiblr ur if thc• s~rurity uf this blort~;aKe w•uuld t~c impaired, the insurance proceedsshall beapplied tu the sums secured by this MurtKaKe, with thf• exccsc, if :-n~, p:iid to I~~rruw•er. lf the Pru~rty is abandoned by E3.~rrov-er, orit E3orrower fails to re,pond to I.ender within :i(1 days from the date notic~• i. mail~d hy I.ender tu Iturruv~er that the inxurance carrier offers to setde a elaim for insurance benefits, [.ender is .wthurizert tu culltrt an~1 .~pph~ the insurance pr~K-i~Yis at I~~nder's uption eithe~ to restor.ilion or repair ot the Property or the sums secured by this MorlKaK~. lJnless I.ender and E3orrower otherv-ise aKn~e~ in w•ritinK, anc such :ipE-lii•:itiun of pr~K•Ex~1s to principa) shail nut extend ur postpone thedue date of the monthly inst~~llmen~a referred to in par.~Kraphs 1 and'L l~ercti~f ur chanKe the amount of such installmen~g. [f under paragraph 18 hereof the Pmperty is acquirrd by I.endPr, all right, titlr and interest of Rurruwer in and tu an~ insurance policies and in and to the proceeds thereof reau:ting from damaRe to Yroperty priur tu the sale nr a~•yuisitiun shall pass tu [.ender to the extent of the sums secured by this :11~~rtgage immediately prior to such sale or acquisitiun. 6. Preaervation and Maintenance of Property: l.easrhulds; ('ondominum~; Planncd Unit Uevelopments. E3orrower ahall keep the E'roperly in Qood repair an~+ sh:ill not cummit w:~tite ur pc•rmit im{wiirmcnt or drteriorcdiun of the Property and shall comply w~th the pruvisions of any lease i[ this MorlKaKe is on a leasehnld. If this ;11oRKaKe i~ on a.unit in a n~nduminium or a pl~nned unit development, ftorrower shall perform all of Rorruwer's obliKatiuns under the declaratinn ~-r cu~•enan~g ~~m:~tu~~;or Kovern~nK the condominium or planned unit development, the t~y-laws and reKulations of the cundominium ~~r planned unit de~elopmrnt, and constituent documents. If a cundominium or planned unit dr~elupment rider is t•x~ruted by I~/IRI/NPr and n~-ordrd toKether with this Mortgage, the rnvenants and .~Kreements of such ridPr shall tx• incnr{H~ratt-d into and ~hall :~mend :md ~uppl~~ment theruvrn:~nts and aKn~c•ments of this D1urt~~iKeas iflhe nder were a part hereof. ~ 7. Protection of Lender'e Security. If Borrower faila to perform the covenanta and agreemente contained in thie Mortgage, or i[any action or proceeding ia commenced which materially atfects I.ender'e intereRt in the F'roperty, including, but not limited to, eminent domain, ~neolvency, wde enforcement, or arrangementa or pmceedings involving a bankrupt or decedent, then Lender at I.ender'e option,upon notice to Borrower may make auch appearancee, diaburee euch auma and take.such aMion as is neceaeary to protect Lender'a intereat, including, but not limited to, dieburaement of reasonable attorney's fees and antry upon the Properiy to make repaire. If Lender required mortgage ineurance aB a condition of makinq the loan secured by this MortECaRe. Borrower ahall pay the premiuma required to maintain Puch insurance in effect until auch time ae the requirement (or auch ineurance terminatee in accordance with Borrower's and Lender e w~ritten agteement or applicable Iaw. Borrower ehall pay the amount of all mortKaRe insurance premiume in the manner provided under paragraph 2 hereof. Any amounta diaburaed by I.ender perauant to thia par~graph 7, with intereet thereon, shall become additional indebtedneae of Rorrower aecured by thie Mortgage_ Unlesa Korrower and I.ender agree to other terma uf payment, such amounts ehall be payable upon notice from Lender to Borrower requeating payment thrreof, and ehall bear intereat fmm the date of diebureement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts ahall bear interest at the highest rate permisaible under applicable law. Nothing contained in thie paragraph 7, ehall require [.ender to incur any expense or take any action hereunder. ~ f 8~»K346 PaGE c3:.~4 ~;~.~ , ~-~.~ - _ - e~fi~ 1 ~in~ ~n z y~~ ~.':~` ~ .