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HomeMy WebLinkAbout0861tiorrower and l.ende~ cove~ant a~d agree as followe: 1. Peyme~t ot Principal and Intereet. Rorrower shull pmmptty ~-ay whe~ due the principa) of a~d intereat u~ the indebtedness evidenced by the Note, ptepayment and late charges as providcd in the Note, and the principt~l of and intcrest on any Future Advancea secured by thia Morigege. 2. Fltnds tor Taxes and Ineucaoce. Su6jeM to t~pplicable la~w or to a written ws-ive~ by l.ender, tiorrower shnll pay to I.ender un the day mopthly instaliments of principal and interest are ptiynble under the Note, unlil the Nole is paid in full,:i sum Ihe~rin "F unds"- equal to one- twelfih of the yeasly ts+xes and uase.gsmenls which may attt-in priorit~ uvr~ thia MoriK~ge, nnd Kruund mn~ti un the f'roperty, if any, plua one~ twelRh of yearly premium installments for hflzard insunince, plus on~twrl(ih of yrt~rly p~emium inst.~Umenl.ti tur moAKage insurance, iCs~ny, :~11 ~ reusc~nably estimated initially and from lime lo tin~e by IA nder on the basis of assessmentl: und billx and rrason:~ble ralimatrs thereo! ~ The ~Lnds ahal) be held in an inatitution the depoaits or accuuntx of which are insured or gunruntc~d by a FedrrAl or ~tatr ugency tincluding l.ender if l.ender is such an inatitution). lxnder shall i~pply the F unds to paX snid taxex, ussrxamrnts, insuranc~ prrmiums and Kround rente. I.ender may not charge for eo holding a~d applying the Funds, unatyzing suid tucount, ur verifying and compiting suid xsaeasments and billa, uniess l.ende~ paya Borrower interest on the Funds und upplicable !uw permits I.ender w m.ike such a rhs-rge. liorrower and l.ender may agree in writing at the Ume of execution ~~f this Mortgnge thnt ioterrst un the Hunds shall t-e paid tu }iorruwer, and unleas euch agnrment is made or applicable law requirea auch interest to be puid, [.ender shall not be requimd tc~ pay Rorrower ~ny interrat or earninga on the Funde. I.ender shall give lo Borrower, without rharKe, an nnnunl ~crnunting of the Funds showing credi W und debita to ihe Funds and the purpoee for which each debit to tlie Funda w~:~.s made. The M unds arn pledged a~ udditional xecurity for thr suma secured by this MoKgage. If the amount of the Funda held by l.ender, tugether with the futum munthly inst~llments of F unds pnyable prior tu the due dates oftaxea, asseasments, insurance prnmiuma and ground rents, shall exc ~cl thr .~muunt rev~uired to pay said taxes, ussrxsments, insurnnce premiume ~~nd ground rnnts as they fall due, auch excess shxil be, ~t Rorn-wer's optian, either promptl~• repaid to Korrower or credited t~, E3orrower on mopthly instalimenls of Funds. If the amount of the Funds held by I.ender sh<ill not be sufficient to pay taxea, assexsments, insurance premiums and ground rents as they fall due, f3orrower shall puy tn t~ender any amount nec-ess:iry to make up thedeficiency within 30days from the date notice is mailyd by l.ender to tiurrowNr n~~uc~tinK payment thermf. Upon payment in full of all sums secured by this MortgaKe, I.ender shall promptly refur~d to 13orrower any funds held by I.~ nder. lf under paragraph 18 hereof the Property is sold or the F'roperty is c~thervvise acquirecl by (knder, I.ender shall apply, no iatr~ than immediaiely prior to the sate of lhe Rroperty or ita acquisiti~n by t.ender, anv F unds held by I.ender at the timr ofapplication asa credit ag.~inst thr sums secured by thia Mortgage_ ti 3. ApplicaCion of Paymente. Unless applicable law pn-vides otherv-ise, all payments received by I.ender under the Note and paragraphs 1 and 2 hereof shall be applied by I~ender first in paymrnt of amuun44 payabte to l.ender by l3orruw~er under paragraph'l hereof, then to interest payable on the Note, then to the principal of the Note, an~l then to interest and principa) on any huture Advances. -1. Chargea; Liens. i3orrower shul) pay all taxes, ass~:5sments and uther charKc s, f nEw :~nd im~wtitiiti~ms aUribut.iblr tu the I'roperty which may attsiin a priority over this MortKaKe, and 1~•ast~hold pa~}•menf ~ ur ~;ruw~d rents, if :~ny, in the manner provid~t under p:~ragraph'l hereofor, if not paid in such manner, by Rorrov~er makinK paymc•nt, ahen du~•, din~c•th• tu the pa~•~e• therey~f. li~~rn~w~c•rsh:~ll promptly fumish to Ixnder ::1! notices of amoun4s due undcr this paray~r.iph, and in the ~•vent Rorruwer ~hull m:+ke pa}~mi•nl ~1invtl~•, RurmH•er sh:~ll prumptlv turnish to I.ender receipts evidencing such paymrnt~~. li~~rruw•er sh:-11 prumptl~ di.charK~• any lirn which has priurih~ over thi. ~1urtK:~~;e; provided, that Kurrower shall not t-e requirecl tudischarge.~m• su~•h fi~•n su lon~; a~ li~~rm:v~~r sh:~Il:iKnr• in w~rit~n~ t« thr p.~ymrr-t of the~obliKatiun scrure~d by ,u: h lien in :t manner ameptahle t.- I.ender, ~~r ~hall in R~NH! faith ~•~~ntrst w~•h li~•n by, ur d~•G~nd t•nfunti•~n~•nt of surh lii•n in, l~•~;al procr~inKs which ope~ate to prr~•ent the enfurcement uf the lien ~~r furG•~tun~ nt th~• 1'rup~•rt~• nr am• part then.~f. c~_ Hazard Insurance. Roi~ruwer shall keep the ~mpruer~nent. nuK ~•xist~~K or h~•rr,~fter erected un thi• i'ruF~rt~ insurcYi aKainst loss by fire, hazards inctuded within the term "extended c~~~•c•ra~;r." :uzd such uthrr h:~zards as ).e•ndrr ma_r• rryuir~• .~nd in such amuunk: and for such prriods as lxnder may reyuire: pro~•id~d, th.~t Ia~nJ~•r sh:~ll nut nv~uirr thc+t tht• amuunt uf such n~~•eraKt~ rxc~ti~e1 that amount of coveraKe rtquirrd tu pay the sum~ scvun~l b~• this h1~~rt~aKi~. 'i'he insurxnce eam~•r pruti•idin~; the incurane•~• chnll iM~ ~•h~~s~•n b}• Ii~~rruw~•r.ul:~~~•t t~~ appro~•:~I b}• Lrn~1t•r, prm•idwi, that ::ach appru~•:~1 shall not 6e unre:iumabh w;thht•Id. ~VI pre•m~um. un ~nsur.uir~• p~~lu~u•...h:~ll iM• p:ud ~n th~• manm•~ pr~~~•ulitil und~•r p:u:i~raph 2:tirrtv~f or. if rn~t paid in such manncr, b~~ Ii~~rruw•er rnakiny; p:n•m~•nt. ~+tirn ~iu~•. dinr th~ t~~ th~• ~n~uran~•e• ~:~rri~•r All insurance policies and renewals th~~rty~f .h:~li tK• in f~~rm :u~c-Nptshli• tu I A•nder and shall include a~tand.~rd murtK:~Keclausr in favor of and in torm aeceptableto I.ender. l.endi~r shall h:+~•e the ny;ht t~~ h~~ld tht• p~dicirs and ri•nrk•:+Is thrrrof,:+nd K~~rr~~ucer shall promptl~ fumish tn ~~ender all renewal notices and all rri•eipts uf paid prrmiums In tht• r~•rnt ~if l~~.v. lt~~rr.~wer.h:~ll Ki~~i• prurnpt nutice tu the insurance carrier .ind I.ender. I.ender may make prwi( of luss if n~rt m:~de prumpth• by~ Korr~~wt•r. Unless i.ender and li~-rroK•er otheru•ist• aKrtr in wretiny,, insur:incr pr~x•~rits sh:~ll tK• :~pph~1 t~~ m~turatiun ur repair uf thr Pmperty damaged, pro~~ded such rrsUxatiun or r~p.~ir is trnnnmi~-alh• fe:-sih,r and thc til~•urih• uf this ~1urtK.~Ke i:; nut therehy impaired. (f sush rrstoration or repair is not ecunumically f~~:~sihle ~~r if thE• ~~~•urity of this 11urt~aKt• v-•nuld M•impaircYl, lhe insurance proc-erecis shall l~eapplied w the sums securrd bp this:llortgaKe, w•ith thr t•xc~•.., if :~m~. F-:+id t.~ fi~~rr.~K•rr. 1 f ihe !'ru~~~rtr is abandnnc~ b~• I;~,rruvrer. or if li~~rrower fails to reapond to I.ender within :3t- days frum tht• dat~• not~r~~ is mailtr~ b~ 1 ~•ndrr tn 1{~~rrow~~r that thr in,urance carrier offern tu settle a clairo for ~nsurance benefita. I.ender is authoriz~yl tn collt~-t and apph• thf• insurance pr~w•~~•d~:~t I~•ndrr's uptiun rither to restoration nr repair otthe E'roperty or the sums secured by this ~1nrlK~~K~'~ Unleas lxnder and I3orruwer ntherwisc~:~Krc~• in x•ritinK, an>• such appli~ :~hun nf pr~x•t~y1~ topnncipal shall not rxtrnd or pustponethedue date of the monthly insl.-~Ilments :efrrrrd tu in par.+Kraph. ~ and 2 liere•~rf ~~r chanKt• the amount of such instYllmrnts. If under paragraph 18 hereof the Property is acquired by l.endf•r, all riKht, titl~• and interect uf fi~~rrow•er in :~nd to ant insurance pnlic•ies and in and to the pr~-ceeds thereof resultinQ from damage to Proprrty priur tu th~~ salc• or acyu~sitiun sh:+l! p:i~s to Irnd~r to the extent of the sums u~ured by this 11ortKaRe immedialely prior to surh sale nr acqui~ition. 6. Preaervation and Maintenanceof Property: IA•asehulds;('ondominumx; i'lanned Unit t)evelopmentrr. Borrowershall keep the Property in Kood repair .ind sh:+ll nut commit w•atite ~~r pt•rmrt i~np:~irmt~nt ~~r d~•tE•riura~iun nf thr Prupe~rt~• and shall comply Kith the proviyiona ot any tease if this 11ortK:+Ke iti un a lrase•huld. If thi~ 11urtKake• is un a umt in :i cundominium or a planned unit development, }3~~rrower shall perform TII nf F3orroK~er's nbliKati~~nti und~~r thf• diK•laratiun ~~r coeenants ~~n:~t~n~;~rr K~~vern~nK lhe conduminium or planned unit development, the by-law•s and reKulation~ of th~ condominium or planntd unit de~rlnpmrot, and constituent documents. If a cundominium or planned unit de~elupmrnt rider ~s exe~•uti~1 hy li~~nuwc•r :~nd n~c•ordcKl taKether with this blorig:~ge, the eo~•enantA and .~Krec•ments ofsu~•h rider vhall IH~ ui~•orp+,rnt~~l int~~ and .h;ill ;~nu.nd ;~nd ~U}1~1If911CI1I Illf`1'U~'f•nants and aRnymentsuf this ~1ortKaKeasif the rider vvere a part henr~f. 7_ Protection of I.ender'e Security. If I~orn,we~ fails to perfortn thP rnvenante and aKreemrnte rnntained in thie Mortgage, or if eny actio~ or pn.ceeding ie commenced which materially aftecta f.ender's intereat in thr F'roperty, including, hut not limited to, eminent domain, ineolvency, code enforcement, or arrangemente or pmceedinKa involving a bankrnpt or decedent, then l.ender at I.ender'e option,upon notice to Borrower may make auch appearances, dieburee auch sume and take auch action ae is neceesary to protect Lender'e intrrest, including, but not limited to, diebursement of reasonable attorney'e feea and entry upon the E'roperty to make repaira_ If Lender required mortgage ineurance se a condition of making the ;uan secured by this hinrtgage, fiorrovrer shall pay the premiume required to maintain such ineurance in effect until euch time ae the requirement for auch insurance terminatet- in accordance with Rorrower e and [.ender e written agreement or applicable l.aw. Borrower ehall pay the amount nf all murtKage insurance premiume in the manner provided unde! paragraph 2 hereof. - Any amounte diaburaed by I.ender perauant t~, this paragraph 7, with interest thereun..~hall twcv~me additional indebtednesa of Borrower aecured by thie Mortgage. Ur.lesa 13orrower and I.e~der aKree tc, other terma of payment, such amounte ehall be payable upon notice from I.ender to Rorrower requeetinq payment thereof, and ahall t~enr intereat fn,m the date of disbursrment at the rate payable from time to time an outatandinq priocipal under the Nvte unlesx payment nf intereat at :quch rate wuuld be mntrary to applicable law, in which event euch amounts shall bear intereat at the highest rate permisaible under applicable law. [~'othing contained in thie paragraph 7, ahatl require l.ender to incur any expense or take any action. hereunder. R~~x 34~' cacE ~.rJ~ ~~.. _.