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HomeMy WebLinkAbout0391E3orrower and l.ender covenant and agree as follows: 1. Paymeat ot Prlncipal und Interesl. Borrower shal) promptly pay when due the principal of and intereat on the indebtedneas evidenced by the Note. prepayme~t and latechargee as provided in the Note, and the principal of and intereat on any Futu~e Advances aecured by thia MortgeRe. ' 2. Ftinds for Taxee and Ineurance. Subject to applicablc law or to a written waiver by l.ender, R~orrower shnll pay to I.e~der on the day monthly instaUmentit of principal and intereat are payable under the Note, unti) the Nute is paid in full, a sum Iherein "Funds"- equal to onP twelfth otthe yearly taxea and asseasmenta which may attnin priority uver thia Mortgage, ~nd Kruund ~ents on the F'~operty, if any, plus one twelRh of yearly premium installmenta for hazard insurxnce, plus on~twelRh of yea~ly premium insta~Umenls for morigage insurnnce, itany, all as reaeonably eatimated initiaUy and ttram time to lirr~e by I.ender on lhe t-nsia of assessmenls nnd bills And ~e~~sonxble eatimates thereof. The Fnnda ehall be held in an institutio~ the depoaita or accounts of which are insured or guur~nteed by a Federal or State ugency (including I.ender if I.ender is such an institution). Ixnder ahaU apply the Funds to puy said taxes, nssesaments, insurance premiuma and ground [ents. l.ender may not charge for eo holding and applying the I~unda, unalyzing said account, or verifying ~nd compiling said aeaeeaments and bills, unlese Lender paye Borrower intereat on the Funds and applicuble law permits l.ender to makesuch a charge. Borrower and I.ender may agree in writing at the time of execution a[ thia Mortgage thut interest on the H unds ahpll be paid to Horrowe~, and unlesa auch egreement ia made or applicable law requirea such intereat to be paid, l.ender shall not be required to pay 13orrower nny i~tereet or earninge on the Ftinds. I.ender ahall give to Borrower, without charge, an annual accounting of the Funds showinq credita and debite to the Funda and the purpose tor which each debit to the Funds was made. The F unds am pledged as additional security forthesuma secured by thie Mortgage. lf the amount of the F1~nda held by I.ender, together w~th the future monthly instaliments of F unds payable prior to thc due datea o[taxee, aaaesaments, insurance premiums and gruund renta, shall excred the amount required to pay said tuxes, ussessmenta, insuranc~e premiuma and ground rents aa they fall due, auch excess shall he, at Bo~TOwer s option, either promptly repaid to E3orrowe~ or credited to F3orrower on monthly inatallments of Funda. If the amount of the Funda held by l.ender shail not be sufficient to pay taxes, asseasmenta, insurance pmmiuma and ground renta as they fall due, E3orrvwer shall pay to l.ender any amount necessary to make up the deficiency within :i0 days from the date notice ia mailed by I.ender to E3orrowe~ requestinR payment thereof. Upon pa~Tnent in full of all aums secured by this Mortgage, l.ender ehall promptly refund to F3orrower any funds held by l.ender. lf under paragraph l8 hereof the Property ia sold or the E'roperiy is otherwise ncquired bp I~ender, I.ender shall apply, no iater than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by I.ender at the time of applicatiun as a credit against the sums secured by this Mortgage. 3. Applieatioa of Paymenta. Unless applicable law pn,vides oth~rv-ise, all payments received by l.ender under the Note and paragraphs 1 and 2 hereof ahall be applied by l.ender first in papment of amounLs paypbie to l.ender by I3orrowrr under paragraph 2 hereof, :hen to interest payable on the Note, then to the principal of the Nc~te, ~nd then to interest and pnncipal un any Future Advances. 4. Charges; Liens. Borrc~wer shall pay all taxes, xssessments and uther charKes, fin~•s and impusitions attributable te- the E'roperty which may attain a priority ove~ this Mortgage, and le.isehold p:iymrnts ur tin~und rents, if any, in the manner procidc~! under para~,*raph 2 hereofor, if not pa~d in such manner, by Rorrowcr muking payment, whcn duc, d~rc~c•tl~ to the payer therr~d. Rurrower shall prumptly furnish to I.ender all notices of amounts due unde~ this paraKraph, and in the e~ enl li~~rr~~wer shall m:~ke zr.~yment direc•th, Rorn~w•er shall promptly furnish tc. (xnder reeeipts e~ idencing such pxyments. F3~~rruwer shall promptly dicch:u~;i• any lic•n w•hich h.+s priorih• ~~ver this ~turiK:~Ke; pn-vided, that Korrower shaU not berequired todischar~;e am• such lien.~~ lunti ~is li~~rrower shall aKrc~• in wntinK to tht• pa~~meM of thi~ubliKatiun secured by such lien in a manner pcceptahle tu I.ender, nr chall in ~;~~K1 f:~ith cunt.~.t wch lien b~•. ur drfi~nd ~•nfunti•m~~nt uf ~ueh lirn in, lew;al prncecdings w•hich operate to prevent the enfurcement of thc licn ~~r forfriture ~~f th~• P~uFN~rt>• nr :~ny p.vt thertr~f. ~. Hazard Inaurance. Rorrower shall kc~p the impn-~•ements novic existinK ur hereafter ererted on the Property insured aKainst loss by fire, hazards included within the term "extrnded iy~veraKe.° and such other h:uards .+s I.ender may reyu~rt• and m such amounGc and forsuch periods as I.ender may require; provided, that Iw~nd~•r ch:~ll nut rryuire th:~t the amount uf such ctin~eraKr exc-eed that amuunt of cm•erage required to pay the sums secured b~ this \tortR~~K~'~ The insurance carrier pruvidinK th~• insuranc~• ~h:~ll lx• ~•h~~.~~n h~• It~~rr~~wrr .uh~~~ct tu appr~~~•al h~• L~~nd~•r. pn~~•idivl. th:~t such approv:~l shall not t-e unrea~rnabh w•ithh~•ld. All prcm~ums on inwran~•~= p~~G~•u•. sh:~ll iK• pa~d in th~• mann~•r pr~~.~id~r1 und~•r par.~kraph 2 h~•rw~f ur. if not paid in such manner. M• It~~rn~w•er m:~kin~ pA~'IOCOI, N'Ill•Il IIUf•, I~IfPf~I~" I~~ thr insuranc~• c:~rri~•r All insurance policies and renew als thereof shall t~e in form acceptably d~ I.~nder and shall includr a st.~ndard mortgaKe clause in favor of and in form acceptable to l.ender. I.endershall ha~•e the nKht tu huld th~~ p~licies.ind rene~+~als thercti~f, and Rorruwersh.ill promptly furnish tr~ i.ender all mnewal notices and all receipts of paid prrmiums. In the r~•ent ~.f I~~ss. Korn~~•er sh.~ll Kivr prumpt nutice to the i~surance carriPr and Lender. I.ender may make prc~f ot loss if nnt made prompth• b~' }{I~RUWPf. lJnless Lender and t3orrow•er otheru•iu~ aKrc~e in w•ritin~, insurance pr~x•e~•ds ch:+ll be applird to restusation or repair of the Prvperty damaged, pro~~ded such resG~r~+tiun or repair is c~c•oAurt~ically fe:~sible .~nd the scv~unt~• of this MortKage is not thereb~ impaired. If such restoration or repair is not economicallc feasiLle ur if IhF u~•urit~ of this 11ortKaKe w•uuld be impaired, the insuranceproceedsshall beapplied tr, the aums secured by this M~,rtKage. w~th thr excr::~, if :~ny, pnid to Fiorruw•er. If the 1'ru~e•rt~ is abandoned by Korrower, or if liorrov-er fails to reapond to l.ender within :i0 da~ c from the date notice• is mail~d Ir~• I.~~nder to fi~~rmK•er that the insurance carrier offers to settle a claim for insurance benefits, I.ender is authorind to rullfrt :ind :-pply th~• ~nsuranrf~ pr«•t~ti1~ :it I,ender's uption either to restoratiun or repair of the Property or the sums secured hy this l~loriKaKe. Unless I.ender and Borrower otherv~ise aKrc~e in vcrilinK, an~ Such .~ppGcat~un of prnceedc to pr+ncipal shall ~ot extend or postpone thedue date of the monthly installments referred to in par:~Kraphti 1 and'~ i~t•mof ur chanKe the amount of surh installments. If under paraQraph 1K herenf lhe Property is acquired br I.ender; aU right, title and interest o[ Rurn,w•er in and to an~• insurance pnlicies and in and to the proceeds t:~ereof resulting from damage to Propert~ prior to the sale or acqwsitiun ahall pass to I,ender to the exteni of the sums secured by this ;Nortgage immediately prior to such sale or acquisilion. 6. Preeervation and MaintenanceotProperty; l.easeholds;('ondominume; Planned Unit De~elopmente.I3orruwershallkeep the Property in good repair and shall not commit wa~te nr {x•rmit impairment or dc•terinration of the Pruprrty and shall comply w-ith the pro~•isions of any lease if this hlortKaKe is on a leasehnld. If this 41ort~;aKe i~ un a unit in .~ cunduminium or a planned unit development, fiorrower shall perform all of fiurruwer's obliKatiuns under thr dec•laratiun ~~r euvenantti ~•n•:it~nk or KuvernmK the condominium or planned unit de~elopment, the by-laws and reKulations of tht~ cunduminium ur planncd unit de~~elopmrnt, and constituent documents. If a c~,ndominium or planned unit develupment rider is exee•uted by Fi~~rruw•~~r .~nd rec•orded toKether Mith lhis MortKage, the covenants and .~Kreemen~~ of such rider shall be inrurpurated into and shali amend and supplement the coern:~nts and aKreement~s of this MoriKaKe as ifthe nder Mem a part hereof. 7. Protection ot Lender'e Security. If E3orrower faila to perform the rnvenanta and agreemente coniained in this Mortgage, or if any action or proceeding ie commenced which materially affects l.ender'e intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangements or proceedinga involving a bankrupt or decedent, then l.ender at [.ender'e option,upon notice to Borrower may make euch appearances, diaburee euch ~ume and take auch action ae is neceesary to protect Lenderb interest, including, but not limited to, diebureement of reaeonable attomey's feee and entry upon the Property to make repaire. If L.ender reqnired mortgage inaurance ae a condition of making the loan aecured by this Mortgage. E3orrower ahall pay the premiuma required to maintain euch insurance in effect until auch time as the requirement for such inaurance terminatea in accordance v--ith Borrower e and Lender'e v~-ritten agreement or spplicable [.aw. Borrower ahall pay the amuunt of all moAgaKe insurance premiume in the manner provided under paragraph 2 hereof. Any amounta dieburaed by Lender perauant to this paragraph 7, with intereat thereon, shall become additional indebtedneae of Borrower secnred by thie Mortgage_ Unleas Fiorrower and l.ender agree to other terms nf payment, sucn amounts shall be payable upon notice from I.ender to Bormwer requeeting payment thereof, and ahall bear intereet fn,m the date of diebursement at the rate payable from time to time on outatandinq principal under the Note unless payment ~if interest at such rate would be contrary to applicable law, in which event auch amounte ahall bear intereat at the higheat rate permisaible under applicable law. Nothing contained in this paragraph 7, ehaU require I.ender to incur any expense or take any action hereunder. ~~~K349 E~~~E 39~ 5 ~ ~ ~ ~ 'l ~~ ~rc x~ ~. ~_""~.~':~.«;~:z~~ ...:~ e~. . .:• _ ~ , i - . ~r' ~r~~~ ~ ..