Loading...
HomeMy WebLinkAbout1142Bo~owe~ and l.ende~ rnve~ant and agree as tollows: 1. Paymeat ot Principal at~d Interest. Borrower ahall promptly pay when due the principal ot and intereat on the indebtedneas evideaced by the Note. prepayment and latecharges aa provided in the Note, and the principal of and inte~esl un any H1~ture Advancessecund by this Morigage. . 2. I~ltnds for Tiutes and Insurance. Subject to Applicuble !aw or tc~ u written wuiver by I.e~der,l3orruwer s1~:.t1 pay to Ixnde~ on the day moothly i~stallments oI principal and intereat are payable under the Nute, until the Note ia paid in full, a xum (herein "F unda") equal to one twetfth of the yearly taxes and asseasme~ts which may attni~ priority over this Mortgage, a~d ground rents on the Pruperty, if any, plus one tweltth of yearly premium instaltments [o~ hazarcl insurance, plus unelwrlRh of yearly premium installments fur murtgaKe insurance, if any, all as reasonably eatimated initia3ly and from time to time by I.ender on the bs-sis of :~seszsmenta: a~d bills :ind re:tsun:ible estimates thrreuf. The Ftinda shall be heW in an institution the depoaits or accounta of which arr insured c,r Ruaranteed by a Federal or State agency (including I.endet if l.ender is auch an inetitution). Ix~der shall apply the F unds to pay said taxes, assesxmenta, insurancr premiums and ground rents. ltnder may not charge for eo holding and applying the Funds, analyzing said acn-unt, or verifying and compiling aaid aeaesaments and bills, unlees Lender pays Borrower intereal on the F unds and applicable lnw permits I.ende~ to make such a charge. E3orrower and Lender may agree in writing at the time of execution of this Morigayre that interest on the Funds xhnll be paid to E3orrower, and unlesa euch agreement is made or applicable law requirea auch interest to be paid, I.ender shall not be required to Pay E3orrowe~ uny inlereat or earnings on the Funds. I.ender shall give to Eiorn.wer, without charge, :~~ nnnual accuuntinK of the k unds showing creditx and debits to the Funde and the purpase for which each debit to the F unds was made. Thr H unds are pleclgrd a~ additional 4ecurity for the suma secured by this Nortgage. If the amount of the Funda held by Lender, together with the future munthly installmrnls of F unds payable prior to the due dates of taxea, asaessments, insurance premiums and ground rents, shall excrccf the amuunt nquired to p~y said taxes, assessments, insurance pmmiumR and ground renta aa they faU due, such excess shall be, at Bo~TOwer's optiun, either prompUy repaid to Borrower or credited t<- Borroweron monthly installments of Funds. If the amount of Ihe Hunds held by [.ende~ shall not be sufficient to pay t~xes, assesc+menta, inaurance premiums and ground rents as they fal! due, E3orrower shAll {r-y to I.ender aoy amount neces.4ary• tu make up the drficiency within 30 daye fmm the date notice is mailed by I.ender to fiorrower reyuesting payment the~cr,f. Upon payment in full of all sums secured by this 41ortKage, l.rnder shall promptly refund to liorrovrer any funds held hy I.ender. if under paragraph 18 hereof the Pmperty is sold or the Propert~ is otherwise acyuimd by I.ender, I.ender shull apply, no latxr than immediately prior tn the sale eithe Property or its acquisition by l.ender, any F unds held tw I.rnder at thr timr of.ipplicalion as a credit :~gainst the su.ns secured by this Mortgage_ 3. Application of Paymenta. Unless applicable law pn~~ides othervrise, all payments recei~•ed by I.ender under the Note and paragrapha 1 and 2 hereof shall be applied by I.ender first in payment of amuunls payable lo I,ender by E3orruw•er under paragraph 2 hereof, then to interest payable on the Note, then to the principal o[ the N~~te, and thrn to interest and principal on a+ny F uture Advances. 4. Charges; Lieny. Borrow•ershall pay all tares, acscw~mi•nt, and othrr char~ec, fines and im{H,sitiunti attribut.ible tu the 1'iroperty which may attain a priorit~ over this;llortgaKe. and leasehuld payments nr Kruund rents, if an~ , in the manner pro~•idecl under paragraph'L hereof or, if not paid in such manner, by Burruw•er making pa}•ment, when dur. dirM~th• t~~ the p.~yrr thercr~f RurroK•rr shall Frumptly furnish to I.ender ali notices of amounts due under this paraKr.+ph, :+nd in the e~•ent Borruwer ~h:tll m:~ke pc~yme~t dinY•1h•. RurruN•er sh:ill pr~imptly furnish to l.ender receipt_c e~ idencing such paymenl.c. li~~rruw•er ~hall prumpth• di.rh:v~;~~ any lirn ~•hich h;~s pri~~rih• ~~ver thi. ~1urtKaKe; pruvided, that fi~~rrovrer shall not be requireci to discharKr an~- such iirn so lun~; as I~~~P~~M'f•r.h:~ll a~;rrr in w•ritin~; tu thr p;e~•m~•nt of the~~bliK:-tiun serured by s~ch lien in a manner accept.~ble to l.~~ndrr, or sh.Jl in ~;~NNI fa~th c~~nte~t w~•h li~•n ir~•, ~~r di•G•nd rnfun•~•mrnt ~~f w~•h lii•n in, li~~;al pr~K•iYdings which operate to precent the enforcement uf the lirn ur G~rfritur~• uf th~• f'r~~p~•rty ~~r an>• part then~,f. ~. Hazard Insurance. Korrow•er shall kc~ep the improvemenG. r.uH~ existinK nr ht•rc .~fti~r ~rec•t~K1 on tht• Pruperty in~urc~cl aKainst loss by fire, hazards included within the trrm "rxtrndecl cti~veraKe," and such ~dh~~r har.ardc ati L~•ndf~r m:+~• rt~~uire• and in ~uch :+moun4~ and forsuch periais as l.ender ma~ reyaire: pru~•ided. that I.ender .h.+ll nnt rryuire th;tt thi• amuunt nf ~uch ~,~a•t•r:~Kt~ c•xi-t~l that :~mount of co~~erage required to pay the sums secured tn• thi. ~1~~rt~,aKe The insuran~c• c~rrier pr~~~•idin~; thi• in~ur.~ni-~• ,h:~ll tw ~~h~~.~•n h~ fi~~rr~~~a~•r .ubjPct t~~ appr~~v:~l h~~ L~•n~1~•r. pr~~~~~d~~1, that vurh :~pproval shall not be unre:+s.mabh• withheld. :111 prem~um. ~~n ~n.ur:~n~•e• p~du•~r..hall !K• p:ud in [h~• mannrr pr~~~ i~lyd undrr par:~~;r:~ph'~ h~•r~~if ur. if not pai3 in such manner, b~• }i~rrruw•er makinK p:~y-rn~•nt. wh~•n du~•. ~lin•~-th t:~ thr u~.ur.~nce i•:~rn~•r. All insurance policies and rFnew•als therrof .hall Fx~ in furm acceptablr tu 1~•ndrr:ind sh.il) ~ncludi~ a titandard mortKaKe clause in fa~•or of and in form acceptable to l.ender. I.ender shall h:i~•e thf• rikht tu h~~ld th~• FN~Ii~•it•s and r~•ni•wals th~•rcy~£.:~mi linrrnw•er shall prumptly furnich to ~.e~der al) renew•al notices anA all rrc•ripts nf paid Frrmiums. In thi• ~•v~•tit of b~~~. Itnrn~~n~er ~h:~ll ki~~r pr~~mpt n~rt~ce :a the insurance carrier and Ixnder_ I.ender may make pruuf nf Ic~.s if not made prompth• b~• Kurn,.~~•r. Unless [.ender and Rorrower othen+•isr aKree in wntinK. insurance pr~K•~•~~ds .hall ~~• appli~•d t~~ n~~turxtiun or repair of the F'n,perty damaged, pro~idrd such restorati~~n ur repa'v i~ Ey~m~~micali~• fea-:iblr and the stti•unt~- uf th~. ~1urt~;.~Ke i~ not therrby impaired. If such restoration or repair is not ecunomicalh• feas~hlr ur if thr strurih• of th~s ~1urtKa~;t• ~c~~uld iH• imp:iired, thr insurance pnx~c~s shall be applied to the sums secured bc this ~1~,rtKaKe, w-ith thr rxc~•s~. if any, p:+id U~ Iturruw~er. If thr 1'ru~x•rt}• is abanduned b~ Rurruwer, ur if I~c,rruw~er faila to re~pond to Lender within :i11 da-: s from the datr nuti~•~• ic mail~rl tn- I.~adt~r t~~ It~rrn~w•~•r that the insurancr carrier offers to ~etde a claim for tnsurance benefits, l.ender ~s authorizctil t~~ cull~v~t :md :ippl~ thr ~nsuran~•.~ pr~K-r~~d~ :~t I,e~ndPr's optum either to restoratinn or repair of the Property or the sums secured by thi. ~1urtKaKr. L nleas l.ender and i3orrov-er othervci.r aKrre in w~nt~ny;, an~~ such .~pphc:~t~on uf prvH-tY•ds t~~ principal sh.ill nut extend ~~r p~stpone thedue date of the monthl~ installmen~~ rrfrrrc~ Ur in paraKraph. 1.~nd 'G'u•rw~f or chanKt• fix~ am~~unt of su~•h installments. If under paraKraph 1R hereof the Property is acquired b~ I,rnder. .ill riKht, title and interest uf Rorruwrr in and t~~ :~m• insurance ~wlicies and in and to the pr~Keeds tFereof resulting from damaQe t~~ Nmprrt~ priur tn the .:de or a~ qwsition shall p:~ss tn I.e•nder to the extent of the sums secured by this ~lortgage immediately prior to such sale nr acqu~+ition 6. Preaervation and Naintenanceof Property: l.eawehulc~s; ('onduminums; Planned l'nil Devclopmenta. F3orruwershall keep the Property in good repair and shall not c~~mm~t K•aste ~~r pi•rmit impairment ~~r drtenurat~un uf the Proprrty and shall cumply w-ith the pru~~isions uf any lease i[ this ~1nrtKaKe is on a Ira.ehold. If this ~1urtKuKe is ~m :~ unit in a conduminium or a planned unit development, ktorroNer shall perform all uf ti~~rrow~er's obliKatiun~ under thr dec•lar:-ti~~n ~~r e-~~c~~nant~ ~•r~ :~tinkor Kuvern~n~ the condominium nr pl~nned unit de~elopment, the by-laws and reRulatiuns nf thF• candum~nium nr plannrd unit development, .ind constituent documents. If a rondominium or planned unit dr~-Plupment ndt•~ ic t•xrcnttd b~• li~~rruwer ani rcY urd~~l tuKethrr w•ith this MortRage, the covenants and aytreements uf such rider shall F~.r ~n~•~~rp~~rati~l int~~ :~nd .h:~ll :~m~•nd and .uppl~•~n~•nt th~•cu~•t•n:ints and aKreement:uf this:llurtK:+~;~t~s ifthe nder were a part hrre~~f. 7. Protection ot Lender'e 3ecurity. If Borruwer fails to pertorm the rnvenan4+ and agreemente contained in this Mortgage, or if any action or proceeding is commenced which materiallp affects I.ender'e intereat in the f'n~perty, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangementa or pn,ceedinqs invol~•ing a bankrupt or decedent, then I.ender at t.ender'e option,upon notice to Borrower may make euch appearancea, diaburee euch sume and take such action as ie neceasary to protect Lender'e intereet, including, but not limited to, diabureement of reasonable attorney's fees and entry upon the Property to make repaire. If Lender required mortgage inaurance ae a condition of making the luan aecured by thia Mortgage, F~rrower shall pay the premiume required to maintain such ineurance in effect until euch time as the requirement for auch inaurance terminates in accordance with Borrower's and [.endEr'e written agreement or applicable Law. Aorrov-er ahal! pay the amount of all mortKage inaurance premiuma in the manner provided under paragraph 2 hereof. Any amounte dieburaed by Lender perauant to thie paragraph 7. with intereat thereon, ahall become additional indebtedneae of Rorrower secured by thia Mortgage. Unlesa E3orrovrer and l.ender agree to other terma of payment, such ~mounte ehall be payable upon notice from Lender to E3orrov-er requeeUng payment thereof, and shall bear interest from the date of diHburaement at the rate payable from time to time on outatanding principal under the Note unleas payment uf intereat at such rate would be contrary to applicable law, in which event auch amounta ahall bear interest at the highest rate pertni3sihle under applicahle law. Nothing contained in this paragraph 7, shall require l.ender eo incur any expense or take any action herPUnder. . 5~r^x349 P~~F1i4:3 y ; ~ ~ ,,. ~ _ -_ -__ _ :~ :~ __ - r -..