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HomeMy WebLinkAbout1524Borrower and l.eode~ covenant e~d agree as folbw~: 1. Peyment oi Arinclpal and Interest. Borrower ehall promptly pay when due the principal of and interest an the indebtedness evide~ced by the Note, prepayment and latechsrges as provided in the Note, and the principal o[and i~tereat o~ any Futu~e Advancee eecured by this Mortgage. 2. F`unda !o~ Tases and Insurance. Subject to applicable law or to a writte~ waiver by l.~nder, Borrowe~ ehall pay to I.ender on the day monthly instal{menta of principal and i~terest an payable under the Note. until the Note is paid in full, a aum lhe~ein "F unde"1 equal to on~ twelfth oithe yearly taxes a~d a8sesements which may attain priority over this Mortgage, and ground renta on the f'mperty, iiany, plus one twelRh of yearly premium inataltments for hazard inau~ance, plus onetwelRh of yearly premium inataUments for mortgage insurance, if any, all ae reueonably eetimated initiaUy and from time to tiRie by I.ender on the basis of aesesamenta a~d bills and reasunable eatimates thereof. The F1-nds afial! be held in an inatitution ihe deposits or accounts of which ere inaured or guaranteed by a Federul or State agency lincludin~ l.ender it l.ender is such an institution). l.ender shali apply the Funde to pay said taxes, asaesaments, ineurance premiums and ~zround rents. Leoder may not charge fw so holding snd applying the Funda, analyzing said account, or veritying and compiting said asaeesmente and bills, u~less Lender pays Borrower i~tereat on the Funde and applicable law permita l.ende~ to make euch a charge. Borrower and l.ender may agree in writing at the time of execution ot this Mortgage that intereat on the Funda shall be paid to 13orrower, and uniese auch agreement ie made or applicable lew requires auch intereat W be paid, Lender shal! not be ~equi~ed to pay E3orn,wer any interest or earnings on the F~nds. Lender ehall give to Borrower, without charge, an annual accounting of the F unda showing credita and debita to the Funds and the purpu~e for which each debit to the F unda was made. The Funde am piedged as additional security foir the aums secured by this Mortgage. ' if the amount ot the Funda held by Lender, together with the future monthly inatalimenta of Funda payable prior to the due datea o[taxes, asseisamenta, inaurance premiums and ground rente, ahall e:cred the amount requind to pay aaid taxea, aeaear~menta, inaurance premiume and grcund renta as they fall due, auch excess shafl be, at BoiTOwer s option, either prompdy repaid to Borirower or credited tu Borrower on monthly installments of Funda. If the amount of the Funda held by Lender ehall not be eufficient to pay taxes, asaessmenta, insurance prnmiume and ground rente as they fall due, Borrowe~ shall pay to l.ender any amouot necessary to make up the deficiency within 30 days from the date notice ia mailed bY t.ender b E3orrower requesiing payment thereof. Upon payment in [ull of all aums aecured by this Mortgage, [xnde~ ahal! promptly refund to Korrower any funds held by l.ender. li under paragraph 18 hereof lhe Property is eold or the Property is otherwiae acquired by Lender. [.ender `shall spply, no later than immediately prior to the aale of the PYoperty ot ita acquiaition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by thie Mortgage. 3. Appiication ot Payments. l,tnless applicable law providea otherwiae, ali paymenls ceceived by l.ender under the Note and paragraphe 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by E3orrower under paragraph `l hereof, then to interet:t payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancee. A. C:hargee; Liene. Korrowec shail pay all taxes, assessments and other rharges, fines and impusitions attributabie to the 1'roperty which ~nay attain a priority o~ er this 111ottQage, and leasehold payments or Kround renls, if any, in the manner provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrc-wrr making payment, when due, directly to the payee lherrot Kurrowershall promptly furnish to Ixnder ~+{I notices c.f amuunts due under this paraKraph, Hnd in the event f3orrnwer shall make payment directly, BorroN er shall promptly furnish to I.ender receip~ti rvidencing such paymen~a. I~rrower shatl p~omptly discharge any lien vch~ch has priority over this MurtK:iKe; provided, that liorruwer 3ha11 not iie rc~uired ta discharge any~ such lien so long ~s Fiorrower shal) agree in writinK tu the payment of thr obligation secured by sc:~h lien in a manner acceptable to IAnder, or sh:il) in Kood faith cwntrst such hen by, ordefend enforcement uf such lien in, Irga) procecclings w•hich c-perate tc~ pre~ent the enforcrmrnt of thr lien ur forfeitur~ of the ~'ruperty or any part there~,f. . 5. Hazard ! nsurance. Rurrower shvll keep the impmvemenls nuw exist~ng or hereafter erected on the P~operty insured against loss by fire, hazards includec~ within the term "extended n-veraKe," and such other hazards as Ixnder may require and in auch umounts and for auch peri~,ds as Ixnder ~na~ reyuire: pruvided, that Ixnder shall not require that the amount of such co~~eraKe excerci that amount of coverage required to pay the sum~ secured b~ this :~1urtKsKe. - The insuranre c;imer pr~~v~d~nK the incurance shall M~ ~•h~~s~•n by R~~rruwer subjeY-t to apprnval b~~ I.e~nder, pruvidc~, that such appruval shail not be unrraw~~iaM~ withh~•Id. AI{ prem~ums un insurnn~•r jN~li~•ir~ shall 1x• pa~d in the mc~nner pro~•idcd under p:~r:iKr.~ph 'L hPr~-f or, if nut paid in such manner, by Fiurruwer mak~n~; µc+~•mrnt, wh~•n due, dirt~ctl~• tu the ~nsurance carrier. All insurance policiPS and renrwals thereof shall be in form acceptable to IPnder and shall include a standard mortgaKeclause in favorof and in form acceptablr to l.ender. l.ender 4hall have the riKht to hold the policies and renrwals thereof, and Borre~wer shall promptly furnish to i.ender all renewal nc~tices and all receipts uf patd premiu~ns. In thP evrut of loss, Korruwer sha0 give prompt nutice to the insurance rarrier and I.endec I.ender may make proof of I~ss d not made promptly by F3orrower. tTnless [.ender and &~rrower othervv~se agree in writing, insurance proceeds ahal) be applied to restoration or repair of the Property damaged, pro~~ded ~uch restorat~nn or repair i~ r~•une~mi~•ally irasible and the strurity of this Mortgage is not lhereby imp:~ired. If such rrst,~ration or repair is noi ecunomicallr fPasi ble nr if t~e security o[ this Morlgage would be impaired, the inaurance pTOCeeds sha{I be apptied to the sums secured by this ~U~rtKaRe, vvilh thr ex~•rss, if an~ , paid to &-rrower. If the F'roperty is abandoned by E3orrower, or if liorrow~er faila to reapund to l.ender with~n :~1- dayti from the datr nutice ~s mailvd by I,ender u~ Rurruwer that the insurance carrier offers to settle a claim for insurance henefits, t.ender ~s authunzrd to collre•t and apply the insuranre prncreds at l,ender s aption rither to restoration or repair of the }'ropeCty or the sums xecured by this ,~1ortKaQe. Unless I.ender and f~,rrower otherwise aKree in writing, any such application of proceedsto principal ahall notextend or postpone thedue date of the monthty installments referred tu in paraKraphs 1 and 'I herrof or change the amount of auch installments_ If under paragraph ki hereof the Property is acquired by (.rnder, all right. titte and inlerest of Bormwer in and to any insurance policies and in and to the proceeda there~f rc-aulting from damage to Property prior to the sale or acyu~sition shall pass to I.ender to the extent of the sums secured by thia Mortgage immediately prior to such sale or acquisilion. 6. Preaervation and M~intenance of Property; I.easeholds; Condominume; Ylanned tJnit Developmenta. E3orrowershall keep the I'roperiy in K~wd repair and shall not commit waste or {~ermit impairment or deterioratwn of lhe Property and shall comply with the prov~sions of any (ease if this ~turtKaKe is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, korrower ahail perform all.ot }3orrower's obliKatiuns under the derlaration or covenants creatinKor govermng the condominium or planned unit development, the by-laws awd regulations of the c~-ndominium or planned unit development, and conetituent documenta. If a i~ondominium ur planned unit development rider is executed by fiorrower and recorded t~~ether with this Mortgage, the covenanta and aKrerments ~~f such rider shall be incurpurated into and sh~ill :~mend and supplrment thecovenantsand aKreementsof this Mort~aQeas ifthe nder werr a paTt hereof. 7. Protection of I.ender'e Security. If Borruwer faile t~o perform the rnvenante and agreements contained in thie Mortgage, or if any action or proceeding ie commenced which materially af[ecte I.ender'e intereat in the Property, including, but not limited to, eminent domain. ineolvency, code enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at l.ender's option,upon iiotic¢ to Borrower may make euch appearances, dieburee euch eums and takr auch action as is neceeeary to protect Lender's interest, including, but not limited to, diebursement ot reasoriable attorney'e feee and entry upon the Property to make repeirs. It Lendet required mortgege ineurance as a condition of making the loan aecured by thie MoRgr~ge, Borrower ahall pay the premiuma required to maintain euch ineurance in effect until euch time as the requirement for euch inaurance terminatea in accordance with Borrower's end L.ender s written aqreement or applicable Law. Borrower ehalt pay the amount of all morigage ineurance premiume in the manner provided under paragraph 2 hereoL Any amounte dieburaed by Lender perauant W thie paragraph 7, with interest thereon, shall beeome additional indebtedneas of Rorrower secured by tfiie Mortgage. Unieae ~3orrower and l.ender agree to other terma of payment, auch amounts shall be payable upon notice fr~m [.ender to f3orrower requeeting paymrnt lhereof, and ahall bear interest fmm the date of disburaement at tfie rate payable from time to time on outetanding principa) under the Note unleas payment of interest at auch rate would be rnntrary to applicable lew, in which event auch amounta ehall bear inteteat at the highest rate permiseible under applicable law. Nothing contained in thie paragraph 7, ehall require I.ender to ~ncur any expenae or tske any action hereundet. ,~'~x349 ~~~E1524 ~ t . ~ .,,. _ . ~. _:__ . _ ~~y_:~:. _ _ -._