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HomeMy WebLinkAbout2092fiorrowe~ and t.ender rnvenant and agree a~ Lollows: 1. Payment of Principal and lntere~t. Borrower ehall pmmp!ly pay when due the pri~cipal of and intereat un the indebtedneas evidenced by the Note, prepaymentand latecha~gesa~ provided in the Note, and the principal of and intereeton any F uture Advancea se~cured by 'this Mortgage. Y. FLnde fo~ Taxes and Inaurance. Subject to applic~ble law or k, e written waiver by I.ende~, fiorn-wer ahall pay to i.ender un the day monlhly inetalimentx of principa) and inte~est are payable under the Note, untii the Note ia paid in full, a aum (herein "F unde") eyual to one •we1Rh of the yearly taxea and auaessments which may atk-in priority over lhis Mortgage, and ground renta on the f'~operty, if any, plus onP twelRh of yearly premium inatuilmenls for hazard inaurance, piusonelwelfth af yearly premium inatallmentalor murtguqe insurance, if a~y, N11 us rnfuwmably ret~matrd initially i~nd from time to tin~e by I.e~der on the basis of assexsmeotri nnd b~lls and reasunable rz;t~m~+tea the~eof. The Funda ahall be held in an institution the depoeita or accounta of which a~e insured or guaranteed by a Federal or State agency lincluding l.ender if I.ender ie such an inetitution). l.ender shall apply the F unds to pay eaid tuxee, aseesementa, insurance premiums and ground renfs. l.ender may not charge for so holding and applying the Funda, analysing said nccuunt, or verityinR and compilinR said asaesemen W And bills, unleae l.ender pays Borrower inlereat on the Funda and applicable law permits l.rnder to make such a charge. Korruwer and I.ender may agree in writing at the time otexecution of ttiia Murtgage that interest on the Funda ahall be paid to liorruwer, and unleae euch agreement us made or applicable law requires euch intereat to be paid, t.ender ahal) not be ~equired to pay t3orrower any intereal ur eaminge on the Funde. I.ender ehal) give to Eiorrower, without charge, an annua) accounting of the F unda shuwing cndits and debits to the F unde and the purpoae for which each debit to the F unds wua made. The Funds are pledqed as ndditional security for the aume aecured by thie Mortgage. lf the amount of the h unde held by I.ende~, tugether with the future monthly inatallments of F'onds payable prior tu the due dates o(taxea, asaessmenta, insurance prcmiuma and gr~ound rents, shall excxd the amount required to pay said taxes, asseasments, insurance premiume and ground rents as they fall due, euch exceae ahall be, af Ho~TOwer'a optiun, either promptly repaid to E3orrower or crrdited to E3orrower on monthly inBtallmente of Funde. I[ the amount o! the Funde held by I.ender ahal) not be eutfcient to pay taxee, asaeaxmente, insurance premiuma and ground rente as they fall due, Borrower shall pay to I.ender any amount necessary to make up the deficiency within :i0 daye from the dale notice ie mailed b~ l.ender to Fiurrower request~ng payment thereof. Upon paymenl in full of all aums secured by this Mortgage, l.ender ahall promptiy refund to Borruwer any funds held by l.ender. If under paragraph 18 hereof the Pruperty ia sold or the i'roperty ig otherwiae acquired by I,ender, I.ender ahall apply, no later than immediately prior to the sale of the f'roperty or its acquisition by I.ender, any F unds held by t.ender at the time nf application as a credit aKainst the suma sec-ured by this Mortgage. 3. Application of Paymente. Unlexs applicable !aw provides otherwise, al! payments rrceived by I.ender undrr the Note and paragraphs 1 and 'l hereof shaU be applied by l,ender first in payment of amuunts payable to I,ender by E3orrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal ot the Nute, and then to interest and principal on any F uture Advancea. 4. Charges; l.iens. F3orrowrr shall p.iy all taxrs, assec5ments and ~~thrr charKes, fines and im{x,s~tiuns attributahle u, the Property which may att~in a priority over this MortKaKr, ~nd Ir:~.seh~~ld payments urK:ound rentc, ~f any. ~n the manner pruvided under paraRraph'L hererdor, if nut paid in such m.~nner, by Rurruwrr mak~nK p:iyment, w•hen dur, d~rrc•tly to the p.iyre thereuf Rorruwer shall prnmptly fum~Kh to IRnder all not~crs of amuun4s due under this par.~Kraph, and ~n thr rvrnt 13~~rruwer sh.ill makP payment d~rrctly. Rorn~wPr sh:~ll prrimptly furnish f~~ Ixnder rece~ptti evidenc~4K such payment~~ Ei~~rn~w-rr shall prumptly dis~harKr any 6E•n which h,~s pnonty o~•er thiti \~1~~rtK:iKe, pr~,vide~tl, that E3orrower sha{I not t-r reywre~l tud~scharKr :~ny such I~en sn IunK :~~ R~~rrowrr shall:~Kree in writinK tu thP p:~ymrnt uf thf•~~bhK:~ti~,n tiecured by such lirn in a m.~nner accrp4~blr tu Ixndrr, or,h:~U ~n K~x,d farth contrst suc•h I~en by, urdPfE•nd Pnfun•rmc~ntuf tiu~•h t~e•n in. It•Kal pn~ceed~nKs w•hich operate t~~ pre~~rnt the t•nfurcrmrnt ~,f thr l~rn +.r (orfr~ture• oi th~• I'ropt•r[y ~~r an_r• part therr~~f i. Hazard Insurance. Kurn~wer sh.ill krep tF~ impruvements nuw exist~nK or hereafter Prected on the Property ~nsured aKainst lov~ by firr, hazards included w•ithm thr term "extendr{1 ruveraKe." and such other hazards as Ixnder may requ~re and ~n such amounts and for such prnods as I.endrr m.iy rr~~utrr, pr~~~~ideKi, ehat Ixndrr shall nnt rryu~re that the am~~unt of such rnvrraKr excrt~cl that :~muunt of rnveraKe rrywrcYl tu p;i~• thr sums sr~vrcd bp thi. `1urtKaKr. "fhe mcurani~r ~•.~mrr pru~~tdinK th~~ :nsuranrc• shall tw~ ~•h~~.~•n hy ISnrr.~w~~•r.utry~r~t t~~ ~+ppr~n~:~1 b~• I.~mdrr. pn~~~~dFr~, that w~•h :~pprncAl shall not tx~ unm:~s~~nehly ~~~thhrld All prrmwms ~m jnsur.~n~•~• p~~h~ ir. sh:~ll Frr pa~d in thE~ mnnnrr prn~ ~dtYi undrr p:~r:~Kr:~ph '_' hPrwdnr. if not patd ~n su~~h mannF•r, b~• li~,m~wer mak~n~; p:i~•me•nt, wtirn du~•. d~n•~ tlc tn th~• ~muranc•r i•:~mrr Al) inaur~nce pol~~•ie~ :~nd rrneM~~ls thrreotsh~~ll he in furm .~ccept~blr G~ I.enderand shall ~nclude a standard murtKaKeclau~ in f:~~•nr ~~f :~nd in furm acceptahle t~~ I,ender t,ender.h~+ll ha~•e the nKht U~ huld thr ~~l~t~~es and renPwals thereof. and Rorruw~rr shall prnmptly Curn~sh to ~.ender a11 renewa) n~~t~cr. and ali re~•eipls of patd premiums. In the rvrnt of loss, R~~rruwer shall K~ve prompt nohcr t,~~ the ~n4urainre camer and I.rnder (.ender may makr pr~H~f nf luss if not madF promptly by Fiurruwer. ('nless I.endrr and f~rrtuw•er otherwise aKr~ in wnte~K. ~nsurancr prncerds shall be appl~ed to ~estorauon ur repair of the Yrnperty damaKed, pro~•~drd su~•h re.tnratiun ~rr repair ~s e-c-unumu•ally (ra~~hle and the srcunty uf this Mortg:~ge is nut thPrehy ~mpairPd. If such rraG~ration nr rrpa~r ~s not econumic:~ll~ feas~blP or ~f thr sec-unty of th~s MortKaRr wuuld he i~paired, the msur:ince pr~x•eeds shal! be applied u~ the sum:; yerured by ih~~ 11~rrtKaKr, w;th threx~~t•,,. ~C.im•, paid tu F~~rrow•er If the Pru~rty is abendoned by Eiorrower. ~r if fi~~rr~,wer faita G~ rn~pund tn I~ender w•ith~n :i11 d:~y~s fmm thr d:~tr nnhc~r tv ma~lNCi tn• I.endrr G~ fturruwrr that thP ~nsurance camer ofiPrs t~i sPttle a rta~m for insurance benefits. Ixnder ~s authunzrd t~~ c-ollr~•t .~nd :~pph• the insurancr prncrrds at (,ender's opU~~n either to restorat~on ur rrpa~r ot thr f'ruperty or the wums securrd by th~s M~~rtK:iKe l~nless l.ender and li~~rruwrr othrrwisr aKrer in wnt~ng, any such apphcation uf prc.ceeds to pnncipai shall not extend or pustpeme thedue date of the monthly intit.illments refened to m paraKraphz 1 and'l Fierc~~f or change the amount of such mstallmenG4. I[ under paragraph lri hereof the Prc~perty is acyuirrd b~~ I.ender, a~l riKht, tidr and interect ~~f fiormwer ~n and tu any ~nsurance pnlicies and in and to the proceeds thertr~f reaultinQ from da~maKe u~ !'rrrpr•rty prior to the s~lr or an~wsition yhall pass to [.ender to the extent of the sums secund b~~ this :4fortKage immecl~atelV pnor to such xale or acquisrtion. fi. 1'reeervation and Meintenxncr of Property; l.reac~holds; ('ondominums; Plenned l: nit Developments. Borrower ah,ill keep the Property in K~H,d rep:ur and shall not commit w•a~tF r~r ~rrr-rt impairment or deteno~ation of the Property and shall compl~ w~th the pru~~isionP of any lease J thi4 11~rrtK:~Ke is on a}easehold if th~s 11urtKaKr ~~ un a unit in a condoM~n~um or a planned unit development, Kc~rrower ahal! perform all of lt~~rrower's ubligations under the declaratiun or c~~~~enantn ~reatinKor govermng the condomin~um or planned unit development, the by-lav-~ and reKutations of the c~rndominium or planned unit development, and constituent documents. If a c~r~nduminium or planned unit de~•rlopment rider ~s t•xecutrd by &~rruwer and recorded to~crther w~th this ~lortgaKe, the rnvenants and aKrrt•mrntc of su~•h nder sh,Jl irP ~n~ ~~rpuratrrl intu and shall arnrnd and supplrmrnt thecu~rnants and.eKrrrmrnts uf th~s ~1urtKaKeas ef the nder v~~~•rv :i part hert•ot. ~ 7. Protection of [.ender'e Security. If E3orrower fai1P tn perform the covenante and agreemente conteined ~n thia Mortgage, or it any action or proceeding ie commenced which matenally a(ferte [.ender's interent in the Property, including, but not lim~ted to, eminent domain, ~neolvency, cY~de enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then I.ender at Lender'e option,upon notice to Borrower may make euch appearances, dieburee auch sum~ and take auch action as ia neceseary to protect l.ender's ~nterest, ~ncludinQ, but not limite~ to, diabureement of reasonable attorney's feee and entry upon the Property to make rcpairo. If I.erider required mortgage ineurance as a condition of making the loan eecured by this Mortqage, &~rrower ehall pay the premiums required to maintain euch ineurance in effect until euch time aa the requirement for auch ~neurance terminates in accurdance with E3orrower'a and Lender's written agreement or applicable l.i+w. Borrower ahall ps~y the amuunt o( a!! moRgage ineurance prem~ume in the manner provided under paragraph 2 hereof. Any amounta diebursed by [.ender {,ereuant to thie paragraph 7, with intereat thereon, ehall become addit~onal indebtednees of F3urroa•er eecured by thie Mortgage. lJnleee Fiorrower and l.ender agree to other terme of payment, auch amuunte shal) be payable upon nutice frum l.ender to Borrower requeeUng paymenl therenf, and ehall bear intereat fmm the date of diabureement at the rate payeble from time to time un outetand~ng principal under lhe Note unleea paymenl of intereet at euch rate would be contrary to applicable law, in which event euch amountn ahall bear intereet at the higheet rete permise~ble under applicable law. Noth~ng conta~ned in thia pnrngraph 7, ahall reyu~re I.endrr b, ~n~ur any rxpense or take any action hereunder. . d:~.}K34~~ ~,,,1E 20y~.