HomeMy WebLinkAbout0746E3orrower and Lende~ rnvenent artd agree a~ folbws:
l. Payment ot Principal ~nd Intere~t. Borrower shall pmmptly pay when due the principal of and interest on the indebtedneas.
evidenced by the Note, prepaymtnt and late chargea a~ provided in the Note, and the principal of and interest on any Ftiturc Advances secured
by titis hiortgage.
2. FLnds torTaxes snd Insurance. $ubject to applicable law or to a written waiver by I.ender, Borrower ahall pay to l.ender on the day
monthly inetallments of principal and inlereat are payable under the Note, u~til the Note ia paid in full, a sum (herein "Funds"- equal to one
twelfth of the yearly tauea and asseasmente which may ettai~ priority ove~ this Mortgage, ~nd gmund renla on the Properly, ifany, plus one
twelfth of yearly premium inatallments for hazard inaurance, plue onetwelfth of yearly premium installments for morigage inaurance, if any,
all ae reasonably eatimated initially and from time to tirne by Lender on the b~ais of assessmente and biils and ~easonable eatimates thereof.
The F~nda shall be held in an institution the deposits o~ accounte of which are inaured or guaranteed by a Federal or State agency
lincluding Lender it Lender is such an inatitution). Lender ahall apply the Funde to pay eaid taxee, asse8amente, insurance premiums and
ground renta. Lender may not charge !or so holding and applying the Funda, enalyzing said account, or verifying and rnmpili~g said
asseasments and bills, unleae I.ender pays Bo~rowe~ interest on the Ftinde and applicable law permita Lender to make such a charge. Borrower
• and Lender may agree in writing et the time of e:ecution ot thia Mortgage that interest on the Funda ahall be paid to Borrower, and unleae
such agreement ia made or eppliceble law requires auch interest b be paid, Lender ahall not be required to pay Borrower any inte~est or
earnings on the Funds. Lender ahall give to Borrower, without charge, an annual accounting of the Funde showing credits and debita to the
E unda and the purpoae for which each debit to the Funda was made. The Funds are pledged as additional eecurity forthesuma secured by this
Mortgage.
If thc amount olthe Funda held by I.ender, togelher wilh the future monthly inatallmenta of Funda payable prior to theduedates of taxes,
aseesaments, insurance premiums and ground rents, ahall excred the amount required to pay eaid taxea, aaseasmenta, insurance premiume
and ground rente ae they fall due, such excesa ahal) be, at Bo~TOwer a option, either promppy repaid to Borrower or credited to Borrowet on
monthly inatalimenta of Funde. If the amount of the Funds held by Lender ahaU not be aufficient to pay taxes, asseaementa, inaurance
premiuma and grvund renta ae they fall due, Borrower ahall pay to l.ender any amount neceaeary to make up the deficiency within 30 days
fmm the date notice ia mailed by Lender to Borrower requesting payment thereof.
Upon payment in full of aU aume secured by thia MortgaRe, Lender ahall promptly refund to Borrower any [unds held by Lender. If under
paragraph 18 hereof the !'t~perty i~ xnld or the Properiy is otherwiae acquired by Irender, l.ender ahaU apply, no leter than immediately prior
to the sale of the Property or its acquisition by Lender, any Runds held by l.ender at the time of application as a credit against the su~na eecured
by ihis Mortgage.
3. Applieation of Paymenta. Unlesa applicable law providex otherwiee, all payments received by Lender under the Note and
paragraphe 1 and 2 hereof ahall be applied by Leoder firxt in payment of amounts payable to Lender by Borrower under paragraph 2 hereof,
then to intereat payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea.
4. Chargee; Liena.l3orrower shall pay all taxes, assessments and othrrrharges, fines and impasitions attributable to the Piroperty which
mxy attain a priority over this A1ortKage, and leasehold payments or ground rents, i(any, in the manner provided under paragraph 2 hereof or,
it not paid in such manner, by Borrower makinK payment, when due, directly to the payee therroL f3orrower shall promptly furniah to Lender
~~ II notices of amounts due under this paragraph, and in the event I;orrower shall make payment directly, Borrower shall promptly fumiah to
I,ender receipts evidenc•ing such paymrnts. Rorrower shall promptly discharRe any lien which has priority o~~er this Mortgage; provided, that
Fiurrow er shall not be requ~red to discharge any such lien so long as liorrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable tu I.ender, or shal) in gooci faith cuntest tiuch lien by, ordefend rnforcement of such lien in.legal proceedings
which operate tu prevent the enforcrment of lhe lien or forfeiture uf the Property or any part therruf.
5. Hazard Insurance. Borrower shall keep the improvements now eaistinQ or hereaRer ereMed on the Property insured against loss by
fire, hazards included within the term "extended coverage," and such other hazards as I.ender may require and in surh amounts and forauch
Ex•riods as I.ender mav reyuire: provided, that Ixnder shxll nol require that the amount of such coverage excerd that amount of coverage
reyuired to pay the sums secvrrd by this MurtKage. r
The insurance carrier proeidinK thr insurance shaU bc~ ch~~sen by linrrnw•Pr subject to approval by I.ender, pro~•idrd, that such upprova)
shall not be unreasun.~bly withhrld. All premiums un ~nsuran~~t• µ~lu•~r. shaU t-e paid in thr m:.inner pruvidc~f under paraKraph 2 hereof or, if
not paid in such manner, b~~ li~~rrower makinK p.n•ment, vnc~•n due, din~•tly tn the ~nsurancr carrier.
Al) insurance policie~ and renewals thereof shall be ~n form acceplatile u- l.ender and shall include a standard murt¢aee clause in tavor nf
a nd in [orm acceptable to I,ender. I.ender shall have the riKht ui hold thr pulicies and renewals thereof, and Burrower shall promptly furnish to
i rnder all renewal notices and all receipts of paid premiumy. In the e~•ent nf luss, liorruwer shall give prompt nohce to the insurance carrier
and l.ender. [.ender may make proof of loss if not made promptly by I3~irrower.
ltnless I.ender and fiorrower othern•ise aKrre in wriling, insurancr proceeds shall be applied to restoration or repair of lhe Property
d.~maged, pro~~ded such resG~ration or repair is erunomically feasible and the security of this Mortgage is not thernby impaired. If such
rrstoration or repair is not ecunomically feasit~le or if the security of this Mortgagewould be impaired, the insurance proceeda shall beapplied
t~+ thr sums secured by this A1ortKage, with thr excrss, if an~, pa~d tu &mower. lf the Pruperty is abandoned by E3orrower, or if Borrower fail4 to
re,pund to [.ender within :i0 d:~ys frum the date n~,tice is mailyd by I.ender to Fiorruwer that the insurance carrier offers to settle a claim for
~nsurance t-enefits, I.ender is authurized t~~ collert and apply the insur.+nce proceeds at I.ender's option either to restoration ot repair of the
f'roperty or the sums secured by this MortKaKe.
Unless l.ender and Ek~rruv-er otherwise ~Rree in writing, any such application of procerds lo principal shall not extend or poatpone thedue
date of the monthly installment~g referred to in p:~raKraphs I and'2 hereuf or change the amount of such installments. If under paragraph l8
hereof the Property is acquired hy l.ender, all riKht, tiUe and interest of Borrower in and to any insurance policies and in and to the proceeda
thereof reaulting from damaQe to Pruperty prior to the sale or acyu+sition xhall pass to Irnder to the extent o[ the auma secured bv thie
`tortgage immediately prior to such sale or acquiaition.
6. Preeervation and Mainlenanceof Property; I.eascholda;Condominuma: Plenned Lnit Developmente. Borrowerahallkeep
the F'roperty in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the
provisiona of any lease i( this b1~rtKage is on a leasehold. !f this AtortKaKe is on a unit in a condominium or a planned unit development,
}~~rrower ahall perform all of F3orrower's obligatiuns under the declaration or covenants creatinKor govern~ng the condominium or planned
unit develupment, the by-laws and regulations ot the condomioium or planned unit development, and conatituent documenta. If a
cond~-mirsium or planned unit develupment rider is executed by Borrower :+nd recorded t~ether with this Mortgage, the rnvenante and
~Kreemenls of such rider shall I~e incurporatrd intu and shaU amrnd and supplement thecovenants and agreements of this Murt~caKeas if the
rider were a part hereof.
7. Protection ot Lender's Security. If Borrower faile to perform the rnvenanta and agrcemente contained in this Mortgage, or if eny
action or proceeding is commenced which materially affecte Lender's interest in the Property, including, but not limited to, eminent domain,
ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender et Lender i option.upon
notice to Borrower may make such appearances, diaburse euch auma and take auch ection ae ie neceseary to protecl Lender's interest,
including, but not limited to, diebursement of reaaonable attorney'e feee and entry upon the Property to make ~epairs. If Lender required
mortgage insurance as a condition of making the loan Becured by thie Mortgage, Borrower shall pay the premiums required to maintain
euch insurence in effect until euch time ae the requirement for euch ineurance terminates in accordance with Borrower's and Lender s
written agreement or applicable I~w. Borrower ahall pay the amount of aD mortgage inaurance premiums in the manner provided under
paragraph 2 hereof.
Any amounta disbureed by Lender pereuant to this paragraph 7, with intereat thereon, ahall become additional indebtedness of
I3orrower secured by thia Mortgage. Unleae E3orrower and Lender agree to other terme of payment, euch amounts eha11 be payable upon
notice from I.ender to Borrower requesting payment thereot, and shaU bear intereat from the date ofdisbureement at the rate payable from
time to time on outstanding principal under the Note unleee payment of interest at auch rate would be contrary to applicable law, in which
event such amounta ehall bear interest at the higheat rate permiesible under applicable law. Nothing rnntained in thie paragraph 7, sha11
require~l.ender lo incur any expenae or take any action he~eunder. F
~~~R 348 ~~~E 8~.9 4~~k 35U r~cEi ~~~ 5