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HomeMy WebLinkAbout1160Horrower and L,ender rnve~ant snd a~ree aa folbwr. 1. Payment ot Principal sad Intered. Borrower shall pmmptly pay when due the principal ot and inte~eat on the indebtednesa evidenced by the Note, prepaymentand latecha~ge~ a~ provided ia the Note, and the principal of and intereaton a~y Future Advances secured by this Mort~ege. 2. blutds for Ta:e~ and lnsurance. Subject to applicable law o~ to a wtitten waiver by l.ender, BoROwer shall pay to I.ender on the dey monthly inatallments o[principal and intereat an payable under the Note, unti! the Note ia paid in full, a sum ~herein "F unds"1 equal to onc twelRh ef the yearly taxes and assessme~ts which may attain priority over thie Mortgage, and ~cround renla o~ the Property, itwny, plue ont twelRh uf yearly premium installmenta for hasard insuraoce, plus onetwelRh o[yearly premium installme~ta [or mortgage inaurance, if any, all as reasonably estimated initially and from time to tiR~e by l.ender on the basis of aeaessmenta and billa and reaeonable estimatea thereof. The F~unds ehall be held in an institutio~ the depoeita or accou:sts of which are inaured or guaranteed by a Federal or State agency lincluding l.endrr if I.ender is such an uutitution). Lender shall apply the Funds to pay said taxes, easeasmente, inaurance premiums and ground re~ts. l.ender may not charge [or so holding and applying the Funds, analy:ing aaid account, or verifying and compiling said aesessmenta and billa, unless Lender pays Bormwe~ interest on the Funds and applicable law permita I.ender to make auch a charge. Borrower and l.ender may agree ia writing at the time of execution of this Mortgage that interest on the Funds ahall be paid to Bormwer, and unless such agreement is made or epplicable law requires euch interest b be psid, [.ender shali not be rcquired to pay Borrower any i~terest or eaminge on the ~nds. Lender shall give to Borrower, without charge, an annual accounting of the Funda showing credite and debits to the Funda and the purpose [or which each debit to the Funds waa made.'I1~e F unds are pledged as additional security fortheaums secured by this Mortgage. If the amount of lhe ~nda held by Lender, together with the future monthly installmente of F unda payable prior to the due datee of taxes, aeaesamente, ina~rence premiums and ground renta, ahall excted the amount required to pay eaid taxea, asaesamente, inaurance premiume and ground rrnte as they taq due, such excesa ahall be, af Bo~TOwer s option, either promptly repaid to Borrower or credited to Borrower on monthly inetallmente of Funds. I[ the amount of the Funde held by Lender ehall not be au~cient to pay teaes, aasessments, inaurance premiuma and gtound rente as they fall due, Borrower shall pay to I.ender any amount neceasary to make up the deficiency within 30 days from the date notice ie mailed by I.ender to Borrower requeating payment thereof. Upon payment in full of all euma secured by thia Mortgage, Lender ahall promptly retund to Ebrrower any tunda held by Lender. lf under pe•r~agraph 18~ Lhereof the Property ie sold or the Property is otherwiae acquired by l.ender, Lender ahall apply, no later than immediately prior ~O u,C HAIC O~ N~C ~OC~V OT I~A HMUTAI~I(f~1 Flll I P~1(~~r~ AI~V F~lR~Y ~~I.i I.Y l~nsl8~ s! :!~° ::.^.:r ^~ay~y«,:at:o:, &' a crca~lit nb~ii-st ifte aums ~xCaieu by thie Mortgage. 3. Application ot Payments. Unleas applicable law provides oihe~wise, all paymenta received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender f rat in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancee. 4. Chergee; Liena. Korrower shall pay all taxes, assessmenta and utherchargea, finea and impositions attributable to the Property which may attain a priority over this MortKaKe, and leasehold payments orKround rents, if any, in the manner provided under paragraph 2 hereotor, ~( not pa~d in such manner, by Borrower making payment, when due, directly to the payee thereof. E3orrowershall promptly furniah to I.ender :~ii notices of amountx due under this paragraph, and in the event E3orrower shall make payment directly, Eiorn,wer shall promptly turniah to I.ender receipts evidencing such payments. Borrower shall promptly dischargr t+ny lien which has priority over this Mortgage; provided, that Eiorrower shall not be required to discharge any such lien su I~~ng as &,rrower shall agree in writing to thr payment of the obligation secured by such lien in a manner accept,~ble to Ixnder, or shal) in Kood faitl~ contrst such lien by, ordefend enforcement ofsuch lirn in, legal procerdinga which operate to prevent the enforcement of the lien or fo~feiture uf the Froperty or any part thereof. 5. Hezard lnsurancr. Fiorrow~er shall keep the improvementa now existing or hereaRer erected on the Pruperty inaured againet tosa by fire, hazards included within the term "extended coverage," and such other hazards as I.ender may require and in such amountx and forauch periods as l.ender may reyuire; provided, that I.ender shall n~,t require that the amuunt of such coveraRe exceed that amount of coverage required to pay the sum~; sctivred by lhig MortRage. The insurance rarrier providinK the insurance shall be cho~en by Ei~irtower sub~ect to appro~~al by lxndrr, provided, that such :~ppru~a) shall not be unmawmably w~ithheld. All prem~ums on ~nsuran~•e p~~lii~ies shall be pa~d in the mannPr provided undrr par:~Kraph 2 hercr~f or, if nut paid in such manner, by Fiorrower making paymrnt, whrn dur, dirrctly tn th~ ~nsurancr carrier. 411 insurance policiea and renewals thereo(shall be in form acceptable to I.ender and ahall include a star~dard mortgaKeciause in favorof and in torm acceptable to I.ender. l.ender shall ha~~ethe right to hold the policies:~nd renewals thereof, and &,rrowershalt promptly furnish to i.ender all renewal notices and all receipta of paid premiums. In the event of loss, fiorruwer shall Rive prompt notice to the insurance carrier and I.ender. I.ender ma~ make pnx-f of loss if not made promptly by Horrower. Unless I.ender and Rnrrower otherwise agree in writinK, insurance prceeeds shall be applied to restoratiun or repair of the Property damaged, provided auch restoration or repair is economically (easiAle and lhe srcurity of thia Mortgage is not thereby impaired. lf such rrstoration or repair is not ecunumically [Pasible or if the security of this MortQagewould be impaired, theinsuranceprocreds shall beapplied to the aums secured by th~s MortKaKe, with the exces4, if any, paid to f~rrower_ If the Property ia abandoned by f3orrower, or i( Horrov-er faila to respond to Lender within 30 da~s [rom the date notice is mailed by I,ender to E3orrower that the insurance carrier offers to arttle a claim for ineurance beneCtta. I.ender is authorized to rnltect and apply the insurance proceeds at I~nder's option either to restoration or repair of the Yroperty or the suma secured by this Mortgaqe. . Unlesa I,ender and E3orrower otherwise aKree in v-riling, any such a pplication of proceeda to principal shall not extend or poatpone the due date of the monthly installments referred to in paraQraphs 1 and 2 F~ereof or change the amount of auch inatallments. If under paragraph 18 herenf the Pmperty is acquired bv l,ender. al! right. tetle and intprrat oC Ek-rn,wPr in And;~ ~ny ~n~~srance ~4irie~ An~± in sa~ ;o:he gsucc-r~s thereof reaultinq from damage to Property prior to the sale or acywsition shall pass to I.ender to the extent of the suma secured by this ~lortgage immediately prior to auch sale or acquisition. 6. Preeervation and Maintenanceof Property; [.easeholds;('ondominume: Plaoned I lnit Developmenta. BorroNer ehall keep the Property in good repair and shall not commit wasle or permit impairment or deterioration of the Property and shall comply with the provisiona of any lease if this Af~~rtgage is on a leasehold. If this Mortgage is oo a unit in a condominium or a planned unit development, Rorrower ehall perform all of Borrower's obliqations under the declaratio~ or covenanta creatinKor govern~ng the cundominium or planned unit development, the by-lawa and reQulationa of the condominium or planned unit development, and conatituent documente. If a c•ondominium or planned unit development rider is rxecuted by Borruwer and recurded together with thie Mortgage, the oovenante and .+Kreements of such rider shall be incorporated into and shall amrnd and supplement the covenants and aqreemrntx of this MortRage as itthe nder were a part hereof. 7. Proteclion o! Lender's 3ecurity. If Borrower fails to perform the aovenante and agreemente mntained in this Mortgage, or if any action or proceeding is commenced which materially a(fecte Lender'e interest in the Property, including, but not limited to, eminent domain, inaolvenry, oode enforcemenl, or asrsngesntnts or procesdinga involving a bankrupt or decr~dent, then Lender at Lender'a ~ption,upon notice to IIorrower may malce such appearances, dieburse euch eums and take such action as is neceasary to protect Lender ~ intereat, including, but not limited to, disbureement of reasonable attorney e fees and entry upon the Property w make repairs. If Lender required mortgage ineurance ae a condition ot making the loan eecured by thie Mortgage, Borrower shall pay the premiums required to maintain euch insurance in effect until auch time as the requirement (or such ineurance terminatee in accordance with Borrower's and Lender'e written agreement or appticable 18w. Borrower shall pay the amount of all mortgage insurance premiume in the manner provided under paragraph 2 hereof. Any amounta diebureed by Lender pereuant W this paragraph 7, with intereat thereon, ehall become additional indebtedneas of Borrower secured by thia Mortgage_ Unleae Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and ehall bear interest from the date ot disbureeme~t at the rate payable from time to time on outstanding principal under the Note unleae payment of intereet at such rate would be contrary to applicable law, in which event auch amounte ahall bear interest at the higheat rate permiesible under applicable law. NothinQ rnntained in this peragraph 7, shall require I.ender ta incur eny e:pense or teke any action hereunder. Rn~x.~.~ o~~~~~~lV ~ ~ ~,~;<. ,~~~, .. -: _; ~::~ .:: ;::.,, :