Loading...
HomeMy WebLinkAbout1927~• ~ ~ r ~ :~ Bormwer and Lende~ cavenant and a~cee ai folbwr 1. Psyraeat ot Pri~clpal wnd Intere~t. Bonower shall promptly pay whe~ due the p~ncipal oi and interest on the indebtednees evidenced by the Note. prepayment and Irte chu~es as pmvided in the Note, and the p~ncipal of and interest on any Future Advances secured R by thia Mort~a~e. 2. Flutds for Te~es and In~ureu~ce. Subject to applicable law or to a written waiver by I.ender, Borrowe~ shail pay to I.ender on the day monthly installments o[ principal and interest are payable under the Note, uMil the Note is paid in tull, a aum lherein "Flinds") equal to one twelfth of the yearly taxcs and asseasments which may attain priority over this Mortgage. a~d ground re~te on the Property, if any, plus one twelfth of yearly premium instaUments for hazard insurance, plus onetwelRh of yearly prem~um installments for mortgage inaurance, itany, all as reasonably estimated initially and from time to time by l.ender on the basia of asseesments and bills and reaeonable eetimatea thereof. The PW-ds ahall be held i~ an inatitution the deposits or accounta of which are insured or guaranteed by a Federal or State agency lincluding Lender it Lender is such an institution). Lender shall apply the Funds to pay said taxes, aseeeaments, inaurance premiwns and ground rents. Lender may not charge ior ~o holding and applying the Funda, analyzing said account, or veri[ying and compiling eaid asaeasments and bi11s, unleas Leader pays Botrower intereet on the Funds and applicable law permits Lender to make auch a charge. Borrower and Lender may agre~ in writing atthe time of e:ecution of thie Mortgage that intereat on the Funds shall be puid to Borrower, and unless euch agreement is made or applicable Isw requires such intereat to be paid. I.ender shall not be required to pay Bormwe~ any i~terest or eamings on the FLnds. I.ender shall give to Borrower, without charge, an annual acoounting of the Funds showing credita and debits to the Funds and the pur{wae for which each debit to the Funds waa made.'l~e Funda are pledged a8 additional security for the aume eecured by this Mortgage. I[the amount otthe F~nds held by Lender, together with the future monthly instaliments of Funds payable prior to the due datea oltaxes. aeeeeaments, inaurance premiuma and ground renta, ahall excred the amount requiced to pay said taxea, aeaeeaments, inaurance premiums and grou~d rents as they tall due, such excess shall be, at Bonower'a option, either prompdy repaid to Borrower or credited to Borrower on monthly inatallments of ~nde. It the amount of the Funde held by Lende~ sha11 not be sufficient W pay taxes, aseeasmente: inaurance premiume and ground rente as they fall due, Borrower shal) pay to Lender any amount neceseary to make up the deficiency within 30 daya from the date notice is mailed by l.ender to Borrower requeating payment thereof. Upon payment in fnll of all aums secured by thie Mortgage, i.ender ehal! promptly refund to Borrower any [unda held by Lender. If under paragraph 18 hereof the Property ia sold or ihe Property ia otherwiee acquired by Lender. Lender shall epply, no later than immediately prior to the sale of the Property or ite acquisition by Lender, any Funda held by l.ender at the time of application as a credit againat the sums aecured by this Mortgage. 3_ Application ot Payments. Unleas applicable Iaw provides otherwiee, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by [.ender firat in payment of amounfa payable to Lender by Borrower under peragraph 2 hereof, then to intereat peyable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancee. 4. Charges; Liena: Borrower aha11 pay all taxes, assessments and otherchargea, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ~round rentn, if any, in the manner [-rovided under naragraph 2 herenf or. if not paid in such manner, by Burrower makinq payment, when due, directly to the payee thereoL Borrower shall promptly furnish to Lender all notices o[ amounts due under this paragraph, and in the event Borrower shal) make payment directly, Borrower shall promptly tumish to l.ender receipts evidencing such paymenta. Borrower shall promptly discharge any lien which has priority over this Mortgaqe: provided, that I3orrower shall not he required to discharge any such lien so long as E3orrower shall agree in writing to the payment of theobligation secured by such lien in a manner acceptable to l.ender, or shall in good faith contest such lien by, ordefend enforcement of such lien in, iega! proceedings which operate to prevent the enforcement of the lien ur forfeiture of the Propertv or any part thereof. 5. Hazard lnsurance. Borrower shall keep the improvements nuw existing or hereafter erected on the Property insured aqainat losa by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounta and for euch periods as I.ender may requ~re; provided, that Lender shall not require that the amount of such coveraRe e:ceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providinK the insurance shall be chusen by F3c-rrower subject to approval by I.ender, pruvided, that such approval shall not be unreasonabiy withheld. Al) premiums on msurance p~~licies shall be paid in the m:~nner pru~~ided under paraKraph 2 hereof or, if not paid in surh manner, by Korrnwer makinR payment, when due, directly to the insurance carrier. All inaurance policies and renewals thereof ahall be in form acceptable to Lender and ahall include a standard mortgage clause in favor of and in form acceptable to [.ender. (xnder shall have the right to hold the policies and renewals thereof, and &-rrower ahall promptly furnish co -.ender all renewal notices and all receipts of paid premiums. In the event of loss, &~rn,wer shall give prompt notice to the insurance carrier and l.ender. Lender may make proot of loss i( not made promptly by Horrower. Unleas [.eoder and Iiorrower othenvise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage ia not thereby impaired. If such restoration or repair is not economically feasible r~r if the security of this Mortgage would be impaired, the insurance proceede shall be applied tn the aums secured by this Mortgage, with the e:cess, if any, paid to F3orrower. lf the F'roperty is abandoned by E3orrower, or it Horrov-er tails to reapond to Lender within :i0 days from the u'ate nutice is mailed by I.ender to E3orrower that the insurance carrier oifera to settle a claim for inaurance benefita. I.ender is authorized to collect and apply the insurance proceeds at Lender's option either to rnstoration or repair ot the Property or the aums secured by this MortKage. Unless Lender and fiorrower otherwise agree in writinq, any such applicatiun otproceeda to principal ahalf not extend or postpone thedue date of the monthly installmenta referred to io paragraphs I and'2 hereof or change the amount oteuch installmenta. If under paragraph 1R hereof the Property is acquired by l.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeda thereof resulting from damage to Property prior to the sale or acqu~aition shall pass to Lender to the extent of the aums aecured by this 1lorigage immediately prior to auch sale or acquisition. 6. Preeervation and Maintenanceof Property; I.easeholds; Condominuma: Planned U~it Developmenta. Borrowerahall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisione of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development, Rorrower ahall per[orm all of E3orrower's obligations under the declaration or rnvenanta creatinRor governing the condominium or planned unit development, the by-laws and reRulationa of the condominium or planned unit development, and conetituent dceuments_ If a conduminium or planned unit development rider is executed by Borrower and recorded together with thia Mortgage, the rnvenanta and :+Rreements of such rider ahall be incorporated into and shall amend and supplement thecovenants and agreements of thia Mortgageasif the ri~er were a parl hereof. 7. Protection of I.ender'~ 3ecurity. If Borrower fails to perform the oovenante and agrcements rnntained in this Mortgage, or if any 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 arrangementa or proceedings involving a bankrupt or deoedent, then Lender at Lender's option,upon notice to Borrower may make euch appearances, disburse such aums and talce such action as is neoessary to protect Lendrr'~ interest, including, but not limited to, disbureement of reasonable attorney's fees and entry upon the Property to mal~e repain. If Lenda required mortgage ineurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the prcmiums required to maintain euch inaurance in effect until such time es the requirement for such insurance terminetes in accordance with Borrower's and Lender s written agreement or applicable Law. Borrower shaU pay the amount of all mortgage insurance premiums in the menner pmvided under paragraph 2 hereof. ~ Any amounte disburoed by Lender perauant b this paragraph 7, with interest thereon, shall become additional indebtedness of Rorrower secured by this Mortgage. Unlese Borrower end Lender agree to other terms o! peyment, snch amounts shall be payable upon notice from Lender to Borrower requesdng payment thereot and shall bear inLerest from ihe date ot disbunement at the rate payable from time to time on outstanding principal under the Note unlese payment ot interest at such rate would be oontrary to epplicable law, in which event such amounts shall bear interest at the highest rate permiasible under applicable law. Not6in~ contained '1n this paragraph 7, shall require Lender to incur any expense or take any sMion hereunder. . BOOK~h~V P~~'+~'~ ~:,