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HomeMy WebLinkAbout1947t Borrower ar-d l.ender rnvenent ar-d aQree a~ followr. ~ 1. Payment of Principal 4nd t~tere~t. Borrower shall pmmptly pay when due the principal of and interest o~ the indebtcdness evidenced by the Note, prepayment and lafe chargea as provided in the Note, and the principal of and in4~eat on any Future Advances secured by this Mortgage. 2. FLnds tor Ta:es and Insurence. Subject to applicable lew or to a written waiver by Lender, Borrower ahall pay to l.ende~ on the day monthly installments of principal and inte~eat are payable under the Note, until the Note ia paid in full. a sum (herein "Ftinds") equal to one twelRh of the yearly taxea and asaessments which may attain priority over this Mortgage, and ground re~ts on the Pmperty, i[any, plus ont twelRh of yearly premium inetallmenta for hazard inaurance, plus onetwelfth of yearly premium inatallmenta for morigage inaurance, if any, all aB reasonably estimaled initially and from time to tirrie by l.ender on the baeis of aaeessmenta and billa and reasonable eetimatea thereof. The Funda ahall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal ot State agency lincluding l.ender i! Lender is such an inetitution). Lender shall apply the Funds to pay eaid taxes, aeaeaements, insurance premiums and ground rente. Lender may not charge !os so holding and applying the Funds, analyzing said account, or verifying and compiling said aeeessments and billa, unlesa Lender pays BoROwe~ intereat on the Ftinda and applicablelaw permits Lender to make auch a charge. Borrower and Lender may agrce in writing et the time of execution of this lllortgs~e thai intereai an thE Funds ahal! i,e ~,nid tu Surrvwer, and uniess such agreemeat is made or applicable law requirea such intereat to be paid, Ixnder shall not be required to pay Borrowe~ any interest or eam~nge on the Ebnds. Lender shall give to Borrowe~, without cha~ge, an annual accounting otthe Funda ahowing credita and debita to the Funds and the purpoee [or which each debit to the Funde was made.'I1~e Funde are pledged as additional security tor the aums secured by this Mortgage. . I[ the amount of the ~1nda held by [.ender, together with the future monthly inetaliments of Funds payable prior to the due dates of ta:ea, aasesaments, insurance premiums and ground rents, shall excred the amount required to pay said taxee, asseaamenta, insurance premiums and ground rnnte ae they fa11 due, such exceas shall be, at Bo~rower'a option, either promptly repaid to Borrower or credited to Borrower on monthly installmenta of ~Lnds. I[ the amount of the Funds held by Le~der shall not be sufficient w pay taxes, asaeasmenta, inaurance premiums and ground rente ae they fall due, Borrower ahall pay to Lender any amuunt necessary to make up the deficiency within 30 days from the date notice ia mailed by I.ender to Borrower requesting payment thereoL Upon payment in [ull of all aume secured by thia Mortgage, I.ender ahaU prompUy refund to Borrower any funda held by Lender. l[under paragraph 18 hereoi the Property ia aold or the Property is otherwiae acquired bv Lender, Lender ahall apply, nn ~$~,pT tIlBI! 1m~!lY~lfl[p!y gri~r to the eale of lhe Property or ita acquisition by Lender, any Funda held by I.ender at the time of application aa a credit againat the auma secured by this Mortgege. 3. Application of Paymente. Unlesa applicable law providea otherwiae, all paymenta received by I,ender under the Note and paragraphe 1 and 2 hereof ahall be applied by Lender firat in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to intereet payable on the Note, then tu the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. fiorrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground renta, if any, in the manner provided under paragraph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Korrower shalt promptly furnish to Lender all notices of amountn due under this paragraph, and in the evenCBorrower shall make payment directly, BorroMer shall promptly furnish to t.ender receipts evidencing such payments. l;c~rrower shall promptly dischargr any lien which has priority o~ er this Mortgage; provided, that E3orrower shall not be requ~red to discharge any such (ien su long as Fiorrower shall agree in writing to the payment of theobliqation secured by such lien in a manner acceptable to [.ender, or shall in good faith cuntest such lien by, ordefend enforcement ofsuch lien in, legal proceedings which operate to prevent the enforcement nf the lien or forfeiture of the Pro~ierty or any paYt thereof. 5. Hazard Inaurance. Borrower shall keep the improvements now exiating or hereafter erected on the Property insured againat loas by fire, hazards included within the term "extended coveraRe," and such other hazards as I.ender may require and in such amounta and for auch periods as I.ender may require: provided, that txnder xhall not require that the amount of auch coverage eaceed that amount of coverage required to pay the sums secured by this MortQaKe. ~ ~ ~ ~ ~fi:;~:.:;~r. The insurance camer pro~•idinK the insurance shall be chusen by Rorruorer subject to approval by I.ender, pruvided, that xuch upproval shail not be unrrasonably withhrld. All premiums on insurance pi~licirs shall he paid in the mannPr pnvided under paraRraph 2 hermf or, if not paid in such manner, by FinROwer maktnR paymrnt, when due, direcllp tu the insurance camer. All inaurance policies and renewals thereof shall be in form acceptable to I.ender and shal) include a standard mortgage clause in favorot and in form acceptable to l.ender. I.ender shall have the right to hold thC policies and renewals thereof, and Borrower shall promptly furniah to ;.£ :~2: SI: ranew a! aciires ar.d a!! r~~igi'a ai jioiQ~ ~.icTiiii~Ti~. ii~ ilir r'vci~i ~i ii~a~, livrruwrr anaii givr prumpf noiice io ine insurance cairier and Lender. I.ender may make proof of loss if not made promptly by E3orrow~er. Unless I.ender and F3orrower otherwise agrer in writing._insurance proceeds ahal) be applied to reatoration or repair of the Property damaged, provided auch resturatiun or mpair is economically feasible and the srcurity of this Mortgage is not thereby impaired. If auch reatoration or repair is not economically feasible ~~r if the security of this Mortgage would be impaired, the insurance proceeda shall be applied to the aums secured hy this Mortgage, with theexcess, if any, paid to E3~rrower. If the Property ia abandonrd by E3orrower, or if Eiorrower faila to respond to t.ender within :i(- days from the date notice is mailed by I.ender tu Korruwer that the insurance carrier offers to aettle a claim for inaurance benefits, l~nder is authorized to coUect and apply the insurance proceeds at [.ender'a option eilher to restoration or repair of the Property or the sums aecured by this MortKage. ' . . Unle9s I.ender and E3orrower otherwise agree in writing, any such application of proceeds to principa) ahall not extend or postpone thedue date of the monthly instal)ments referred to in paragraphs t and 'l hereof or change the amount of auch installmenta. If under paragraph 18 hereof the Property ia acquired by [.ender, all right, title and interest of I3orr~wer in and to any insurance policies and in and to the proceeds thereof resultinq from damage to Property prior to the sale or acqu~sition shaU pass to Lender to the extent of the aume secured by this Morlgage immediately prior to such saie or acquisition. 6. Preaervetion and MaintenanceotProperty; I.easeholda; Condominum~; Planned Unit Developmenta. Borrowerahall keep the Property in ga,d repair and shall not commit waste or permit impairment or deterioration of the Property and shall rnmply with the proviaiona of any leasr it this 1ltortgage is on a leasehold. It this Mortgage is on a unit in a condominium or a planned unit development, Rorrower shall pertorm all of Borrawer's obligations under the declaratii~n orcovenanta creatinKor govern~ng the condominium o~ planned unit development, the by-laws and regulationa of the condominium or planned unit development, and constituent documente. If a condominium or planned unit development rider is executed by E3orrower and recorded together with this Mortgage, the oovenanta and agreements of such rider shall be incorporated intu and shall amend and supplement thecovenants and a~een-ents of this Mortgageae iflhe rider were a part hereof. " 7. Protection ot Lender's 3ecurity. If Borrower fails to perform the eovenante and agreemente rnntained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's intereat in the Property, including, but not limited to, eminent domain, insolvency, oode enforcement, or arrangements or proceedinge involving e bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make euch eppearances, disburee auch sums and teke such action as is necesaary to protect Lender's intere~t, including, but not limited to, disbureement of reaeonable attorney'e fees and entry upon the Property to ma1~e repairs. If Lenda required mortgage ineurance aa a rnndition of making the loan secured by thie Mortgage, Bortower ahall pay the premiums required to maintain euch insurance in effect until euch time as the requirement for such inaurance terminates in accordance vrith Borrower's and Lender'~ written agteement or applicable I.aw. Borrower ehall pay the amount of all murtgage inaurance premiums in the manner provided undu paragraph 2 hereof. . Any amounte disbursed by Gender perauant to thie paragraph 7, with interest thereon, shall beoome additional indebtedness of Borrower secured by thie Mortgage. Unleas Borrower and Lender agree to other terme of payment, such amounts shal) be payable upon notice irom Lender to Borrower requesting payment thereof, end shall bear interest from the date of diebursement at the rate payable from time to time on outstanding principal under the Note unleae payment of interest at euch rate would be contrary to applicable law, in which event auch amounte shal) bear interest at the higheet rate permiasible under applicable law. Notl~it~.contained in this paregraph 7, shal) require I.ender to incur any expense or take any action hereunder. 8110K JJU ~a~ 1945 s -== ~