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HomeMy WebLinkAbout0957 . , eorrower and Lend~ ooveaant and a~ae a~ lolbwa: 1. Paymeat ot Pri~ujpal aad Iaterea~ Borrower shall pmmpQy pay wrhen due the principal of and itrtered o~ the indebtednew evidenoed by the Note. prepayai~t and lat~e chsr~e~ sa pmvided i~ the Note. aad the principal ot and intersst oa aAy I~ture Adva~ces secured by this Mort~a~e. 2 FLnds for Tues and Iasuru~ce. Subject to applicable law or to a written waiver by I.ender. Bormwer shall pay to Lender on the dey monthly inaW Imenta of principal and interest are payable under Ihe Note. unW the Note is paid in full, a sum (herein "I~nda") equal b oao- ~ tweltth of the yearly tases and a~~essments which may attain priority over thia Mortgage. and ground renta on the Property. if aay. plw ons twelRh of yearly premium inatallments for hasard ir?surance. plua onetwelRh ofyearly premium installmmts for mortgage inaurance, if any. all as reasonably eatimeted inilially and from time !o ti~ue by Lender on the baais of aasessments and bilis a~d reasonable ealimatea thereot The I~Lnda shall be held in an institution the deposita or aecounts ot which are inaured or gua~anteed by s Fedcral os State agency (including Lender if Lender is snch an institution). Lende~ ahall apply the Fu~da to pay said ta~ces, aaseasments. inaurance premiums and ground renb. Lender may not chacge for w holding and applying the F1~nds, analyzing aaid account, or verifying and compiling said aaeeasmenta and billa, unless Lender pay~ Borrower intereat on the Funds and applicable law pennies Lender b make ouch a charge. Borrower and Leader may agree in writing at tbe time of e:ecutioa of thia Mortgage that interest on the ~nda shall be paid to Borrower. and unleaa sucA agreement is made or appUcabk law requires auch intereat to be paid, Lender shall not be requircd to pay Borrower any interest or earnings on the I~nds. Lender ahall give to Borrower, without charge, an an~ual accounting oi the ~ads ahowing credita and debits to We Funds and the purpose for which each debit to the Funds waa rnade. The Fu~da are pledged as additional security for the sums secured by this Mortgage. If the amount otthe fl?nda hdd by Lender. together with the future monthly inatallmente otFunda paysble prior to the due datee of ta~es. asaesaments, inaurance premiums and ground renes, shall e:cxd the amount required to pay aaid ta:ea. asaessments, inaurance pnmiums and ground rents as they fali duc, such e:ceas shall be, at Borrower'a option, either pmmpdy repaid to Borrower or credited to Borrower on monthly inatallmenb of I~nds. If the amount of the Funds held by l.ender ahall not be aufficient to pay taxes, asseaamenta, insurance Drnmiama and ground renta as they faU due. Borrower ahall pay to Lender any amount neceseary to roake up the deficie~cy within 30 days ' fmm the date notice ia mailed by I,ender to Borrower requesting payment thereof. ~ Upon payment in full of all sums secured by thia Mortgage, Lender ahall pranpdy refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property ia otherwiee acquired by Lender, Lender ahall apply. no later tleaa immediattly arior w ine saie of ine Yroperty or ita soquie~don by l.ender, any Funds held by Lender at the time of application as a credil against thesums eecund by this Mortgage. 3. Applieatioa of Peyments. Unleaa applicable Iaw provides otherwise, all payruenta received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by I.eader firat in payment of amounta payable to [.ender by Borrov?er under paragraph 2 hereof. then to intereat payable on the Note. then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Chsrges; Liens. Borrower shall pay all taaes, a.g.4essments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by E3orrower making payment, when due, directly to the payee thereoL f3orrowershall prompdy furnish to Lender all notices of amounts due under this paragraph, and in the event E3orrower shall make payment directly, Borrower shall promptly furnish to I.ender receipts evi~encing such payments. E3orrower shall promptly discharqr any lien which has priority over this Mortgage; provided, that E3orrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to I.ender, or shall in good fai?h contest such lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement o[ the lien or forfeiture of the Property or any part thereof. 5_ Hazard Inaurance. Born?wer shall keep the improvements now existing or hereaRer erected on the Property insured against losa by fire, hazards included within the term "extended coverage." and such other hazards as Ixnder may require and in such amounfa and forsuch periods as Lender may require; provided, that I.ender shall not require that the amount o[ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen b~ liorr~~wer subject to approval bp I.ender, provided, that such approval shall not be unreasonably withheld. All premiums on insuram•e policies shall be paid in the manner provided under paraQraph 2 hereof or, if nut paid in Quch manner, by E~rrower making payment, when due, direcUy to the insurance carrier. All inaurance policies and renewals thereotshall be in form acceptable to [.ender and shall include a standard mortgageclauae in favorof a nd in form acceptable to Lende~. i.ender shall have the right to hold the policies and renewals thereof, and Bnrrowe~ shall prompdy furnieh to ?.ender al) renewal notices and all receipts of paid premiums. In the event of loss, E3orruwer shall give prompt notice to the insurance carrier ~ and Lender. I.ender may make proof of loss if not made promptly by Bbrrower. Linieas I.ender and Borrower otherw~se agree ~n w-riUng, insurance proceeds shall be applied to restoration or repair ot the Property ~ damaged, provided such restoration ur repair is econumically feasible and the security of this 1Nortgage is not thereby impaired. If auch restoration or repair is not economicaily feasible or if the security ot this Mortgage would be impaired, the insurance proceedashall beapplied to the sums secured by this Mortgage, with the exmss, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to I re~pond to Lender within 3tl days from the date notice is mailed by I.ender to E3orrower that the insurancr carrier ofCers to settle a claim for ' i neurance benefite. Lender is authorized to collect and appl_r• the insurance proceeds at Lender s option either to reatoration or repair of the i Property or the sums secured by this MortRage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds ta principal ahall not extend or postpone the due j date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments_ If under paragraph 18 ; ~ hereof the Property is acQuired by Lender, all right, title and interest ot Bornower in and W any insurance policies and in and to the proceeds C thereot reaulting [rom dainage tu Property prior to the sale or acqwsition shall pass b Lender to the extent of the suma secured by this ; ; ytortgage immediately prior to such sale or aoquisition. ~ 6. Preaervation and MaintenanceotProperty; Leaseholds; Condominums; Planned Unit Developments. Borrowershall keep ~ the Property 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 if this Atortgage ia on a leasehold. If this Nortgage is on a unit in a condominium or a planned unit development, E~orrower ahail perform all of I3orrower's obliqatiens under the declaration or covenants creatingor govern~ng the condominium or planned ~ unit develupment, the by-laws and regulations of the condominium or planned unit development, and constituent documente. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the aovenanta and ~ agreements of such rider shall be incorporated into and shall amend and supplement thecovenants and agreements of this Mortgage as ifthe F rider were a part hereof. ' 7. Protection of Lender's Security. If Borrower taila to periorm the oovenants and agreementa oontained in this Mortgage, or if any ~ action or proceeding is commenoed which materially affects Lender's interest in the Property, including, but not limited to, emineat domain. ineolvency, oode a~forcement, or arrangements or proccedinge involving a bankrupt or decedent, then Lender at I.ender's option.npoa ~ notice to Borrower may mate snch appearances, dieburee euch awns aad take wch action as is neceesary to protect Lender'~ iutuest, ~ ~ including, but not Gmited to, diabursement of reaeonable attorney's fees and entry npon the Property to make repaitt. If I.ender required - mortgage insurance as a rnadition of malung the loan secured by this Mortgage, Borrower ahall pay the pmniums reqaired to maintain _ euch insnrance in effect until euch time as the requirement for such insurance terminates in accordance writh Borrower's and Lendd~ written agreement or applicable Iaw. Borrower shall pay the amount of a!1 mortgage inaurance premium~ in the manner provided nnder . paragraph 2 hereof. ~ My amounts disbnrsed by Lender persuant w this paragraph 7, with interest thereon, sha11 become additional indebtednes~ o! ~ f3orrower secured by this Mortgage. Unless Borrower and Lende: agree to other terms ot paymen~ such amounts shaU be peyable upon ~ ~ notice trom [.ender to Bormwer requesting payment thereof, and ehell bear interest from the date of disbunement at tbe rate payable tmm ~ ~ time to time on outstanding principa) under the Note unleae payment of interest at such rate would be rnntrary to applicable law. in which ~ event such amounts ehall bear intereat at the highest rate permiasible undet applicabk law. Nothing contained ia tbi~ parsgraph 7. i}tall require [.mder to incnr any e:pense or take any action hereunder_ ~ . 8~352 e~c~ 9~6 _ . . . . t . ~ ~ ~ ~a_~ . _ - ~