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HomeMy WebLinkAbout0961 Borrower and Leader covenaat and a~ree as folbv.~: 1. P~yment ot Pripcip~l asrd IaterM. Borr~owa sl~aU PromWl~? P~y wbe~ due t!?e RiacYpal of and intcrat oa the indebtednw evidenoed by the Note. prepayrnent and late d~ar~e~ a~ provided io tbe Noee. and tbe priexipal dand interat on any Fawre Advana~s ~ecwred by this Mo~a~e. 2. I~l~ad~ !or Tues aad Inwranee. Snbjeet to applicabk law o~ to a w~ittea «siret bp Lendtr. Bonower sha11 pay w La~der oa tbe day monthly instal4nents of priadpa! and interest are paysbk under the Note, anti! tbe Note is paid "w fu1~. a sum lherein "Fhads") e9ual to cas cwelith of she yearly ta~ces and aasessma,a .hid, may aua~n aiority ovrr ~;s Mor~ase. and ~eoand ra?ts on the PropertY. if ai?r. ~w a~ twelRh of yesrly pre~ainm i~statlmenta far hazacd inswance. D~vs on~twdR1~ oiyeariy peemium installinent~ for ~nortis~e ins~ranoe. if aay. all as reawnably estimated initiaUy aad han time w tin~e by Lender on the basis olasseasa~ents aad b+lh and reasonable estimates thereof. The Fnnds ahaU be held ia an ia~ditotioa tbe deposita or aecounts ot.rhich aee insored os ~naranteed by a Federd or State aB~Y (including I,enda if Leader ia secb an institntioal Isnde~ shsll apply tbe Fands w PaY said tsze~. aneawents. insuranoe premiums aod ~ B~'ound rents. [.enda may aot d~r~e fa~ ~o hol~as and applyins tbe Funds. analyzin~ said aecoant~ or verifyir~ aad campilinj said assessmeats and biW, unlts~ I,eader P~ri 8ocmwer wteneK oa tbe Fonds and applic~ble law permit~ Leode~ to mate wcb a charga Bo~mwer and Ltnder may agree in writing at tDe time ot e:ecutim o! tbis Mortaaae t6at iuterest oa t6e Fonds shaU bc paid to Borm~rtr. aod nnl~e~s s~h agreement is made ot applicabk law raqnins soch inter~est to be paid, l.cnder shall aot be reqaired to p~y Borrowa any iate+wt or earninga on the ~nda. tendet shall give to Borro~rer, without chsr~e, an annnal ac~oowstias ot tbe Fnads :lwwid~ credi4 and debit~ to tbe ~nds and the purpo~e Ior ~rhich ea~h debit to tbe Fuads wras msde.llx Funrb are pkd~ed aa additio~al security for t6e sums ~ecnted by Nis Mortgage. If the amount of the Pbnds hdd by Leadet, togethec ~ith the [ature mouthly instaliments of Fu:~ds payabk prior to the due dates of t+ues, aaseaaments. inaurance premiums and ground rrats. ahall acaed the amount required m pay said ta~ces, as~asmentsy inwrance p~+emiums and ground rents se thry fall due, auch esoess shaU be. at Borrower s option, either promptly iepaid W Borrower or credited to Borrower oa ~ monthly instaliments of Funds. If the amonnt oi the Funda hdd by I.ender shall aot be sn~cient w pay t~ea, aa~umenta, insnranoe premiuma and ground renta aa they fall due, Borrower shall pay Lo Isnder any amount necewry to noake ap tbe de6aency wiWin 30 dsy~ from the date notioe is mailed by Lender to Borro~rer re'9uesunB Payment theimf Upon paymcnt in full of all suma secared by this MortgaBe. Itadet ahall P~PVY refand W Bortos~er any ftuids hdd by Lender. Uander P8*a8*aP1~ 18 henof the Peoperty is snk~ ~~_e ~~!y ia ay~.~ t~ ~,~er. t,ender snau aPPiY. no iater than imaoediatdy prior to the aak ot the Property or ita aoquisition by I.ender, any Funds held by Lender at tbe time of apptiration as a credit against tbe sums secared by this Mortgage. ~ 3. Application oi P:yments. Unleaa appticabic Iaw provides wberwise, a!1 payments recxived by Leader nnder tbe Note and paragraphs 1 and 2 hermf ahaU be applied by I<nder firat in payment of amounta payab{e to I.ender by Bormrer under paraarapb 2 hereof, then to intereat payabk on the Note, then to tht principal of the Note, and then to interest and principal oa any Fntnre Advanoea. Chargea; Liens. Bormwer shall pay all taxes, asseaamenta and other charges, fines and impoaitions atuibntable w the Property which may attain a priority over this Morigage, and leaaehold paym~nts or gn,und renes, if any, in the manner prvvided ander paragraph 2l~ereofor, if not paid in auch manner, by Borrower making payment, when due. directly to the payee thereof. Bormrrer shall promptiy furnish to l.endv all notices otamounts due under this paragraph, and in the evmt Borrc~v` er shall make payment dirertl~. BorroN er shalt pcnmpcly fnrnish co L.ender reeeipta evidencing such paymenta. Bortower shali promptly discharge any liea wrhich has priority ovpr thia Mortgage; pmvided, that Borrower shall not be required to discharge any such lipn so tonq as Borrovrer shail agrre in writing tn the pa~-tnent of theobligation se~vred by such lien in a manner acceptable to Lender, or shall in good taith contest such lien by, ordefmdenforcem~ntoisuch lien in, legal proceedings which operate to prevent the entorcement of the lien or forfeiture of the Propert~ or any part thereof 5. Hazard Inaurance. BorrowreT shal{ keep the impmvementa now ezisting or herraRer erea~,ed on the Property insnred againat loss by 6re, hazards included within the term "e:tended co~ eragc." and such other hazards aa L.ende: may rcquire and ia soch amounts and fo~ anch I periode as Lender may require: provided, that Lender shall not reqoin that the amount of snch eoverage ~c~eed that aawunt of coverage ! required to pay the sums secured by this Mortgage_ ~ ~ The inaurance carrier pro~i~ing the insurance shall be chosen by Borroxer sub~ect w approval by [.ender, pmtidtd, that such approval sha11 not be unreasonably withheld_ Alt premiums on insurance p~lic~es shall be pa~d ~n the manner provided under paragraph 2 herenf or, if oot paid in such manner, bp [3orrower making pa}ment. nhen due, direcil~ tu the insuranee carriet_ A11 inaurance policies and renewals thereof shall be in loca? acctptable to Lender and sha11 inciude a standard mortgagt clause in favor of and in [orm acceptable W Lender_ Lender shall have the right to hold the policies and renew*als tt~errot, and Borrov~er shall prompRiy fnrniah to i.ender all renewal noticea and all receipta of paid premiuma. In the e.ent of i~ss. Borrvvra shall give pr+ompt notier to the inaaranee camer and Lender_ Lender may make proof oi Iwss if not made promptly by BarrowEr- Unless Gender and Borrower otherwise agree in writing, insurance p~oceeds shall be applitd w restoration or repair of the Property ~ damaged, provided such restoration or repair is economically feasibk and the security oi this 111ortgage is not thereby impaired. If such restoration or repair ia not econdmically teasib)e or if the security of this Nortgage.rould beimQairrd, tl~einsurance proceedashall beapplied to the auma secured by thia Mortgage, vrith the ezcess. if any, paid to Borrower. ltthe Property is abandoc~ed by Borro.~ver, or if Borrow*er fails to reapond to I.ender within 30 days from the date notice is mailed by Lender to Borrovrer that the insurance carrier oHers to settk a daim for inaurance bene6ts, Lender is authorizPd to rnllect and apply the insurance proceeds at [~nder's option either to restoration or rrpair d the Property or the sums aecured by thia Mortgage. , Unless Lender and Borrower otherwise agree in wnting, any such application of pmceeds W principal sha11 not atend or postpone thedue { date of tbe monthly installmentx rrfnrr.•.~ t.. sss ga•a~;.!:s ! `~'.:r~~„.;, c;~,~~ ti~r anwuni oEsacn instaiiments_ U nndet paragrapb 18 hereof the Proprrty ia aoquired by Lender, all righi, title and interest of Borro.rer in and w any inswanre polic~es and in and W the pmoeed~ thereof resulting from damage to Property ps~or to the sak or acquuition shail paas W Itnder to the ~tent o! the Bums secnred bq this Mortgage immediately prior to such aale or soquiaition. 6. Preservation and Maintenanceof Praperty; Leaseholds; Condominums; Planned [.'nit Developments. Borrowerahall keeQ ~ the Property ie good repair and shall not commit v?rasie or per~nit impairment or deterioratic,n ot the Ptoperty and shall oomply with the proviaiona ot any lease if this btortgage is on a teasehotd. It this rtortgage i~ on a unit in a nondominium or a p~anned anit dtvelopment, E Borrower ahall pertorm all of Borrovrer's obligationa under the dectaration or rnvenanta creatinAor go~ rrning the oondominium or planned unit development, the by-laws and regulationa of the condominium or planned uait de~ebpaunt, and constitoent documents_ I[ a ~ condominium oc planned unit development rider is e:ecuted by 8orro~rer and recorded together vcith thia Mortgage, tl~e ooveaant~ and agreements of such rider shall be incorporated into and shalt amend and supplement the covenants and agreernents of this Mortgage as if tbe i rider were a part hereof. 7. Protection of I.eoder'~ Secarit7. If Borrower [sib w perform the oovenanta and a~reemrnta oontained in tbi~ Moitgase, or if aay ' action or proceeding is commcnad ~rhich materialty affects La~der's inLrrest in tbe PropeRy. indodina, bnt not limited to, eminent domain, ~ ~ insolvency, aode m[omemen~ or arrangements or proceedinga iurolving a benkrapt or deoedent, thea L~mder at I~eader'~ opioo,aDon ' notice to Borrower may make sach appearanca. disburee aoch snms aod take ~acb action a~ i~ neoarary to p+oteet Leader's intere~t. , including, but not Gmited b, diabnr~ement of ressonabk att~ney's fees aad mCr~ tipon tbe Ptoperty to make nrpain. I! I.eadu reqaired ' mortgage insurance as a condition oI making the loan secnred by this Matgage, Borrowa ~hall pay tlie premiam~ reqairod to maint~io such ineurance in effect undl euch tune as the reqairement for soch insuranoe terminatea in aocardanae wit6 Bocmwer s and Geadds written agreement or applicabk [.aw. Borrower shall pay the amount ef all mortgage inwrana premium~ in the manner provided nnda paragraph 2 hercof. My amounts diebursed by Lender peraanc co this paragracih 7. .rich intaesc t!?e*eon. ahall beoome additio~nal indebtednea. oi } Borrower secored by this Mortgage. Unless Borrower and l.aider agrce to otlser term~ of payment, ach amounte ~hall be payabk apon notice fmm Lender to Borrower requesting paYment ther~e~f, end ~hall bear intescyt fivm the date of disbar~moeat at tbe nte psyable irom time to time on outstanding principal ander the Nott unleas paywent oi inLered at such rate woold be c+ontrary to applicabk law~ ip whicb event such amounts shaU bear intereat st the highest rate permissibk ander applicabk law. NoRhit~ contained in this puagraph 7. shall , require Lender to inau any ~pense or take any adion 1?erennder_ s~352 P~ 960 ~ . .