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HomeMy WebLinkAbout0916 ~ ~ . . . . Borrower and Lendsr oove~aat srtd ~~res a~ folb*n: 1. Paymeat of Priacipal and Intere~~ Borrowar shall promptly pay when due the principal of and intereat on the indebtedneaa evidenoed by the Note. prepayme~t and late char~a ai pmvidai in the Note, and the pri~cipai of and interest on any Flrture Adva~ces aecured Dy thu Mort~a~e. 2. I~nd~ [or T~e~ and In~urutoe. Subject b applicable law or to a written waiver by I.ender, Borrower ahall pay to I.ender on the day monthly installmenta of principal and i~terest are payable under the Note, until the Note is paid in fuQ. a sum (hereia "Funds") equal to onc twelRh Otthe yesTly te~tes 8nd a~sesameRts whiCh m1?y sttain p[ioifly ove[ this Mo~[nRe, and ground nny ~n e1.. D..+r..=Y,:t ~y~ r!~ ant twe~fth of yeuiy premium inatallments far hazard insurance, plus one~tweifth otyearly premium inatallmenls [or mortgege insurance, if any. ali aa reasonably estimated initially and trom time to time by Lender on the baaia o[ assesaments and bille and reasonable estimates thereof. The Phnds shsU be hcld in an institution the deposits or accounta of which an i~sured or guara~teed by a Federal or State agency (includi~~ Lender if Lender is such an institution). Lende~ ahall apply the Fu~ds to pay said taxes, asseasmsnts, insurance premiums and ground rent+~. Lender may not charge for so holding and applying the Fl~nda, analyzing said accoun~. or verifying and compiling said aase~nenta and bills. unieas Iender payt Borrower intereat on the ~nds and applicable law permite Lender to make such a charge. Bormwer and Leader may a~ree in ariting at the time of execution of this Mortgage that interest on the ~Lnds ahall be paid to Borrower, and unleas such agreemeat is made or applicable law requirea such intereat to be paid. Lender ehall not be ~quired tA pay Borrower any interest or eamings oa the Fl~nd~. Lender ahell give to Borrower, without charge, an annual accounting of the Funds showing credits and debita to the Funds and the purpo~e for wrhich each debit to the Funda was made. The Funds are pledged as additional eecurity for the sums secnred by thia Mortgage. If the amount of the ~Lnds held by Lender. together with the future monthly inatallments of Funds payable prio~ to the due datea of taxes, ' asaesaments, inaurance premiums and ground rents, ahaU exczed the amount required to pay said taxea, asseeamenta, insurance premiums and gtound rents as they fall due, such excess ahall be, at Borrower a option, either promptly repaid to l3orrower or credited to Bormwer on monthly installments of Flunds. If the amount of the Funds held by Lende~ ahall not bt sufficient to pay taxcs, asseasmenta, insurance premiuma and gmund rents as they fall due, Borrower shsll pay w Lender any amount necesaary to make up thr deficiency within 30 days fmm the date notice is mailed by lxnder to Borrower requeating payment thenwf. Upon payment in full of aU aums aecured by this Mortgage, I.ender ahall promptly retund to Borrower any funda held by Lender. If under paragraph 18 het+eof the Property is aold or the Property ia otherwiae acquired by Lender, I.ender ahall apply, no later than immediately prior Lo the eale of the P~operty or ite aaquisidon by [.ender, any Funda held by Lender at the time of application ae a credit againat the aums aecured by thia Moregage. 3. Applicadon of PsY~t!~nts. Unless applicable law pravides othervrise, al! payments received by Lender under the Note and patagraphs 1 and 2 hereof shall be applied by I.ender first in psyment of amounta payable W Lender by Borrower under paragraph 2 hereof, then to inlereat payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea. 1. Chargea; Liene. Botrower shall pay all taxes, asasessments and other rfiarges, fines and impositions attributable to the Property which may attain a priority over this MortEtage, and leasehold payments or gn,und rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts dne under this paragraph, and in the event Borrower shall make pstyment directly, Borrower ahall promptly furnish to L.ender receipts evidencing such payments. E3orrower shall promptly discharge any 1?en wfiich has priority over this Mortgage; provided, that Borrower ahall not be required to discharqe any such lien so long as E3orrower shall agree in writing to the paymentof theobligation secured by auch lien in a manner acceptable to Lender, or shal) in good faith contest such lien by, or defend enforcement of such lien in, legal procecdings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof_ 5. Hazard Inaurance. E3orrower shaU keep the imprvvements now existing or hereafter erected on the Property insored againstloeaby fire, hazards included within the tertn "extended coverage," and such other hazards as l.ender may require and in such amounts and forauch periods as L.ender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the suma secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Rorruwer subject to approval by I.ender: pmvided, that such approval ahall not 6e unreasonably withheld. Ail premiums on insuranrn p~~licies shall be paid in the manner provided under paragraph 2 hereof or, if ' not paid in such manner, by Borrower making payment, when due, directly to the.insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to l.ender and shall include a standard mortgageclauae in favor of and in form acceptable to Lender_ Lendershall have the right to hold the policies and renewals thereof, and Borrowerahall promptly furnish to i i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borruwer ahail give prompt notice to the insurance carrier and Lender. Lender may make proof of loss it not made promptly by E3orrower. ~ Unlesa [.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to reatoration or repair ot the Property ~ damaged, provided auch restoration or rnpair is eronomically feasible and the serurity of this Morigage is not thereby impaired. lf auch N reatoration or repair is not economically feasible or if the security of this Mortqage would be impaired, the inaurance proceeds shall be applied to the sums aecured by thia Mortguge, with the excess, if any, paid to t3orrower. lf the Property ia abandoned by Borrower, or if Borrower fails to ~ reepond to L,ender within 30 days from the date notice is mailed by I.ender to Eic?rrower that the inaurance carrier of[ere to settle a claim for f ineurance benefita, Lender is authorized to collect and apply tfie insurance proceeds at Lender a option either to restoratiorr oi repair of the ~ Propetty or the suma secured by this Mortgage. , Unless Lender and Borrower otherwise agree in writinq, any such applicalion of proceeda to principal ahall not extend or poatpone thedue date of the monthly inatallmenta referred tu in par~graphs 1 and 2 hereof or change the amount otsuch inatallments. If under paragraph IS hereof the Property ia acquired by Lender, all right, title and inlereat of E3orrower in and to any inaurance policiea and in and to the proceeda i thereof resulting from damage to Property prior to the sale or acqu~aition ahall pass to Lender to the extent of the sumn aecured by this ! t Mortgage immediately prior to auch eale or acquisition. 6. Preaervation and Maintenanceof Property; Leasehoida; Condominuma; Planned Unit Developments. Borrowerahall keep the Property in good repair and shall not commit waste or pernnit impairment or deterioration of the Property and shall rnmpty with the proviaions of any lease if thie Mortgage is on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development, Borrower afia11 perform all of Borrower's obligations under the declaration or covenants creatinRor governing the condominium or planned unit development, the by-lawa and nKCulalions of the condominium or planned unit development, and conatituent documente. If a ~ condominium or planned unit developsneni r"sder fi~ rze:::ted by P,~=a:se: ar~~i ri~a.,,r~ic.i iugeiner wiii? ti?is Mortgage, the oovenante and agreements o[auch rider shall be incorporated into and shall amend and supplement the covenants and agreemente o[this Mortgageas if the N ~ rider were a part hereof. 7. Protection ot Lender•s Security. If Borrower fails to per[orm the covenants and agreemente rnntained in this Mortgage, or if any ~ action or proceeding iu commenced which matrrially affecte I.ender e interest in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode en[oroemenl, or arrangemente or proceedings involving a bankrupt or decedent, then Lender at Lender'~ option,upon ~ notice to Barrowet may make such appearances, diaburoe such sums and take auch action as is necessary to protect Lender's intae~t. ; including, but not limited to, disbursement ot reasonable attorney'a teee and entsy upoe the Property to make npairs. If Lender required ~ mortgage insurance as a condition of ineking the loan secured by this Mortgage, Borrower ehall pay the~premiums required to maintain ' such inswance in effect until such 6me a~ the requirement for such insarance terminates in eccordance with Borrower's and Lendds ~ written agrcement or applicabk IaMr. Borrower afiall pay the amount ot a11 mortgage i~surance premiuma in the menner provided under ~ paragraph 2 hereof. ~ My amounts disbursed by Lender perouant to this paragraph 7, with interest thereon, ahall become additional indebtedne~s of ~ Borrower secured by this Mortgage. Unless Borrower and Lendrr agree to other terms ot payment, such amounts shall be payebk upon notice from Lenda to Borrower requesting payment thereof, and shall bear intereat fmm the date of diebursement at the rete payable firom time to time pn outstanding principal under the Note unleas payment ot interest at such rate would be contrary to applicable law, in which event such amounts shall bear intereat at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Lender Lo incur any enpenae or take any action hereunaer. . ~ ~ . . ; . 80 K353 PbUf 914 k , = r . , ~ _ - ~r_~. . _ _ = ~ _ _