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HomeMy WebLinkAbout0920 • ~t i~ o . •rl Borrow~s and Lender oovenant and a~ree a~ foUovw: 1. Py?meat of Priactpal ~d IAtere~~. Borroaer ~haU prompt~y pay when due the princial of and intenst on the indebtedae~s evidenoed by the Note~ prepsyment u~d l~te char~cs w provided in the Note. and the principal of eu~d intenat oa any Fl~ture Advanco~ ~ecured by ct,i. MwrtQage. 2. P~nda tor T~ea and Iasureuioe. Subject, to applicable law os to a written waiver by Lender. Borrower shall pay to I.e~det on the d~y monthly installmenta of principal and interat are payable unde: the Note, untit the Note is paid in full. a sum (herein "~nd~"~ equal to ona twetRh of the yesrLy ta:es end a~sessments which may attain priority over this Mortgage. and ground rents on the Property. if any, plw aae~ twdRh of yearly p~emium inatallments for hazard inaurance, plua one~twelRh o[yearly pnmium inatallments for mortgage ineurance. if any; all aa reasonably estimated initially and tran time to time by Lender on the basia oI assessments and bills and reasonable estimates thereof. ~ The I~ads ahaA be held in an institution the deposits or aocounb of which are insurod or ~uasanteed by a Fcderal or 3tate aQency (inctudia~ I.ender if Le~dez ia such aa institution). Lend~ ~hall apply the Fundi to pay said ta:e~. esieaamenta. insurance premiums and gronnd reata. Lender may not char~e for w hoWin~ and applying the F1nds. analysing aaid aocouak or verifying and compiW~ ~aid assa~smeab and bills. unless Lender pay~ Borro~?er interest on the PLnds and appUcable 1aw pemuta I.ender b make auch a charge. Borrowar and Lende~ may agree ia ~?ritinB et We tin~e o! esec~tion of this Mottgage that intenet on the Phnds shall be paid to Borrower, and unle~a such a~ceement u made or appliceble law iequires such interest b be paid. Lender shall aot be required to pay Borrower any anterut or earainQs on the Pbnds. Lend~ shall give to Borrower. without charge. an annusl aecounting of the Funds showing credits and debits b We ~nds a~ the parpwe for which e~ch debit to the PLnds vyas made. The Funda are ptedged as additional eeciuity for the sums eecured by Wu Moitgage. If the amount of the Phnda held by Lender, together with the future monthiy installmenta of Funds payable prior to the due dates of tazes. aseessments. insurance premiums and ground rente, ehall exceed the amount required to pay eaid tases, assesamenta. inau~ance pnmiums and ground nnts as they faA due. such e:ceas ehall be. at Borrower a option, eithei prompdy npai~ to Borrower or credited to Borrow~ on mouWly inatatlments of Plinds. If the amount of the Funds held by Lender ahall not be sufficient to pay ta:es, aseeasments. iuaurance premiuma aad grouad rents as they fall due. Borrower ahall pay to Lender any amount neceaeary to make up the deficiency withia 30 days : from the date notice is mailed by I.ender to Borrower requesting payment thereof. Upon payment in fuU ~ aU sums secw~ed by thia Mortgage. I,ender ahall prompdy refund to Borrowu any funda hetd by Lender. If under , paragraph 18 hereof the Property ia sold or the Property ia otherwiee acqui:ed by Lender. Lender ahall apply. no later than immediatdy prios to the sak of the Property ar ite aaquisition by Lender. any I~nds held by Lende~ at the time of application as a credit egainat the aur~~ by this Mmrtgage. 3. Application of Papments. Unleas applicable law pmvidea otherwise, all paymenta reoeived by Lender under the Note aad paragraphs 1 and 2 hereof ahall be applied by Lender fir~t in payment of atnounts payable to Lendet by Botmwer undet paragraph Z hereoi, then to intend payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advanoee. 4. Char~es; Liens. Borrower ahall pay all taxes, asseasments and other charges, finee 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 paragtaph 2 hereofor, if not paid in auch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furniah to I.ender all notioes of amoants due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall pmmptly fwniah to Lender receiFta evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided. that Borrower ahall not be required to discharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good taith contest such lien by, or defend enforcement of such lien in, legal pra.~cedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ 5. Hazard Iosurance. Borrower ahall keep the improvementa now exiating or bereafter ere~.~ted on the Property inaured againat laas by fire. hazards included within the term "e:tended rnverage," and such other hazards as Lender may require and in such amounta and for such periods as Lender may require; provided, that Lender ahall not reqvire that the amount of auch coverage exceed that amount of rnverage required to pay the suma secured by this Mortgage. The inaurance camer pmviding the insurance shall be chosen by Borrower subject W approvai by [xnder, pmvided, that such approval ahall not be unreasonably withheld. All premiums on insurance policies 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 inaurance policies and renewals thereof ahall be in form acceptable to Lende~ and shall include a standard mottgage clauee in favorof and in form aoceptable to Lender. Lender ahall have the right to hold the policies and renewals thereof, and Borrower ahall prompfly furnieh to, i.ender all renewal notices and all receipta of paid premiuma. In the event of loss, Borruwer ahatl give prompt notice to the insuranoe carrier ~ and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ ; Unlees Lender and Borrower otherwiee agree in writing, insurance proceeLz ahall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economicaily fe,?aible and the~security of'thia Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. the inaurance proceeda shall be appli~d to the aums eecared by this Mortgage, with the excess, if any, paid to Borrower. Itthe Propecty ia abandoned by Borrower. or if Borrower fails to rnapond !o Lender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier ot~ers to settle a claim for inaurance benefita, Lender is suthorized to collect and apply the insurance proceeda at Lender a option eilher to restoration or repair of the Property or the sums aecured by this Mortgage. - Unleas Lender and Borrower otherwise agree in writing; any auch a jplication of proceeds to principal shall not extend or poetpone thedue date of the monthly installmenta referred to in paragraphs I and 2 hereof or change the amount of such installmente. If under paragreph 18 hereof the Property is acquired by Lender, ail right, title and iMerest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition ahall pass to Lender to the eztent of the sume secured by this Mortgage immediately prior w such sale or acquisition. 6. Preservation and Maintenance ofProperty; Leaseholds; Condominums; Planned Unit Developmenta. Borrowerehall keep the Pcoperty in good repair and ahall not commit waste or permil impairnient or deterioration of the Property and ahall comply with the ~ proviaions of any leaee if this Mortgage ia on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit developmen~ Bonower ahall perform all of Borrower's obligations under the declaration or rnvenants creatingor governing the condominium or planaed ~ unit development, the by-lawa and regulationa of the condominium or planned unit development, and rnnstituent documente. If a condominium or planned unit development rider is executed by Borrower and recorded together with thie Mortgage, the oovenants end ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreemente of thia Mortgage as if the ~ rider were a part hereof. ~ 9. Protection of Lender'e 3ecurity. If Borrower faila to perform the oovenanLs and agreemente contained in this Mortgage. ar if any _ action or prooeeding is commenced which materially affects I.ender a idtereet in the Property, including. but not limited to, emin~t domain. insolvency, oode eaforcement, or arrangements or proccedinge involving a bantrupt or deoedent, then Lende* at Lendds option,npon notice to Borrower may make such appearancea, dieburee auch eume and talce such aMion as is necRSeary to proteet I.endar~~ ~ntere~t. inclwiing, bnt not l~mited to, disbursement of reasonable attorney's fees and entry upoa the Ptoperty to ma1~e npain. If Lender reqnired mortgage insurance as a rnndition of making the loan eecured by thie Mortgage, Borrower shall pay the premiums required to maintain ~ such in~arance in effect until such time as the requirement for auch ineurance terminates in accordance aith Borruwer s end La~der'~ written agrcement or applicable Law. Borrower shall pay the amount of aU mortgage ineurance Premiums in the manner provided nnda ~ peragraph 2 hereoL My aawunts disbursed by I.ender persuant to thia paragraph 7, with interest thereon, ahall beoome additional indebtednew of Borrower secvred by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts ~hall be payabk upon i notice from Lender to Borrower requeeting payment thereot and shaU bear intereat from the date of diebursement at the rate payabk ~om ~ time to time on outatanding principal under the Note nnless payment of interest at such rate would be oontrary to applicable law, in whi~h 'i event such amounts shall bear interest at the higheat rate permiasible under applicable law. Nothing oontained ia this paragraph 7. ~hall I require I.ender to incur any eupense or talce any action hereunder. ! , • ' : ~ . . 8~353 Pa~ 918 . ~ . . ~ . ~ ~