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HomeMy WebLinkAbout0913 ll ~iFUant CovEN~NTS. Borrower and L.enJer cavenan~ and agrce as tollaws: ~ 1. Payment ot Principd and Interest. Borrower shall promp~ly pay when due the principal of and interest on the ~ndebtedness evidenced by the Note, prepayment and late charges as pravided in the Note, and the principal of and intercst on any Future Advances secured by this Mortgage. 2. Ruads fo~ Tasa and lnsunnce. Subject to applicable law or to a written waiver by l.ender, Borrower shall pay to l.ender on ~he day monthly ins~allments of principal and intere~t are payable under ~he Note, until the Nate is paid in full, a sum (hercin "Fundi') equal to one-twelfth af the yearly ~a±ces and assessmcnts which may at~ain pnority over this Mortgage, anJ graund rents on the Property, if any, plus one-~wel(th ot ycarly prcmtum ins~allments for hazard insurance, plus one-twelfth of yearly premium installments (or mo~tgage insurance. any, all as reasonably estimated initially and from time to tim: by l.ender on the basis of assessmemt and hills and rea~onable estimates thereot. The Funds shall !~e held in an institution the deposits or accounts of which are insured or guaranteeci by a Federal or state agency (including Lender if Lender is such an insti~ution). l.endrr shall apply the Funds to pay said taxes, assessments, insurance premiums and graund rents. 1_ender may not charge (or ~o holding and applying ~he Funds, analyzing said account, or verifying anJ compiling said assessments and bills, unless Lender pay~ Borrower intere~t an the Funds and applicable law permits Lender to make such a charge. Borrowe~ and l.ender may agrce in writing at ~he time ot execution o[ this Mortgage that ioterest on the Funds shall he paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, l.ender shall not be requireci to pay Borrower any interest or earnings on the Fuads. l.ender shall give to Borrower, without charge, an annual aca~unting of ~he Funds showing credits and Jebits to Ihe Funds and the purpose !or w•hich each Jebit ta the f=unds was m~de. The Funds are pledged as addit~onal security tor ~he sums secured by this I~fortgage. If the amount of the Funds held by l.ender, tugether with the tuture mon~hly installments of Funds payable priar to the due Jates of ~axes, assessmems, insurance premiums anJ ground rents, shall exceed the amount required to pay~ said taxes, assessments, insurance premiums and gmund rents as ~hey fall due, such excess shall be, at Bor~ower's aption, e~ther promptly repaid lo Borrower or credited to Borrower on monthly ~nctallmenis of Fund~. 1f the amount of thc Funds held by Lender shall not be sufi~icient to pay taxes, assessments, imurance premiums and ground rents as they fall due, Bo~rower shall pay to l_ender any amount necessar~~ ~o maAe up the deficiency within 30 da}~s from the date notice is mailed by Lender to Borrower requesling pa}~mcnt thercot. • Upon payment in full of all sums secured b~• this Mur~gage. I ender shaU prompdy re(und to Borrower •rny Funds held hy LenJer_ If under paragraph 1R hereof ~he Propeny ~c wld or ~he Proper~~ is otherwice acquired by Lender, I.ender shall apply, no later than immediatcly prior to the .ale ~~f thc ProEx:rty .rr its acyuisidon hy Lender, any Fundc held by • Lender at the time ot application as a creJit aga~nst the sumt secured by thn Martgage. 3. Application of Payments. Unlecs apphrablc law providcs othcrwiu. all payments rcccived by l_cnder undcr the Notc and paragraphc 1 and 2 hercof shall bc applicd by Lcnder fir~t ~n prymeM i~f am~~unts payable to I.enJcr by Borrower under paragraph 2 hereof, then to mteres~ payable ~~n the Nute, Ihen li. the principal af the Ncue, and ~hrn t~~ interes~ and principal on any Futurc Advances. 4. Charges; Liens. Borrowc~ tihall pay all ~axc~, a~~es~mcnts and uthrr rhargcti, fines anJ imFx?silions aUnbu~able to ; the Property which may attain a prioriry over Ih~s Mortgage, and Icasehold paymentx or grou~d rents, if any, in the manner provided under paragraph 2 hereof or, if not paid m such manner, by Borrower making payment, when due, d~rectly to the payee thereof_ Borrower shall promp~ly furnish to Lendcr all noticcs o( amounts duc under ihis paragraph, and in the event Borrower shall make pa~•ment direc~ly. Borrowrr tihall promptly (urnish to I.ender receipts rvidencmg such payments. Borrower shall promptly dischargc any lien whirh has pnontp c~ver thic Mortgagr, provided, that Borrower shall not be reqwred to discharge any such lien zo long ~s Borrower shall agrec in wrinng t~ the payment of the obligation secured by such lien in a manner acreptable to Lender, or tihall in g~x~d (aith contrti~ ~uch lien by, or defend enforcement o( such lien in, . legal prcxeedmg~ which operate to pre~ent thc cnforcemrnt of thr Len or furfciturr of the Property or an~• part thereof. S. Hazard Insurance. Borruwer shall kcep the improvcmcRtti noH cri~tmg or hercaf~er erec~ed on the Propcrty insured against loss hy fire, haza:ds included within the term "r~~ended coverage", and such other hazards ac Lender may require i and m such amounts and far such periodc as Lender may reyuire; provideJ. that Lender shall not reyuire that the amount o( ' such coverage exceed that amount uf co~•erage reqwred to pay the wmc .ecured hy th~s Mortgage. - The ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by (_ender; provided, I~ that such approval shall not be unreasonahly withheld. All premium~ on insurance policies chall tx paid in the manner ~ prov~ded under paragraph 2 hereaf or. ~f not paid in such manner, by $~~rroNer making payment, when due, direcUy to the ~ inwraoce carrier. ~ All insurance policieti anJ renewals thereM shall tx in form acceptablc to LenJer :~nJ sha{I includc ~~tanJard mortgage j clause ~n favor o( and in form accept~ble tu l.cndcr. l.cndcr .h:,ll havc thc right hold thc ~~licics ~nd renewals thereof, ~ anJ Borrower shall promptly furnish to I.ender all renrwal nodces and all receipts of paid premuim+. In the e~~ent ot loss, Borrower ~hall give prompt notice tu the imur~ncc carncr and I.endcr. LenJcr ma}• make proof of loss i: not made prompdy ~ by Borrower. Unless Lender and Borrow•er otherw~~e agree in wnting, iowrance pnxeed~ shall be appiied ro re~toration or repair of the Property damaged, prov~deJ such retitoratiun or repair rs econc~mic~ll}• feasihle and ~he security of this Mortgage is not ~hereby impaired. 1( such restoration or re~?air is n~t rconomically feacible or ~t the security of this Mortgage would be impaired, the insurance proceeds shall be applieJ to the ;ums secured by this Mortgage. Nith the excess, if any~ paid ~ ! to Borrower. If the Property is abandoned b} Borrower, or i~ Borrower tails to respond to l.endcr wrthin 30 days from the , date notice is mailed by Lender to Borrower that ~he ~nsurance rarner otTers io seule a claim for insurance bene6ts, 1_ender is authorizecl to collect and apply the insurance proceeds at Lender's op~ion either to restoration or repair of the Property or to the sums secured by this Mortgage. URless I.ender and Borrower otherwise agree in writing, any such application ~f prc~ceeds to pnncipal chall not extend ~ or postpone ~he due date of Ihe momhly installments referred 1o in paragraphs 1 and 2 hereof or change the amount of wch installments. I[ under paragraph 18 hereof the Property is acyu~red by [.ender, all right, title and interest ot Borrower ~n and to any insurance policies and in and to the proceeds thereot resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this l~tortg:+ge immediately prior to such sale or acquisition. ~ 6. Presenation and ~tainfenance of Properiy; Lea.uholds; Condominiums; Planned Unit Ih~•elopments. Borrower ~ shall keep thc Property in good repair and shall not commit wastc or permit ~mpairment or deterioralion of the Property ~ ~ and shall comply with the provisions of any lease ~f this Mor~gage ~s on a Ieasehold. 1( Ihis Mortgage is on a unit in a ~ condominium or a planned unit developm~n~, Borrower shall perform aU of Borrower's obbgadons under the declaraUon ' ~ or covenants creating or governing the condommium or ptanned unit development, the by-laws and regulations of the f conJominium or planned unit development, and constiWen~ Jocuments. If a condominium or planned unit de~~elopment I nJer is executed by Borrower and recorded together w~th th~s Mort~tage, ~he covenants and agreements of such nder shall be incorporated into and shall amend anJ supptcment the covenants and agreements of th~s Mor~gage as if the rider were a part hereof_ 7. Protection of [.ender's Security. If Borrower (ails ~o perform the covenants and agreements contained in this " Mortgage, or if any act~on or proceed~ng is commenceJ wh~ch materially afTects 1_ender's interest in the Property, _ isscluding, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or pr~xeedings involving a bankrupt or aecedent, then Lender at Lender's option, upon natice to Borrower, may make such appearanca, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbunement of - reasonable a~tomey's tees and entry upon ~he Property to make rcpairs. If I.ender required mortgage insurance as a condition of making the loan secured by Ih~s Mongage. Borrower shall pay the premiums required to maintain such insurance in effect until such time as ~he requirement for such msurance terminates ~n accordance with Borrower s and 8~~ 354 912 ~ ~ ~ ~ ~ ~ ~v _ F.