HomeMy WebLinkAbout1537Bo~rowK u~d Iwnder ooveeaat and a~ree u folb~n:
1. Pa~-meat ot Priacipal and latere~~ Borrov-er ~hsll promptly pay when due the principal ot and intete~t on the indebtedneaa
evideAOed by the Note. prepayme~t snd late chuges aa p~+ovided in the Note, and the principal of a~d intereat on eny ~Iure Advances secured
~y thu Mo~t~a~e.
2. I~nd~ tor Tiuce~ ~ad Ia~urwace. Subject to applicable law or to a written waiver by l.ender, Horrowe~ shell pay to I.ender on the day
moathly in~tallmer~ts of principal sad i~f~ereat ue pe~yable under the Note, u~til the Note is paid in full. a aum (herein "I~ndi") equal to ona
twelRh of the yesrly taxes and a~se~~mene~ which may ettain priority over this Mort~age, and ~nmuad re~ts on the Property, if any, plus one~
twelRh of yearly pranium instelltnenb for hasard insurance, plus o~atwelRh of yearly premium inatallments fo~ mort~age insurance, if any,
all as reaw~ably eatimeted initially and firom time to time by l.ender on the baais ot asaessments and bills and reasonabk eetimates thereof.
The Phadi ahsll be held in an in~titution the deposit~ or accounts of which are inaured or guara~teed by a Federal or State aQency
(includin~ Lender if Lender is ~nch an in~titution). Lender shall apply the Funds to pay said taxes. a~ses~ments, insurance premiums and
ground renh. l.enda mqy not charge for ~o holding end applying the ~~ds, analyzing aaid accoun~ or verilying and compiling said
awe~rment~ and bills. unless Leader pays Borrower inlerest on the ~nds snd applicable law permita Lender to make ~uch a charge. Borrower
and Lender may ~ree in wrritin~ at the time of e:ecution ot this Mortgage that i~terest on the F~nds shall be peid b Borrower. and unle~s
such a~eemeat is made or applicable law requires such interest eo be paid, Lender shdl not be required to pay Borrower any intereat or
earninQs on the F1ind~. Lender ~hall give to Borrower, without charge. an annusl accounting of the Funds showing credits and debib to the
Fund~ and the purpwe for which each debit b the Fl~nds was made. The Funds are pledged as additional security for the sums secured by this
Mort~a~e.
If tl~e amount of the i~nd~ held by I.ender, together with the future monthly installmenes of Funds psyable prior to the due dates of taues,
as~eeaments. inautance pnmiums and ground rents, ahall eucred the amount required W pay said taxes, aasesamenb, insurence premiums
and ground rents as they tall due, such exctas shall be, at Borrowei a option, either promptly rrpaid to Borrower or credited to Borrower on
moaWly installments of I~nds. If the amobnt of the Funds held by Lender ahall not be sufficient to pay taxes, aaseasme~ta, insurance
premiums and ground rents as they fall due, Borrower shall pay to Lender any amouot necessary to meke up the deficiency within 30 day~
firom the date notioe is mailed by Gender to Borrower ~equeating payment thereot.
Upon payment in full of all sums ~ecured by this Mortgage, I.ender shall pmmpUy refund to Borrowe~ any funda held by Lender. If under
paragreph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender ahall apply, no tater than immediately prior
to the ssk of the Property or its aoquieition by Lender, any Flinda held by Lender at the time of application as e credit against the sums secured
by thi~ Morfgage.
3. Applieatjoa of Payments. Unless applicable law pmvides otherwine, all paymenta ~eceived by Lender under fhe Note and
psragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof,
then to intet+e~t payable on the Note, then to the principal of the Note, and then to inten~at and principal on any Future Advances.
!. Char~es; Liens. Borrower ahall pay all taxea, aasessments and other rhargea, f nea and impositions attributable to the Property which
may attain a priority over this Mortgage, and leasehold paymeMs or ground 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 thereot Borrowershall promptly Eurniah to I.ender
all noticea of amounts due under thia paragraph, and in the evenl Eiorrower shall make payment directly, Borrower ahall promptly furnish to
l.ender receipte evidencing auch payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that
Borrower ahall not be required to diacharge any such lien su long as Eiorrowrr ahall agree in writing to the payment ottheobligetion secured by
auch lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, ordefend en(orcement of such lien in, legal proceedinga
which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
5. Hazard Inaurance. Borrowrer shall keep the improvementa now exiating or hereafter erectrd on the Property ineured againat loss by
firc, hazarda included wiihin the term "extended coverage," and such other hazards as l.ender may require and in such amounts and for such
periods as Lender may require; provided, that Lender ah~ll not require that the amount of such rnverage exceed that amount of coverage
required to pay the eums secured by this Mortgs~ge•
The insurance carri~er providing the insuranc~ shall be chosen I~y Fi~~rtower subjecl to approval hy I.ender; pro~•ided, that such approval
sha11 not be unreasonably withheld. All premiums on inauranc•e ~~licirs ~hall be paid in the mannrr pn-vided under paragraph 2 hereof or, it
not paid in aueh manner, by Eiorrower making payment, when due, directly to the insurance carrier.
All inaurance policies and renewals thereof shall be in form acceptable to l.ender and ahall include a atandard mortgage clauae in favor of
and in form acceptable to 1.ender. l,ender shall have the riKht to hold the policies and renewals there.~f, and &-rrowerahall promptly furniah to
i.ender all renewal ncKices and all receipts of paid premiuma. In the event of loss, Born,wer ahall give prompt notitte W the insurance carrier
and Lender. Lender may make ptoof of losa if not made promptly by Burruwer.
Unless Lender and Borrower otherwiae agree in writing, insurance proceeds shall be applied to reatoration or repair of the Property
damaged, ptovided auch restoration or repair is ecunumically feasible and the aecurity of this Mortgage ia not thereby impaired. If auch
restoration or cepair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeda ahall be applied
to the eums secured by thia Moriqage, with lhe excess, if any, paid to E3orrower. Itthe Property ia abandoned by Borruwer, or if Borrower fails to
reapond to i.ender within 30 daya from the dale notice is mailed by I.ender to E3orrower that th! insurance carrier of[era to settle a claim [or
insurance benefits. Lender is authorized to collect :~nd apply the insurance proceqda at l.en~er'a option either to reetoration or repair.of the
Property or the aums secured by this Mortgage.
Unleas Lender and Bocrower otherv-~iae agree in wnting, any such application of p'roceeds to principal ahall not extend or poetpone thedue
date of the monthly inalallmenta referred to in paragrapha 1 and 2 hereof or chanKe the amount of auch inatallments. ltunder paragraph 18
hereof the Ptoperty is acquired by I.ender, all right, title and intereat of Borrower in and to any i~aurance policiea and in and to the proceeds
thereof reaulting [rom damage to Property prior to the sale or acqu~sition shal~ pasa~to Lender to the e:tent of the suma secured by this
Mortgage immediately prior to auch eale or acquiaition.
6. Preservation and Meintenence of Property; Leaseholda; Condominums; Plenned Unit Developments. Borrowershall keep
the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall rnmply with the
provisions of any lease if thie Mortgage ia on a leasehold. If thia Mortgage ia on a unit in a oondominium or a planned unit development,
Borrower shall perform all of Borrower'a obliqations under the declaration or covenante c~eatinQor governing the condomininm or planned
unit development, the by-Iawa and reguletiona of the condominium or planned unit devel~prnent, and conatituent documente. If a
condominium or planned unit developmeM ~rider ia executed by Borrower and recorded together with this Moetgege, the oovenants and
agreementa of auch rider shall be incorporated inu- and shall amend and supplement the covenanta and agreementa of thia Mortgage as if the
rider were a part hereof.
7. Protectioa of Lender'~ Security. If Borrower tails to pertorm the aovenants and agreements contained in thia Mortgage, or if any
action or proceeding iu commenoed which materially affects Lender's interest in the Properiy, including, but not limited to, eminent domain.
inwlvency. oode mforoement, or arrangements or pr~oceedings involving a bankrupt or decedent, then Lender at Lender i option,upon
notice to Borrowet may make such appearanc~s, d"ubune such sums and take such action as u necessary to protect I.ender'~ interest,
including, but not limited to, disbunement of reasonable atwrney's [ces and entry upon the Property to make repai». If Lender required
mortgage insurance aa a oondition of making the loan secured by this Mortgage, Borrower shell pay the premiums required to maintain
such insnrence in effect until such time as the requirement for such insurance tenninates in aceordance with Borrower's and I.endd~
writLen agreement or applicable Law. Borrower shell pay the emounl of all mortgage insurance premiums in the manner pwvided under
paragrsph 2 hereof.
My aawunb disbursed by I.ender persuant to this paragreph 7, with intere~t thereon, shall beoome additional indeMedne~s of
Borrower ~ecured by thu MortgaQe. Unleas Borrower and Lender agree Lo other terms of payment. ~uch amounts ~hall be payable upoa
notice from I.cnder to Borrower requesting payment thereof, and shell bear intereat fmm the date of disbunement at the rate payeble from
time to time on out~tanding principal undrr the Note unless payment of interest at such rate would be oontrary W applicable law. in which
event aueh amounts shall bear interest at the highe~t rate permisaible under epplicable law. Nothieg contained in thia paragraph 7, shall
require Lender to incvr any e:pense or take any action hereunder.
B~~K 348 P~~~E15,3 ~
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