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HomeMy WebLinkAbout15418orrower and Lender oovenaat and aares eu lolbw~: 1. Paymeat ot Principal wnd latere~~ Bo~owa ehall promptly pay when due tRe pri~cipel oi end inbreat on the indebtednes~ evidenced by the Note. prepayment and tate chu~ei sa provided in the Note. and the principal of and inte~t on any Future Advancea secured by this Mort~~e. 2. Ptitnd~ tor T~utee a~d In~uraace. 3ubject to applicable law w to a written waiver by I.ender, Borrower shall pay to I.ender on the day monthly irutallments of principal and ioterat an payaWe under the Note, until the Note is paid in full, a sum (herein "~Lnds") equal to ~ne~ tweltth of the yearly taxea and assessmenta which may attain p~iority over this Morigage, and ground rents on the Pmperty, if any, plus one- twelRh of yearly premium inatallments for hazard ineurance, plus o~etwelRh of yearly premium inatallments for mort~age inaurance, iiany. all as reasonably eatimated initially and from time to tiR~e by l.ender on the basis of assesamenta and bilis and reasonable estimates thereof. The Fl~nds shall be hcld i» an inatitution the dep~ib or accounis of which are insured or guaranteed by a Fcderal or State agency (including Lender if Lender iu such an institution). Gende~ ehall apply the Funda to pay said taxes, assessments, insurance premiwns and ground rents. Gender may not charge for w holding and applying the Funds. analyzing said account, or verifying and compiling said asaessmen4 and Dills, unlas Lender pay~ Borrower intereat on the F1ir-da and applicable law perraits Lender to makeiuch a charge. Borrower and I.eader may sgrce in writing at the time oi execution of thu Morigage tl~at intereat on the ~nds shall be paid b Borrower. a~d unless ~uch agreement ia made or applicable law requires such i~tRrest to be paid. Lender ahall not be requie+ed to pay Borwwer any intereri or earninge on the ~nds. Lender ~hall give to Borrower, withaut cherge, an ennual accounting of the Funda showing credits and debits b the Funds and ihe purpose for which each debit to the Fu~ds was made. The Funds are pledged as additional security for the sums secured by thu Mortgage. If the amount of the ~Lnds held by [.ender. together with the future rnonthly installments olFunds payable prior to the duedates o[taues, saseaamenta, ineurance pnmiums and ground renta, shall e:caed the amount required to pay said ta:es, asseaements, inaurance premiuma and grou~d rents aa they fall due. such exc~s ~hall be. at Sorrower a option, either pmmptly repaid W Borrower or credited to Borrower on monthly installments of flinds. If the amount oi the Funds held by Lende~ shall not be sutficient to pay ta:es, assesaments, insurance premiums and ground rents as they fall due, Borrower ahall pay to Lender any amount necesaacy to make up the deficiency within 30 days from the date nolice ia mailed by l.ender to ~orrower requeating payment thereot. Upon payment in full of alt sums secured by thia Mortgage, Lender shall promplly refund to Barrower any funda held by Lender. lf unde~ peragraph 18 hereof the Property ia sold or the Property ia otherwise acquired by Lender, Lender ahall apply, no later than immediately prior to the sale of the Property or its soquisition by Lender, any Runda held by I.ender at the time of application as a credit againat the sume aecured by thia Mortgage. 3. Applicatlon ot Paymeats. Unleas applicable law providea olheewise, all payments received by l.ender under the Note snd paragraphs 1 and 2 hereof shall be applied by Lender firet in payment of amounts payable to Lender by Borrower under peragraph 2 hereof, then to intereat payable on the Note, then to the principa! of the Note, and then to interest and principal on any Future Advancea. 4. Charges; Liens. Borrower ahall pay all taxea, asaesaments and other cfiarges, fines and impoaitions attributable W the Property which may attain a priority over this Mortgage, and leasehold payments or ground re~ts, if any, in the manne~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when Jue, directly to the payee thereo(. f3orrower shall promptly furniah to I.ender a11 notices of amounts due unde~ this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptl~ turniah to Lender receipts evidencing such payments. Borrower shall promptly discharge any {ien wfiich has priority over lhis Mortgage: pmvided, that Borrower shall not be required W discharge any such lien so long as Eiorruwer shall agree in writing to the payment of the obligation secu~ed 6y such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, ordefend enforcement of such lien in, legal proceedings wh+ch operate to prevent lhe enforcement of the lien or forfeiture of the Property or any part thereoi. 5. Hazard 1 naurance. Borrowrer shall keep the improvements now exiating or hereafter erected on the P-ropecty insured aga+nst loea by fire, hazards included within the term "extended coverage," and such other hazards as I.ender may require and in such amounta and tor such periods as Lender may require: provided, that Ixnder xhall not reyuire that thr amount of such coverage exceed that amount of coverage requind-to pay the sums secured by this Mortgage. , The imaurance carrier providinK the insurance shall be chusen by Borrower subject to approval by l.ender; pr~~vided, that such approval ~ shall not be unreasonab{y witfiheld. AIt premiums on insurance pulicies chall t-e paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by f3orrower making payment, when due, directl~ to the insurance carrier. All ineurance policiea and renev-als thereof ehall be in form acceptable to l.ender and shall inclnde a standard mortgage clause in favorof and in form acceptable to Lender. l.ender shall have the right to hold the pQ~~ciesand renewals thereof, and f3orrower shall promptly furniah to i.ender all renevtral noticex and all receipts of paid piemiuma. fn the evei~t of loss. Korruwer ahal) give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promplly by E3orrower. Unlesa I.ender and Bormwer otherwise agree in writing, insurance proceeds shall be applied W restoration or repair of the Property damaged, provided sucfi restoration or repair is economically [easible and the security of this Mortgage is not thereby impaired_ If auch restoration or repair is not economically feasible or i! the security of this Mortgage would be impa~red, ihe insurance proceeda sfia11 be applied to the aums aecured by thia Mortgage, with the excess, itany, paid to Eiorrower_ If the Property is abandoned by Borrower, or if Borrower fails t,o respond to Lender within 30 days from the date notice is mailyd by I.ender to Borrower that the insurance carrier offere to eettle a claim for inaurance benefifa, [.ender is autfiorited to cotlect and apply the insurance proceeds ai Irnder s option either W restoration or repair of the Property or the sume secured by this Mortgage. L'nlese I.ender and E3orrower otherwiae ag~ee in wnting, any such application of proceeds to principa) ahall not eutend or postpone the due dete of the monthiy inetallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallmenta. II under paragraph 18 hereof the Peoperty is acquired by l.ender, s!1 right, title and interest oi Borrower in and to any inaurance po{iciea and in and to the proceeds thereot reaulting from damage W Property prior ta the sale or acqu~sition ahall pass to I.ender to the e:tent o~ the aume eecured by this Mortgaqe immediately prior to auch sale or aoquiaition. 6. Preeervation and Maintenance of Property: Leaseholds; Condominume; Planned Unit Developinents. Borrowershall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shap rnmpty with the provisiona of any leaee if this Mortgage ie on a leasehold. If this Mortgaqe ia on a unit in a rnndominium or e planned unit development, E3orrower ahall perform all of Rorrower'a obligationa under the declaration or covenants creatingor governing the condominium or planned unit development, the by-lawa and regulations of the condominium or planned unit development, and conatituent documente. If a rnndominium or planned unit development rider is executed by Borrower and recorded together with thia Mortgage, the oovenants and agreements otsuch rider shall be incorporated into and shall amend and supplement thecovenants and agreementao(this Mortgage as if the rider were a part hereof. 9. Protectioa of Lender'e 3ecurity. [f Borrower feila to pertorm the covenants and agreements rnntained in this Mortgege, or if any action or proceeding is rnmmenced which materielly affecLe l.ender e intereat in the Property, including, but not limited to, eminent doaaain, insolvency, oode enforcement, or arraneements or proceedings involving a banlwpt or de«dent, then Lender at Lende~ ~ option,upoa notice to Borrowtr may make sucfi appearanoes, d'uburse such sums and take such action as is neceesary to pmtect I.ender i intere~t, including, but not limited to, disburaement of reasonable attorney's fees and entry upon the Property to sneke repain. If Lender reqaired mortgage insurance as e rnndition of making the loan secured by this Mortgage, Borrower shel! pay the pnemiums required to maintain euch insurance in efftct until such time as the requirement [or auch inaurance terminates in accordance with Borrower's and L.endd~ written agreement or applicable Law. Borrower sha{I pey the amount ot al{ mortgage insurance premiums in the manner provided under para,graph 2 hereof. Any amounts disbursed by Lender penuant to this paragraph 7, with intereat thereon,.shall become additional indebtedneM of Borrower secured by this Mortgage. Unlees ~orrower and Lender agree to other terms of payment, such amounte ~hall be payable upon notice from Lender tu Borrower requesting payment thereol, and shall bear interest from the dste ot disbnr~ement et the rats payeble from time to time on outstending principal under the Note unless payment of intereat at such rate would be oontrary W applicable law, in which. event auch amounte sha1) bear interest at the highest rate perrnissible under applicable lew. Nothing contained in this paragraph 7, shall require Lendet to incur any expense oT take any action hereunder. g~ox34$ PAGE1541 . s a - - ~~~~:-"`~. .____ .~..~._ ..~. _.. .- ~ _. ~~r