Loading...
HomeMy WebLinkAbout1553Borrowes u~d Lender oovenaat and asres a~ foUo~n: 1. Pa~-meat of Principal and Iatere~t. Borrower ~heU promptly pay when due tAe principal of ar~d intered on ehe indebtednew evidenad by ehe Note. prepayment sad lste chas~a e~ providad in the Note. and the principal oi ~nd intereat on any PLture Adva~cea ~ecured by thia Mort~a~e. 2. I~nd~ for Ta:es and Ia~urence. Subject b applicable isw or ta a writtrn waiver by I.ender, Bormwer shall pay to Lender on the day monthly irutallments of principal and i~tecest are payable under the Nota, until the Noee is paid in full, a sum (herein "Ftinds") equal to ons twelfth of the ycarly taxea and asse~smenta which may attain p~iority over thie Mortga~e. and ~round rents on the Property, if any. plus one~ twelfth of yearly premium installments for hazard insurance, plw onetweiRh of yearly premium installments for moirt~age insura~ce. if any, all aa reasonably ~timated initially and from time to time by l.e~der on the basia of assesaments and billa and reasonable estimatea thereo! 't'!~e I~nds shal) be held in an institution tlie deposits or accounts of which are insured or guaranteed by a Federal or State agencar lincludin~ l.ender ii Lender is sucl~ an institution). Lender ehall apply the Funds to pay eaid taxes. aa~e8sments. insura~ce premiww end ground rents. Lender may not charge tor w holding and applying the Funds, analyzing said aceount, or verifying and compiling ~aid asseasmenta and bills, unless Lender pay~ Bormwes int~rest on the Funds and applicable law permits i,ender to make ~uch a char~e. Borrower and I.ender may agree in writing et !he time of e:ecution of this Mortgage that interest on the l~nds shall be paid b Borrower, and unless euch agreement is made or appGcabk law requires auch intereat to be paid. Lender ahall not be requised to pey Borrower any interat or eamings on the FLnd~. Lender shall giv~.ta Borrower, without charge. an annual accounting of the Fu~ds ahowing cndits and debits to the Funda and the purpose for which each debit b the F1nda wae made. The Funda are pledged as additionel aecurity !or the sums eecured by thu Mortgage. If the amount of the FLnds held by Lender. together with the tuture monthly instaUmenta of Funds payable prior to the due detes of taxd~, '' aeaesaments, inaurance premiums and ground rents, ahall e:cxd the amount required to pay said taxes. aa8essmenta, insurance premiums and ground renta as they fall due, such exoees ehall be. at Bo~rower s option, either promptly repaid to Borrower or credited to Borrower on monthly inatallments of fi~nds. I[ the amount of the Funds held by Lender shall not be eufficient to pay taxes, as~esamenLs, inauraace premiums and ground rents as they fall due, Borrower shall pay to Lender any amount neceasary to make up the deficiency withio 30 days from the date notioe is mailed by Le~der to Borrower requeating payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall pmmptly refund to Borrower any Eunda held by Lender. lf under paragraph 18 hereof the Property is sold or tlie Property is otherwiae acquired by Lendet, Lender ahaU apply, no Iater than immediately prior to the sak of the Property or ita aoquisition by Lender, any ~nds held by Lender at th~ time of applicetion as a crrdit against the sums secured by thu Mortgage. 3. Applieation ot Paymenb. Unleas applicable law providea otherwiae, all paymenta received by Lender under the NoLe and paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of amounts payable to Lender by Borruwer under paragraph 2 hereof, then to intenst payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea. 4. Chargea; Liens. Borrower shall pay all taxea, asseasmenta and otherrhargea, fines and impositions attributable to the E'roperty which may attain a priority over this Mortgage, and leasehol~ paymenta or ground rents, i[any, in the man~er provided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. t3ormwer shall promptly furnish to Leoder ail notices of amounts due under this paragraph, and in the event f3orrower shall make payment direclly, Borrower shall promptly fumiah to I.ender receipts evidencing such paymenta. Eiorrower shall promptly discharge any lien which has priurity over this Mortgage; provided, that Eiorrower ahall not berequired to discharge any such lien so long as Borrower shall agree in writinq to the payment of theobligation secured by such lien in a manner acceptable to I,ender, or shall in good faith contest such lien by, ordetend enforcement oCsuch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~. Hazard Ineurance. 13orrower shall keep the improvementa nuw exiating or hemaRer erected op the Property inaured against losa by fire, hazards included within the term "extended coverage," and such other hazards as I.ender may require and in such amounta and forauch periods as l.ender may require: provided, that Lender ahall not require that the amount of such rnverage exceed that amount of rnverage required to pay~the anms secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by i~rrower subject to appro~ al by [.ender, pmvided, that such approva) shall not be unreasonably withheld. All prnmiums on insurance p~~licies shall be paid in the manner provided under paraQraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. 1U1 inaurance policiea and renev-als thereof ahali be in [orm acceptable to l.ender and shall include a standard mortgage clause in favorof and in form acceptable to Lender. I.ender shall have the right to hold the policies and renewals thereof, and Borrower ahall promptly [umish to ~.ender all renewal notices and all receipta ot paid premiume. In the event of loss, E3orruwer shall give prompt notice to the i~surance carrier and l.ender_ Lender may make proof of toss if not made promptly by Borrower. Unlese Lender and I3orrower otherwiae agree in writing, insurance proceeds ahaU be applied to restoration or repair o! the Property damaged, provided auch reatoration or rnpair is economically [easible and the necurity of this Mortgage is not thereby impaired. It such restoration or repair is not economically feasible or if the security of thia Mortgage would be impaired, the inaurance proceeda shall beapplied to the aume aecured by this Mortgage, with the excess, if any, paid to Borrower. Itthe Property is abandoned by Borrower, or if Borrower faila to respond b Lender within :30 days from the date notice is mailed by I.ender to Bonower that the inaurance carrier offere to settle a claim for inaurance benefita. Lender ia authurized to collect and apply the insurance proceeds at Lender'a option either to reatoration or repair of the Property or the auma eecured by this Mortgage. Unleae Lender and E3orrower otherwise agree in writing, an,y euch appliration of proceeds to principal shall not extend or poatpone thedue date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmenta. If under paragraph 18 hereof the Property ie acquired by I.ender, all right, title and intereat of Borrower in and to any insurance policiea and in and to the proceeds thereof resulting from damage to Property prior to the sale or acqwaition ahall paas to Lender to the extent of the auma secured by this Mortgage immediately prior to euch esle or aoquisition. 6. Preservation and MaintenanceotPwpeny; [.easeholda;Condominums; Planned Unit Developments. Borrowerahallkeep the Property in qood repair and shall not commit waste or permit impairment or deterioration of the PropeKy and shall comply with the proviaione o! any lease if thie Mortgage is on a leasehold. If this Mortqage ia on a unit in a condominium or a planned unit development, Rorrower ahall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or plenned unit development, the by-laws and regulationa ot the condominium or planned unit development, and constituent documente. 'i[ a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenants and agreements of such rider ahall be incorporated into and shall amend and supplement thecovenants and agreementsofthia Morigaqeasitthe rider were a part hereof. 7. Protection ot Lender's 3ecurity. If Borrower faile b perform the oovenants and agreements rnntained in thie Mortgage, or if any action or proceeding is commenced which meterially affects Lender's interest in the Property, including, but not limited to, eminent domain. insolvency, oode enforoement, or arrangements or proceeding~ involving a bankrupt or deoedent, then Lender at Lender'~ option.npon notice to Borrower may malce such appearanoes, diaburse such sums and take such action as is neaaaary W protect Let-der i interert, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repain. If Lender required mortgagt ineurance as a rnndition of making the loan eecurcd by this Mortgage, Borrower shall pay the premiums reqnired to maintait~ euch insurence in eftect until such time as the requirement for such insurance terminates in accordance with Borrower's and Gmdd~ written agrcement or applicable Law. Borrower ahaU pay the amount ot all mortgage insurance premiums in the mannK pmvided under paragraph 2 hereof. . My amounts diebursed by Lertder persuant to this paragraph 7, with interest thereon, ahall beoome additional indebtedneM of E3orrower secured by this Mortgege. Unleas Borrower and L,ender agree to other terrns of payment, such amounts shall be peyable upon notice from Lender to Borrower requesting payment thereof, and shell bear interest from the date of disbursement at the rate peyeble fram tirne to time on outstanding principal under the Note unless payment of interest at auch rate would be oontrary to applicable law. in which event such amounts shall bear interest at the highest rate permiasible under applicable law. Nothing rnntained in this paragraph ~. ~hall require [.~nder to incnr any expense or ta1~e any action henunder_ gR~x 348 P~~E1553 - , g .- . ~ _ ' ...4'£f ~'-(-s y, .~„~. 9 -- - ~ _ ~ .5..,.s^'^C,?'~,r _ ..C+rJ'..m+e...9A+].r.+~' .v?T;i.,.; .W.r...~::~. _ _C~_~LR ._..