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HomeMy WebLinkAbout2509Borrower and L.ender rnve~ant and saree a~ tollowc l. Payment ot Priacipal and Intere~t. Borrowe~ shall promptly pay when due the principal of and interest on the indebtednes~ evidenced by the Note. pnpayment and late cherges e~ provided in the Note, and ihe principal of and intereet on any ~ture Advances secun~d by this Mortgage. 2. ~nds for Ta:ea a~d Insurance. Subject to applicable law or tu a written waiver by l.ender, Borrowerahall pay to l.ender on theday rmonthly inatallmente o! pri~cipal and interest ere payable under the Note, until the Note is paid in full, a aum (herein "Funds") equal to one twelRh of the yea~ly taxea and assesaments which msy attain priority over this Morlgage, and ground renta on the Property, if any. plw on~ twelfth of yearl y premium installments for hazasd insurance, plua onetwelRh otyearly premium instellmente io~ moctgage inaurance, if any, all as reasonably eatimeted initialJy and (rom time to tirne by Lender on the bueis of nsaesamente and billa and reaeonable estimates thereoL '11~e Fl~nda shall be field in an institution the dtposita or accounts oi which are inaured or gua~anteed by a Federai or Statt age~cy (including l.ender if l,ender is such an inatitution). Lender shall apply the Funds to pay eaid taxea, assesaments, inaurance premiuma and ground renta. Lende~ may not charge tor so holding and applying the Funda, analyzing said account, or veritying and compiling eaid assesements and bilte, unless Leader pays Borrower interest on the Funda and applicable law permits [.ender to ma{ce euch a charge_ Borrower and Lender may agree ir- writing st the time of e:ecution of lfiis Morigage that interest on the Funda ahall be paid W Aorrower, and unless such agreement is made or applicable law requiree euch interest to be paid, Lender ahall not be required to pay Borrowes any inte~ed or eamings on the Fl~nds. Lender shall give to Borrower, without charge, an annual acoounting of the ~unds ahowing credite and debita to the Runds and 1he purpoae for which each debit to thr Funde was made. The Funda are pledged an additional security [or the aums secured by this , Mortgage. , If the amount o[the t~~nda held by [.ender, together with the future monthiy inataliments of Funda payable prior to the duedateaolta=ea. aeeeaemente, inaurance premiums and grou~d rents, shall excred the amount required to pay eaid ta:ee, aseeasments, insu~ance premiums aod ground renta as they fall dne, snch excesa eha11 be, at Sorrower a option, either pmmpdy repaid to Borrower or credited to Borrower on monthly inetalimenta of ~nde. If the amount of the Funds held by I.ende~ shatt not be sufficient W pay taxes, asseasmente, inaurance prnmiume and gronnd rente as they fall due, Borrower ahall pay to Lender any amount neceaeary to make up the deficiency within 30 days from the date notice ie mailed by l.ender W Borrower requeating payment thereof. Upon payment in full of all eums aecured by th+s Mortgage, Lender ahall promptly refund to Horrower any funds held by l.ender. I[under paragraph IS hereof the Property ia eold or the Property is otherwise acquired by Lender, l.e~der ahall apply, no later than immediately prior to the aale of the Property or ite acquisition by Lender, any Funda held by Lender at the time of application ae a credit againat the euma eecured by this Mortgage. 3. Application of Payments. Unleas applicable law providea otherwiae, att payments received by I.ender undet the Note and paragraphs 1 and 2 hereof ahall be applied by Lender firat in payment of amounts payable to I.ender by Borrower under paragraph 2 heceof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principa) on any Future Advancee. 4. Chargee; Liens. Borrower shall pay a11 taxea, i~asessments and other cfiarges, fines and impusitions attributable to the Property which may attain a priority over this MortRage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, i[ nnt paid in such manner, by Borrower making paymenl, when due, directly to thr payee thereoL Bormwer shall promptly turnish to I.ender all notices of amounts due under this para~,+raph, and in the event Borrower shall make payment directly, E;ormwer shall promptly furnish to [.ender receipts evidencing such paymentx. tiorrower shail promptly dischargr any lien whirh has priority overthis Mortgaqe; provided, that E3orrower shall not be required to discharge any such lien so IonQ as Borruwer shall agree in writing to the payment of theobligation secured by such lien in a manner acceptable to l.ender, or shall in g~wd faith contewt such lien by, ordefend enforcement of Quch lien in, legal proceedinqs which operate to prevent the enforcement ~f the lien or forfeiture of the !'roperty or any part thereuf. 5. Hazatd I naurance. Borrower shall keep the improvements now existing or he~eafter erected on the Properly insured againat to~a by fire, hazards included within the term "extended coveruge," and such other hazards as Lender may require and in auch amounte and for auch periods as l.ender may require; provided, that I.ender shaU not require that the amount of auch cove~age eaceed that amount of coverege ~equired to Qay the sums secured bt this MortKaKe• The insurance carrirr providinR the insurann• shall 1-e chusrn by liorruwer subject to approval by Ixnder; pmv~ded, that such .~pproval shal{ not be unreas~~naMy withheld. Ali prrmiums un insuram•c p~li~•irs sha111-e p:+id in the manner pnwiJed under paraKraph 2 hereof or, if not paid in such manner, by lic-rrower makinK p:iYtil(Il~, K'ElE'R (IUP, directly to the incurance cart+er. All insurance policies and renewals thereo[shall be in form acceptable to I.ender and shall include a standard mortgage clauae in favor of and in form acceptable to l.ender. I.ender shall have the right to huld th~ policirs and renewals thereof, and Borrower shall promptly furniah to ~.ender al! renewal nutices and a{I receipts of paid premiums. In thr event of loss, fk-rn-wer aha11 give prompt notice to the inaurance carrier and I.ender. I.ender may make proof of loss if not made promptly by Borrower._ Unlesa I.ender and Korrower otherwige aKree in writinK, insurance proceeds shall be applied to restoration or repair of the Property damaqed, provided auch resu~ration ur repair is ~runomically feasible and the srcurity of this Mortgage ie not thereby impaired. If such restoration or repair is not eccenomically teasible or i[ the xecurity o[ this Mortgage wuu{d be impaired, theinsurance proceeds sha11 beapplied W the aums aecured by this Mortgage, with the excr.es, if any, paid to E;orrower. lf the PropeRy is abandoned by Bortower,or if ~3orrower [aila to reapond to l.ender within :i0 daya frum the date notice is mailPd by I,ender tv t3ormwer that the insurance carrier of~era to settle a claim tor inaurance benefita, Ixnder is aothurizrd ti~ colterl and apply the insurance proceeds at i.ender's option either to restoration or mpair of the Property or the auma eiecured by this MortKaKe. , Unleae Lender and Rorrc,wer otherwise aKree in writing, any such application of proceeds lo principal ahall not exlend or postpone thedue date of the monthly inataliments reterred d- in paraKraphs i and'l F~ereotor change the amount of auch installmenla_ I[under paragraph 18 hereof the Property ie acyuired by l.ender, al! right, title and interest oi Burrower in and to any inaurance policiea and in and to the proceeda thereof reeulting from damage to Nroperty prior to the sale or acqwsition shall pass to [xnder to the extent of the sume secured by thie Mortgage immedia4ely prior to such sale or acquiaition. 6. Preeervation and Maintenenceof Property; Leaseholds;('ondominume: Planned l;nit Developmente. Borrowerahal) keep the Property in good repair and shal) not commit wasle or permit impairment or deterioration of the Property and aha11 comply with the pruviaiona of any lease, if this Mnrtgnge is on a leasehold. If this MortgaKe is on a unit in a conduminium or a planned unit development, Rorrower ehall perform all of Rorrower's obligations under the declaration orcovenantn creatinKor governing the condominium or planned unit development, the by-lawa and regu{ations of the condominium or planned unit devetopment, and conatituent documents. If e cnndominium or planned unit development rider is exeruted by f3orrower and recorded t~ether with this Mortgage, the covenanta and :iKreements of such rider shall be ~ncorpurated inG~:+nd shall amend and supplemrnt thecovenail[s and a~treementa of thia Mbrtgageas i(the rider were a part hereof. ?. Protection of I.ender'e 3ecuriiy. If Borrower faila to periorm t!-e oovenanta and agreemente rnntained in this Mortgage, or if any action or proceeding is commenced which materially affecte Lender's intereet in the Property, including, but not limited to, eminent domain, insolvency, oode entorcement, or arrangemente or pmceedinga involving a bankrupt or decedent. then Lender at i..ender i option,upon notice to Borrower may make auch appearances, diaburse auch aums and take auch action as is nece~aary to protect I.ender'~ intemt, including, but not limited to, disbursement of reasonable attorney'e [eea and entry+ upon the Property to make repairs_ It Lenda required mortgage ineurance as a condition of making the loan secured by thie Mortgage, Borrower shall pay the premiums required to maintain euch insurance in eftect until euch time as the requirement [or such insurance terminates in accordance with Borrower's and Lendds written a(treement or applicable l.aw• Borrower ehall pay the amount of a{I mortgage insurance premiume in the manner pmvided under paragraph 2 hereaf. Any amounte disburoed by Lender perauant to thie paragraph 7, with intereat thereon, shall become additional indebtedness of E3orrower eecured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from l.ender to Borrower requeating payment thereol, and sha11 bear intereat tmm ihe date of diabursement at the rete payable from time to time on outatanding principal under the Note unleee payment of interest at auch rate would be rnntrary to applicable law, in which event such amounta shali bear interest at the higheat rate permissible under applicable law. Nothing contained in tl~is paragraph 7, shall rcquire GendeT W incur any expense or take •any action hereunder. SO~1K 348 YdGEzSO~ t - .~: .~-~~ ___ - ~ i~i~~ ~ ~., ~4'