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HomeMy WebLinkAbout2663Borrower and l.ende~ covcnant and a~ee as tollows: 1. Psyment ot Prlncipal and Interest. E3orrowe~ shall pmmptly pay when due the principal of and intereat on the indebtednesa evidertced by the Notc, prepayment and latecharges aa pruvided in the Note~, and the prir-cipal o[nnd interest un any Future Advancea secund by this Mortgage. 2. Ftitnds for Taxes and It~suranre. Subject to applicnble li-w or to u writirn waiver by I.ender, liorrower shall pny to I.ender un the day monthly i~stallmenta of principa! and intereat are pAy~+ble unde~ /he Note, until the Note is paid in full, u sum Ihe~ein "Ftinds") equal to one ~we1Rh of theyea~ly tnxes and asseseimenta which muy attain priority over this Mortgage, and ground rrntn un the IM-perty, i[any, pluaone iwelfth of yearly pmmium installments for hazard insuri-nce, plus unetwelfth of yeu~ly pmmium instullmenls [or muirtguge ineurnnce, iCAny, .~Il as reaeonably estimnted initially nnd from time to tin~e by I.ender on the t-asi~ of auzsessmentr. und billc nnd reusunable ~~timat~~ thrrmf. The ~ndx shall be held io an institution the depoaite or acccunts of which are insured or gunranteed by a Federal or State ugency ~ including l.ender i[ l.ender ie auch an inetitution). l.ender shall apply the Funda tn puy snid tnxes_ ~eixrsxmenta, insurance premiums and Kround rents. l.ender may not charge for so holding and applying the Funds, unalyzing aaid nccount, or verifying and compiling said i~xsesame~ta and bille, unlese I.ender pays Borrower inte~eat on the Funde a~d npplicable law permitx I.ender to mukesuch n charge. Borruwer and I.ender may agree in writing at the l~me of execution uf this MortgaRe thnt intenat on thr Funds ehull be paid to liorrower, and unlesa such agreement is made or applicable law requirea such internst to be paid, I~ender ahnll not be required to pay E3urrower any interest or eaminga on the Ftinda. l.ender shall give to Borrower, without ~harge, an ~nnual Acn-unting oithe F unda shuwing credita and debita to the Funda and the purpose [or which each debit to the F unds w:~Y mude. The N unds aire pledKed as additional security fortheaums secumd by thie Mortgage. If the amount of the Funda held by I.ender, together with the future monthly installments of F u~ds payable prior lo tl~e duedates uf taxes, asaessmenta, inaurance premiums and ground rnnts, shall exc~ed the amount required to pay said taxex, asseaxments, insurance premiums and ground rents as they fall due, such excexs shall be, at I~orn-wer's uption, either pn~mptly repaid to f3orrower or creditecl tu 13orruwer on monthly inatallments of Funda. I[ the amount of the Funds held by l~ender shnll nut be sufticient to pay tuxes, ussesxmenls, insurance premiume and ground rnnts as they fall due, ~rrower shnll pay to I.ender any amount necrssnry to make up the deficiency within :foday,+ from the date notice ia mailed by l.ender to l3orrower rcquestinK payment thereo[. • Upon payment io full of all aums secured by this Mortgage, l.ender shall promptly mfund to Borrower any funds held by I.cnder. lCunder paragraph 18 hereof the Property is sold or the Property is otherwise acquired b~• l.ender, l.ender shall apply, no latrr than immediately prior to the sale af the Property or ite acquisition by [~ender, any M unds held by I.ender F+t the time of application us H credit against the sums secured by this Mortgage. 3. Applieation ot Paymente. lJnless applicable~law pnivides otherwisr, ali p:+yments received 6y Ixnder under the Note and paragraphe 1 and 2 hereof ahall be applied by I.ender firgt in payment of amounL~ payable toY~ender by Eiorruwer unde~ paragraph 2 hereof, then to interest payable on the Note, then to lhe principal of the Note, and then tu intemst and principnl on ~~ny huturn Advances. 4.Chargex;Liens.fiorruwershallpayallt:~xes,.~sscw.~mi•ntc:~ndoth~rch:~rKes,fin~w.~ndimW~sitionsattributabletothel'ropertywhich ~ may attain a priorily over this MortK:~ge, and lea~ehold p.~ymrnts or tiround rents, if any, in the manner pruvidecl under p.~r.~Kraph 2 hermf or. if not paid in such manner, by I;orrower makin~ p.iyment, v+•hen due, din~c•tly to lhe p.-y~r Ihercti~f. Rurn-wershaU promptl~ fornish to I.ender all notices of amoun~s due under this paraKraph, and in the event Rurtu~ner shall m:~k~• papment dirc~•th•, liurn-Ne~ shull promptly [urnish to t.t~nder receipts evidencinK such payments. t~-rruwer shall promptly di.charK~• any lien w•hich has priority o~•er thic ~1nrtKaKe; provided, that I;~~rrower shall not be requirrd to diccharKr an~ such lirn su lun~; :i. l~~m~w~~r shall a~,•r~r in writin~; tu thi• payment nf the• obliKatiun secured by .urh lien in a mannrr acceptable to 1.~ nde•r, ~~r.hall in K~N~c1 f:~ith itimt~wt .uch li~•n by, urdrG•nd ~•nG~n•~~in~•nt of w~•h li~•n in, ley;al pr~x•e~dings u.~hich operate to pm~ent the c~nfurct•ment of the lien or furG•itur~• ~~f th~~ 1'r~~p~•rt~• ur :im• p:~rt thi•n~~f. ri_ Hazard Insurance. Korrow•~~r sh.-11 kec•p the impru~~rnu•nt~ nuw• ~•xistinK or hemafti~r erectt~ un the Property insund aKainst luYS by fire, hazards includrd within the term "extended co~•erak.•," :~nd such uther haz:irdti as I a•nder may myuire and in such amoun~g and fe-raurh Fxriods as I.ender ma~ reyuir~•; pru~•idi~cl, that IA~nd~~r sh:~ll nnt rtY~uire• that the umuunt ~~f such rnver:+Ke excctid that amount of cuveraKe r~~c~uirrd tu pat the sums securEd by this titurtKa~~•. The insurani~ carricr providin~ th~• in~ur.~ncr sh:-II IN• i•h~~si•n by It~~rruw•er ~ubji~•1 tu :~~ipruva) h}• I w~nd~~r, pru~•id~yi. that such apprural shall not be unre:~w~nably withhf•Id. All pmmiwn~ un in.ur.~n~•~• Ew~h~•~~•..h:~ll 1K~ p:ud in th~• manrn~r pr~~vidwl un~ier par.~~;r,iph'l henv~f or, if r~nt paid in such mun~cr. by fi~~rruw•i~r m:~k~ny; p:~t~~n~•nt. ~vh~•n du~•. din~•th• I~r thi• in~ur,~n~•t• ~•arri~•r. All insurance policies and renewals t:~ere~~f ~hall lre in form acet•ptabl~ tu I~~nder and ~hall include a.tand,ird mortKaKc~ clause in favorof .ind in [orm acceptable to I.ender. l.rnd~r shaU h:+~•i• th~• ri~;ht to huld the ~H~lici~~s and mnc~~sal~ therw~f, and RurruK•ershall promptly furnish to ~.c•nder all renewa) notices and all nr-eipts of paid prE•mium.. In the t•veut nf lusti, It~~rrr~Ner.h:~ll Ki~•e pnnnpt nuticr to lhe insurance carrier and I.ender_ I.ender may make pnN~f nf lusti if not mad~• prumptly bc I;orrow•er. Unless l~ender and &~rrow•f•r othervvi~• aKnK~ in writin{;, insuranc~• pr~K•e~~d. ,hall tx• appli~Yl to rt~sturatiun ur repair of the ['roperty damaged, provided such restor:itiun ~~r repair is cr~~nomicall~ fi.~~ible .ind th~~ stY•urity ~rf this \lortK:~Ke is nut thereby impaimd. If such rt~storation or mpair is not ec~~nomic~illr fea.ibie ur if the u~: urit~ of this 11ortK:-K~• wuuld t-e impaired, the insurance proceedsshall beapplied tu the sums secured by this MortKaKe, w~th thr ~•x~-.ws, if an~, p:iid b- li~~rrowPr. lf th~~ Pmpert~• ~s abandoned by &-rroNer, ur if ~rrower faila to respond to [:ender within :i~l da~s frum the dat~~ nutic•~ i~ maibd by I.endrr tu Rorrower that thr insurnnce carrier offers to setde a claim for insurance benefits, I~ender is authuriz~rl tu cuUiY•t and .~pply the insuruncr pr~K~~YYI~ at I~e~nder's uption either to restoration ur repair of the Pmperty or the sums securecl by this N1ortK:~Ke. Unlesa I.ender and Eiorrower otherwis~• :~Krtr~ in writinK, an~ such applicutiun of prrx•cY~ds to princip:+l shall nol extend or p~stpone thedue date of the monthly instailmen~s referred tu in paraKraphs 1 and `~ hPr~uf or chan~;e the amuunt of sui•h intitallmen~v. If under paraQr~ph 1R hereof the Pmperty is acquircr~ b~ I.end~r, :ill riKht, title and intert~st of I3~~rrowNr in and tu any insuranm {x~licies and in and to the proceeds thereof resulting from damaKe b, Pr~~perty prior to the s:~le or acywsitiun shall pas~ to I,e•nder to the extent of the sums secured by this ~turtKage immediately prior to such sale or acyuisilion. 6. Preaervation and Maintenance of Property; IA8!il~huldti; ('ond~~minums; Planned Unit Uevelopmente. Rorrower shall keep the F'roperty in ga-d repair and shall not commit w•a.t~• ur permit imp:~irment or drteri~~ratinn of the I'roperty and shall n~mply with the pro~•isions of any lease if this l11~-rt~;aKe is un a leasehold. If thi~ MurtKaKe is on a unit in a nrnduminium nr a planned unit development, }i~~rruwer shall perform all of F3~~rrower's obiiK:dionc under thedec•larati~~n ~~rcu~•enants ~•n:~tin~;urKovern~nK thecundominium or planned unit development, the by-laws and reKulations ~~f th~• condominium ur pl:~nn~d unit devrlcipment, a~d c~mstituent dcx~mnentt:. [f a cundominium or planned unit develupmt•nt rider is t•xtrut~d h~ Ii~~rruw•cr and recordt~l [nKethrr with this Mortgage, the covenants and .~~;rei•ments o[~uch rider ~hall 1-~• in~ur{N~r.~ti~ci int~~ :~nd .hall :~me~nd ard ,upplrm~•nt thi•i•o~-enants and aKreemen~softhis MortKaKeas if the n~ler were a part hcreof. 7. Protection of Lender'e Security. If Borr~-wer fails to pertorm the covenanle and agreemente contained in thia Mortgage, or itany action or proceeding ie eommenced which materially affecte I.ender'a intereat in the F'roperty, including, but not limited to, eminen4domain, inaolvency, oode enforcement, or anangemente or pmceedings involving a bankrupt or decedent, then I.ender at Lender'e option,upon notice to Borrower may make euch appearancee, disburee auch auma and teke auch action aa ie neceseary to protect Lender'e intereet, including, but not limited to, diabureement of reaeonable attorney's fees bnd entry upon the E'roperty to make repaire. If I.ender required mortgage inaurance ae a condition of making the loan secured by this MortgaKe, B~rrower shall pay the premiume required to maintain euch ineurance in effect until such time as the requirement [or auch inaurance terminates in accordance wi~h Borrower'e and Ixnder a written agreement or applicable Law. Borrower ahall pay ~lhe amount of all mortg~Re ineurance premiuma in the manner provided under paragraph 'l hereof. Any amounta diebursed by l.ender pereuant tn this paragraph 7, with intereat thereon, ahall becrome additional indebtednesa of Rorruwer aecured by this Mortgage. lJnlesa Eiorrower and [.ender agree to other terme of payment, auch amounte shall be payable upon nutice fr~~m I.ender to Borrower requeatinq payment thereof, and ahall t-ear intercet from the date of diaburarment at the rate payable from time to time on outstanding principal under the h'ote unless payment of interest at such rate would be contrary to applicabfe law, in which event such amounta shall bear intereat at the highest rate permiasible under npplicable law_ Nothing contained in this paragraph 7, eha11 require Ixnder to incur any expense or take any aclion hereunder. . B~~x 348 P~~;E2~;~1 ~ ! ~ T - ~ ~~ ~TY~~'+.S~-h.3w3~-~e. ' w.~R .~.. _ _. .. _f .r. ~. . ~ ,~ ~.