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HomeMy WebLinkAbout2679Borrower and l.ender rnvenant and agree as follows: 1. Payment of Principal a~d intesest. RoROwer ehall prompQy pay whe~ due the principal of and intereat on the indebtedneas evide~ced by the Note, prepayment a~d late charges as peovided in lhe Note, and the principal of a~d i~tereat on any Futurc Adva~ces secured by this Mortgage. 2.1~1tnde for Ta:es and Insurance. Subject to applicnble law or to a written waiver by l.ender, E3orn,wrr shnll p~+y to l.ender on theday monthly inatallments o[pri~cipal and intereat are payable unde~ the Note, until the Nate is paid in full, u aum Iherein "Funds") equal to one twelfth of the yearly taxes and asseasmenta which may uttain priority over this Morigage, and ~round rents on the Properly, if any, plua one- twelfth otyearly premium installmenta for hazard inaurance, plus onetwelfth of yearly premium installmenta [o~ mortgage insu~a~ce, if any, all as reasonably eslimated initially and from time to tin~e by l.ender on the busis of assessmentx and billa aod reasonable estimatea thereot. The Flinda shail be held in an inatitution the depoeita or accounte of which a~e insured or guaranteed by a Federal or State agency (including l.endrr if l.ender ia such an inatitution). Lender ahail apply the F unds to pay said taxes, assessments; inaurance premiuma and grou~d re~ts. [.ender may not charge [or so holding and applying the Funda, analyzing said account, or veri[ying and compiling said aeseaementa and bille, unleea Lender paye Borrower interest on the Funda and applicable law permits l.ender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Morigage that interest on the Funda ehall be paid to liorrowe~. and unless euch agreement ia made or applicable Iaw requirea auch intereat to be paid, l.r~de~ shall nut be required to pay Borrower any intereat or earninga on the ~Lnds. I.ender ehall give to Borrower, without charge, an annual accounting of the M unds showing credita and debite to the Funds and the purpoae for which each debit b the F unds wae made. The Funds are pledged us additional security for the sums aecured by this Mortgage. ~ If the amount of the I~l~nda held by l.ender, together with lhe future monthly inatallments of Funds payable prior to the due datea of taxea, aeseeaments, ineurance premiuma and ground rents, ahaU excred the amount requirrd to pay said taxes, assessmenta, insurance premiuma and ground rnnts as they fall due, such excesa shall be, at Boirower's option, either promptly repaid to E3orrower or credited b Borrower on monthly inatallmente of Funds. If the amount of the Funds held by I.ender ahall not be su~cient to pay taxes, asseasmenta, insurance premiuma and ground renta as they tall due, Borrower shall puy to l.ender any amount necessary to make up thedeficiency within 30daye from lhe date notice ia mailed by l.ender to E3orrower requesting payment thereof. Upon payment in [ull of all sums secured by this Mortgage, I.ender ahall promptly refund to Borrower any funds held by l.ender. lf under paragraph 18 hereof the Property is aold or the Property is otherwise acquired by I.ender, I.ender shall apply, no later than immediately prior to the sale uf the Property or ite acquisition by I.ender, any Funds held by I.ender at the time of application as a credit against the sums secured by thie Mortgege. 3. Application ot Payments. Unless applicable law pmvides otherwise, all payments received by Lender under the Note and paraqraphe 1 and 2 hereof shall be applied by I.ender firxt in payment of amounts paynble to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal o[ the Note, and then to interest and principal on any F uture Advances. 4_ Charges; Liena. E3orrowershAll pny aU t.ixes, assessments and uthrr charKes, fines and impc-sitions nttributable to the Property which may atts-in a priority over this MortqnKe, and leasehold payments ~~r ~;n~und rents, if:iny, in the manner pro~ ided under paragraph 2 hereofor, if not paid in such manner, by Rorrower making payment, when due, directly tu the p.+yee thermL liorn,wer shall prompdy furnish to [xnder all notices of amount4 due under lhis paragraph, and in the e~ ent E3orruv-er sh:ill make payment directly. Bormw•er shall promptly fumish to ~.ender receipts evidencing such payr~nents. Burro~+er ~hall pre-mptly disch:~rKr any lien which h.~s priorily over this MortKage; provided, that Borrower shall not be required to discharge anv such lic•n so IonK as F~-rruveer sh:~11:~Kree in vvritinK to the p:~yment of the obliKation secured by such lien in a manner acceptable to l.ender, or shall in ~;~K~ci faith contt~t such lirn by, or defend enfonY•ment of surh lien in, le*al proceedings which operate to prevent the enfarcement of the lirn or furfPitur~ uf the Pro~•rty or an~ part thercr-f. 5. Hazard Insurance. Borrower shall keep the imprs-vemen~ti nuw existinK or hereafter erected on the Property insured against losa by fire, hazards ineluded within the term "extendecl coeeraKe," and such other hazards as 1 xnder may reyuirn and in such amounts and for such periods as [.ender may require; pro~•ided, th:~t I.ender .hall not reyuim that the amuunt of such cuveraKe exceed that amount of coverage required to pay the sum~ secured by this MortKaKe. The insuranm carrier pro~•idinK the insur.~nn• sh:~U tx~ chus~~n b~ 1{urn~wer.ubjtr•t to appruval by 1.~•nder, pro~•ideci, that such appruval shall not be unreas~,nably w•ithheld. All premiums on insuran~•e E«~licie. shall IK• p:iid in the manne~r provid~rt under par.-Kraph 'L hermf or, if not paid in such manner, b~• ii~-rruwrr makinK p:+~~m~•nt, wht•n dui•, dirtti•tlc tu th~• in~urancc~•arrier. All insurance policies and renewals thereof shall be iR furm acceptal~le G~ I.c•nder and shall include a standard mortgagedause in favorof and in form acceptable to I.ender. I,endershi~lt have the ri~;ht G~ hold the {«~licies and re~nt~wals there.-f, and Borrower shall prompQy furnish to ~.ender aU renewal notices and all receipts of paid premiums. In the event of luss, Iiorn~wer shall Kive prompt notim to the insurance carrier and I.ender. [.ender may make pr~f of loss if not made promptly by 13~~rrow•er. Unless I.ender and E3orrower otherwise agree in v-riting, insurance pruc•reds shall Fx• .~pplied to restoration or repair of the Property damaged, provided such restoration or repair i~ economic~lly feasible and the ~vrity ~,f this Mortgage is not thereby impaired. If such rrstoradon or repair is not economically feasible or if the security uf this MortKaKe would be impaired, the i~surance proceeds shall be applied to the aums secured by this Mortgage, w~lh the excess, if any. paid to l~~rrovicer_ 1 f thr 1'roperty is abandoned by Rnrrower, or if E3orrower faila to respond to Lender within :i0 days frum the date noti~•e is mailf~ci by I.ender tu fiorruwer that the insurance carrier offers to settle a claim for inaurance benefits, I.ender is authorizeYi to collrc•t and apph• the insurance pn-cec~ls at I.ender's option either to restoration or repair of the Property or the sums secured by this MortKaKe. ' Unless [.ender and I;orrower otherwi~ agree in N•riti ng, any sueh application of prcx•eeds to principal ahall not extend or postpone the due date of the monthly installments reCerred tn in par:+Kraphs i:~nd'l hereof or chanKe the amount of such installments. If under paragraph IS hereof lhe Property is acquired by I~ender, aU right, title and interest of !i~-rmwerin and to any insurance policies and in and to the proceeda therEbf reaulting from damaKe tn Property prior to the ~le or acqwsitiun shall p<~ss to I.ender to the extent ot the sums secured by thia Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; I.easeholds; ('ondominuma; Planned Unit Developmente. Burrowerahall keep the Yroperty in good cepair and shall not commit waste or permit impairment or deterioration of the Property and shall complv with the provisions of any leace if this Mortgage is on a leasehold. If this MortKage is ~~n a unit in a condominium or a planned unit development, Rorrower shall pertorm all of F3~-rr~,wer's obliKatiuns under the dcrlaratiun ur covenantx ~•reatin~;or governing the condominium or planned unit development, the by-laws and reKulations of the condominium c,r planned unit development, and constituent documenta. If a condominium or planned unit de~rlopment rider is executed by liorruwer and recorded toKether with this Mortgage, the rnvenanta and agreemen~~s of such rider chall be incor{wratecl int~~ and ~hall ame~nd and supplement thecovenan4~ and aKrtrmentsuf this Mort}Gageas i[the rider were a part hereof_ 7. Protection of I.ender'e 3ecurity. If E3orrower fails to perform the eovenanta and aqreements contained in thie Mortgage, or if any action or proceeding ie commenced which materially affecte l~ender's intereet in the Property, including, but not limited to, eminent domain, inaolvency, code enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then [.ender at Lender'e option,upon notice to Borrower may make euch appearances, diaburee euch aume and take such action se is neceasary to protect I.ender's interest, including, but not limited to, dieburaement of reasonable attorney's feee and entry upon the Property to make repaire. If Lender required mortgage ineurance as a condition of making the loan secured by this Mortgage, E3orrower ahall pay the premiume required to mt+intain auch ineurance in effect until euch time ae the requirement for euch inaurance terminatee in accordance with Bonower'e and [.ender s written agreement or applicable I.aw. Borrower ahall pay the amount of all mortgage inaurance premiuma in the manner provided under paragraph 2 hereof. Any amounts dieburaed by Lender perauant to thia paragraph 7, with intereat thereon, ahall become additional indebtednesa of F3orrower aecured by this Mortgage. Unleas Borruwer and t,ender agree to other terrpa of payment, euch amounte shall be payable upon notice hom Lender to F3orrower requeeting payment thereof, and ahall bear intereet fmm the date of diebursement at the rate payable firom time to time on outetanding principal under the Note unleas payment of interest at auch rate would be contrary to applicable law, in which event euch amounte ahall bear intereat at the higheat rate permisaible under applicaWe law. Nothing contained in thia paragraph ?, ehall require I.ender to incur any expense or take any aMion hereunder. ~l~~K 348 Pd~E2677 ~ . ~ ~~- - : Y"2a.:.aco., ._ ...~._ ~.,,.. ,.~.. ..,... . ,. - - ~ _a.:'`~~3+.v. .