Loading...
HomeMy WebLinkAbout0941 Borrower and I.ender covenant and agree ae followa: 1. Payment of Principal and lntereat. Borrower ahaU promptly pay when due the principal of and intereat on the indebtednesa evidenced by the Note, prepayment and late chargea as provided in the Note, and the principal of and interest on any Future Advancee aecured by this Mortgage. - 2. F~u~de for Tw:ee and lnaurance. Subject to applicable law or to a w~ritten waiver by I.ender, E3orruwer ehall pay to I.enderon the dey monthly installments of principal and interest are payable under the Note, until the Note ia paid in full, a sum (herein "Funds") equal to one twelfth of the y early taxes and assessmenta which may attain priority over thie Mortgage, and ground rents on the Property, if any, plue one twelfth of yearly premium inatallmenta for haaard inaurance, plus one-twelflh of yearly premium inatal?mentx for mortgage inaurpnce, if any, all as reasonably eatimated initially and from time tu tirne by l,ender on the baaia of aaseasmente; and billa and reasonable estimutes thereof. The Funda ehall be held in an inatitution the depoeita or accounta of which are inaured or gua~anteed by a Federal or State agency tincluding Lender i[ Lender ie sach an inetitution). l.ender ahall apply the Funda to pny said taxea, asaeaemente, ineurance premiuma and gtound rente. L,ender may not charge for eo holding and applying the Funde, analyzing eaid account, or verifying and compiling aaid aeaeesmente and bills, llnleex I.endPr ~pyw Rtirrnwpr intarPal nn f F~P F~~n~n anri gr+n,l~rohln ln4a. r~..±~:~w° ~.~^C~.~. ~w .T•unt 5::~~ u ~LFai~c. ?~w'~i'vwci and I.ender may agree in writing at the time of execution of thie Mortgage that intereat on the Funds ehall be paid to Borrower, and unlesa ~ auch agreement is made or appiicabir iaw requires sucn intereat to oe paia, Lender ahali not be requ~red to pay t3onower any intereet or earninga on the Funda. L.ender ehall give to E3orrower, without charge, an annual accounting of the Funda ahowing credita and debita to the Funds and the purpose for which each debit to the Funds vvas made. The Funda are pledged ae additiunal eecurity for the suma secured by thie Mortgage. If the amount of the Funde held by [.ender, together w:th the future monthly inAtallments of Funda payable prior to the due dates of taxea, asaesamenta, ineurance premiume and gmund rents, ahall excred the amount required to pay said taxea, aasex,3mrnts, inaurance premiums and ground rents ae they fall due, auch excesa ahall be, at BoiTOwer'a option, either pmmptly repaid to Borrowet or credited to Borrower on monthly instalimente of Funda. if the amount of the Funde held by Lender ahaU not be aufficient to pay taxes, assesamenta, insurance premiums and ground rente as they fall due, Borrower ahall pay to Lender any amount necesaary to make up the deficiency within 30 daya from the date notice ia mailed by Ixnder to Borrower requesting payment thereof. Upon payment in full of all sums eecured by this Mortgage, Lender shall promptly rrfund to Borrower any funda held by Lender. Itunder paragraph 18 hereof the Property ia sold or the Property is otherxzse acquired by Lender, I.ender ahall apply, no later than immediately prior to the sale of the Property or ita acquieition by Lender, any Funds held by I.ender at the time of application as a credit ~g~inst the sums secured hy this Mor4gaoe_ 3. Application of Paymente. Unlesa applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ehall be apptied by Lender firc;t in payment of amounts payable to l.ender by Barrow•er under paragraph '2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on Hny F utum Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charKes, fines and impusitions attributable tu the Property which may attain a priority over lhia Alorigage, and leasehold pay menta orgmund rents, if an~~, in the manner pro~~ided under par:igraph 2 hereof or, if not paid in such manner, by Burrower making payment, when due, directly to the p~yee therE~c~f. liorrow•er tih~iii promptly furnish to l.ender ~ all notices of amounta due under this paragraph, and in the event Borruwer shall make payment dirc~c•tly. Burro~ver shali prumptly fumish to I,ender receipts evidencing auch payments. E3orrower shall promptly discharge any lien w•hich has priurity ocer this MortKage; pro~~ided, that ~ Borrower ahall not be required to discharge any auch lien so long as Borrower shall aRree in writinK to the p~?}•mrnt of the uFiliKation secured by such lien in a manner acce tablel~ r~n~~ . ~r sh~!! fi, ~.,a sm::~: :t.a: s~e!: : d~:~.~~ ~a.;;.- ~ ~ P ° c cc~Ti~r~i O. f.iiCu u"rl iii. ~rl{n~ NrocreUlu};5 which operate to prevent the enforcement of the lien or forfeiture of the Property,or any part thereof. 5. Hazard Inaurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and euch other hazarda ae I.ender may require and in such amounta and for such periods as Lender may require; provided, that L.ender ahall not require auch coverage amount exceeding the minimum, ~s may be reyuired by state or federal regulationa governing adivities of I.ender, or that amount of co~•erage required to pay the sums secured by this 111ortgage, whichever ia the greater. ; The insurance carrier providing the insurance shalt Ue chosen by Borrower subj~ct to ~ppru~•al b~• I.endt~r; pro~•idc~i. that such appro~•al ~ ehall not be unreasonably withheld. All premiums nn insurance policies shall 1~ paid in the manner pru~~ided under para~;r:iph Y hereof or, if ~ not paid in such manner, by E3orrower making payment, w•hen due, dirrctly to the insurance carrier. 1 t All inaurance policiea'and renewala thereof ahall be in fortn acceptable to l.ender nnd shall include a standard mortKage clause in favor of ! nnd in form acceptable to Lender. I.enderahall have the right to hoid the policies and renewals thereof, and Rorrower ahall promptl}• fumish to i.ender all renewal notices and all receiptx of paid premiuma. In the event of loss. Barruwer shall Rive prompt notice tu the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. i Unlesa Lender and Borrower otherwlae agree in writing, ineurance proceeds ahall be app?ied to restoration or repair of the Property ~ ( damaged, provided such restoraticn or repair is economically feasible and the security of this Mottgage ie not thereby impaired_ If such restoration or repair ie not economically feasible or if the aecurity of this Mortgage would be impaired, the insurance proceeds shall be applied f to the auma secured by this Mortgage, with the excesa, if any, paid to Bonower. If the Property is abandoned by Borrower, or if f3orrower fails to ~ respond to Lender within 30 daya from the date notice ie mailed by I.ender to f3orrower that the insurance carrier offers to settle a claim for ~ :nsurance benefita, Lender is authorized to collect and appiy the inaurance proceeds at Ixnder's optinn either to restoration or repair of the ~ Property or the sums aecured by thie Mortgage. , Unlesa Lender and Borrower otherwise agree in writing, any auch applicateon of pmceeds to principai shall not extend or poatpone thedue date of the monthly inetallmenta referred to in paragraphs I and 2 hereof or change the amount of such installmenta. If under paraqraph 18 hereof the Property is acquired by Lender, all right, titie and interest af Borrower in and to any insurance policies and in and ta the proceeds ~ thereof reaulting from damage to Property prior to the sale ~r acqwsition shall pass to I.ender to the extent of the sume eecured bv this ~iortgage immediately prior to auch sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominums: Planned Unit Developmenta. Borrowershall keep the Property in good repair and shall not commit waste or perr.?it impairment or deterioration of the Property and ahali comply with the ~ pro~•iaions of anv lease if thie Mortgage is on a leasehold. If this Mortgage ie on a unit in a condominium or a pianned unit development, Borrower shall perform all of Borrower's obligations under the deciaration or covenants creatinKor governing the condominium or planned ~ unit develapment, the by-lawa and regulations of the condominium or planned unit development, and conatituent documenta. If a condominium or planned unit development rider ia executed by F3~rrower and recorded together with thia Mortgage, the covenantt+ and ~ aKreements of such rider shall be incorporated into and shall amend and aupplement the covenants and aKrermen~g of this hlortgaKe as if the nder µere a part hereof. ~ 7. Protection of Lender'e Security. If Borrower faila to perform the covenanta and agreementa contained in this Mortgage, or if any ~ action or proceeding ia commenced which materially affecta Lendei e interest in the Property, including, but not limited to, eminent domain, ~ insolvency, code enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon § notice to Borrower may make auch appearancee, diaburee auch aums and take auch action ae ie necessary to protect I.ender's intereet, ~ including, but not limited to, disbursement of reasonable attorney's feea and entry upon the Piroperty to make repaire. If Lender required ~ mortgage ineurance ae a condition of making the loan aecured by thia Mortgage, Borrower ahall pay the premiume required to maintain ~ euch inaurance in effect until euch time ae the requirement for auch inaurance terminatea in accordance with Borrower's and Lendei e E written agreem~nt or applicable I.aw. Borrower ehall pay the amount of all mortgage insurance premiuma in the manner provided under paragraph 2 hereof. ~ Any amounte disbursed by Lender perauant to thia paragraph 7, with interest thereon, ahall berome additional indebtednese of ~ I3orrower eecured by thie Mortgage. Unleas Borrower and Lender agree to other terms of payTnent, auch amounts ahall be payable i~pon notice from i.ender to Bormwer requeeting paymeni thereof, and ehall bear interest from the date of dieburaement at the rate payable from ~ time to time on outetanding principal under the Note unlese payment of interest at auch rate would be contrary to applicable law, in which event auch amounte ahall Dear intereet at the higheet rate permisaible under applicable law. Nothinq contained in thie paragraph 7, ahall require Lender to incur any eapenae or take any action hereunder. € i p. ~ 8~'~K 373 F~~,E ~41~ - .