HomeMy WebLinkAbout0990 Borrower snd Lender rnvensnt and e~ree a~ folbwr.
1. P~yment ot Principal tad Iaterea~ Borrow~ shal) pmmptly pay when due the pri~cipel of and intenat on the indebted~esa
evidenced by the Note, prepayment and late cheurga as provided in the Note, and the principal of and intenst on any ~ture Advance~ secured
by chis Mort~age.
2. Fund~ for Tueo at~d Inaurance. Subject to applicable taw or to a written waiver by Lender, Borrower shall pay to Lender on the day
monthly ir?staliments of principal end intereet are payable under the Note, until the Note ie paid in [ull, a sum (herein "Funds") equal to on~
twelfth of the yearly taxes and asseeaments which may attain priority over this Mortgage, and ground re~ta on the Properly, if any, plw one
twelfth of yearly premium inataliments for hazard insurance, plue o~etwelRh of yearly premium inataltmenta formortgage inau~ance, if any,
all aa reaw~ably estimated initially and trom time to time by Lender on the basis of asseasmenta and bills and reasonable estimates therooi.
The fi~nda shall be held in an in~titution Lhe deposits or aecounta of which are inaured or guaranteed by a Federal or State agency
(including I.ender if Lender ia auch an inatitution). Lender shall apply the I~
unda to pay eaid ta:ea, asaessmenta, insurance premiums and
~ground rents. Lender may not charge for w holding and applying the Funda, analyzing euid account, or verifying and compiling said
assea8menta and billa, unless Leader peys Bortower intereet on the ~nds and applicable law permits l.ender to make auch a charge. Borrower
and l.ender may agree in writing at the time of execution of thia Mortgage that intereat on the flinda shall be paid to Borrower, and unless
such ageeement is made or appGcable law requires such intereat w be paid, Lender shall not be required to pey Borrower any interest or
earnings on the Funds. Lender ehall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the
Funds and the pnrpoee for which each debit to the Ftinde wae made. The Funda are pledged as additional ~ecurity [or the sums secured by thi~
Mortgage.
If the amount of the Funda held by l,ender, tagether with the future monthly installmenta of Funda payable prior to the due dates of taxes.
asseasmente, ineutance premiume and ground rente, ahall e:cxd the amount required to pay said taxes, asseesments, insurance premiume
and ground nnte as they fall due, such excess shall be, at Borrower s option, either prompdy repaid to Borrower or credited to Borrowu on
monthly installments of FLnds. If the amount of the Funda held by Lender ahall not be sufficient to pay taaea, asseaamenta. inaurance
premiums and ground rents as they fall due, Borrower shall pay to Lender any amount neceaeary to make up the deficiency within 30 days
from the date notice is mailed by I.endrr to Borrower requesting payment thereof.
Upon payment in full of all suma secured by thia Mortgage, Lender ahall promptly refund to Borrower any funda held by Lender. If under
paragraph 18 hereof the Property is sold or the Property ia otherwiae acquircd by L.ender, Lender ahall apply, no later than immediately prior
to the sale of the Property or its acquiaition by I.ender, any Ftinda held by Lender at the time of application as a credit againat the suma secured
by this Mortgage.
3. Application ot Paymente. Unleas applicable law providea otherwiee, all p~ymenta received by Lender under the Note and
paragraphs 1 and 2 hereof ahall be applied by Leader firr~t in payment of amounts payable to Lender by Borrower under paragcaph 2 hereof,
then to interest payabZe on the Note, then to the principai of the Note, and then to interest and principal on any Future Advancee. r
4. Charges; Liene. Borrower shall pay all taxes, assesaments and other charges, fines and impositions attributable to the Property which
may attain a priority over this Mortgage, and leasehold payments or ~ound rents, if any, in the manner provided under paragraph 2 hereofor,
if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furniah to I.ender
all noticea of amounta due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to
C.ender receipts evidencing auch payments. E3orrower shall promptly dis:harge any lien which has prioritp over this Mortgage; provided, that
Borrower ahall not be required to discharge any cuch lien so long as E3orrower shall agree in writing to the payment of the obligation rzecured by
such lien in a manner acceptable to Lender, or shall in Qood faith contest such lien by, ordefend enforcement of such tien in, leqal proceedings
which operate to prevent the enforcement of the lien or for[eiture of the Property c>r any part thercr~f.
5. Hazard Ineurance. Borrower shal! keep the impmvements now• exiating or hereafter erected on the Propertv insured againet losa by
fire, hazarde included within the term "extended coverage." and such other haxards as Lender may require and in such amounts and forauch
perioda as L.ender may require; provided, that I.ender sh:~ll not reyuire that the amount of such coverag~exceed that amount of coverage
required to pay the sums secured by this MortKaKe.
The insurance carrier providinK the ingurance shall i~r chosen by Fiorrower subject to approval by lxnder, pn?vided, that such approval
ahall not be unreasonably withheld_ A11 premiums un insurance policies shall be p:~id in the manner pruvided under paragraph 2 hereof or, if
not paid in such manner, by E~rruw•er making payment, w~hrn due, directly to the insurance carrier.
I~ All inaurance policiea and renewals thereof shall be in form acceptabie G~ I.ender and shall include a standard mortgage clause in favor of
and in form acceptable to I.ender. I.ender shall have the right to hold thr policies and renewals thercv~f, and E~rrower shall promptly furniah to ~
i.ender ail renewal notices and all receipts of paid premiums. In the event of loss, Born?wer shall Kive prompt notice to the insurance carrier i
f and Lender. Lender may make proof of loss if not made promptly by B~rrower.
~ Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to reatoration or repair of the Property
; damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If euch
~ reatoration or repair is not economicaliy teasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied
' to the aums secured by this Mortgage, with the excess, if any, p~id to Borrovver. If the F'roperty is abandoned by f3orrower, or if Borrower faila to
~ reapond to Lender within 30 days from thP date notice ix mailed by [.ender tu F3~rtower that the insurance carrier oKers to settle a claim for
~ ineurance benefits, I.ender is authorized to collect and apply the insurance pmceeda at I.ender's option either to reatoration or repair of the
Property or the sums secured by this Mortgage.
f Unleae Lender and Borrower otherwise aqree in writing, any auch application of proc~eeds to principal ehaU not extend or poetpone thedue
date of the monthly installments referred to in paragraphs 1 and'l F~ereuf or change the amount of auch installmenta. If under paragraph 18 ~
~ hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policiea and in and to the proceeda t
~ thereof reaulting from damage to Property prior to the sale or acquisition shall pasa to Lender to the extent of the aume aecured by thie
~ Mortgage immediately prior to auch eale or acquisition.
~ 6. Preaervetion and Maintenance of Property; Leaseholde; Condominume; Planned Unit Developmenta. Borrowerehall keep
the Property in good repair and shall not com~nit waste or permit impairment or deterioration of the Property and ehall comply with the
~ provisiona of any lease if thia Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development,
Borrower ahall perform sU of Borrowei a obligations under the declaration or covenants creatinQor governing the condominium or planned ~
~ anit development, the by-lawa and regulations of the condominium or planned unit development, and conatituent documenta. If a i
~ condominium or planned unit development rider is executecl by E3orrower and recorded together with thia Mortgage, the oovenanta and `
~ agreements of such rider ahall be incc~rporated into and ::hall amend and supplement the covenants and agreementso[this Mortgage as if the ~
: rider were a part hereof. ~
7. Protectioa of I.eoder'e 3ecurity. If Borrower faile to perform ihe aovenants and agreements contained in Lhis Mortgage, or if any ~
; action or proceeding is commenced which materially affecte L.endei e intereet in the Property, including, but not limited to, eminent domain, {
E ineolvency, oode enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upon `
~ notice to Borrower may make such appeasances, disburee such sums and take sach action as is neceasary to protect Lender's interat, ~
including, bnt not limited to, disbursement of reasonable attorney's feee and entry upon the Property to make repairs. If Lender required
; mortgage insurance ae a condition of making the loan eecnred by this Mortgage, Borrower ahall pay the prnmiums required to maintain *
euch ineurance in effect until auch time as the requirement for auch ineurance terminates in accordance with Borrowei e and Lendds ;
written agreement or epplicable Law. Borrower ahall pay the amount of all mortgage insurance premiuma in the manner provided under ;
~ paragreph 2 hereof. f
; Any amounte disbursed by Lender pereuant to this paragraph 7, with intereet thereon, ehall become additional indebtedness of ~
~ I3orrower secured by this Mortgage. Unlese Borrower and Lender agree to other terma of payment, such amounte ahell be payable upon -
~ notice from Lender to Borrower requeating payment thereof, and ehail bear interest from the date of diebureement at the rate payable from ;
time to time on outatanding principal under the Note unlese payment of interest at euch rate would be rnntraty to applicable law, in which '
event auch amounte shall bear interest at the higheet rate permiseible under appiicable law. Nothing rnntained in thie paregraph 7, shall ;
require Lender to incur any eapense or take any action hereunder. ~
` BOr7K ~c~1 PaGE J~V
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