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HomeMy WebLinkAbout0920 ' . ~ . „ 1 + ~ . ~ ~ ~ Borrower and I.ender rnvenant and a~ree as lolb~va: ~ 1. Payment of Principal and Inttre~~ Bormwer shall pmmptly pay w~hen due the principal of and intereat on the indebtsdneas ~ evidenoed by the Note, pnpayment and late charges as pmvided in the Note, and the prinripa! of and interest on any Fature Advances eecured i by this Mortgage. 2. ~ds for T~es and In.uranee. Subject to applicable law or to a written waive~ by l.ender, Borruwer shall pay to lxr,der on the day ~ monthly installmenta of principal and intereat ate payable under the Note, until the Note ia paid in full, a eum (herein "Flinda") equal to ono- ' twelfth of the yearly taxea snd aseeaamente which may atcain priority ove~ this Mortgage, and ground rents on the Property, if any, plua une ~ twelRh of yesrly premium installmenta for haaard insurance, plua onetwelRh of yearly premium instalimenta for mortgage inaurance, if any, _ all as reaeonably estimated initially and from time to time by Lender on the basis of asaessmenta and bills and reasonable estimates thereof. ~ , 1~e F~?nda shall be held in an institution the deposite or accounta of which are inaured or guaranteed by a Federal or State agency tincluding Lender if Lender is such an institution). C,ender shall appiy the Funda to pay eaid taxee, aseesamente, inaurance premiume and ~ ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said asaeasment8 and bills, unleea L.ender pays Borrower intereet on the Funda and applicable law permita I.ender to make such a charge. Borrower , and l.ender may agrce in writing at the time of execution of thia Mortgage that intereat on the fi~nds ehall be paid to Borrower, and unleas euch ag~eement ia made or appiicable law requiree auch intereat to be paid, Lender shall not be required to pay liorrower any interest or earninge on the ~nde. L.ender shall give to Borrower, without charge, an annual accounting of the Funds ahowing credita and debita to the Funds and the purpoae for which each debit to the Funde wan made. The Funda are pledged as additional eecurity for the eums eecured by thi~ Mortgage. If the amount of the ~nda held by Lender, together with the future monthly installments of Funds payable prior to the due datee of taxea. ' asseeamenta, insurance premiums and ground rente, shall e:caed the amount required to pay said taxea, asaessmenta, insurance prcmiuma and ground rente as they fall due, auch exceae ahall be, at Ba~rower s option, either prompdy repaid to Borrower or credited to Borrower on monthly installmenta of Funde. If the amount of the Funda held by Lender ahall not be aufficient to pay taxes, sssesamenta, inaurance prnmiums and ground rents as they fall due, Borrower ahall pay to Lender any amount necesaary to make up the deficiency within 30 daye from the date notice ia mailed by L.ender to Borrower requeating payment thereof. • Upon payment in full of all euma secured by this Mortgage, Lender ahall promptly refund to Borrower any funds held by Lender. If under ' paragraph 18 hereof the Property is sold or the Property is otherwiae acquired by Lender, [.ender shall apply, no later than immediately prior to the sale af the Froperty or ita acquisition by Lender, any Funda held by Lender at the time of application as a credit against the suma secured by this hlortgage. 3. Application of Paymente. Unleas applicable law provides otherwise, all paymenta received by Lender nnder the Note and paragrapha 1 and 2 hereof shall be applied by Lender firat in payment of amounta payable to Lender by Bonower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay a11 taxes, assessments and other rharges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, - if not paid in such manner, by Borrower making payment, when due, directly to the pay ee thereoL Borrower shall ~promptly furniah to Lender ~ all notices of amounta due under thia paragraph, and in the event Borrower shall make payment directly, Borrower shali promptly furniah to ; Lender receipts evidencing such payments. I~o~ower shall prompdy discharge any lien which has priority over this Mortgage; provided, that _ Borrower ahall not be required to discharge any such lien so long as Borrower shall agree in vrriting to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith cuntest such lien by, ordefend enforcementof such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture o! the Property or any part thereof. ; 5. Hazard Inaurance. Borrower shall keep the impmvements now existing or hereafter erected on the Property insured againet loss by ; fire, haaards included within the term "extended coverage," and such other hazards as Lender may require and in auch amounts and for auch ~ periods as Lender may requirn; provided, that Lender shall not reyuire that the amonnt of such coverage exceed that amount of coverage I required to pay the sums secured by this MortgaQe_ I The insurance carrier pro~~iding the insurance shall be chusen hy Korrower subject to appru~•al b}• I.ender; provided, that such approval ~ shall not be unreasonably withheld. All premiums an insurance pulicies shall be paid in the manner pro~~ided under paragraph 2 hereof or, if ~ not paid in such manner, by Borrower makinK pa~•ment, when due, dire~-th• to the insurance carrier_ ; ~ All insurance policies and renewals thereof shail be in torm acceptable to I.ender and shall include a standard mortgage clause in favor of ' ~ and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to ~ i.ender all renewal noticea and all receipts of paid premiums. In the event of loss, Borruw•er shall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of loss if not made promptly by F3orrower. Unlesa Lender and Borrower otherwise agree in w~riting, insurance proceeds shall be applied to reatoration or repair of the Property ~ damaged, provided such mstoration or repair is economically feasible and the scrurity of this Mortgage is noYthereby impaired. If euch ~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied ~ to the auma secured by this Mortgage, w~th the excess, if any, paid to E3orrower. If the Property is abandoned by Bonower, or if Borrower fails to s reapond to Lender within 30 days from the date notice is mailed by l.ender to Bonower that the inaurance carrier offers to settle s claim for :nsurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the ~ Pmperty or the sums secured by this Mortgage. Unlese L,ender and Borrower otherwise agree in writing, any such application of proceE.~ds to principal shall not extend or postpone thedue ' date of the monthly inatallmenta refened to in paragraphs i and 2 t~ereof or change the amount of such installmenta. If under paragraph 18 ' hereof the Properiy ia acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeda thereof resulting from damage to Ptopecly prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this ' Mortgage immediately prior to such sale or acquisition. 6. Preaervation and Maintenance af Property; Leaseholds; Condominums; Planned Unit Developmente. Borrower ahall keep the Property in good repair and shall not commit waste or permit impairment or deteriorution of the Froperty and shall comply with the provisions of any lease if this Mortgaqe is on a leasehold. this Mortgage is on a unit in a condominium or a planned unit development, ~ Borrower ahall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-lawa and regulationa~of the condominium or planned unit development, and constituent documents. If a ~ rnndominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the rnvenante and agreements of such rider shall be incorporated into and :;hall amend and supplement thecovenanta and agreementa of thia Mort{;age as if the ~ rider were a part hereof. 7. Protection of Lender'e 3ecurity. If Borrower faila to perform the oovenante and agreemente contained in this Mortgage, or if any ' action or proceeding ia commenced which materially affects Lendei s interest in the Property, including, but not limited to, eminent domain, ' ~ ineolvency, oode enforcement, or arrangementa or proceedinga involving e bankrupt or decedent, then Lender at L.ender'8 option,upon i ; notice to Borrower may make euch appea~rancee, dieburee euch aume and take auch action ae ie necesaary to protect Lendei s intereet, including, but not limited t~, disbursement of reasonable attorney'a feea and entry upon the Property to make repaire. If Lender required ~ mortgage ineurance ae a condition of making the loan eecured by thie Mortgage, Borrower ehall pay the p:emiuma required to maintain auch ineurance in effect until euch tune se the requirement for euch ineurance terminatea in accordance with Borrower's and Lender's ~ written agreement or applicable Law. Borrower ehall pay the amount of all mortgage ineurance premiume in the manner provided under paragraph 2 hereof. ~ Any amounts diBbursed by Lender perauant to this paragtaph 7, with interest thereon, aha11 beoome additional indehtedneas of f3orrower aerured by thie Mortgage. Unlees Bonower and Lender agree to other terme of payment, such amonnta ahall be payable upon ~ notice from Ler.der to Borrower requeeting payment thereof, and ahall bear intereet from the date of diebutaement at the rate payable from time to time on outsLanding principal under the Note unleae payment of intereat at auch rate would be contrary to appiicable law, in which ~ event euch amounte aha? bear intereat at the highest rate permiseible under appGcable law. Nothing contained in this paragraph 7, shall - require IRnder to incur any expense or take any action hereunder. • ~ ~ 8~~x~o7 pA~E ~ ~ ~s ~ ~ ~ - _ _ ~ _ ~ - - ~ ~